Introduction to Business Administration
4 Primary Functions of Management - ✔✔1. Planning
2. Organizing
3. Leading
4. Controlling
Accounting - ✔✔The recording, classifying, summarizing, and interpreting of financial events and
transactions to provide management and other interested parties and information they need to make
good decisions.
Annual Reports - ✔✔A yearly statement of the financial condition, progress, and expectation of the firm.
Balance of Trade - ✔✔The total value of a nation's exports compared to its imports measured over a
particular period of time.
Balance Sheet - ✔✔The financial statement that reports a firm's financial condition at a specific time.
Bookkeeping - ✔✔The recording of business transactions.
Business - ✔✔Any activity that seeks to provide goods or services while operating at a profit.
Business Plan - ✔✔A detailed written statement that describes the nature of the business, the target
market, the advantages the business will have over competition, and the resources and owners
qualifications.
Capitalism - ✔✔All or most of the land/factories and stores are owned by individuals, not the
government, and operated for profit.
Code of Ethics - ✔✔Issued by a business as a particular kind of policy statement.
, Corporation - ✔✔A legal entity with the authority to act and have liability apart from its owners.
Demand - ✔✔Quantities of products consumers are willing to buy at different prices.
Division of Labor - ✔✔Functions are to be divided into areas of specialization such as production,
marketing, and finance.
Double-Entry Bookkeeping - ✔✔Bookkeepers record all transactions in two places so they can check one
list of transactions against the other for accuracy.
Economics - ✔✔the study of how society employs resources to produce goods and services for
consumption among various groups and individuals.
Economies of Scale - ✔✔Companies can reduce their production costs by purchasing raw materials in
bulk.
Empowerment - ✔✔Giving employees authority to make their own decisions to quickly respond to
customers.
Entrepreneur - ✔✔A person who risks time and money to start and manage a business.
Entrepreneurship - ✔✔Accepting the risk of starting and running a business.
Ethical Dilemma - ✔✔Is it legal? Is it balanced? How does it make me feel about myself?
Ethics - ✔✔The standards of moral behavior that is accepted right vs. wrong.
Exporting - ✔✔Selling products to another country.
4 Primary Functions of Management - ✔✔1. Planning
2. Organizing
3. Leading
4. Controlling
Accounting - ✔✔The recording, classifying, summarizing, and interpreting of financial events and
transactions to provide management and other interested parties and information they need to make
good decisions.
Annual Reports - ✔✔A yearly statement of the financial condition, progress, and expectation of the firm.
Balance of Trade - ✔✔The total value of a nation's exports compared to its imports measured over a
particular period of time.
Balance Sheet - ✔✔The financial statement that reports a firm's financial condition at a specific time.
Bookkeeping - ✔✔The recording of business transactions.
Business - ✔✔Any activity that seeks to provide goods or services while operating at a profit.
Business Plan - ✔✔A detailed written statement that describes the nature of the business, the target
market, the advantages the business will have over competition, and the resources and owners
qualifications.
Capitalism - ✔✔All or most of the land/factories and stores are owned by individuals, not the
government, and operated for profit.
Code of Ethics - ✔✔Issued by a business as a particular kind of policy statement.
, Corporation - ✔✔A legal entity with the authority to act and have liability apart from its owners.
Demand - ✔✔Quantities of products consumers are willing to buy at different prices.
Division of Labor - ✔✔Functions are to be divided into areas of specialization such as production,
marketing, and finance.
Double-Entry Bookkeeping - ✔✔Bookkeepers record all transactions in two places so they can check one
list of transactions against the other for accuracy.
Economics - ✔✔the study of how society employs resources to produce goods and services for
consumption among various groups and individuals.
Economies of Scale - ✔✔Companies can reduce their production costs by purchasing raw materials in
bulk.
Empowerment - ✔✔Giving employees authority to make their own decisions to quickly respond to
customers.
Entrepreneur - ✔✔A person who risks time and money to start and manage a business.
Entrepreneurship - ✔✔Accepting the risk of starting and running a business.
Ethical Dilemma - ✔✔Is it legal? Is it balanced? How does it make me feel about myself?
Ethics - ✔✔The standards of moral behavior that is accepted right vs. wrong.
Exporting - ✔✔Selling products to another country.
