dara ang coverage sa atong entrep 1. Variable costs-are corporate expenses that vary in direct proportion to the quantity of output. 2. fixed costs-remain constant regardless of output, 3. costing-System of computing cost of production or of running a business, by allocating expenditure to various stages of production or to different operations of a firm. 4. Cost-An amount that has to be paid or given up in order to get something. 5. price-A value that will purchase a finite quantity, weight, or other measure of a good or service. 6. pricing- Method adopted by a firm to set its selling price. 7. mark-up- Line-by-line review of a budget for approval, disapproval, or modification by a committee formed for the purpose. 8. selling price- The market value, or agreed exchange value, that will purchase a definite quantity, weight, or other measure of a good or service. 9. line organization- Business or industry structure with self-contained departments. Authority travels downwards from top and accountability upwards from bottom along the chain of command, and each department manager has control over his or her departments affairs and employees. 10. SOLE PROPRIETORSHIP- Simplest, oldest, and most common form of business ownership in which only one individual acquires all the benefits and risks of running an enterprise. In a sole-proprietorship there is no legal distinction between the assets and liabilities of a business and those of its owner. It is by far the most popular business structure for startups because of its ease of formation, least record keeping, minimalregulatory controls, and avoidance of double taxation. 11. PARTNERSHIP-A type of business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the participants in an enterprise agree to share the associated risks and rewards proportionately . 12. COOPERATIVE-Firm owned, controlled, and operated by a group of users for their own benefit. Each member contributes equity capital, and shares in the control of the firm on the basis of one-member, one-vote principle (and not in proportion to his or her equity contribution). 13. DEPRECIATION-The gradual conversion of the cost of a tangible capital asset or fixed asset into an operational expense (called depreciation expense) over the assets estimated useful life. BUSINESS-An organization or economic system where goods and services are exchanged for one another or for money. 14. LINE AND STAFF ORGANIZATIONS- A military-type organizational structure, commonly employed in large, centralized corporations. 15. FUNCTIONAL ORGANIZATION-Structuring of an organization into departments or units on the basis of type of work performed. 16. CORPORATION-Firm that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from its owners. 17. FINANCIAL PLANNING-Long-term profit planning aimed at generating greater return on assets, growth in market share, and at solving foreseeable problems. 18. MARKETING PLAN-Product specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe. 19. EXECUTIVE SUMMARY- Brief but comprehensive synopsis of a business plan or an investment proposal, which highlights its key points and is generally adapted for the external audience. 20. ORGANIZATIONAL PLAN-The end result of the process of setting medium and long term objectives for an organization and then developing a strategy to accomplish those goals. Producing a coherent organizational plan is one of the most important tasks of senior business management since it provides consistent guidance and an action plan for the rest of the company to follow. 21. OPERATIONAL PLAN-A short-term, highly detailed plan formulated by management to achieve tactical objectives. 22. OPERATING STRATEGY-The act of a company attempting to close the gap between its business strategy and the actual implementation of that strategy. A very specific plan is devised to include allocation of which resources and how much. 23. PRODUCTION-The processes and methods used to transform tangible inputs (raw materials, semi-finished goods, subassemblies) and intangible inputs (ideas, information, knowledge) into goods or services. Resources are used in this process to create an output that is suitable for use or has exchange value. P.S. TO MY DEAR STUDENTS, PLEASE STUDY FROM MR. DEXTER COLE :)
Posted on: Wed, 06 Aug 2014 05:11:20 +0000
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