Culinary Arts Entrepreneurship Vocabulary and Business Concepts

Vocabulary and key business rules flashcards covering culinary arts entrepreneurship topics, including communication, problem solving, finance terms, and business correspondence.

Brainstorming

A group problem solving technique

Term

Number of years for which a loan is extended

Memorandum

Short written form of communication That has a set format

Consensus

Agreement among a group of people

Markdown

Amount deducted from the retail price

Discount

Reduction in the price of a product

Interoffice memo

A memo from one person in the company to another

Rate of interest

The % that is the basis for interest earned or paid

Markup

Amount added to the cost to find the selling price

Principal

Amount of money borrowed in a loan

Problem Solving Steps

1. Define the problem 2. Gather information 3. Identify various solutions 4. Evaluate Alternations and select the best option 5. Take action 6. Evaluate action

Listening Skills

1. Focus your attention on the person who is speaking 2. Think about and try to understand what other person is saying 3. Ask questions to make sure you understand what the person is saying 4. Take notes to confirm what you are hearing

Telephone Communication Rules

1. Speak clearly, and talk directly into the receiver 2. Be cheerful 3. Always speak politely 4. Think about what you are going to say before you make a call 5. Take notes

Business Correspondence Rules

1. Key all formal correspondence 2. Be sure to spell all names correctly and have the correct address 3. Always date your business correspondence 4. Use names and titles appropriately 5. Be direct and positive