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Lease

A contract between a landlord and a business that allows the business to rent a property for its operations.

Credit Standing

Your credit score, which can be high or low.

Mortgage Money

An agreement between you and a lender that allows you to borrow money to purchase or refinance a home, giving the lender the right to take your property if you fail to repay.

Interest Rates

The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

Cost-benefit Analysis

An analysis that weighs the benefits of buying an item against its costs.

Intangible Costs

Costs that can be identified but cannot be quantified or easily estimated, such as impaired goodwill or loss of employee morale.

Reporting Procedures

Activities that do not follow work policies.

Resource Issue

Assigning more work than one can handle.

Transitional Period

The time period between one job to another job.

Organizational Risk Assessment

The process of assessing risk within an organization.

Labor Productivity

A measure of how productive and how much the workers work in a company.

Supply Chain

The procedure of manufacturing and more.

Capital Expenditure

A one-time purchase a business makes that provides long-term benefits, like land or equipment.

Corporate Culture

The shared values, beliefs, and practices that shape the behavior of people within an organization.

Non Disclosure Agreements

Legal contracts that protect sensitive information from being disclosed.

Contingency Fee

A fee that is only paid if a certain result is achieved.

Sole Proprietorship

A business owned by one person.

Partnership

A business arrangement where two or more people partner to make an agreement.

LLC (Limited Liability Company)

A state-issued company that limits the personal responsibility of the owner or investors.

Corporations

A legal entity owned by shareholders and managed by a board of directors.

Venture Capital

Funding provided to startups and small businesses with perceived long-term growth potential.

Equity

The value of shared ownership in an asset or business.

Accrual Accounting

An accounting method where revenues and expenses are recorded when earned or incurred, regardless of when cash is exchanged.

Equity Financing

A method of raising capital by selling shares in a company.

Fixed Cost

Costs that do not change with the level of production, such as overhead associated with fast fashion brands like Shein.

Economies of Scale

Cost advantages that a business obtains due to the scale of its operation.

Independent Audits

Evaluations of a company's financial statements by an external party.

Debt Financing

Raising capital through borrowing.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholder equity.

Purchase Order

A document used by a buyer to order goods from a supplier.

Sales Contract

An agreement between a buyer and seller outlining the terms of a sale.

Open Order

A type of purchase order that allows buyers to order with the supplier meeting specified criteria.

Accounts Receivable

An accounting activity that involves collecting payments for goods or services rendered.

Legal Costs vs Administrative Costs

Comparative analysis of the costs incurred for legal matters versus the costs associated with administration.

Express Agreement

An agreement where parties explicitly state the terms either orally or in writing.

Voidable Agreement

A formal agreement that may be unenforceable for various legal reasons.

Implied Agreement

Contracts formed by the actions, conduct, or circumstances of the parties involved.

Employee Grievances

Official complaints or concerns expressed by an employee in the workplace.

Corporate Governance

The system by which companies are directed and controlled.

Industry Association Guidelines

Rules and standards set by industry groups to ensure proper conduct.

Supply Chain Management

The management of the flow of goods and services.

Legally Binding Contracts

Contracts that are enforceable by law.

Enterprise Risk Management

A top-down approach to managing risks that a business may face.

Letter of Intent

A letter declaring a person's intention to do something.

Contingency Plan

Specific guidelines to respond to undesirable circumstances.

Work Experience

Experience that can lead to new business opportunities or ventures.

Continuation Planning

Creating a strategy to handle threats and risks to maintain business operations.

Data Mining

The process of analyzing data to discover patterns and predict future trends.

CRM System

A system that keeps records of sales history and manages customer relationships.

Secondary Data Analysis

A method of learning about competitor goals by analyzing existing data.

Micro-Marketing Methods

A marketing strategy targeting very specific groups.

Niche Marketing

A strategy focused on a specific segment of the market.

Mass Media Marketing

A marketing strategy that uses large-scale media outlets to reach a broad audience.

Sales Promotions

Short-term incentives to encourage the purchase of a product.

Customer Relationship Management

A strategy focused on understanding and managing customer relationships.

Trade Show

An exhibition where businesses promote their products and services.

Push Marketing

Promoting products to intermediaries who then sell them to consumers.

Pull Marketing

Direct efforts to attract customers to a product or service.

Give and Take Negotiation Tactic

A negotiation strategy where both parties give something up to reach an agreement.

Corrective & Contingency Plans

Plans made to address unforeseen circumstances and correct issues.

Business Press Kit

A collection of documents and materials about a business for media use.

Perishability

The characteristic of a product that will go to waste if not sold within a certain time frame.

Intensity

The strength or magnitude of a marketing campaign or product feature.

Segmentation

The process of dividing a market into distinct groups of buyers.

Promotion

Activities that communicate the value of a product to potential customers.

Regulation

Rules established by authority to govern conduct.

Segregation of Duties

The practice of dividing responsibilities among different individuals to reduce risk of error or fraud.

Brand Promise

A business's commitment to meet customer expectations consistently.

Market Planning

The strategic process of aligning marketing activities with business goals.

Utility

The added value or usefulness a product gains from a skilled salesperson.

Prescriptive Analysis vs Predictive Analysis

Comparative analysis of methods used to recommend actions versus predicting outcomes.

Quality Control

The process of ensuring that products meet specified requirements.

Elastic vs Inelastic Demand

Elastic demand responds significantly to price changes; inelastic demand does not.

Market Segments

Distinct subsets of a market based on shared characteristics.

Unique Selling Proposition

A clear statement of the benefit of a product that sets it apart from competitors.

Exclusive Distribution

Selling a product through just one middleman in a specific geographic area.