fbla intro to business concepts 2024

Monetary Policy

Management of money supply and interest rates by a central bank to achieve stable prices, low unemployment, and economic growth.

Federal Reserve System

Central banking system of the United States responsible for conducting monetary policy and supervising banks.

Equity Financing

Raising capital by issuing shares of ownership in a company.

Debt Financing

Raising capital through loans that require repayment with interest.

Venture Capital

Investment in early-stage companies with high growth potential in exchange for equity.

Angel Investors

Individuals who provide capital for startups in exchange for ownership equity or convertible debt.

Crowdfunding

Raising funds from a large number of people, typically via the internet, for a project or venture.

Spending/Savings Plan

Financial plan involving goal setting, income tracking, expense prioritization, regular saving, and adjustments as needed.

Budgets

Financial plans that allocate resources, estimate income, identify expenses, set priorities, monitor spending, and make adjustments.

Fixed Expenses

Costs that remain constant each month, such as rent or mortgage payments.

Variable Expenses

Costs that fluctuate based on usage or consumption, such as groceries or utilities.

Balance Sheet

Financial statement showing a company's assets, liabilities, and equity at a specific point in time.

Income Statement

Financial statement summarizing revenues, expenses, and profits over a period.

Simple Interest Loans

Loans where interest is calculated only on the principal amount.

Credit Record

History of a person's borrowing and repayment behavior, used by lenders to assess creditworthiness.

Consumer Information

Data and insights about products, services, and market offerings available to the public.

Better Business Bureau

Organization assisting consumers in identifying trustworthy businesses and resolving disputes.

Federal Trade Commission

Agency enforcing consumer protection laws, regulating antitrust practices, and promoting competition.

Consumer Behavior

Actions and decision-making processes of individuals or households regarding the purchase and use of goods and services.

Financial Elements

Factors such as price, income, savings, credit availability, and interest rates influencing consumer behavior.

Advertisements

Promotional messages and campaigns used to promote products or services to consumers.

Comparative Shopping

Evaluating products or services from different sellers to find the best value, quality, and price.

Promotional Sale

Temporary reduction in price or special offer to stimulate sales and attract customers.

Clearance Sale

Sale to clear out excess inventory or discontinued items at significantly reduced prices.

Business Goals

Objectives such as profitability, growth, customer satisfaction, innovation, and social responsibility.

Gross Profit

Revenue minus the cost of goods sold.

Net Profit

Total revenue minus all expenses including operating expenses, taxes, and interest.

Business Ownership

Legal structure of a business, such as sole proprietorship, partnership, corporation, or limited liability company.

Business Functions

Activities such as production, marketing, finance, human resources, and operations management.

Business Trends

Patterns and shifts in technology, consumer behavior, globalization, sustainability, and regulatory environments.

Business Plan

Document outlining business goals, strategies, and operational details to facilitate growth and success.

Key Economic Terms

Terms such as supply, demand, inflation, GDP, unemployment rate, fiscal policy, monetary policy, and opportunity cost.

Free Enterprise System

Economic system with private ownership, competition, voluntary exchange, profit motive, and limited government intervention.

Competition

Rivalry between businesses to attract customers by offering better products and services at competitive prices.

Economic Systems

Traditional, command, market, and mixed economies with different resource allocation and government intervention.

Factors Affecting Business Profit

Revenue, costs, pricing strategies, competition, market demand, economic conditions, and operational efficiency.

Productivity

Efficiency of resource utilization in producing goods and services.

Economic Indicators

GDP growth rate, unemployment rate, inflation rate, consumer confidence index, stock market performance, and interest rates.

E-commerce

Buying and selling of goods and services over the internet, impacting business models and consumer behavior.

Social Responsibility

Business practices promoting ethical conduct, environmental sustainability, community support, and human rights.

Employee Morale

Overall job satisfaction and motivation of employees in the workplace.

Equal Employment Opportunity

Laws prohibiting discrimination in hiring, promotion, and employment practices based on various factors.

Organized Labor

Collective bargaining, worker representation, and advocacy for fair wages and working conditions.

Government Regulation

Rules and standards set by the government to ensure public safety, fair competition, and consumer protection.

Business Careers

Occupations in management, marketing, finance, human resources, entrepreneurship, and consulting requiring specific personal qualities and skills.

Future of the Workforce

Factors such as technological advancements, demographic shifts, globalization, and changing skill requirements impacting the labor market.

Job Application

Form providing personal and employment information required by employers for job consideration.

Job Interview Strategies

Preparation and conduct during interviews to present qualifications and suitability for a job position.

Insurance

Protection against financial losses due to accidents, injuries, property damage, liability claims, and more.

Types of Insurance

Home, life, medical, automobile, liability, disability, and other policies providing specific coverage.

Safety, Health, and Environmental Controls

Measures to identify hazards, assess risks, and minimize losses to protect people, property, and the environment.