Business Fundamental Concepts STATE

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50 Terms

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Input device
A device used to provide data and control signals to a computer.
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Insurance
A financial protection against possible future losses.
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Automobile insurance
Insurance that protects a person from theft from their vehicle.
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Byte
The basic unit of data storage in a computer.
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Virus
A program that replicates itself and infects other programs on a computer.
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Operating system
Software that manages computer hardware and provides services for computer programs.
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Certificate of Deposit (CD)
A savings instrument providing guaranteed returns, is flexible, and charges a penalty for early withdrawal.
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CPU
The part of a computer system that performs operations.
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Encryption
The process of converting data into a coded language to protect its confidentiality.
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Cloud storage
Online storage that allows data to be saved and accessed over the internet.
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Web browser
Software used to access and view websites.
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Software suite
A collection of related software programs sold as a single package.
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Verbal communication
The use of words to convey a message.
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Active listening
The practice of listening to understand and respond thoughtfully.
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Feedback
Information given in response to a message to improve communication.
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Ethics
The principles that govern a group's ideas about right and wrong.
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Contract
A legally enforceable agreement between parties.
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Mutual Funds
A collective investment that pools money from many investors to buy stocks, bonds, etc.
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Better Business Bureau
A private agency that hears consumer complaints and promotes ethical business relationships.
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Patent
A grant giving an inventor exclusive rights to their invention for a set period.
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Copyright
A right granted to authors to exclusively publish and sell an artistic work.
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Lease
A contract between a tenant and a landlord.
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Sublease
The transfer of part of a lease term to someone else.
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Lessee
The tenant in a lease agreement.
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Lessor
The landlord in a lease agreement.
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Barriers to communication
Factors that hinder effective verbal communication.
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Effective communication
When messages are properly conveyed and understood.
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Commercial businesses
Businesses that aim to make a profit by providing goods and services.
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Service business
A business that provides services rather than goods.
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Global competition
The ability of businesses from one country to compete with similar businesses in others.
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Franchisee
An individual or business that is granted rights to operate a franchise.
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Industry
All businesses within a category doing similar work.
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Innovation
The introduction of new ideas or methods.
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Generation Z
Workers born between 1995 and 2012.
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Stakeholders
Individuals or groups that have an interest in the success of a business.
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Social Responsibility
A business's duty to contribute to the well-being of a community.
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Software
Instructions that tell computer hardware how to input data and produce output.
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Computer storage devices
Devices used to store digital data.
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System software
Software designed to manage and operate computer hardware.
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Resolution
The clarity of display, determined by the number of pixels.
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Motherboard
The main circuit board of a computer located in the system unit.
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Human rights
The basic rights and freedoms that belong to every person.
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Computer hardware
The physical components of a computer system.
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Graphic User Interface (GUI)
A type of user interface that allows users to interact with electronic devices via graphical icons.
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Digital citizenship
The responsible use of technology by anyone who uses computers, the internet, and digital communication.
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E-commerce
Commercial transactions conducted electronically on the internet.
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Market research
The process of gathering, analyzing, and interpreting information about a market.
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Competitive advantage
A condition or circumstance that puts a company in a favorable or superior business position.
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Revenue
The income generated from normal business operations.
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Balance sheet
A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.