Terms to Know

Positioning: identifying the brand's key differentiators—qualities that set it apart from competitors—and clearly articulating these in a way that resonates with the target audience

Renegotiated Agreement: to discuss an agreement again in order to change it

Bilateral Contract: a contract in which both parties in the agreement exchange promises to perform a specific action

Nonverbal Agreement: Contracts that are created without the use of words

Unilateral Contract: a legally enforceable agreement in which one party, known as the offeror, makes a promise in exchange for the performance of a specific act by the other party, known as the offeree

Pilferage: the action of stealing things of little value

Audit: an official inspection of an individual's or organization's accounts

Pure Business Risks: risks that are beyond human control and result in a loss or no loss with no possibility of financial gain

Bounce Rate: the number of people that come to your website and leave without clicking to any other pages besides the one they first landed on

Accounting Cycle Steps:

1. Identify transactions

2. Record transactions in a journal

3. Post transactions to general ledger

4. Determine unadjusted trial balance

5. Analyze a worksheet

6. Adjust journal entries

7. Generate financial statements

8. Close the books

Orginizational Vision: a clear, compelling, and aspirational statement that describes what an organization wants to achieve or become in the future

Balance Sheet: a financial statement that contains details of a company's assets or liabilities at a specific point in time