A
Accounting: The systematic process of recording and
reporting the financial position of business.
Actual Cash Value: The value of
an item new minus depreciation as a result of wear and tear, or how much the
item is worth used.
Advertising: A paid, non-personal form of
communication that businesses use to promote their products.
Ageism: Discrimination on the basis of age.
Americans with Disabilities Act (
Annual Percentage Rate (APR): The rat at
which interest is charged for credit on a yearly basis.
Antitrust Laws: Laws that allow the federal
government to break up, regulate, or take over monopolies and trusts.
Apprenticeship: Learning a trade by working
under the guidance of a skilled worker.
Aptitudes: Talents or abilities that come naturally.
Asset: Anything of value that a business or
individual owns.
Autocratic Leadership: A leadership
style in which one person runs everything and makes all decisions without
consulting others.
B
Baby Boom Generation: People born
between 1946 and 1964.
Bait and Switch: Advertising an item at a low
price to lure customers into the store and then trying to get them to switch to
a more expensive item.
Balance of Trade: The difference
in value between how much a country imports and how much it exports.
Balance Sheet: A report of the financial state
of a business on a certain date.
Bank Account: A record of how much money a
person has put into and taken out of a bank.
Bank Reconciliation: The process of
seeing whether one’s own checking account records agree with the bank’s
records.
Bank Statement: A bank’s record of all
transactions in a checking account.
Bankruptcy: A legal process in which a person is relieved
of debts but creditors can take some or all of the person’s assets.
Banner Ads: Internet ads that are displayed across the
top or bottom of the screen.
Beneficiary: Person who receives part or all
of the proceeds from a life insurance policy.
Better Business Bureau (BBB): A nonprofit
organization that provides information and handles complaints about local
businesses.
Blue-Chip Stocks: Stocks in large,
well-established companies that have a good track record of success.
Body Language: Non-verbal communication, such
as posture, eye contact, facial expressions, and gestures.
Bond Discount: The difference between the amounts
paid for a bond and its face value.
Bonds: Written promises, issued by a corporation or
the government, to repay a loan with interest on a specific date.
Boycott: Refuse to buy a company’s products or
services.
Brand Name: A word of name on a product that helps
consumers distinguishes it from other products.
Breach of Contract: The failure of
a party to live up to the terms of a contract.
Break-even Point: The amount of
money a company has to make on a product to pay for the cost of producing it.
Bricks-and-mortar: Stores,
warehouses, and other buildings businesses use.
Budget: A plan of expected income and expenses over a
certain period of time.
Budget Deficit: When the government spends more
on programs than it collects in taxes, or expenses exceed income.
Budget surplus: When the government collects
more in taxes than it spends on programs, or income exceeds expenses.
Budget Variance: The difference between planned
spending and actually spending.
Bureaucracy: A formal organization
consisting of many levels of management.
Business: Any activity that seeks profit by providing
goods or services to others.
Business Cycle: The rise and fall of economic
activity over time.
Business Ethics: The rules that govern how
businesses should conduct themselves.
Business Etiquette: Acceptable
social behavior and manners in business.
Byte: Amount of memory it takes to store a single
computer character.
C
Canceled checks: Checks written that have been
cashed.
Capital Gain: Selling stock for more than it
cost to buy it.
Capital Loss: Selling stock for less than it
cost to buy it.
Capital Resources: Things such as
buildings, materials, and equipment used to produce goods and services.
Career: An occupation or field in which a person
works over a long period of time.
Career Counselor: A person
trained to provide information and guidance on choosing and preparing for a
career.
Career Ladder: Job levels within an occupation.
Career Planning: The steps necessary to choose
and prepare for a career.
Cash Advance: Using a credit card to borrow
money rather than to charge a purchase.
Cash-value Insurance: Life insurance
that provides both a savings plan and death benefits.
Centralized Organization: An
organization that puts authority in one place, with top management.
Certificate of Deposit (CD): A type of
savings account that requires a minimum amount of money deposited in the
account for a minimum period of time.
Channel of Distribution: A particular
means of directing products from producers to consumers, such as a wholesaler
or retailer.
Charge Account: Credit provided by a store or
company for customers to buy its products.
Check register: A checkbook or log used to
record checking transactions.
Claim: A request for payment from an insurer for any
damages covered by an insurance policy.
Clearance Sale: A sale to clear out goods that
are going out of season or are no longer profitable to make room for new
merchandise.
Clicks-and-Mortar: The use of
both the Internet and buildings, such as stores warehouses, to do business.
Code Of Ethics: A strict set of guidelines in a
profession or company for upholding ethical behavior in the workplace.
Coinsurance: A percentage of medical
expenses an insurance policyholder must pay beyond the deductible.
Collateral: Something valuable, such as a house or car,
used as guarantee for a loan that the lender can take if the borrower doesn’t
repay the loan.
Collection Agent: A person or business that
collects overdue bills.
Command Economy: A system in which a central authority such as the state makes the key
economic decisions.
Commercial Credit: Credit used by
business.
Common Stock: The primary, or common, form of
ownership of a corporation.
Comparison Shopping: Checking the
price and quality of a product in more than one store.
Compensation: The pay and benefits a company
offers a job.
Competition: The contest between businesses
to win customers.
Compound Interest: Interest
earned on both the principal amount in an account and the interest already
earned on the account, or interest on interest.
Compulsory Insurance Law: A law that
requires drivers to have a minimum amount of car insurance.
Computer-aided Design (CAD): Software for
designing products with a computer.
Conflict of Interest: When a
business puts its interests before the interests of society.
Conservation: The process of preserving,
protecting, and managing resources.
Consolidation Loan: A loan that
combines several debts into one loan with lower payments.
Consumer:
A person who selects, purchases, uses or disposes of goods or services.
Consumer Advocates: Groups and
individuals that work to protect, inform, and defend consumers.
Consumer Credit: Credit used by individuals for
personal reasons.
Consumer Credit Protection Act: A federal law,
also known as the Truth in Lending Law that requires creditors to inform
consumers of the costs and terms of credit and protects consumers from lost or
stolen credit cards.
Consumer Movement:
A movement to pass laws
protecting consumers from unfair and unsafe business practices.
Consumer reporter: A radio or TV
reporter who reports on issues important to consumers, such as product safety.
Consumer Rights: Consumers’ rights to safety, to be heard, to choose, to be informed,
to have problems corrected, to consumer education, and to service.
Contract: A legal agreement between two or more parties
to conduct business.
Cookies:
Pieces of information about a computer user, stored on the user’s hard drive
that can be accessed by a Web server whenever the user goes on the Internet.
Cooperative: An organization of businesses
owned and operated by the members, who pool their resources and share the
benefits.
Co-payment: A fee paid each time a service covered by a
health insurance plan, such as a doctor’s visit or a prescription, is used.
Copyright: A legal grant for the sole right to own a
creative property, such as a book or video game.
Corporate Bonds: Bond sold by corporations to
finance building and equipment.
Corporate Culture: A Company’s
shared values, beliefs, and goals.
Corporation: A business treated by law as separate from its owners.
Cosigner: A person who signs for a loan for someone
else and is responsible for repaying the loan if the borrower doesn’t repay it.
Coupon Rate: The rate of interest on a bond.
Cover letter: A one-page letter accompanying
a resume that tells an employer about an applicant and why the applicant is
interested in a job.
Credit: An agreement to get money, goods, or services
now in exchange for a promise to pay in the future.
Credit Bureau: An agency that collects
information about consumers of credit.
Credit Counselor: A person who
helps consumers with their credit problems.
Credit Limit: The maximum amount a person can
spend or charge on a credit account.
Credit Rating: A measure of a person’s ability
and willingness to pay debts on time.
Creditor: One who lends money or provides credit.
Culture: Beliefs, customs, and attitudes of distinct
group of people.
Cyber Ads: Advertisements on the Internet.
D
Database: Computerized collection information, usually
kept in a list.
Debit Card: A bank card used like a credit card but which
takes money directly from a checking account.
Debtor: One who borrows money or uses credit.
Decentralized Organization: An
organization that gives authority to a number of different managers to run
their own departments.
Deductible: The amount of damages that the holder of an
insurance policy must pay before the insurance company pays.
Deductions: Amounts of money taken out of a paycheck for
expenses such as taxes, health insurance, retirement, and union dues.
Deflation: A general decrease in the cost of goods and
services
Delegate:
Give employees the power to
run things and make decisions.
Demand: The amount of goods and services that
consumers are willing to buy at various prices.
Demand Deposits: Checks or orders to a bank to
release money from a checking account on demand.
Democratic Leadership: A style of
leadership in which manager’s work with employees to make decisions.
Demographics: Facts about the population in
terms of age, gender, income, and education.
Departmentalization: Dividing
responsibilities in an organization among specific units, or departments.
Deposit: Money put into a bank account.
Depreciation: Decline in the value of an
item, such as a house or car, because of use.
Depression: A deep, long-term decline in economic
activity.
Desktop Publishing: Writing,
designing, and laying out documents on a computer like a professional
publisher.
Digital Workflow: Linking all the
steps in a process, such as printing, electronically.
Direct Distribution: Selling goods
and services directly from producers to consumers without using intermediaries.
Direct-mail Advertising: Advertising
sent to people’s homes by mail.
Discrimination: Excluding someone on the basis
of age, gender, ethnicity, or other difference.
Diversity: Variety of people with different backgrounds
and identities.
Dividends: A share of the profits of a corporation paid
to stockholders.
Dot-com: A company that does business on the Internet.
Down Payments: A portion of the total cost of
an item that is paid at the time the item is purchased.
E
E-Commerce: Electronic commerce or business conducted on
the Internet.
Economics: The study of how society chooses to use
resources to produce and distribute goods and services for people’s
consumption.
Electronic Funds Transfer (EFT): The transfer
of money from one account to another, using computers.
Eleven Perils: The most common causes of
property damage or loss, covered by all homeowner’s insurance policies.
Embargo: A ban on the import or export of a product.
Employability Skills: Qualities that
employers look for in a person, including education, experience, character, and
ability to work with others.
Employment Agencies: Professional
services that help people find jobs.
Endorsement: The signature of the payee on the back of a
check, necessary for cashing a check.
Entrepreneur: A person who recognizes a
business opportunity and assumes the risks of starting a business.
Entrepreneurial Resources: The
initiative to improve goods and services or create new ones.
Entrepreneurship: Accepting the risk of starting
a business, or a business started by a risk taker.
Entry-Level Job: A beginning career job.
Environmental Protection Agency (EPA): A federal
agency that enforces rules to protect the environment and control pollution.
Equal Credit
Equal Employment
Equal Pay Act: A federal law requiring that
men and women be paid the same wages for doing equal work.
Equilibrium Price: The price at
which the amount of goods producers supply meets the amount of goods consumers
demand.
E-Tail: Electronic tickets or tickets sold using
computers.
Ethics: A set of moral principles by which people conduct
themselves personally, socially, or professionally.
E-Tickets: Electronic tickets or tickets sold using
computers.
E-Workforce: People who work with computers
while doing business
Exchange Rate: The price at which the
currency of one country can buy the currency of another country.
Expenditures: Items you have to spend money
on such as food, rent and clothing, or expenses.
Expert System: Computer software that stores
and uses knowledge that a human expert would have on the same subject.
Exports: Goods and services one country sells to
another country.
Extended Coverage: Coverage added to a basic insurance policy that
protects against other types of property damage.
Extranet: A semiprivate computer network that allows
more than one company to access the same information.
F
Factors of Production: The economic
resources used to produce goods and services.
Fair Credit Billing Act: A federal law
requiring creditors to correct billing mistakes brought to their attention.
Fair Credit Reporting Act: A federal law
giving people the right to know what is in their credit files at credit
bureaus.
Fair Debt Collection Practices Act (FDCPA): A federal law that protects debtors from unfair
methods and practices by collection agents.
Federal Deposit Insurance Corporation (FDIC): A federal
government agency that insures commercial bank accounts for up to $100,000.
Federal Reserve System: The central
baking system of the Unites States, also called the Fed.
Finance Charge: The total amount it costs to
finance a loan, including interest and fees, state in dollars, and cents.
Financial Forecast:
An estimate of what
business conditions will be like in the future:
Financial Institution: An
organization for managing money, such as a bank, credit union, or brokerage
firm.
Financial Manager: The person in
charge of a business’s financial planning, funding, and accounting.
Financial Plan: An outline of a business’s
expenses, needs, and goals, and how it expects to meet them.
Financial Responsibility Law: A law
requiring drivers to pay for any damages or injuries they cause in an accident.
Fiscal Year: An accounting period in
business of one year.
Fixed Expenses: Expenses that occur regularly
and must be paid regularly, such as rent and car insurance.
Food and Drug Administration (FDA): A government
agency that protects consumers from dangerous or falsely advertised products.
Franchise: A contractual agreement to use the name and
sell t he goods or services of an existing company.
Fraud: Deliberately misleading business practices.
Free-Rein Leadership: A style of leadership in which managers and
employees are given goals and then left alone to get their jobs done.
Free Trade: Few or no Limits on trade between countries.
G
Garnishment of wages: A creditor’s
legal right to take all or part of a debtor’s paycheck for an unpaid debt.
Generic products: Products that
are plainly labeled, unadvertised, and sold at lower prices.
Goods: Material things that can be physically
weighed or measured.
Grace Period: An amount of time to pay off a
debt without having to pay interest on it.
Grade Labels: Labels that indicate foods have
been inspected by the federal government and the quality of the foods.
Gross Domestic Product (GDP): The total value of the goods and services produced in
a country in one year.
Gross Pay:
The total amount of money earned in a specific period of time before
deductions.
Group Training: Learning a new job from an
instructor or manager with a group of other employees, like a class.
Groupware: Computer software that enables members of a
team to share information on the same project, also called project management
software.
H
Hacker: A person who breaks into computer systems for
illegal purposes.
Hardware: The physical components of a computer.
Health maintenance
Organization (HMO): A group health
program that provides health care at its own center for a fixed fee per month.
Hierarchy: A formal chain of command with one person at
the top.
Homeowner’s Policy: An insurance
policy designed for homeowners that combine different kinds of home protection.
Human Relations: The ability to communicate
with people.
Human Resources: The knowledge, efforts, and
skills people bring to their work, also called labor.
Human resources management: The process
of finding, selecting training and evaluation employees.
I
Imports: Goods and services one country buys from
another country.
Impulse Buying: Purchasing things on the spur
of the moment.
Income: The amount of money a person earns or
receives during a given period of time.
Income Property: Property used to generate an income, such as a farm or apartment
building.
Income Statement: A report of a business’s net
income or net loss over a specific period.
Indirect distribution: Moving good
from producers to consumers using one or more intermediaries.
Inflation: A general increase in the cost of goods and
services.
Inflation Risk: The risk that the rate of
inflation will increase more then the rate of return on an investment.
Infomercial: A television program, usually 30 minutes
long, made to advertise a product.
Information Technology: Hardware and
software for creating, processing, storing, and communicating information.
Initiative: taking action to get things done.
Installment Loans: Loans repaid
in regular payments over a period of time.
Insurance: Paid protection against losses due to injury
or property damage.
Integrity: Holding to principles like honesty, loyalty,
and fairness.
Interest: A fee charged for the use of money.
Interest-bearing Account: A checking
account that earns on interest on the balance left in the account.
Intermediaries: Businesses that act as
go-betweens in moving goods from producers to consumers, such as wholesalers,
retailers, and distributors.
Internet: A collection of tens of thousands of
connected computer networks.
Internship: A program that provides hands-on experience
for a beginner in an occupation, usually as a temporary, unpaid trainee.
Interstate Commerce: Business that
take place across states, overseen by the federal government.
Intranet: A private computer network that connects
employees from the same company together.
Intrastate Commerce: Business that
takes place within a state, overseen by state governments.
Investing: Putting money to use in order to make money
on it.
J
Job Description: A detailed description of the
duties, qualifications, and conditions required to do a specific job.
Job Interview: A formal face-to-face discussion
between an employer and a potential employee.
Job lead: Information about a job opening.
Journey worker: A skilled craftsperson who has
completed an apprenticeship.
Junk Bonds: Corporate bonds that have a low rating and
are issued by companies that don’t have successful track records.
L
Leadership: Providing direction and vision.
Legal Monopolies: Companies, such as public
utilities, that are allowed to operate without competition.
Liability insurance: Protection
against claims of injury or property damage to others.
Licenses: Legal permits to conduct business, usually
issued by states.
Limited Liability: Financial
responsibility of business owners only for what they invested in a business.
Line Authority: An organizational structure in
which managers at the top of the line are in charge of those beneath them.
Liquidity: The ability to quickly turn an investment
into cash.
Loss leaders: Advertised products that sell for a loss to bring customers into a
store so they’ll buy other things.
M
Management plan: A business plan that divides a
company into different departments run by different managers.
Manufacturers: Businesses that make finished
products out of raw or processed goods.
Market: A group of customers who share common wants
and needs.
Market economy: A system in which economic
decisions that are made in the marketplace according to the laws of supply and
demand.
Market Research: Gathering and studying
information about the buying habits of consumers to determine what goods and
services to produce.
Marketing: The process of creating, promoting, and
presenting a product to meet the wants and needs of consumers.
Marketing Concept: A plan for how
to market a product or service to consumers.
Marketing Mix: The four main elements of
marketing, also called the four P’s:
product, place, price, and promotion.
Mass media: Means of mass communication such as TV,
radio, and newspapers.
Maturity Date: the date when money invested in
a bond or certificate of deposit becomes available to the investor.
Medicaid: A health care programs provided by state
governments for low-income families.
Medicare: A health care program provided by the federal
government primarily for retired persons.
Middle Managers: Managers who carry out the
decisions of top management, and oversee specific departments.
Mixed economy: A combination of a command and
a market economy.
Monetary system: A system in which goods and
services are exchanged indirectly using money as a medium.
Money: Anything that people accept as a standard of
payment.
Money Management: The process of
planning how to get the most from your money.
Money market deposit account: A type of
savings account offered by banks, savings and loans, and credit unions similar
to a money market fund or mutual fund.
Money Market Fund: A type of
savings account offered by brokerage firms to finance business and government
debts.
Monopoly: Control of an entire industry by one company
or a trust.
Mortgage: Property put up for a loan that the lender
can take if the loan is not paid back.
Multi-Channel Retailer: A company
that uses several means to sell products, such as retail stores, mail-order
catalogs, and the Internet.
Multinational Corporation: A company that
does business and has facilities in many countries around the world.
Municipal Bonds: Bonds issued by local and state
governments to finance government projects.
Mutual Fund: A fund, or pool of money,
created by an investment company that raises money from mane shareholders and
invests it in a variety of stocks and bonds.
N
National Debt: The total amount of money owed
by the federal government.
Natural resources: Raw materials
found in nature used to produce goods.
Needs: Necessary wants, such as food, shelter, and
clothing.
Net Pay: Gross pay minus deductions, also called
take-home pay.
Networking: Meeting and talking to people in different
occupations to find out what they do and make connections.
No-Fault Insurance: A law that
requires drivers involved in accidents to collect damages from their own
insurance companies no matter who is at fault.
Nonprofit organization: A business
whose main purpose is to provide a service rather than to make a profit.
O
Occupational Safety and Health Administration (OSHA): A division of
the Department of Labor that sets and enforces work-related health and safety
rules.
Oligopoly: Control of an industry by a small number of
companies.
On-The-Job Training: Learning a new
job by actually doing it.
Operational Managers: Managers who
are responsible for the daily operations of a business, such as supervisors and
office managers.
Organizational Chart: A chart that
shows how a business is structured and who is in charge of whom.
Orientation: The process of helping new employees adjusts
to a company.
Outstanding Checks: Checks that
have been written but haven’t yet been cashed.
Overdraft Protection: A line of credit
offered by banks to cover an overdrawn checking account.
Overdrawing: Writing checks for more money than there is
in a checking account.
Owner’s equity: The difference in value between
a business’s assets and liabilities, or what a business owns and what it owes.
P
Partnership: A business owned by two or more persons who
share the risks and rewards.
Pass book Savings Account: A traditional
savings account in which all transactions are recorded in a book that the
depositor keeps.
Patent: A legal grant for the sole right to own an
invention.
Performance appraisal: An evaluation
of how well and employee is doing his or her job.
Personal Digital Assistant (PDA): A hand-held
computer that can be used as an address book, appointment book, voice recorder,
and to access the Internet.
Personal Property: Possessions
that can be moved, like furniture, jewelry, and electronic equipment.
Policy: A contract between an insurance company and
policyholder that explains the amount of types of coverage.
Pollution:
Contamination of air, water, and land.
Pop-up Ads: Internet ads that appear briefly when a user
logs onto the Internet or clicks on a site.
Pre-Existing Condition: A serious
health condition diagnosed before a person obtained health insurance and which
might not be covered by a policy.
Preferred Stock: A form of ownership of a
corporation that gives stockholders certain privileges.
Premium: The amount of insurance company charges a
policyholder for an insurance policy.
Principal: The actual amount of money owed or deposited
in an account, upon which interest is based.
Proceeds: Money paid from a life insurance policy to a
beneficiary.
Processors: Businesses that change raw goods into more
finished products.
Producer: A business that gathers raw products in their
natural state.
Product Liability: The legal
responsibility manufacturers have to make a safe product.
Profession: A field that requires a high level of
education, such as law, medicine, or architecture.
Profit: The amount of money left over after a
business has paid for the cost of producing its goods and services.
Promotion: A move to a higher level job with more
authority, responsibility, and pay.
Promotional
Property Insurance: Protection
from financial loss on property due to damage or theft.
Prosperity: The peak of economic activity.
Protectionism: Limiting trade with other
countries to protect business at home.
Q
Qualifications: The education, skills, and
experience required to do a particular job.
Quota: A limit placed on the quantities of a product
that can be imported.
R
Random Access Memory (RAM): Computer
memory that stores information temporarily and loses it when the computer is
turned off.
Real Estate: Land and anything attached to
it, such as buildings or natural resources.
Real Estate Agent: A person
licensed to arrange the buying and selling of homes and other types of real
estate.
Real Property: Property attached to land, like
a house, business, or garage.
Recall: An order to take back and repair or replace
defective products.
Recession: A decline in economic activity.
Recovery: A rise in business activity after a recession
or depression.
Recruitment: Actively looking for the most qualified
people to fill a job position.
Reference: A person an employer can contact to find out
about a job applicant.
Referral: A personal recommendation to an employer for
a job applicant.
Refund: Return the cost of a product.
Relationship Marketing: Building
customer loyalty through good customer relations.
Replacement Value: The full cost
of repairing or replacing property by an issuance company regardless of its
depreciation value.
Repossess: To take back collateral put up for a loan,
such as a car, if the loan is not paid back.
Resource: Anything that people can use, such as fuel,
labor, or money to make or obtain what they need or want.
Resume: A written summary of one’s skills, education,
and work experience.
Retailer: A business that sells goods or services
directly to the public.
Revenue: Government or business income.
Rider: An Addition to an insurance policy that
covers specific property or damages.
Risk Taker: Someone willing to take chances in business,
considered a key characteristic of an entrepreneur.
S
Safety-Deposit Box: A place at a bank for storing valuable items.
Savings: Money put aside for future use.
Savings Bonds: Bonds sold by the federal government to pay for
government projects.
Scanner: A computerized device that can read images
and record or transfer them.
Scarcity: The shortage of economic resources.
Screen Ads: Internet ads displayed on the right or left
of a screen and that can be printed out.
Secured Loan: A loan that is backed by
collateral.
Self-managed teams: Work groups
that supervise themselves.
Separation: Leaving a company is cause of retirement,
resignation, layoff, or termination.
Services: Tasks that people or machines perform.
Shadowing: Following a person throughout a workday to
see what a job involves.
Signature card: A record of an account holder’s
signature used by a bank to verify the person’s identity.
Simple Interest: Interest earned only on the
money deposited into a savings account, or the principal.
Skills: Abilities developed through training and
experience.
Small business: An independently owned business
that employs fewer than 500 people.
Small claims Court: A court that
settles cases involving relatively small amounts of money.
Social Responsibility: The obligation
to do what is best for the welfare of society.
Software: A computer programs containing a set of
instructions that tells a computer what to do.
Sole Proprietorship: A business
owned by only one person.
Speculative Stocks: Stocks in relatively new firms that don’t have an
established track record of success.
Spreadsheet Program: A
computerized worksheet.
Standard Fire Policy: Insurance
against property damage due to fire or lightning.
Standard Of Living: The amount of goods and services the people of a
country can buy.
Start-Ups: Businesses just starting out.
Statement Savings account: A traditional
savings account in which all transactions are recorded in a statement sent by
the bank to the account holder.
Stereotype: Identify someone by a single trait or as a
member of a certain group rather than as an individual.
Stock: Shares of ownership in a corporation.
Stock Exchange: A marketplace where stocks are
bought and sold.
Subsidies: Payments the government gives to businesses
to make up for their business losses.
Supply: The amount of goods and services that
producers will provide at various prices.
Sweatshops: Factories that pay poorly, have unsafe
working conditions, and treat workers badly.
T
Target Marketing: Finding and analyzing
potential consumers for a product.
Tariff: A tax placed on imported products to make
them more expensive than domestic products.
Tax incentives: Reductions in taxes government
gives to businesses to encourage socially responsible behavior.
Telecommuting: Using communications technology,
such as computers, to keep in touch with the workplace while working away from
it.
Term Insurance: Life insurance that covers a
person for a specific period of time.
Top-Level Managers: Managers
responsible for setting goals and planning the future for a company.
Trade: A field that requires a high level of manual
or technical skill, such as carpentry, mechanics, or computer programming.
Trademark: A legally-protected brand name, trade name,
or trade characteristic that distinguishes one product from another.
Transfer: A move to another job within a company at the
same level and pay.
Transit Advertising: Advertising
that uses public transportation to display ads.
Trust: A groups of companies that band together to
form a monopoly and eliminate competition.
Truth-in-lending Disclosure: A statement
creditors must give to consumers informing them of the costs and terms of
credit.
U
Undeveloped Property: Unused land
intended only for investment purposes.
Unit Price: The cost of an item for a standard unit of
measurement, such as an ounce.
Unlimited Liability: Full legal
and financials responsibility for a business.
Unsecured Loan: A loan that is not back by
collateral.
Usury Law: A law that restricts the amount of interest
that can be charged for Credit.
V
Variable Expenses: Expenses that
fluctuate and over which you have some control, such as food and entertainment.
Variable Rate: Interest rate on a loan that
changes as interest rates in the banking system change.
Virtual Business: A company that does business
only on the Internet.
W
Wants: Things we wish we could have, as opposed to
needs.
Warranty: Legal document that states the rights and
responsibilities agreed to by the consumer and the store or manufacturer.
Wearable Computers: Small,
lightweight computers that workers can carry with them to assist them on the
job.
Web Browser: A program that makes it easy to search and
retrieve information on the Web.
Webcast: A broadcast, like a TV or a radio broadcast,
sent and received over the Internet.
Wholesaler: A type of business that buys goods in large
amounts and resells them to other businesses in smaller lots.
Withdrawal: Money taken out of a bank account.
Withholding: Money subtracted from a paycheck for taxes,
social security, and other deductions.
Y
Yield: The rate of return on an investment, or the
amount of money and investment earns.