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Scott Richards

The Business Buzz: A Dictionary of Essential Terminology



  1. Accounting: the process of recording, classifying, and summarizing business financial transactions

  2. Administration: the management of a business or organization

  3. Advertising: the practice of promoting a product or business service to increase sales

  4. Agenda: a list of items to be discussed or dealt with at a business meeting

  5. Budget: a plan for the allocation of business financial resources

  6. Business plan: a document that outlines the goals, strategies, and projected financial performance of a business

  7. Capital: financial assets or the financial value of assets, such as money or business property

  8. Competitive advantage: a factor or combination of factors that give a business an advantage over its competitors

  9. Customer service: the assistance and support provided to customers before, during, and after the purchase of a product or service from a business

  10. Entrepreneur: a person who starts and runs a business, taking on financial risks in the hope of profit

  11. Financial statement: a report that provides information about the financial health of a business, including its income, expenses, and assets

  12. Human resources: the department or function within a b business that is responsible for managing personnel, including hiring, training, and employee relations

  13. Inventory: a list of goods and materials held in stock by a business

  14. Investment: the act of putting money into a business venture with the expectation of profit

  15. Marketing: the process of promoting and selling products or services in a business

  16. Merger: the combination of two or more businesses into a single entity

  17. Partnership: a business relationship in which two or more people or companies work together

  18. Profit: the excess of revenues over costs in a business

  19. Sales: the exchange of a commodity in a business for money

  20. Supply chain: the network of organizations, people, activities, information, and resources involved in the production, handling, and distribution of business goods and services


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