| A | B |
|---|
| Department that maintains the employment process, trains and develops staff and follows laws and proper procedures | human resources |
| Pyramid that expresses the needs of employees such as basic needs, safety, belongingness, love, esteem and self-actualization | Maslow’s Hierarchy of Needs |
| Organizational structure that is grouped by major function or work activities performed | function |
| Working together in group settings | cooperation |
| Process of reaching a company’s goals and objectives by utilizing its resources | management |
| Setting a direction for the company through the use of goals and strategies | planning |
| Coordinating and obtaining resources to meet company goals and objectives | organization |
| A system that is used to record, classify, summarize and report the financial position of a business | accounting |
| Financial entries affecting the financial position of a business | financial transactions |
| Items of value owned by a business | assets |
| Debts or obligations of a business | liabilities |
| Assets = Liabilities + Owner’s Equity | accounting equation |
| Reporting process of accounting; used to make financial decisions | financial statements |
| Financial statement which reports totals in asset, liability and owner’s equity accounts | balance sheet: |
| Financial statement which reports net income or net loss of a company | income statement |
| When revenue is greater than expenses | net income |
| When expenses are greater than revenue | net loss |
| Buy resources used to create goods and services; pay expenses required for operation | funds |
| Used to purchase assets to help company grow; pay unexpected or high expenses; are invested to obtain profit | excess funds |
| Specifies what funds are needed; documents when period funds are needed | financial plan |
| Monetary value of a product; must be low enough to attract consumers; must be high enough to cover costs and create a profit | price |
| Activities that persuade consumers they need a certain product | promotion |
| Need for necessities, safety, security and good health | physical needs |
| Need to feel loved and accepted | social needs |
| Need for prestige and approval | psychological needs |
| Getting produced goods and services to consumers in a timely manner | distribution |
