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Virtual Business Simulation Terms

AB
Shelf spaceAmount of space that you have on which to place your goods.
AllocateTo distribute something or assign something for a particular purpose.
ErgonomicsA practical application of skills and knowledge that focuses on the design and arrangement of the objects individuals use so that the interaction between the two is as efficient and safe as possible.
SalesThe process of making offers to sell goods or services to potential or current customers at a specific price.
DiscountA decrease made from the standard or catalog price.
LogisticsThe handling of the scheduling, planning,and route mapping of a truck delivery operation.
StrikeTo terminate all work activities in an effort to force an employer to meet the terms of employee demands.
Collective BargainingA compromise between an employer and a labor union often regarding salary, hours, and working environment.
Labor UnionAn association of employees created for the intention of voicing and advancing its members interests in respect to salary, employee benefits, and the working environment.
PicketingThis occurs when union workers are on strike and form an organized, public protest against the company for which they work.
SupervisionThe act of directing your employees.
PerformanceThe way in which an individual is able to carry out or complete a task.
WarningSome sort of verbal or written notice
OpinionAn expression of one's beliefs regarding a certain issue.
SurveyTo question a person or group of people in order to gather information or opinions for the purpose of evaluating
SegmentA group of people having something in common.
CompensationMeans payment.
WorkloadThe quantity of work that is allocated to an employee and is usually expected to be completed within a certain time period.
ResumeA document that job applicants use to summarize education and experience levels.
EmployeeA person who works for another person or company in return for payment (wages or salary).
ReferenceA testimonial of the skills and experience of a job applicant in search of employment provided by an individual who is knowledgeable about the applicant.
SalesThe process of making offers to sell goods or services to potential or current customers at a specific price.
LiabilityThe state of being at fault or to blame for an event.
CapitalMoney invested in a company.
Personal taxesA % of money that individuals must pay to the government based on pesonal income.
DiscountA decrease made from the standard or catalog price.
Actual Cash ValueGuarantees you reimbursement from the company that is = to the actual cost of replacing the property that was damaged minus depreciation costs.
Sole ProprietorshipA business owned by one individual.
Replacement costsGuarantees you reimbursement from the insurance company that is = to the cost of replacing the property that was damaged.
PartnershipA business owned by two or more individuals who have = ownership.
Corporate taxesA % of money that a corporation must pay the government based on the earnings of the company.
CorporationA business that sells shares of the business to others for exchange for capital.
SurpriseAn event or action that occurs without the prior knowledge.
DeductibleThe amount of money the insured must pay for damage or loss.
StockShares of a business that an individual purchases in a corporation.
Contingency planningPreparations that are made ahead of time for an event that may or may not occur.
TurnaroundAn attempt to make an unprofitable business profitable again.

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