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Introduction to Business Unit 4 Review - Vocabulary

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AB
BusinessPlanA written description of the businesss idea and how it will be carried out, including all major business operations.
ShortTermFinancingThe money needed to pay for the current operating activities of a business.
StartUpFinancingThe amount of money needed to open the business.
LongTermFinancingMoney needed for the important resources of a business (such as land, buildings, and equipment) that will last for many years.
HumanResourceManagementEnsuring that needed employees are available, that they are productive, paid, and satisfied with their work.
HumanResourcesThe people who work for the business.
StraightSalaryA specific amount of money paid for each week or month worked.
FullTimeEmployeeAn employee who works a schedule of at least 30 hours a week.
CommissionA system that pays the employee a percentage of the sales for which he or she is responsible.
PermanentEmployeeAn employee that has a long-term commitment to a company.
BasePlusIncentiveA system that combines a small wage or salary with an additional amount determined by peformance.
PieceRateA compensation plan that pays the employee a specific amount for each unit of work produced.
TemporaryEmployeeAn employee hired for a specific time or to complete a specific assignment.
PartTimeEmployeeAn employee who works less than full-time employees by working either fewer hours each day or fewer days each week.
SalaryandWagesDirect payment to an employee for work completed.
BenefitsCompensation in forms other than direct payment for work.
ProfitSharingAn incentive plan in which employees receive their regular compensation plus a share of the profits earned.
CompensationThe amount of money paid to an employee for work performed.
TimeWagesA wage that pays the employee a specific amount of money for each hour worked.
CashBudgetAn estimate of the actual money received and paid out for a specific time period.
BusinessBudgetA planning tool used to anticipate sources and amounts of incoe and to predict the types and amounts of expenses for a specific business activity or the entire business.
FinancialStatementsReports that summarize the financial performance of a business.
FinancialRecordsUsed to record and analyze the financial performance of a business.
OperatingBudgetDescribes the financial plan for the day-to-day operations of a business.
IncomeStatementReports the revenue, expenses, and net income or loss of a business for a specific period of time.
Start-upBudgetUsed to plan income and expenses from the beginning of a business until it becomes profitable.


Business Education Teacher
Bangor High School
Bangor, PA

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