Business Words You Should Know

From accelerated Depreciation to Zero-based Budgeting - Learn the Lingo for Any Field

H. Dean McKay, P.T. Shank

• Publisher: Adams Media
• Year: 2007
• Print ISBN: 9781598691467
• eBook ISBN: 9781440501012
• Topic: Business
• Subtopic: Business Communication
• Index: Business

"Do you know what Accounting Noise is? How about Illiquid? Bricks and Clicks? Any idea what GAAP, LBO, RFP, or SOW stand for? Let's face it: You can't survive the corporate jungle today unless you speak the language. It's time to learn!

With this easy-to-use, easy-to-understand guide, you will:

Learn key business vocabulary and how to use it confidently

Be able to reference critical terms from all areas of business

Locate more than 1,000 clear definitions

Set up in dictionary style, Business Words You Should Know features not only definitions, but also offers sample sentences and similar terms for each entry, as well as lists of acronyms and common business concepts. Whether you're looking for a job or are already in the thick of today's challenge business environment, you'll speak the language of the pros in no time!

The Words, A-Z

1-to-1 Marketing

Customizing the offering to the specific customer needs and desires. This process involves much more than just sales and marketing because the firm must be able to change how its products are configured or its service is delivered based on the individual needs of individual customers.

The technology company was successful because of its ability to offer 1-to-1 marketing to all its clients.

See also: Direct Marketing, End User

10Q Report

A financial statement filed with the U.S. Securities and Exchange Commission by a company, regarding its financial performance. This form is used for quarterly reports under Section 13 or 15(d) of the Securities Exchange Act of 1934. A quarterly report on this form must be filed within forty-five days after the end of each of the first three fiscal quarters of each fiscal year.

Investors and brokers are wise to track companies' 10Q reports before buying large amounts of stock.

See also: Financial Statement or Reports, Public Company, Quarterly Report, SEC Filings

10X Change

A strategic change from a current state, called X, to a future state in which the change is measured in orders of magnitude. This term refers to those rare moments when something creates a “10X change” — a change ten times greater than your average everyday change. Leadership believes in the exponential growth capacity of each team member. A 10X change is any change in a business environment that could potentially cause an industry change.

Business forecasters were aware that the creation of the personal computer would create a 10X change in the industry.

See also: Change, Change Management, Strategic Inflection Points

360-Degree Feedback

A means for leadership development; a method and a management tool that provides each employee the opportunity to receive performance feedback from his or her supervisor and four to eight peers, reporting staff members, coworkers, and customers.

Every year, the management staff received 360-degree feedback from their peers and staff in order to ensure a positive working environment for everyone in the department.

See also: Communications, Empowerment, Human Resources, Motivate, Performance Review

4 Ps of Marketing

Product, price, place (distribution), and promotion are the major marketing management decisions; these variables are known as the marketing mix.

Even though most customers may not be aware of it, nearly all decisions about buying products are based on the 4 Ps of marketing.

See also: Distribution, Marketing, Price, Product, Promotion

A

A-Team

An elite group or task force that is willing and able to solve difficult problems; a team that works together under uncertain conditions to create innovative solutions; a group having a special mission with a leadership role.

The new engineer was assigned to the A-team to tackle the division's most pressing problem.

See also: Leadership, Team Building, Teams

Abatement

A deduction in the amount of money owed.

The start-up received rent abatement to help them get things going in their production facility.

See also: Obligation, Payment in Kind

Ability

The quality of being able to perform; skill and aptitude that an employee needs in order to perform successfully the various tasks associated with a job; qualities that enable a person to achieve or accomplish something.

It is vital to hire someone based on his or her ability to perform the job at hand.

See also: Organization, Performance, Skill

Abstract

A document that summarizes and explains the important aspects of a larger, more detailed document.

The database contained many abstracts from articles on small business.

See also: Business Plan, Executive Summary

Accelerated Depreciation

Depreciation at a greater rate in the early years of an asset's life; an accounting method.

Due to the accelerated depreciation attached to some goods, many people recommend buying slightly used items over brand-new ones.

See also: Accounting, Depreciation, Taxes

Access

A process of inputting or retrieving data from a computer, network, or system.

The staff realized the computers were down when none of them could access the database.

See also: Computer, Data, Database, Network

Access Time

The time interval between a request for information and the start of the delivery process for a computer, network, or system.

Faster access time was one of the major selling points of the new computer system.

See also: Access, Computer, Float

Accessory Goods

Products used by business operations to function. Examples include computers, fax machines, office copiers, networks, and so on.

The small shop had a full inventory but the bare minimum of accessory goods needed to open for business.

See also: Administrative Expenses, Back Office, Operations

Accomplishment

The result of successfully meeting a goal; an achievement.

The award was given to the sales team for their accomplishment of increasing profits 20 percent over the estimated goal.

See also: Ability, Goals, Objectives, Success

Account

An organization's record of all the debits and credits chronologically posted to a ledger showing how each transaction affects a particular phase of a business. Entries are usually stated in monetary figures and reflect the current balances, if any.

A bookkeeper is often required to manage multiple accounts and track the strengths of all of them.

See also: Chart of Accounts, General Ledger, Ledger

Accountability

Taking responsibility for actions. An obligation to one's self — an obligation to lead a meaningful life, both in and out of the workplace, that is consistent with one's own values.

The CEO was impressed by the supervisor's sense of accountability for everything that happened in his department.

See also: Behavior, Governance, Responsibility

Accounting

The process of identifying, measuring, recording, and communicating financial information about a business or organization. Accounting information can be a helpful managerial and investment aid in the decision-making process.

The accounting firm was known and respected for the efficiency and uncompromising sense of integrity.

See also: Accounting Noise, Public Accounting, Purchasing Accounting

Accounting Noise

Complex rules that may affect the way a company's performance is related to the public. These rules do not affect the company's true performance, simply the way that performance is reported.

After a company has gone through a major change, it may be difficult for potential investors to cut through the accounting noise to discover how well the business is actually expected to perform.

See also: Accounting, Financial Statement or Report

Accounts Payable

Money or liabilities owed by a firm to vendor, suppliers, or service providers.

The secretary juggled the accounts payable so that the small firm's bills were paid every month within days of receiving the fees from their clients.

See also: Balance Sheet, Liability, Supplier, Vendor

Accounts Receivable

Money or liabilities due to a firm from customers for the purchase of inventory, goods, or services. Carried in the current-assets section of the firm's balance sheet.

The billing department sent out invoices on all accounts receivable that were not paid in full at the time of service.

See also: Assets, Balance Sheet, Customer, Inventories

Accounts Receivable Turnover

A measurement of how quickly customers pay their bills. The ratio of net credit sales to average accounts receivable.

Their bank asked for the accounts receivable turnover report to measure how quickly their customers paid...

Table of contents

• Cover Page
• Title Page
• Copyright
• Dedication
• Contents
• Acknowledgments
• Introduction
• The Words, A-Z
• Acronym Appendix