particular point in time. Budget An estimate of income and expenditure for a set period of time. Business Ownership Types of business ownership refer to the legal structure of an organization. Legal structures include: Sole Proprietorship, Partnerships, Corporations and Limited Liability Companies. Business Plan A written document that describes in detail your business goals and how you are going to achieve them from a marketing, operational and financial point of view. Chain of Command and Refers to the management structure of an organization. It identifies Organizational Structure lines of authority, lines of communication, and reporting relationships. Organizational structure determines how the roles, power and responsibilities are assigned and coordinated and how information flows between the different levels of management. (A visual representation of this structure is called an org chart). FICA Federal Insurance Contributions Act requires taxes deducted from pay for supporting Social Security. Income Statement A financial statement providing operating results for a specific time period showing a business’s revenues, expenses and profit or loss. Market Research Primary: Surveys, Focus Groups, Observation Secondary: Websites, Internet Marketing Mix A set of controlled variables that formulate the strategic position of a product or service in the marketplace. These variables are known as the 4 P’s of marketing and include product, place, price and promotion. Methods to Track Inventory, Refers to the processes a business uses to account for: 1) the inflows Productivity and Labor Cost and outflows of inventory and materials related to inventory; 2) the efficiency of operations and 3) the cost of labor including salary and benefits. Promotional Tools and The six elements of a promotional mix are: advertising, visual Techniques merchandising, public relations, publicity, personal selling and sales promotion. Supply Chain The supply chain, or channel of distribution, describes how the product is handled and/or distributed from suppliers with materials, to the manufacturer, wholesaler or retailer and finally to the
particular point in time. Budget An estimate of income and expenditure for a set period of time. Business Ownership Types of business ownership refer to the legal structure of an organization. Legal structures include: Sole Proprietorship, Partnerships, Corporations and Limited Liability Companies. Business Plan A written document that describes in detail your business goals and how you are going to achieve them from a marketing, operational and financial point of view. Chain of Command and Organizational Structure Refers to the management structure of an organization. It identifies lines of authority, lines of communication, and reporting relationships. Organizational structure determines how the roles, power and responsibilities are assigned and coordinated and how information flows between the different levels of management. (A visual representation of this structure is called an org chart). FICA Federal Insurance Contributions Act requires taxes deducted from pay for supporting Social Security. Income Statement A financial statement providing operating results for a specific time period showing a business’s revenues, expenses and profit or loss. Market Research Primary: Surveys, Focus Groups, Observation Secondary: Websites, Internet Marketing Mix A set of controlled variables that formulate the strategic position of a product or service in the marketplace. These variables are known as the 4 P’s of marketing and include product, place, price and promotion. Methods to Track Inventory, Productivity and Labor Cost Refers to the processes a business uses to account for: 1) the inflows and outflows of inventory and materials related to inventory; 2) the efficiency of operations and 3) the cost of labor including salary and benefits. Promotional Tools and Techniques The six elements of a promotional mix are: advertising, visual merchandising, public relations, publicity, personal selling and sales promotion. Supply Chain The supply chain, or channel of distribution, describes how the product is handled and/or distributed from suppliers with materials, to the manufacturer, wholesaler or retailer and finally to the