Business Concepts Flashcards

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Wants

Back

Desires or preferences that are not essential for survival.

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Customer Service

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Support offered to customers before and after they buy and use products or services, ensuring a positive experience.

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Limited Liability

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A legal status where a person's financial responsibility is limited to their investment in a company or corporation.

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Target Market

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A specific group of people a business aims to sell its products or services to.

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Agenda

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A list or schedule of topics to be discussed during a meeting or event, providing structure.

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B2B (Business-to-Business)

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Refers to transactions or relationships that occur between two businesses, rather than between a business and individual consumers.

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Brick-and-Mortar

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Traditional businesses that operate from a physical location, like stores, rather than online-only businesses.

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Double Taxation

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When the same income is taxed twice, such as when a company’s profits are taxed and then shareholders are also taxed on dividends.

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Bankruptcy

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A legal process for individuals or entities unable to repay debts, often initiated by a court.

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Equity

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The value of ownership in a company after debts are paid, representing shareholders’ stake in the company.