BUSINESS ESSENTIALS- VOCAB

A private or civil wrongdoing, an offense against an individual.

• Crime

• Liability

• Market

• Tort

An agreement between two or more parties that create obligations enforceable by law.

• Genuine Agreement

• Contract

• Capacity

• Voluntary Exchange

An amount owed by a business

• Asset

• Liability

• Owner's Equity

• Charges

Anything of value owned by a business

• Asset

• Liability

• Owner's Equity

• Charges

How much of the goods or services consumers are willing and able to buy?

• Supply

• Demand

• Shortage

• Surplus

Information about a customer including things like what they like, how they spend their time, things they value etc.

• Demographics

• Psychographics

• Geographics

• Centrographics

Must have the legal ability to enter into a contract (mental capacity, age, etc.)

• Leaglity

• Capacity

• Consideration

• Proper Form

Planning, recording, analyzing, and interpreting financial information

• Economics

• Marketing

• Accounting

• Law

The distinctive identification symbol for a business.

• Logo

• Graphic

• Badge

• Picture

The amount remaining after the value of all liabilities is subtracted from the value of all assets

• Owner's Equity

• Accounts Payable

• Asset

• Liability