1-1 Key Terms "What is Business"

The process of recording, maintaining, and reporting an organization’s financial transactions and records.

• Marketing

• Accounting

• Human Resources

• Strategy

A for-profit or non-profit organization involved in commercial, industrial, or professional commerce.

• Human Resources

• Information management

• Business

• Finance

Focuses on the management of the assets, liabilities, equity, and cash flow of an organization, financial analysis like ROI and ROE, and financial planning of future growth.

• Finance

• Operations

• Business

• Accounting

Refers to the people assets who work for an organization, and the business function responsible for recruiting, hiring, onboarding, training, evaluating, and terminating employees.

• Mission

• Human Resources

• Marketing

• tactics

A business function that involves people, processes, and systems that collect, organize, store and secure relevant data and information, and makes it accessible and useful for making informed decisions.

• Human Resources

• Operations

• Finance

• Information Management

The enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and for the benefit of society as a whole (includes the 4 P's).

• Accounting

• Marketing

• Staffing

• Operations

A company's purpose; its reason for being; the problem it is solving.

• Operations

• Management

• Mission

• Human Resources

The daily functioning of an organization, managing the inputs and outputs, and includes manufacturing, purchasing, and logistics.

• Operations

• Management

• Business

• Finance

A measure of a company’s financial performance, calculated as net income divided by total shareholder’s equity.

• Management

• ROE (Return on Equity)

• ROI (Return on Investment)

• Recruiting

Measures the gain or loss generated on an investment, compared to the amount of money invested; usually expressed as a percentage.

• Finance

• ROI (Return on Investment)

• Management

• ROE (Return on Equity)