Process of recording, classifying, summarizing and reporting the financial position of a business

Items of value owned by a business

Assets = Liabilities + Owner’s Equity

Department responsible for producing goods and services in the most efficient and cost-effective manner

Businesses which change raw goods into a more finished form, known as processed goods

Marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages: introduction, growth,maturity, decline

Businesses which develop products for distribution from raw goods

Four interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion and place

Process of reaching a company’s goals and objectives by utilizing its resources; department responsible for the management process

Department responsible for creating products which meet consumer wants and needs, guiding products through the product life cycle and understanding consumers through marketing research

Businesses which change raw or processed goods into finished goods

Department responsible for maintaining the employment process, training and developing staff and following laws and proper procedures

Businesses which provide services to consumers and other businesses

Pyramid expressing the needs of people in levels: basic needs, safety, belongingness, love, esteem and self-actualization

Businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit

Materials derived from natural resources

Statement which reports net income or net loss of a company

Businesses which move finished goods from one business to another by buying, storing and reselling goods; often referred to as “middlemen”

Debts or obligations of a business

Financial statement which reports totals in asset, liability and owner’s equity accounts

Process of effectively working together in group settings

Responsible for distributing goods and services in the most efficient and cost-effective manner