Introduction to Business

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CHAPTER 1 The Goals and Functions of Financial Management

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Introduction to Business

Finance

Credit

Credit is the ability to borrow money or access goods or services with the understanding that you'll pay later

Investing

expend money with the expectation of achieving a profit or material result by putting it into financial plans, shares, or property

Banking

Banking is defined as the business activity of accepting and safeguarding money owned by other individuals and entities

Income Management

Income Management is a tool that helps people budget their welfare payments and ensures they are getting the basic essentials of life, such as food, housing, electricity and education.

Business Fundamentals

International Business

International business refers to the trade of goods, services, technology, capital and/or knowledge across national borders and at a global or transnational scale.

Business Ethics and Social Responsibility

Social responsibility, while under the umbrella of business ethics, focuses more narrowly on a company's social obligations.

Types of Business

Sole proprietorship. ... Partnership. ... Limited liability company (LLC) ... Corporation - C corp. ... Corporation - S corp. ... Corporation - B corp. ... Corporation - nonprofit. ... Flexibility.

Economic Basics

Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make.

Entrepreneurships

Invention and Innovation

Invention refers to the creation of a brand new product or device. Conversely, innovation is an act of making changes to the existing product or the process by introducing new ways or ideas.

Characteristics, skills and contribution

Both soft skills and technical skills, or hard skills, are equally important in an employee. Soft skills include the social expertise, personality and character makeup, communication skills, emotional intelligence, influence, and approach to work that an employee shows.

Functions of a Business

Information and communication technology

Information and communications technology is an extensional term for information technology that stresses the role of unified communications and the integration of telecommunications and computers,

Accounting

Accounting is the process of recording financial transactions pertaining to a business.

Marketing

Marketing refers to activities a company undertakes to promote the buying or selling of a product or service.

Management

Management is the administration of an organization, whether it is a business, a non-profit organization, or a government body. It is the art and science of managing resources.

Human Resources

Human resources is the set of people who make up the workforce of an organization, business sector, industry, or economy.

Production

Production is the process of combining various material inputs and immaterial inputs in order to make something for consumption.