- Accounting. This concept should be in every entrepreneur’s arsenal of basic business terms. ...
- Accounts receivable. This is the amount of money your customers or clients owe your business for goods or services you supply. ...
- Accounts payable. ...
- Assets. ...
- Liabilities. ...
- Revenue. ...
- Expenses.
What is the importance of business terminologies?
For business and marketing, a consistent and up-to-date terminology is essential as it increases communication and, therefore, improves the efficiency of companies and helps avoid cultural and/or linguistic misunderstandings. This is why companies should be encouraged to invest in terminology.
What are the basic terms in finance?
Net assets (also known as net worth, owner’s equity or shareholder’s equity) – the total assets minus total liabilities. Net income – the total money earned by a business after tax and other deductions. Net profit (also known as your bottom line) – the total gross profit minus all business expenses.
What is terminology and its types?
Terminology is a general word for the group of specialized words or meanings relating to a particular field , and also the study of such terms and their use. ... This is also known as terminology science.
What are the different terminologies?
terminology. Specialized expressions indigenous to a particular field, subject, trade, or subculture: argot, cant, dialect, idiom, jargon, language, lexicon, lingo, patois, vernacular, vocabulary .
Why are the terminologies are very important?
Terminology plays an important role in the understanding of contexts and specialized texts . Understanding the intricate terminological details of the technical and scientific contexts helps students comprehend what the main message of the document is, and it helps specialists to transmit the content more effectively.
What are the most important business terms?
- Accounts Payable.
- Accounts Receivable.
- Asset.
- Balance Sheet.
- Cash Flow.
- Fixed Asset.
- Income Statement.
- Liability.
What is the basic of business?
Creating a business and strategic plan for your business and making sure you keep to it. Basic Accounting . Which records to keep, how to keep them and how to file them. Financial Management.
What is a good in business terms?
Goods are tangible things that are produced, bought or sold, then finally consumed. ... Most businesses provide a service rather than make goods.
What are the 3 areas of finance?
The three major areas of business finance are corporate finance, investments and financial markets, and risk management .
What are the 5 principles of finance?
The five principles are consistency, timeliness, justification, documentation, and certification .
What are the two main types of finance?
Financing is the process of funding business activities, making purchases, or investments. There are two types of financing: equity financing and debt financing .
What is common terminology?
Common terminology also includes the use of “clear text” —that is, communication without the use of agency-specific codes or jargon. In other words, use plain English.
What is network terminology?
Three types of network traffic. Unicast involves communication from one single point to another single point. Broadcast is when information is sent from a single point to multiple points. Multicast is communication of information from multiple points to other points.
What is the key terminology?
or key word
a word that serves as a key , as to the meaning of another word, a sentence, passage, or the like. a word used to encipher or decipher a cryptogram, as a pattern for a transposition procedure or the basis for a complex substitution.
Is it important to know the industry terminology?
Well-defined terminology can help people across various industries communicate more efficiently. Good terminology work reduces ambiguity and increases clarity, which makes it an important factor in quality.
