Business glossary

My field of study is business. Business is really difficult to understand if you don't know the basic words. That's why I will do a little glossary about business. I hope this is going to help you understand business!

Benefits:

A payment made or an entilement available in accordance with a wage agreement, an insurance Policy, or a public assistance program

 

Company:

A business organization that makes, buys, or sells goods or provides services in exchange for money

 

Competitor:

A rival organisation that is engaged in commercial or economic competition with others

 

Consumer:

A person who buys goods and services

 

Cooperative:

A farm, business, or other organization that is owned and run jointly by its members, who share the profits or benefits

 

Cost:

To estimate the price of making a product

 

Credit:

The ability to obtain goods or services before payment, based on the trust that payment will be made in the future

 

Currency:

A system of money in general use in a particular country

 

Customer:

Someone who buys goods or services from a business

Debt:

Something, typically money, that is owed or due

Employee:

A person who works for another in return for Financial or other compensation

Fee:

A charge or payment for professional services

Franchise:

An association between a wholesaler and an independent business person who buys the right to own and operate a branded retail unit for the wholesaler's products

Import:

To bring in commodities from a foreign country for use or sale

Loss:

The excess of cost over the net proceeds from a transaction

Purchaser:

A person who buys something; a buyer

Salary:

A fixed regular payment made by an employer, often monthly, for professional or office work as opposed to manuel work

Tax:

A compulsory Financial contribution imposed by a gouvernment

Trade:

The activity or process of buying, selling, or exchanging goods or services

Union:

An organized association of workers formed to protect and further their rights and interests

Warranty:

A written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time

 

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