Business Terminology Flashcards

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Meeting

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A gathering of people to discuss specific topics, make decisions, or share information.

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Employee

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A person who is hired to work for a company or organization in exchange for payment.

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Customer

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An individual or organization that purchases goods or services from a business.

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Product

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An item or service that is created and offered for sale to meet the needs or desires of customers.

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Profit

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The financial gain obtained when the revenue from sales exceeds the costs associated with producing and selling a product or service.

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Invoice

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A document sent by a seller to a buyer, detailing the goods or services provided and the amount owed.

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Budget

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A plan that outlines expected income and expenses over a specific period, helping to manage financial resources.

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Contract

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A legally binding agreement between two or more parties that outlines the terms and conditions of a transaction or relationship.

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Sales

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The process of selling goods or services, often measured in terms of revenue generated.

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Service

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An action or work performed to assist customers, which may include support, maintenance, or other non-tangible offerings provided by a business.