BONUS n. additional pay is given to an employee as an incentive or reward. 'My bonus this year was equal to three month's salary.' CURRICULUM VITAE n. a short account of one's education, career, etc; CV; resumé. 'Should I list every job I've ever had in my curriculum vitae?
Definition
Almost every business has its own vocabulary. From the language of sales to the technical jargon of engineering, businesses use vocabulary to communicate about their products, services, and processes. While some words are universal, others are specific to certain industries.
Knowing the right vocabulary can help you communicate more effectively with customers, clients, and co-workers. It can also help you understand what they're saying. That's why it's important to familiarize yourself with common business terms.
Elements
Here are some key business vocabulary terms to know:
Accounting: The process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.
Asset: Anything that has value and can be converted into cash.
Balance sheet: A financial statement that lists a company's assets, liabilities, and equity at a given point in time.
Business plan: A document that describes a company's products or services, business model, marketing strategy, and financial projections.
Cash flow: The movement of money into and out of a business.
Competitive analysis: The process of identifying and evaluating the strengths and weaknesses of your competitors.
Customer: A person or organization that buys goods or services from a business.
Economics: The study of how people use resources to produce and exchange goods and services.
Financial statement: A record of a company's financial activity, including income, expenses, and cash flow.
Gross margin: The difference between a product's selling price and its cost of goods sold.
Income statement: A financial statement that shows a company's revenues, expenses, and net income over a period of time.
Conclusion
An employment business, sometimes known as "temping," deals with the hiring of people on a temporary basis. It has a long history of being connected to the provision of temporary secretaries and other office workers, but it has since expanded into a variety of other fields, such as professional and industrial jobs.
