AEPA Business Education key terms

A planning technique that catalogs an organization's internal strengths and weaknesses along with external opportunities and threats so leaders can match capabilities to market conditions and set priorities.

A written document describing a venture's product, target market, operations, management, and financial projections, used to guide decisions and to persuade lenders or investors to provide funding.

The number of subordinates who report directly to one manager. Narrow spans create tall hierarchies with close supervision; wide spans create flatter structures that require more employee autonomy.

Preparing backup courses of action for foreseeable disruptions, such as supplier failure or a system outage, so the organization can keep operating with minimal loss when the unexpected occurs.

The simplest version of a product that lets a new venture test key assumptions with real customers, gathering feedback before committing large amounts of money to full development.

The shared values, norms, and behaviors that shape how members of a company treat one another, make decisions, and represent the business to customers and the public.

A leadership style in which the leader inspires followers through a compelling vision and attention to their development, motivating them to exceed expected performance rather than merely comply with instructions.

A common set of accounting standards, rules, and conventions that guides how financial statements are prepared so that reports are consistent, comparable, and reliable for outside users.

A bookkeeping system in which every transaction is recorded in at least two accounts, with total debits equaling total credits, keeping the accounting equation in balance.

Recording revenue when it is earned and expenses when they are incurred, regardless of when cash changes hands, which gives a more accurate picture of performance than counting cash receipts alone.

Assets equal liabilities plus owner's equity. It expresses the idea that everything a business owns was financed either by borrowing or by owners' contributions and retained earnings.

A financial statement that lists a company's assets, liabilities, and equity at a specific date, showing what the business owns, what it owes, and the owners' residual claim.

The systematic allocation of the cost of a long-lived asset, such as equipment, over the periods that benefit from its use, matching expense to the revenue it helps generate.

Current assets minus current liabilities. It measures short-term liquidity and indicates whether a business can pay its near-term obligations as they come due.

Current assets divided by current liabilities; a liquidity measure showing how many dollars of near-term resources are available for each dollar of obligations due within a year.

Interest calculated on both the original principal and on interest already accumulated, causing a balance to grow faster than with simple interest over multiple periods.

The combination of product, price, place, and promotion decisions that a business blends to meet the needs of its target market and achieve its marketing objectives.

Dividing a broad market into smaller groups of buyers with similar needs, characteristics, or behaviors so that offers and messages can be tailored to each group.

The specific group of customers a business chooses to serve and directs its marketing efforts toward, based on size, profitability, and fit with its capabilities.

A clear statement of the unique benefit a product delivers and why customers should buy it rather than a competitor's offering.

A description of the stages a buyer moves through - attention, interest, desire, and action - used to structure persuasive advertising and sales messages.

The practices and software a company uses to collect customer data, track interactions, and build loyalty so that repeat business and retention increase.

A communication technique in which the listener concentrates fully, avoids interrupting, and restates or asks questions to confirm understanding of the speaker's message.

A brief, persuasive summary of a business idea, product, or job seeker's qualifications, delivered in roughly 30 to 60 seconds to spark interest and request a follow-up.

Integrated software that shares a single database across accounting, inventory, sales, and human resources so that departments work from consistent, real-time information.

Delivering computing services such as storage, software, and processing power over the internet, so users access resources on demand instead of maintaining local hardware.

A fraudulent attempt, usually by email or text message, to trick people into revealing passwords or financial data by impersonating a trustworthy sender.

A security method requiring two different forms of proof, such as a password plus a code sent to a phone, before granting access to an account.

A spreadsheet tool that quickly summarizes and reorganizes large data sets by rows, columns, and values, helping users spot patterns without rewriting formulas by hand.

Making copies of important files and storing them separately, ideally in more than one location, so information can be restored after loss, damage, or ransomware.

The relationship in which the quantity of a good buyers want falls as price rises while the quantity sellers offer rises, with the market tending toward an equilibrium price.

The value of the next best alternative given up when a choice is made; it is central to deciding how scarce resources should be allocated.

A measure of how much the quantity demanded responds to a change in price; demand is elastic when buyers are highly responsive and inelastic when they are not.

The total market value of final goods and services produced within a country in a given period, commonly used to gauge the size and growth of an economy.

Offer, acceptance, consideration, capacity, and legality. When all are present, a promise becomes enforceable; if any element is missing, the agreement is typically void or voidable.

Failure by a party to perform a duty promised in a valid agreement, which may entitle the other party to damages, specific performance, or cancellation of the contract.

Creations of the mind - such as inventions, writings, logos, and designs - protected by patents, copyrights, trademarks, or trade secrets so creators can benefit from their work.

A doctrine holding that, absent a contract or law stating otherwise, either the employer or the employee may end the employment relationship at any time for any lawful reason.

Abilities such as communication, teamwork, and problem solving that apply across jobs and industries, making a candidate valuable even when specific technical experience differs.