Social Responsibility - Individuals and companies have a duty to act in the best interests of their environments,  and society as a whole

Market Research - The process and methods used to gather information, analyze it, and report findings              related to marketing goods and services

Human Resources - The organizational function that deals with the people and issues related to people such    as compensation, hiring, performance management, and training

Purchasing - An alternative to starting a business from scratch or buying a business opportunity that involves    purchasing an existing business for sale 
Buying Methods 

     Resident Buying - A market representative located in a central market area and acting as buyer and                     consultant to one or more retailers in a line (as women's clothing) subject to much variation and rapid                 change

     Centralized Buying - Buying process for all branches for all branches in a chain store operation, usually               done in a central location, such as a company headquarters

     Decentralized Buying - Local chain store managers or their designated buyers who are authorized to make       special purchases for their individual stores

Gross Sales - The total of all sales for a given period of time

Net Sales - The amount left after gross sales have been adjusted for returns and allowances

Management Functions 

     Planning - The process of setting goals and determining how to reach them

     Organizing - Establishment of a time frame which to achieve a goal, assigning employees to the project,           and determining a method for approaching the work

     Implementing - The carrying out, execution, or practice of a plan, a method, or any design, idea, model,           specification, standard or policy for doing something

     Controlling - The process of setting standards and evaluating the performance

Income Statement - A summary of income and the expenses during a specific period of time;  also known as    profit and loss statement 

Balance Sheet - A summary of a business’s assets, liabilities, and owner’s equity

Business Ownership 

     Sole Proprietorship - A business owned and operated by one person

     Partnership - A legal agreement between two or more people to be jointly to be responsible for the                   success or failure of the business

     Corporation - A legal entity created by either state or federal statute authorizing individuals to operate an         enterprise 

     Franchise - A legal agreement to sell a parent company’s product or services in a designated geographical       area

Decision Making Process 

     1. Identify the problem
     2. Brainstorm possible solutions
     3. Explore and evaluate possible  solutions
     4. Make decision, plan and act on it
     5. Evaluate results and accept responsibility for results of decision

Business Risk 

     Economic Risk - The risk that the output of the project will not produce adequate revenues for covering             operating costs and repaying the debt obligations

     Human Risk - Risks that are triggered by errors or omissions as well as the unpredictability of customers or         of working environments

     Natural Risk - Risks that result from natural occurrences, such as an earthquake or bad weather

Handling Risk 

     Risk Prevention - Methods include all techniques and management practices that help to prevent                       unnecessary or foreseeable risks

     Risk Transfer - A method of risk management and control strategy that involves the contractual shifting of a       pure risk from one party to another

     Risk Retention - Planned acceptance of losses by deductibles, deliberate non-insurance, and loss-sensitive         plans where some, but not all, risk is consciously retained rather than transferred

     Risk Avoidance - The elimination of hazards, activities and exposures that can negatively affect an                       organization's assets.