Definitons of key terms in business studies...
*Partnership - A legal form of business organization in which two or more people - the partners - trade collectively.
*Fixed Cost - Those costs, which, in the short run, do not vary with output.
*Marketing - The business function that aims to link the business to the customer and aims to get the right product to the right place at the right time.
*Market Segment - A part of the market for a product …
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…Of Control - The business function that involves ordering, receiving, monitoring and issuing stocks.
*Hierarchy - When an organization has different levels of management and staff, with higher levels exercising more authority and control.
*Profit And Loss Account - The account that records all of a firm's revenues, costs and profit made over a specific trading period.
*Balance Sheet - An accounting statement that values, at one point in time, an organization's assets and liabilities.
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