Key Business Terms

1. At this stage of the product life-cycle, the product is generating maximum sales revenue and costs of production are declining.
2. An acronym used to describe goals that are specific, measurable, achievable, relevant or realistic and time-specific.
4. A short-term source of finance allowing funds to be withdrawn in excess of what is actually there.
7. The process of introducing a new employee into the business and into their role.
9. The reason for being of a business.
10. A communication process that does not give the receiver the opportunity to respond.
13. The process of identifying the need for new employees, defining their role, advertising, screening, shortlisting, and hiring them.
15. less expenditure.
17. An item owed by the business; a future obligation that requires the transfer of economic benefits.
18. A measure of an organisation's ability to meet its debts as they fall due.

1. A statement of the overall purpose of a business.
3. The income of a business.
5. The owner's investment in a business.
6. A business owned by two or more people with unlimited liability.
8. Different from an invention, this is a new idea that offers a customer solution.
11. The reward for ownership of a business, calculated as
12. The initials for the special features that differentiate one product from competitors' products.
13. A situation that involves the possibility of danger or loss.
14. Deducted from business earnings after all other costs have been calculated, and paid to the government agency IRD.
16. The amount of money transferred into and out of an organisation.