Business Vocabulary A to Z

Summary

In this final video of the 100W challenge, the instructor presents a business vocabulary lesson, covering essential terms from A to Z. Each word is explained with practical business examples, ranging from 'agenda' (a list of topics for meetings) to 'zoning' (rules about building types in specific areas). The lesson includes key business concepts like 'budget', 'compensation', 'franchise', 'gross profit', 'human resources', and 'venture capital', designed to help viewers enhance their business English. The instructor also encourages viewers to download a free PDF guide and explore further learning in their business English course.

Takeaways

• 😀 A business **agenda** is a list of topics to be discussed in a meeting, helping to keep things organized and efficient.
• 😀 A **budget** is a financial plan that outlines how money will be allocated or spent, used by businesses, governments, and individuals.
• 😀 **Compensation** refers to what businesses offer employees in exchange for their work, including salary, benefits, and bonuses.
• 😀 A **deadline** is the final date by which a project or task must be completed, ensuring timely delivery of work.
• 😀 An **estimate** is an educated guess made to predict costs, time, or outcomes based on available data.
• 😀 A **franchise** allows business expansion by letting others operate under the same name and model in exchange for a fee.
• 😀 **Gross profit** is the difference between the sales price of a product and its production cost, excluding other business expenses.
• 😀 **Human Resources (HR)** handles employee-related matters such as recruitment, training, and conflict resolution within a company.
• 😀 **Networking** is the process of building professional relationships with others to support and help each other in business.
• 😀 **Outsourcing** involves contracting external organizations or individuals to handle specific tasks, often to save costs or increase efficiency.

Q & A

What is the primary focus of today's lesson?

The primary focus of today's lesson is business vocabulary, with a review of essential business-related terms from A to Z.

What does the word 'Agenda' refer to in a business context?

'Agenda' refers to a list of topics or items to be discussed during a meeting, which helps keep the meeting organized and efficient.

What is the meaning of 'Budget' in business?

A 'Budget' is a financial plan that outlines how money will be spent or allocated among different areas of a company or organization.

How is 'Compensation' defined in a business environment?

In a business context, 'Compensation' refers to the salary and benefits provided to employees in exchange for their work, including things like health insurance or bonuses.

What is the difference between 'Gross Profit' and 'Net Profit'?

'Gross Profit' is the difference between the cost of producing a product and the sales price before considering other expenses. 'Net Profit' accounts for additional costs like taxes, employee salaries, and storage, providing the final profit after all expenses are subtracted.

What is the role of 'Human Resources' (HR) in a business?

Human Resources (HR) is responsible for managing employee relations, including tasks such as training, processing salary payments, and resolving conflicts within the company.

What does it mean to 'Outsource' a task or project?

To 'Outsource' means to delegate a task or project to an external company or individual, often to save costs or access specialized skills that aren't available internally.

What is a 'Prospective Customer' or 'Prospective Client'?

A 'Prospective Customer' or 'Prospective Client' refers to someone who has not yet made a purchase or engaged with a business but has the potential to become a customer or client in the future.

How is 'KPI' (Key Performance Indicator) used in business?

A 'KPI' is a measurable value that helps businesses evaluate their performance. It could refer to metrics like sales volume, customer satisfaction, or website speed, which help businesses gauge their success and areas for improvement.

What is a 'Franchise' and how does it work?

A 'Franchise' is a business model where a successful company allows others to operate their own businesses using the company’s name, logo, and methods, often in exchange for a percentage of the revenue.