What is gross profit? Gross profit is a company’s total sales after deducting the costs associated with selling its products and/or...

What is RSS? RSS (Rich Site Summary or Really Simple Syndication), sometimes called an RSS feed, is a form of a web feed that enables a...

What is fixed cost? A fixed cost is a business expense that does not fluctuate due to factors like production volume or sales figures. As...

What is a fiscal year? A fiscal year, or financial year, is an accounting period that governments, companies, and other organizations use...

What is FIFO? FIFO, or “First In, First Out”, is a process some businesses use to calculate their inventory that relies on assumptions...

What is an executive summary? An executive summary gives an overview of a business plan or proposal. It highlights the most important...

What is entrepreneurship? Entrepreneurship is the action of launching a new, innovative business or concept to the market by predicting...

What is customer service? Customer service is the support a company provides to ensure customer satisfaction with its products or...

What is a corporation? A corporation is a business legally considered to be its own business entity. This permits this type of business...

What is product positioning? Product positioning (or “positioning”) is a marketing concept that refers to the consumer perception and...

What is a patent? A patent is an exclusivity license or title granted by a government authority to an invention for a specific amount of...

What is a partnership? A partnership is a formal agreement between two or more partners who agree to work together towards a mutual goal....

What is packaging? Packaging is the act of wrapping or enclosing a product for the purpose of protection, preservation, storage,...

What is an organizational structure? An organizational structure is the allocation of authority and responsibility within a company. It...

What is a nonprofit corporation? A nonprofit corporation is an organization dedicated to serving the public and is aimed towards...

What is a mission statement? A mission statement is a powerful, yet brief description of why an organization exists that answers the...

What is media planning? Media planning is the process of determining when, where, and how often ads should be placed in order to maximize...

What is LIFO? LIFO, or “Last In, First Out,” is a method of inventory management and accounting where the last items added to an...

What is inventory? Inventory, sometimes referred to as stock, is the total number of goods a business holds that are available for sale,...

What is an invoice? An invoice is a written agreement detailing a transaction between a provider of products or services and a customer....