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Small Business Glossary

If there are a lot of words and phrases unfamiliar to you in the business world then you’ve come to the right place. ZoomShift’s small business glossary will explain some of the meanings of the most commonly used business phrases.

A

Agile Organization

What is an agile organization and how is an agile organization structured?

B

Blended Workforce

What is a blended workforce and how do you manage a blended workforce?

Boomerang Employee

What is a boomerang employee and what are the pros and cons of boomerang employees?

Business Agility

What is business agility and what are the benefits of business agility?

Buyer Behavior

What is buyer behavior and what are the types of buyer behavior?

Buyer Persona

What is a buyer persona and how do you create a buyer persona?

C

Churn Rate Formula

What is churn rate and what is the churn rate formula?

Competency-Based Pay

What is competency-based pay and what are the advantages and disadvantages of competency-based pay?

Convenience Products

What is a convenience product and what are the types of convenience products?

D

Decision Maker

What are decision-makers and how to find decision-makers in a company?

Deferred Revenue

What is deferred revenue and why is deferred revenue important?

Disability Leave

What is disability leave and what conditions qualify for it?

Dislocated Worker

What are the definitions of dislocated workers?

Disposable Earnings

What are disposable earnings and what is disposable pay for garnishments?

Dual Labor Market

What is the Dual Labor Market and what does it look like in today’s economy?

E

Employee Benefits Administration

What is employee benefits administration and what is the role of a benefits administrator?

Employee Engagement

What is the definition of employee engagement?

Employee Management

What is employee management?

Employee Orientation

What is employee orientation?

Employee Relations

What is the definition of employee relations?

Employee Sourcing

What is employee sourcing?

Employee Turnover

What is employee turnover and why does it matter?

Employment History

What is your employment history and how do you find your employment history?

F

Federal Unemployment Tax Act (FUTA)

What is FUTA payroll tax and who must pay FUTA tax?

Fixed Costs

What are fixed costs and how do you calculate fixed costs?

Food Cost Percentage

What is food cost percentage and how do you calculate food cost percentage?

Form 940

What is form 940 and who needs to file form 940?

Form 1042-S

What is IRS form 1042-s and who must file 1042-s?

Form 1096

What is form 1096 and what does a form 1096 look like?

Form 1099

What is form 1099 and who gets a form 1099?

G

Goal Card

What is a goal card and why is a goal card important for businesses?

Gross Misconduct

What is gross misconduct and how do you deal with it?

Gross Wages

What are gross wages and how do you calculate gross wages?

H

Human Capital Management (HCM)

What is human capital management (HCM)?

Human Resources Business Partner (HRBP)

What is a HR Business Partner and what does a HR Business Partner do?

I

Indirect Compensation

What is indirect compensation?

Informal Communication

What is informal communication in the workplace?

Inventory Turnover Ratio

What is the inventory turnover ratio and how do you calculate inventory turnover ratio?

J

Job Classification

What is job classification and what is the importance of job classification?

L

Leave of Absence

What is a leave of absence and when are employers required to pay for a leave of absence?

Leave Request

What is a leave request and how do you request a leave of absence from work?

M

Market Penetration

What is market penetration and how do you calculate it?

Market Saturation

What is market saturation and how can you succeed in a saturated market?

Merit Pay

What is merit pay?

Micromanaging

What is micromanaging and what are the advantages & disadvantages of micromanaging employees?

N

Net Sales

What is net sales and how do you calculate net sales?

Notice Period

What is a notice period and how long of a notice period should you give?

P

Paid Time Off

What is paid time off and what are examples of paid time off?

Par Level

What is par level and what is the par level formula?

Pay Period

What is a pay period and how are pay periods determined?

Performance Improvement

What is performance improvement and is a performance improvement plan appropriate for your business?

Prestige Pricing

What is prestige pricing and what prestige pricing strategies are there?

Pre-Tax Deductions

What are pre-tax deductions?

Punctual

What does punctual mean and why is punctuality important for business?

R

Redundant

What does redundant mean and what are the common reasons for redundancy?

S

Salaried Non-Exempt

What does salaried non-exempt mean?

Salary Basis Test

What is the salary basis test?

Sales Turnover

What is sales turnover and how do you calculate the sales turnover ratio?

State Unemployment Tax Act (SUTA)

What is SUTA tax and how do you calculate SUTA tax?

Statutory Employee

What does statutory employee mean and who qualifies as a statutory employee?

Split Shift

What is a split shift and what are the advantages and disadvantages of split shifts?

SUI (State Unemployment Insurance)

What is SUI taxes and who is required to pay SUI taxes?

T

Time Tracking

What is time tracking?

Time to Hire

What is time to hire and how do you calculate time to hire?

Time to Fill

What is time to fill and how do you calculate time to fill?

Turnover Rate

What is turnover rate and how do you calculate it?

U

Unique Selling Proposition (USP)

What is a unique selling proposition (USP) and what are the characteristics of a good USP?

V

Variable Cost

What is a variable cost and how is variable cost calculated?

W

W-2 Form

What is a W-2 form and how do you get a W-2 form?

Workforce Analysis

What is workforce analysis and what is the importance of workforce planning?

Y

Year to Date (YTD)

What is year to date and why is it important?