Business Essentials

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Terms in Business Essentials

3D Printing

Three-dimensional (3D) printing is an additive manufacturing process that creates a physical object by laying down thin layers of plastic, metal, or cement, and then fusing the layers together. read more

Abandon Rate

Abandon rate is the percentage of tasks that are abandoned by the customer before completing the intended task. read more

Abbreviated New Drug Application (ANDA)

An Abbreviated New Drug Application (ANDA) is a written request to the U.S. Food and Drug Administration to manufacture and market a generic drug in the United States. read more


Absenteeism is the habitual non-presence of an employee at their job beyond what is deemed to be within an acceptable realm of days. read more

Absolute Auction

An absolute auction is a type of auction where the sale is awarded to the highest bidder. Absolute auctions do not have a reserve price, which sets a minimum required bid for the item to be sold. read more

Absolute Performance Standard

The absolute performance standard is a theoretical benchmark for quality control. Although it is unattainable, it can be a good way to measure how well a business and its workers are doing. read more

Acceptable Quality Level (AQL)

An acceptable quality level (AQL) is a statistical measurement of the maximum acceptable number of defective goods in a particular sample size. read more

Acceptance Sampling

Acceptance sampling is a statistical quality-control measure that lets a company determine the quality of a product lot by testing randomly selected samples. read more


An acceptance is a contractual agreement by an importer to pay the amount due for receiving goods at a specified date in the future. read more

Accounting-Based Incentive

An accounting-based incentive is designed to compensate corporate executives based on performance measures such as earnings per share and return on equity. read more

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