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Principles Of Management > 2 > Flashcards

2 Flashcards

1
Q

A detailed plan that a company makes to recruit and advance women and minorities

A

Affirmative action

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2
Q

A summary of a company’s finances, including debts, what it owns and owners equity

A

Balance sheet

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3
Q

Measuring success based on accepted standards

A

Benchmarking

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4
Q

An element, which makes one product distinct from others

A

Brand

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5
Q

The money paid by investors or lenders to get a company started

A

Capital

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6
Q

An economic theory reliant upon competition between businesses

A

Capitalism

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7
Q

A group of distinct firms that work together, essentially creating a monopoly

A

Cartel

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8
Q

When an employer must hire only members of the union

A

Closed shop

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9
Q

When the new employee works with the employee they are replacing

A

Coaching

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10
Q

When a group with similar interest bargains as a group

A

Collective bargaining

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11
Q

When employees are paid rewards based on a percentage of their sales

A

Commission

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12
Q

Money given to employees for their work

A

Compensation

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13
Q

Rivalry between companies

A

Competition

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14
Q

Determining if the methods being used adequately match planned results

A

Controlling

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15
Q

Delegating authority while still retaining supreme authority

A

Decentralization

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16
Q

When a product is sold directly to the consumer from a manufacturer

A

Direct selling

17
Q

Providing leadership and instructions to employees

A

Directing

18
Q

Prohibiting trade with foreign nations

A

Embargo

19
Q

A person who starts a business

A

Entrepreneur

20
Q

The study of designing more comfortable equipment

A

Ergonomics

21
Q

When unions force employers to pay for unnecessary or uncompleted work

A

Featherbedding

22
Q

An asset which a company is held for at least one year and cannot be easily transfer to cash

A

Fixed asset

23
Q

When workers have a few required hours, but can plan their schedules how they wish

A

Flextime

24
Q

A sharing of profits among employees and management based on preset formulas

A

Gainsharing plans

25
Q

A bar chart which displays timelines for upcoming projects

A

Gantt chart

26
Q

Theoretical barrier to the advancement of women and minorities

A

Glass ceiling

27
Q

When a company is in multiple countries using similar market strategies

A

Globalization

28
Q

The total sales or earnings of company, ignoring taxes, and cost of production

A

Gross domestic product

29
Q

Net sales - cost

A

Gross margin

30
Q

Several applications, meet with one or more company representatives

A

Group interview

31
Q

When workers are more productive, because they know they are being watched

A

Hawthorne effective

32
Q

Assets which cannot be quantified, or have no physical representation

A

Intangible assets

Principles Of Management (4 decks)

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