2 Flashcards
A detailed plan that a company makes to recruit and advance women and minorities
Affirmative action
A summary of a company’s finances, including debts, what it owns and owners equity
Balance sheet
Measuring success based on accepted standards
Benchmarking
An element, which makes one product distinct from others
Brand
The money paid by investors or lenders to get a company started
Capital
An economic theory reliant upon competition between businesses
Capitalism
A group of distinct firms that work together, essentially creating a monopoly
Cartel
When an employer must hire only members of the union
Closed shop
When the new employee works with the employee they are replacing
Coaching
When a group with similar interest bargains as a group
Collective bargaining
When employees are paid rewards based on a percentage of their sales
Commission
Money given to employees for their work
Compensation
Rivalry between companies
Competition
Determining if the methods being used adequately match planned results
Controlling
Delegating authority while still retaining supreme authority
Decentralization
When a product is sold directly to the consumer from a manufacturer
Direct selling
Providing leadership and instructions to employees
Directing
Prohibiting trade with foreign nations
Embargo
A person who starts a business
Entrepreneur
The study of designing more comfortable equipment
Ergonomics
When unions force employers to pay for unnecessary or uncompleted work
Featherbedding
An asset which a company is held for at least one year and cannot be easily transfer to cash
Fixed asset
When workers have a few required hours, but can plan their schedules how they wish
Flextime
A sharing of profits among employees and management based on preset formulas
Gainsharing plans
A bar chart which displays timelines for upcoming projects
Gantt chart
Theoretical barrier to the advancement of women and minorities
Glass ceiling
When a company is in multiple countries using similar market strategies
Globalization
The total sales or earnings of company, ignoring taxes, and cost of production
Gross domestic product
Net sales - cost
Gross margin
Several applications, meet with one or more company representatives
Group interview
When workers are more productive, because they know they are being watched
Hawthorne effective
Assets which cannot be quantified, or have no physical representation
Intangible assets
