2024-2025 vocab

Question 1

cost-benefit analysis

Answer 1

cost-benefit analysis (CBA) is an approach used to assess the advantages and disadvantages associated with a decision/project/policy

Question 2

stakeholder expectations

Answer 2

criteria that must be met for the stakeholders to consider your project successful

Question 3

organizational risk assessment

Answer 3

formal process for identifying, evaluating, controlling risks

Question 4

labor productivity

Answer 4

comparison of economic output to amount of labor required to produce that output

ex. output per worker or per hour worked

Question 5

marketing mix

Answer 5

the “tools” of a company’s marketing toolbox…

product, price, place, promotion

Question 6

push & pull strategies

Answer 6

push system initiates production in anticipation of future demand

pull system initiates production as a reaction to present demand

“pushing into” new demand vs. “pulling yourself” to meet the current demand

Question 7

negotiation strategies

Answer 7

goal of a negotiation strategy is to get as close to your goal as possible; maximizing value

Question 8

operating expenses

Answer 8

expenses incurring through normal business operations (e.g. rent, utilities, maintenance, salaries, insurance, etc.)

Question 9

expense control

Answer 9

managing business expenses through key factors including cost of labor, cost of materials, etc.

Question 10

SWOT analysis

Answer 10

strengths, weaknesses, opportunities, and threats

– used to evaluate a business or organization

Question 11

risk assessment

Answer 11

system to evaluate potential risks in the workplace and addressing those concerns

Question 12

continuation planning

Answer 12

system that helps business plan, respond, and prepare for emergencies or threats

Question 13

payroll benefits and expenses

Answer 13

benefits provided to employees on top of their salary (health insurance, retirement plans, paid time off, etc.)

Question 14

goals and objectives

Answer 14

self-explanatory b r u h

Question 15

types of business ownerships

Answer 15

sole proprietorship: someone owns an unincorporated business by themselves

partnership: two or more people

corporation: prospective shareholders exchange money, property, or both, for the corporation’s capital stock, recognized as its own legal entity

S corporation: corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes

limited liability company (LLC): corporation that offers limited liability protection and pass-through taxation (owners are not personally responsible for the finances)

Question 16

target market

Answer 16

specific group of consumers that the product or service is marketed to

Question 17

rank-order technique

Answer 17

ask participants to rank products and brands based on personal preferences

Question 18

product line

Answer 18

collection of related products sold under a single brand to meet similar customer needs

Question 19

corrective action

Answer 19

process to take action against undesirable situations and eliminate causes of non-conformities

Question 20

distribution channel

Answer 20

network of businesses, intermediaries, and individuals facilitating the journey of a good from the manufacturer to the consumer

Question 21

contingency plan

Answer 21

a plan designed to account for a future event or situation

also a crucial component in continuation planning

Question 22

open order

Answer 22

an order from the market that has yet to be filled until the specific requirements are met

1. order placed when the market was closed
2. price limit not met

Question 23

sales contract

Answer 23

a contract between the seller and buyer that details the terms of the exchange

Question 24

human resources

Answer 24

the department of a company that manages employee experience

Question 25

consumer goods

Answer 25

tangible products that consumers purchase for individual use

Question 26

industrial goods

Answer 26

goods that companies purchase to produce their own products or services

Question 27

economies of scale

Answer 27

cost advantages gained from increasing output

Question 28

pay rates

Answer 28

how much you pay employees

Question 29

net profit

Answer 29

a company’s total earnings after subtracting all expenses

Question 30

corporate governance

Answer 30

rules that govern how a company runs

Question 31

variable costs (VC)

Answer 31

costs that fluctuate as production does

Question 32

long run

Answer 32

– all costs are variable (all factors of production are variable)
– presented over a long period of time

Question 33

short run

Answer 33

– some costs are fixed and others are variable
– short-term (over a short period of time)

Question 34

fixed costs (FC)

Answer 34

costs that remain fixed (not influenced by production)

Question 35

income taxes

Answer 35

tax levied by the govt on income (esp. personal income)

Question 36

marginal cost

Answer 36

the additional cost of buying one more unit

Question 37

diseconomies of scale

Answer 37

an additional unit of output increases the marginal cost

Question 38

economies of scale

Answer 38

cost advantages that enterprises obtain when their production becomes efficient

Question 39

consumer goods

Answer 39

products or services that meet a consumer’s need or human want

Question 40

journals

Answer 40

publication around a business

Question 41

compensation statements

Answer 41

document detailing the whole value of the compensation an employee receives in exchange for their work

Question 42

profit-and-loss statements (P&L)

Answer 42

summarizes revenue, costs, profits/losses, expenses
– information about a businesses ability

Question 43

descriptive

Answer 43

What happening in my business

Question 44

predictive analytics

Answer 44

What is likely to happen?

Question 45

prescriptive analytics

Answer 45

What do I need to do?

Question 46

diagnostic analytics

Answer 46

What’s happening in my business?

Question 47

the selling process

Answer 47

the interaction between a salesperson and their potential customer

Question 48

data mining

Answer 48

the process of searching and analyzing a large batch of raw data in order to identify patterns

Question 49

accounting information

Answer 49

the financial statements generated through the process of book-keeping and accounting

Question 50

debt financing

Answer 50

a company raises money by selling debt instruments to investors
– ex. J.P. Morgan and his bank monopoly

Question 51

equity financing

Answer 51

process of raising capital by selling shares to investors

Question 52

cross functional internal work teams

Answer 52

teams that work across departments to complete a project

Question 53

production internal work teams

Answer 53

permanent work groups that produce and handle tangible products

Question 54

homogenous work teams

Answer 54

teams of similar characteristics and specialities that work on similar tasks (e.g. two middle aged teams work on marketing two products for millennials idk)

Question 55

independent matrix work teams

Answer 55

employees report to multiple leaders, including a project manager and their department head

Question 56

equity

Answer 56

money returned to company investors after all debts are paid and assets are sold

Question 57

assets

Answer 57

a resource you own or a lease that helps run your business

Question 57

liabilities

Answer 57

legal debts a party owes to its third party creditors (ex. bank loans, wages, taxes owed, etc.)

Question 58

customer retention

Answer 58

how many customers stay with your business for the long term

Question 59

competitive analysis

Answer 59

process of identifying your competitors and researching different marketing strats

Question 60

accounts-receivable document

Answer 60

amount of money your customers owe for goods and services purchased in the past