AnswerWrite Regionals 12-13

Question 1

Investment Bank

Answer 1

A financial institution that assists companies with raising capital, mergers, and acquisitions, but typically does not offer standard banking services like loans or checking accounts.

Question 1

Predatory Pricing

Answer 1

• Strategy where a business sets its prices extremely low, often below cost, to drive competitors out of the market and gain market dominance.
• Unethical practice because it can create economic conditions in which consumers have fewer choices.

Question 2

Commercial Bank

Answer 2

A bank that provides everyday financial services such as business loans, checking and savings accounts, and overdraft protection to individuals and businesses.

Question 3

CPA Firm

Answer 3

A firm of Certified Public Accountants that provides accounting, tax, and audit services but does not offer banking or loan services.

Question 4

Brokerage Firm

Answer 4

A financial institution that helps individuals and companies buy and sell securities, like stocks and bonds, but does not usually offer traditional banking services.

Question 5

Intranet

Answer 5

Company’s private computer network that allows authorized users to share information.

Question 6

Diminishing Returns

Answer 6

As more effort or resources are added to a process, the additional benefit or output gained from each extra unit eventually decreases.

Question 7

Integrated Software Application Package

Answer 7

• Collection of related programs bundled together that work seamlessly to perform a variety of tasks (example: word processing, spreadsheets)
• Allows businesses to manage all aspects of the operation

Question 8

Payroll Deduction

Answer 8

Amount taken out of an employee’s paycheck by their employer for taxes, benefits, or other contributions, such as retirement savings or health insurance.

Question 9

Disseminate

Answer 9

Spread widely

Question 10

Cost of goods

Answer 10

The total expense a business incurs to produce or purchase the products it sells, including materials and labour.

Question 11

Cost of utilities

Answer 11

The bills a business pays for essential services like electricity, water, and gas needed to keep the operation running.
(Represents operating expenses for a business)

Question 12

Mass Customization

Answer 12

Advanced method of creating tailored products to meet individual customer preferences while still producing them on a large scale.

Question 13

Company Manual

Answer 13

• document that outlines a business’s policies, procedures, and guidelines
• used as a source of information to orient new employees by introducing them to the company and its policies.

Question 14

Occupationally Specific Trade Associatoin

Answer 14

An organization that supports and represents professionals in a SPECIFIC job or industry, providing resources and networking opportunities.

Question 15

Slotting Fee

Answer 15

payment made by a manufacturer or supplier to a retailer for the privilege of having their product placed on the store’s shelves

Question 16

Transfer Payment

Answer 16

Government payment to individuals or groups without requiring anything in return, often to provide financial assistance. (INTENDED TO SUPPORT THOSE IN NEED)
Eg. Unemployment check

Question 17

Payroll and Benefits

Answer 17

• The total amount a business spends on employee wages, salaries, and additional perks like health insurance and retirement plans.
• Often one of the largest sources of money flowing out a business!

Question 18

Accounts Receivable

Answer 18

Money that customers owe to a business for products or services that have already been delivered.

Question 19

Profit and Loss

Answer 19

A financial report that shows how much money a business earned and spent over a specific period.

Question 20

Goods and Services

Answer 20

Products sold and services provided by a business to customers in exchange for money.

Question 21

Volume-tracking Scanner

Answer 21

• Device that records the quantity of items sold or scanned in retail, helping businesses manage inventory and analyze sales patterns.
• Used to obtain product information during the point-of-purchase process
  Eg. By scanning barcodes, instantly obtaining product info.

Question 22

Acquired Needs Theory

Answer 22

Person’s buying behaviour is affected by 3 primary needs:
- Achievment
- Power
- Enrichment

Question 23

Matrix Organizational Structure

Answer 23

Employees report to multiple managers(more collaboration and flexibility across different departments but can lead to confusion and conflicts in authority).

Question 24

Unity of Command Principle

Answer 24

Employees should only report to one manager(to avoid confusion and ensure clear lines of authority).

Question 25

Cause and Effect

Answer 25

way to explain how one thing makes another thing happen.

Question 26

Distribution

Answer 26

distribution refers to how income is allocated among those who create goods and services (producers) and those who provide the resources needed to make those goods and services (resource owners).