Business Flashcards
1
Q
Organization that creates value by converting resources into products/services to meet customer needs
A
Business
2
Q
Natural resources used in operations
A
Land
3
Q
Human workforce
A
Labor
4
Q
Financial resources
A
Capital
5
Q
Funds for starting business or upgrading assets
A
Capital Expenditure
6
Q
Day-to-day operating expenses
A
Revenue Expenditure
7
Q
Long-term tangible property/equipment
A
Fixed Assets
8
Q
Assets that fluctuate with business activity
A
Variable Assets
9
Q
Resources convertible to cash within one year
A
Current Assets
10
Q
Long-term assets not expected to be converted to cash within a year
A
Noncurrent Assets
11
Q
Business function of managing financial flows
A
Finance
12
Q
Business function of ensuring product/service desirability
A
Marketing
13
Q
Business function of managing resources and quality
A
Operations
14
Q
Product user
A
Consumer
15
Q
Product buyer
A
Customer
16
Q
People who owe money
A
Debtors
17
Q
People who lend money
A
Creditors
18
Q
Products for public
A
Consumer Goods
19
Q
Intangible offerings for consumers
A
Consumer Services
20
Q
Industrial equipment
A
Capital Goods
21
Q
Company going public & selling first shares
A
IPO
22
Q
People, planet, profit focus
A
Triple Bottom Line
23
Q
Combines capitalism and socialism
A
Mixed Economy
24
Q
Business responsibility to society
A
Corporate Social Responsibility
25
Cost advantages from increased production
Economies of Scale
26
Cost disadvantages from excessive growth
Diseconomies of Scale
27
Borrowing more than account balance
Overdraft
28
Using own resources for growth
Internal Growth
29
Mergers and acquisitions to grow
External Growth
30
Combining with business at same level of production
Horizontal Integration
31
Combining with business at different level of production
Vertical Integration
32
Combining with unrelated business
Conglomerate Integration
33
Partnership for specific project
Joint Ventures
34
Formal collaboration
Strategic Alliance
35
Business model licensing
Franchising
36
Companies operating in multiple countries
Multinational Companies
37
Investment from one country into another
Foreign Direct Investment
38
International business expansion
Globalization
39
Operations beyond national boundaries
Post-National Business
40
Product differentiation factor
Unique Selling Point
41
HR function responsible for hiring and choosing employees
Recruitment and Selection
42
HR function responsible for improving employee skills and knowledge
Training and Development
43
HR function responsible for evaluating employee work
Performance Management
44
HR function responsible for pay and benefits for employees
Compensation and Benefits
45
HR function responsible for managing relationships with workers
Employee Relations
46
HR function responsible for protecting worker safety and health
Health and Safety
47
Desire to complete tasks quickly and effectively
Motivation
48
Satisfaction from working
Intrinsic Motivation
49
External rewards
Extrinsic Motivation
50
Self-Actualization, Esteem, Social, Safety, Physiological
Maslow's Hierarchy of Needs
51
Motivators and Hygiene Factors theory
Herzberg's Two Factor Theory
52
Humans driven only by money
Economic man theory
53
Payment per hour worked
Time-based wage rate
54
Payment per unit produced
Piece rate
55
Payment per sale
Commission
56
Bonus based on business profits
Profit-related pay
57
Bonus for above-average performance
Performance-related pay
58
Ownership shares for employees
Employee share-ownership schemes
59
Non-cash rewards
Fringe benefits
60
More meaningful tasks
Job enrichment
61
Adding more tasks
Job enlargement
62
Motivation strategy of increasing decision-making authority
Job empowerment
63
Moving between positions
Job rotation
64
Missing work
Absenteeism
65
Coming to work late
Lateness
66
When employees work below standards
Poor Performance
67
Rate at which employees leave
Labor Turnover
68
HR role that aligns HR with business goals
Strategic Partner
69
HR role that manages transitions and transformations
Change Agent
70
HR role that represents employee interests
Employee Advocate
71
HR role that manages HR operations and compliance
Administrative Expert
72
Analyzing current and future workforce needs
HR Planning
73
HR planning element of analyzing workforce composition
Workforce Analysis
74
HR planning element of predicting future staffing needs
Demand Forecasting
75
HR planning element of predicting available employees
Supply Forecasting
76
HR planning element of identifying differences between supply and demand
Gap Analysis
77
HR planning element of planning workforce actions
Action Planning
78
Internal positives
Strengths
79
Internal negatives
Weaknesses
80
External positives
Opportunities
81
External negatives
Threats
82
Social, Technological, Economic, Environmental, Political, Legal, Ethical analysis
STEEPLE Analysis
83
Strategic growth framework
Ansoff's Matrix
84
Existing products/markets strategy
Market Penetration
85
New products/existing markets strategy
Product Development
86
Existing products/new markets strategy
Market Development
87
New products/markets strategy
Diversification
88
Visual decision-making tool
Decision Trees
89
Financing for <1 year, for daily operations
Short-term finance
90
Financing for 1-5 years, for purchasing assets
Medium-term finance
91
Financing for 5+ years, for fixed assets or expansion
Long-term finance
92
Owner's own money
Personal funds
93
Sources of finance from within business
Internal sources
94
Sources of finance from outside business
External sources
95
Reinvested earnings
Retained profit
96
Generating funds by selling company property
Sales of assets
97
Money from selling shares
Share capital
98
Borrowed money with interest
Loan capital
99
Delayed supplier payments
Trade credit
100
Renting assets instead of buying
Leasing
101
Wealthy individual investors
Business angels
102
Organizations offering small loans
Microfinance providers
103
Small amounts from many people
Crowdfunding
104
Debt-to-equity ratio
Gearing
105
People affected by business
Stakeholders
106
Employees, managers, owners
Internal Stakeholders
107
Customers, suppliers, government, community, competitors
External Stakeholders
108
Directly affected stakeholders
Primary Stakeholders
109
Indirectly affected stakeholders
Secondary Stakeholders
110
People directly involved in money transaction with the company
Market Stakeholders
111
Stakeholders without direct money exchange
Non-Market Stakeholders
112
Competing interests between stakeholder groups
Stakeholder Conflict
113
High Power, High Interest stakeholders
Key players
114
High Power, Low Interest stakeholders
Keep satisfied
115
Low Power, High Interest stakeholders
Keep informed
116
Low Power, Low Interest stakeholders
Monitor
117
Business owners
Shareholders
118
Payments distributed to shareholders from company profits
Dividends
119
Making sure that the tasks of an organization are completed
Management
120
Management function of deciding what needs to be done and how to do it
Planning
121
Management function of setting up resources, roles, and structures effectively
Organizing
122
Management function of giving clear instructions and guidance
Commanding
123
Management function of ensuring smooth collaboration toward goals
Coordinating
124
Management function of checking progress against plans and correcting course
Controlling
125
Systematic, data-driven approach maximizing efficiency
Scientific Management
126
Experience-based approach using personal judgment
Intuitive Management
127
Focus on tasks, processes, and maintaining order
Management
128
Focus on people, vision, and creating change
Leadership
129
Leader makes all decisions, gives orders, maintains control
Autocratic Leadership
130
Leader acts as parent figure, decides for employee welfare
Paternalistic Leadership
131
Leader involves team in decisions, encourages participation
Democratic Leadership
132
Leader gives high autonomy, minimal interference
Laissez-faire Leadership
133
Leader adapts style based on context and employee experience
Situational Leadership
134
Process of sharing information between sender and receiver
Communication
135
Electronic, oral, visual, written, nonverbal means of sharing information
Types of Communication
136
Official channels following organizational hierarchy
Formal Communication
137
Unofficial channels outside formal structure
Informal Communication
138
Obstacles to effective communication
Communication Barriers
139
Many management levels with clear chain of command
Hierarchical/Tall Structure
140
Few management levels with wider span of control
Flat Structure
141
Employees report to multiple managers
Matrix Structure
142
Formal system based on clearly defined rules and hierarchy
Bureaucracy
143
Who reports to whom in the organization
Chain of Command
144
How many people one manager supervises
Span of Control
145
Giving authority to others to complete tasks
Delegation
146
Process of removing management levels
Delayering
147
Decision-making concentrated at top management
Centralization
148
Decision-making distributed throughout organization
Decentralization
149
How the company is divided into different units
Departmentalization
150
Raw material extraction
Primary Sector
151
Manufacturing and processing
Secondary Sector
152
Service provision
Tertiary Sector
153
Information and research
Quaternary Sector
154
Government-controlled sector
Public Sector
155
Individually owned sector
Private Sector
156
Future aspirations
Vision
157
Current purpose and methods
Mission
158
Long-term goals
Aims
159
Medium-term goals
Strategic Objectives
160
Short/medium-term goals
Tactical Objectives
161
Daily tasks
Operational Objectives
162
Single owner business
Sole Trader
163
Multiple owner business
Partnership
164
Legal business entity
Company
165
Privately held corporation
Private Limited Company
166
Publicly traded corporation
Public Limited Company
167
Business addressing social issues
Social Enterprise
168
Combines profit with social goals
For-Profit Social Company
169
Public-Private Partnership
PPP
170
Member-owned organization
Cooperative
171
Social mission-driven organizations
Non-profit Social Enterprises
172
Independent organizations pursuing social goals
NGOs
173
Business executor
Entrepreneur
174
Idea generator
Visionary
175
Business success skills
Entrepreneurship
176
Costs that do not change over a period of a year or more
Fixed costs
177
Costs that change directly related to production and sales
Variable costs
178
Costs directly related to production
Direct costs
179
Costs not directly related to production
Indirect costs
180
Cost per unit
Average cost
181
Total fixed costs plus variable costs
Total costs
182
Money generated from the sales
Revenue
183
Price per unit
Average revenue
184
Price multiplied by quantity sold
Total revenue
185
Income from rented property
Rental income
186
Money from selling fixed assets
Sale of fixed assets
187
Payments from shares owned in other companies
Dividends from shares
188
Money earned from bank deposits
Deposits
189
Money given to the organization
Donations
190
Revenue minus costs
Profit
191
Financial statements showing business performance and position
Final accounts
192
Statement showing revenue, costs, and profit
Profit and Loss Account
193
Section showing sales and direct costs
Trading Account
194
Revenue minus Cost of Sales
Gross Profit
195
Opening stock plus purchases minus closing stock
Cost of Sales/Cost of Goods Sold
196
Gross profit minus expenses
Profit before interest and tax
197
Profit before interest and tax minus interest
Profit before tax
198
Profit before tax minus corporation tax
Profit after interest and tax
199
Section showing profit distribution
Appropriation Account
200
Net profit after interest and tax minus dividends
Retained profit
