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Arts Section > Business Management - Glossary > Flashcards

Business Management - Glossary Flashcards

1
Q

an unwritten promise to pay creditors for property, such as merchandise, supplies, or equipment, purchased on credit, or for services received on credit

A

accounts payable

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2
Q

an unwritten promise by a customer to pay, at a later date, for good sold or services rendered

A

accounts receivable

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3
Q

the process of guiding and/or supervising the activities of an organization to achieve plans and objectives

A

actuating / directing / leading

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4
Q

a company that is inherited or bought

A

acquisition

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5
Q

the art of making the public aware of the services or commodities that the business has for sale

A

advertising

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6
Q

federal legislation that requires employer to treat applicants and employees equally regardless of age

A

Age Discrimination in Employment Act

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7
Q

measures the average time required to collect receivables

A

age of accounts receivable

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8
Q

measures the average time required to sell inventory

A

age of inventory

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9
Q

the paying off of a debt in regular installments over a period of time

A

amortization

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10
Q

legislation that guarantees disabled people equal access to employment, as well as access to public places

A

Americans with Disabilities Act (ADA)

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11
Q

private investors who are willing to supply financing for new and/or risky small venture start-ups

A

angel investors

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12
Q

a formal financial statement illustrating the assets, liabilities, and owner’s equity of a business as of a specific date

A

balance sheet

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13
Q

a qualification that is absolutely necessary for the job; it is an allowed and approved reason for discrimination

A

bona fide occupational qualification (BFOQ)

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14
Q

a method of applying verbal and/or symbolic means to identify a product and/or service

A

branding

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15
Q

the point at which total sales revenue equals total operating costs; determined by formula or chart

A

break-even analysis

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16
Q

an organization that combines inputs of raw materials, capital, labor, and management skills to produce useful outputs of goods and services so as to earn a profit

A

business

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17
Q

insurance that protects companies during the period necessary to restore property damaged by an insured peril; coverage pays for lost income and other expenses related to recovery

A

business interruption insurance

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18
Q

a summary of how a business owner, manager, or entrepreneur intends to organize the business endeavor and implement the activities necessary for the venture to succeed

A

business plan

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19
Q

fundamental statements that serve as guides to management practice

A

business policies

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20
Q

an ordinary corporation, taxed by the federal government as a separate legal entity

A

C corporation

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21
Q

the amount by which the total assets exceed the total liabilities of a business; an owner’s financial interest in a business

A

capital / net worth / owner’s equity / proprietorship

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22
Q

discounts from quoted prices as an inducement for prompt payment of invoices

A

cash discounts

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23
Q

the amount of cash a company generates and uses during a period

A

cash flow

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24
Q

a financial report showing a firm’s sources of cash as well as its uses of cash

A

cash flow statement

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25
Q

insurance that provides monetary benefits to a business that has experienced an unforeseen peril, such as flood, fire, etc.

A

casualty insurance

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26
Q

source of market data that explains where certain business are located

A

census of business

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27
Q

source of market data that keeps track of new home sales by region and/or the construction of new houses by region and specific area

A

census of housing

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28
Q

source of market data that explains where certain manufacturers are located

A

census of manufacturing

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29
Q

a source of market data that complies population statistics with regard to distribution of population by region, area, etc.

A

census of population

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30
Q

an association of business people who attempt to protect and promote the commercial interest in a community

A

chamber of commerce

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31
Q

the difference between current assets and current liabilities

A

circulating capital / working capital

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32
Q

federal legislation that prohibits discrimination on the basis of race, color, religion, sex, pregnancy, or natural origin

A

Civil Rights Act

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33
Q

balance of costly goods paid for in small monthly (fractional) payments over a period of time

A

closed end credit / installment credit

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34
Q

the practice of trying to obtain something that is being sought by others under similar circumstances at the same time

A

competition

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35
Q

a type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants

A

consumer credit

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36
Q

the emphasis placed on providing to customers products and services that are safe, reliable, and honestly advertised; also a social movement that seeks to strengthen the rights of consumers relative to sellers

A

consumerism

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37
Q

the process of measuring organizational and individual performance with predetermined standards or expected results

A

controlling / evaluating

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38
Q

the registered right of a creator to reproduce, publish, and sell the work which is the product of the intelligence and skill of that person

A

copyright

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39
Q

an artificial being, invisible, intangible, and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members

A

corporation

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40
Q

an agreement that payment for a product or service will be made at some later date

A

credit

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41
Q

any borrowed or loaned capital invested in the business that must be repaid to creditors

A

debt equity

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42
Q

the statistical study of human populations with respect to their size, density, distribution, composition, and income

A

demographics

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43
Q

the loss in value of a fixed asset due to wear and tear and the passage of time; or, a method of matching the cost of a fixed asset against the revenues that the fixed asset will help produce during its useful life

A

depreciation

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44
Q

a business valuation approach which centers on estimating the projected future income of the business typically over a 5-10 year period

A

earning valuation approach

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45
Q

a firm’s profits after subtracting cost of goods sold and cash operating expenses, but before subtracting interest expense, taxes, depreciation, and amortization

A

earnings before interest, taxation, depreciation, and amortization (EBITDA)

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46
Q

the wealth produced in or near a community that provides employment and income to the local population

A

economic base

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47
Q

the quantity to be purchased which minimizes total costs

A

economic order quantity (EOQ)

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48
Q

a record of statements made at the time the applicant first seeks employment

A

employment application

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49
Q

an opportunity to judge the job applicant’s appearance, poise, speech, etc.

A

employment interview

50
Q

one who organizes, manages, and assumes the risk of a business firm or venture

A

entrepreneur

51
Q

a governmental agency with environment protection regulatory and enforcement authority

A

Environmental Protection Agency (EPA)

52
Q

federal legislation designed to eliminate employment discrimination based on race, color, religion, sex, or national origin

A

Equal Employment Opportunity Act

53
Q

federal legislation which outlaws discrimination in pay against those who are over forty years old

A

Equal Pay Act

54
Q

capital that is invested or available for investment in the ownership of a business

A

equity capital

55
Q

a method to obtain cash for business operations before payments are received from customers by selling off accounts receivable to a third party

A

factoring

56
Q

federal legislation which outlaws discriminatory practices in pay; requires employers to pay a minimum wage to employees, and to pay a minimum of one and one-half times the regular rate for any hours beyond forty worked in a week

A

Fair Labor Standards Act (Wage and Hour Law)

57
Q

federal legislation that ensures employees of unpaid leave for childbirth and other family needs

A

Family and Medical Leave Act (FMLA)

58
Q

long-term capital that is invested in the small business; also, funds invested in such long-term assets as land, building, machinery, furniture, fixtures, and other equipment

A

fixed capital

59
Q

a cost that, for a given period of time and range of activity, called the relevant range, does not change in total, but becomes progressively smaller on a per unit basis as volume increases; these expenses do not increase with increased business, nor do they decrease with declining business activity

A

fixed expenses

60
Q

an intangible asset such as the name of a funeral home; also, an intangible asset which enables a business to earn a profit in excess of the normal rate of profit earned by other businesses of the same kind

A

goodwill

61
Q

net sales minus the cost of goods sold

A

gross margin / gross profit

62
Q

process of acquiring, training, developing, motivating and appraising a sufficient quantity of qualified employees to perform necessary activities; developing activities and an organizational climate conducive to maximum efficiency and worker satisfaction

A

human resource management / personnel management

63
Q

federal legislation requiring employers to check job applicants’ papers to be sure they are either US citizens or aliens authorized to work in the US

A

Immigration Reform Act

64
Q

a formal financial statement which presents the income, expenses, and resulting net profit or net loss for a given period

A

income statement / profit and loss statement / statement of operations / operating statement

65
Q

the introduction of something new; a new idea, method, or device

A

innovation

66
Q

the equitable transfer of the risk of a loss, from one entity to another in exchange for payment; it is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss

A

insurance

67
Q

those assets that cannot be touched or grasped (examples include patents, copyrights, and goodwill)

A

intangible assets

68
Q

those goods or stock of goods which are held for resale at a profit

A

inventory / merchandise

69
Q

the number of times the average inventory has been sold or used up during a period

A

inventory turnover

70
Q

the process of determining the critical components of a job for purposes of selecting, training, and rewarding personnel

A

job analysis

71
Q

a document that lists the major responsibilities and tasks of the job

A

job description

72
Q

a document that lists the knowledge, skills, abilities, and personal characteristics a job holder must posses to perform effectively

A

job specifications

73
Q

life insurance that protects a firm against losses due to the death of a key employee

A

key-person life insurance

74
Q

a relatively new form of business ownership (approved in most states since approximately 1994) which combines aspects of partnerships with the limited liability of a corporation; owners known as members

A

limited liability company (LLC) (note: not a corporation)

75
Q

the anticipated value of an asset that would be realized in case of liquidation of the business

A

liquidation value approach

76
Q

a document designed to communicate the organization’s goals for the future

A

long-range plan / strategic plan

77
Q

the art and science of motivating people toward the achievement of a goal

A

management

78
Q

a business that makes finished good from raw materials by hand or machinery

A

manufacturing business

79
Q

a reduction of selling price below the original selling price

A

markdown

80
Q

a group of potential customers possessing purchasing power and unsatisfied needs

A

market

81
Q

the process of planning and executing the development, pricing, promotion, and distribution of an organization’s goods and/or services

A

marketing management

82
Q

the process of planning and executing the development, pricing, promotion, and distribution of an organization’s goods/services

A

marketing

83
Q

a study that is used by a business to determine where the potential customers are located

A

market survey

84
Q

an approach used in business valuation which determines value based upon previous sales of similar businesses

A

market value approach

85
Q

the difference between merchandise cost and selling price

A

markup

86
Q

a business that purchases finished goods for resale

A

merchandising business

87
Q

the process of energizing, channeling, and sustaining people’s behavior

A

motivating

88
Q

the difference between gross profit and expenses when gross profit is larger

A

net income / net profit

89
Q

federal legislation which created the governmental agency with the responsibility for regulation and enforcement of safety and health matters for most US employees; an individual state ____ agency may supersede the US Department of Labor ____ regulations

A

Occupational Safety and Health Act (OSHA)

90
Q

a line of credit that may be used over and over again up to a certain borrowing limit

A

open-end credit / revolving account

91
Q

a comparison of profit and expense items in the income statement expressed as a percentage of sales income; the operating ratios can be compared to the industry standards in regard to measuring the possible growth of the business

A

operating ratios

92
Q

the process of assigning tasks, allocating resources, and coordinating the activities of individuals and groups to implement plans

A

organizing

93
Q

expenses incurred in the normal operation of a business

A

overhead

94
Q

the voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit

A

partnership

95
Q

the registered right of an investor to make, use, and sell an invention

A

patent

96
Q

the process of setting performance objectives and determining what actions should be taken to accomplish them

A

planning

97
Q

factors which influence prices

A

pricing policy

98
Q

insurance that protects a firm against claims that its product caused bodily injury or property damage to the user

A

product liability insurance

99
Q

business owned by one person, who bears unlimited liability for the enterprise

A

proprietorship

100
Q

quantitative evaluation of information contained in a company’s financial statements (i.e.d balance sheet, income statement, and cash flow statement, etc.) to determine the overall financial strength of a business

A

ratio analysis

101
Q

the process of forming a pool of qualified applicants for tasks that need to be filled

A

recruitment

102
Q

an insurance concept in which the fair market price to purchase similar products in similar condition is used to settle claims

A

replacement value approach

103
Q

written summary of one’s personal, education, and professional achievements

A

resume

104
Q

a probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities

A

risk

105
Q

a process for identifying, assessing, and prioritizing certain kinds of events happening to or having an impact on a business with the intent to reduce or eliminate the risk

A

risk management

106
Q

a type of corporation that offers limited liability to its owners but is taxed by the federal government as a partnership

A

S corporation

107
Q

a plan which provides inducements to potential purchasers of products and/or services

A

sales promotion

108
Q

a form of risk management whereby a part of the firm’s earnings is earmarked as a contingency fund for possible future losses, specifically for individual loss categories, such as property, medical, or worker’s compensation

A

self-insurance

109
Q

a business that provides a service as opposed to a product

A

service business

110
Q

a business which is independently owned and operated and is not dominant in its field of operations

A

small business

111
Q

the principal government agency concerned with the financing, operation, and management of small business

A

Small Business Administration (SBA)

112
Q

the process of selecting employees and assigning them to tasks in order to fulfill goals and objectives of the organization

A

staffing

113
Q

new business ventures started “from scratch”

A

startups

114
Q

those assets that can be appraised by value or seen or touched

A

tangible assets

115
Q

a form of credit that is extended by one business to another business to help finance distribution of producer’s goods

A

trade credit

116
Q

an intangible asset that is a distinct name, sign, or symbol that the federal government grants exclusive rights to use for a specified period of time

A

trademark

117
Q

estimate of the worth or price of a company

A

valuation

118
Q

a cost which is uniform per unit, but fluctuates in direct proportion to change in the related total activity or volume

A

variable expense

119
Q

anyone that invests in, or financially sponsors, a new business

A

venture capitalist

120
Q

outlaws discrimination in employment against Vietnam Era veterans

A

Vietnam Era Veterans Readjustment Act

121
Q

coverage that provides benefits to employees injured at work

A

worker’s compensation insurance

122
Q

the formal codification of land use policies by a unit of local government with the goal to establish permitted uses for land and to distinguish between different types of uses which may be incompatible

A

zoning ordinace

Arts Section (19 decks)

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