Business Management II Vocabulary G-L

Question 1

Production projection graph

Answer 1

GANTT

Question 2

Breaks people into groups based on location

Answer 2

Geographic segmentation

Question 3

The use of body movements to communicate

Answer 3

Gesture

Question 4

Globalization

Answer 4

Globalization

Question 5

The end result a person or business intends to achieve, do, reach, or accomplish sometime in the future

Answer 5

Goal

Question 6

Tangible items produced, sold, and consumed that have a monetary value

Answer 6

Goods

Question 7

The market value of goods and services produced using labor in a home country in a given year

Answer 7

Gross Domestic Product (GDP)

Question 8

The amount of wages or salary earned by an employee during a pay period before deductions are subtracted

Answer 8

Gross Pay

Question 9

Involves a panel of interviewers to see how the applicant interacts

Answer 9

Group or Committee interview

Question 10

The sender’s return address followed by the date at the top of a business letter

Answer 10

Heading

Question 11

A type of insurance that covers some or all of the medical expenses incurred by the insured individual

Answer 11

Health Insurance

Question 12

A visual representation showing each component of an organization and the relationship between components

Answer 12

Hierarchical chart

Question 13

A ranking of individuals where the higher level means greater authority, importance, and influence.

Answer 13

Hierarchy

Question 14

Combines property and liability insurance into one policy to protect a home from damage.

Answer 14

Homeowner’s Insurance

Question 15

A horizontal structure provides employees with the tools and skills needed. Cross function (from department to department) communication and creative thinking are encouraged.

Answer 15

Horizontal Management

Question 16

Ideal talent or skills to be possessed for the benefit of an organization

Answer 16

Human Capital

Question 17

A necessary department in all organizations that assist in training, hiring, and defending employees

Answer 17

Human Resources (HR)

Question 18

To practice or include

Answer 18

Implementing

Question 19

A warranty imposed by law but not stated orally or in writing and requires certain standards to be met.

Answer 19

Implied Warranty

Question 20

A goal to improve a specific agenda

Answer 20

Improvement plan

Question 21

The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments.

Answer 21

Income

Question 22

A document reporting a company’s revenue and expenses for a particular period of time; also known as a Profit or Loss Statement

Answer 22

Income statement

Question 23

A general increase in prices across an economy; rise in the cost of goods and services over time

Answer 23

Inflation

Question 24

To communicate information or knowledge to somebody

Answer 24

Inform - To communicate information or knowledge to somebody

Question 25

Self-taught in a non-structured setting

Answer 25

Informal education

Question 26

The social structure within an organization characterized by dynamic and often not-well defined relationships, networks, policies, and procedures

Answer 26

Informal organization

Question 27

To teach somebody a subject or how to do something

Answer 27

Instruct

Question 28

An arrangement in which an organization (company or governmental agency) receives payment of a premium in exchange for a guarantee of compensation for identified events

Answer 28

Insurance

Question 29

Assets which lack physical substance and are not able to be touched

Answer 29

Intangible

Question 30

Communicate the objectives of the organization to the staff, and motivate the workforce in order to make sure they accomplish their tasks.

Answer 30

Integrating

Question 31

Money the bank pays you for leaving it in your savings account

Answer 31

Money the bank pays you for leaving it in your savings account

Question 32

An individual who is applying for a position within an organization

Answer 32

Internal candidate

Question 33

The market within the same company

Answer 33

Internal markets

Question 34

Good and services being distributed between countries

Answer 34

International Trade

Question 35

Communication between offices/departments within the same company

Answer 35

Interoffice

Question 36

Allocating money through a financial product or other items of value with an expectation of future benefit.

Answer 36

Investing

Question 37

A work role with a specific organization

Answer 37

Job

Question 38

Written statements listing the requirements of a particular job and the skills needed to fulfill those requirements often detailing specific duties and responsibilities

Answer 38

Job descriptions

Question 39

Refusal to interfere in other people’s affairs, or the practice of letting people do as they wish; let it be or hands-off (the term is French for let it be or hands-off)

Answer 39

Laissez-faire style

Question 40

Organizational arrangements include individuals of different departments and groups, on the same organizational level and involve coordination and consultation

Answer 40

Lateral

Question 41

Pursuing expectations through positive engagement and initiative

Answer 41

Leadership

Question 42

Influencing people to accomplish the goals of a business

Answer 42

Leading

Question 43

A financial institution that lends money

Answer 43

Lender

Question 44

Debts that a business owes

Answer 44

Liabilities

Question 45

A contract between an insurer and policyholder specifying a sum to be paid to a beneficiary upon the insured’s death

Answer 45

Life Insurance

Question 46

Simple organizational structure in which each person reports to one supervisor

Answer 46

Line Organization

Question 47

Assets that can be transferred into cash

Answer 47

Liquidity

Question 48

Specified as more than one year

Answer 48

Long-term goals