Business Management II Vocabulary M-O

Question 1

The process of accomplishing an organization’s goals
through effectively using its people and resources; business function of
planning, organizing, and controlling of all available resources to achieve
company goals; the team of people who make decisions for the business

Answer 1

Management

Question 2

Setting up the size of the paper on which you will be typing

Answer 2

Margin

Question 3

Ranking of the companies by sales volume- 1, 2, 3

positions

Answer 3

Market Position

Question 4

Control of the market through the government

Answer 4

Market regulations

Question 5

Gathering, analyzing, and reporting customer
information; the study of consumers’ needs and wants and the way the
seller can best meet them

Answer 5

Market research

Question 6

Separating a target market and/or
prospective buyers with common characteristics into smaller
groups based on certain parameters

Answer 6

Market segmentation

Question 7

The portion of the total market potential that each
company expects in relation to its competitors; the percentage of
the total sales volume generated by all companies that compete in
a given market

Answer 7

Market Share

Question 8

Information obtained

through marketing research

Answer 8

Marketing Information Management

Question 9

Combination of marketing elements used in the

sale of a particular product

Answer 9

Marketing Mix

Question 10

A detailed written description of all marketing
goals and activities; a formal, written document that directs a
company’s activities for a specific period of time

Answer 10

Marketing Plan

Question 11

A visual representation showing the relationship

between two or more variables

Answer 11

Matrix chart

Question 12

The amount deducted from an

employee’s paycheck for medical benefits

Answer 12

Medical Insurance Premium

Question 13

The nation’s health care program for the elderly and

disabled

Answer 13

Medicare

Question 14

An organization with a profit less than 50 million and

less than 1000 employees

Answer 14

Medium Size Business

Question 15

Memorandum: document sent within a company

(internal), presented in short form

Answer 15

Memo

Question 16

The capacity to accept multiple forms of

payment

Answer 16

Merchant Services

Question 17

A way of doing something
Metrics - Measurable forms to analyze the success or failure of an
organization

Answer 17

Method

Question 18

Implements decisions of top management

Answer 18

Middle Management

Question 19

An impactful moment in a business

Answer 19

Milestone

Question 20

Actions taken by the Federal Reserve to control the
money supply, rate of inflation, or both in order to influence the rate of
inflation in the economy

Answer 20

Monetary policy

Question 21

A type of account that pays a higher interest

rate than a savings account

Answer 21

Money Market account

Question 22

Only one market for goods and services (no competition)

Answer 22

Monopolies

Question 23

An engaging factor to influence effort

Answer 23

Motivation

Question 24

A professionally managed investment program that
combines funds from many individual investors and uses it to purchase
diversified holdings, such as securities

Answer 24

Mutual Funds

Question 25

Money owed at the National level

Answer 25

National Debt – Money owed at the National level

Question 26

A necessity or an essential item required for life

Answer 26

Need

Question 27

Price being paid for the automobile agreed upon by | the seller and buyer

Answer 27

Negotiated Price

Question 28

Profit earned or loss incurred by a business, determined by | subtracting expenses from revenues; also called the bottom line

Answer 28

Net Income

Question 29

The total amount of money earned after all deductions are withheld

Answer 29

Net Pay

Question 30

Using acceptable communication when utilizing digital tools, such as the internet

Answer 30

Netiquette

Question 31

Consumer goods that are consumed or used up over a short period of time and must be purchased again

Answer 31

Nondurable goods

Question 32

A job, vocation, or person’s principal work as a means of earning a living

Answer 32

Occupation

Question 33

Could include auto dealers, commercial banks, savings, and loans, or credit unions

Answer 33

Offers Loans to Consumers

Question 34

Training in which employee immediately begins tasks and learns while doing

Answer 34

On the Job Training - OJT

Question 35

Face to face questioning and observation of the applicant

Answer 35

One on One Interview

Question 36

The decision of choosing one option at the risk of losing potential advancements from other options

Answer 36

Opportunity Costs

Question 37

Tells employees to whom they report and to whom they can turn with problems or questions; a diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs

Answer 37

Organizational chart

Question 38

Working closely across organizations along a supply chain to be more efficient

Answer 38

Organizational Consolidation

Question 39

Behavioral practices within a specific organization (varies from company to company)

Answer 39

Organizational Culture

Question 40

Dividing the tasks to be done into divisions and departments in order to accomplish tasks in the most efficient way

Answer 40

Organizing

Question 41

The introduction to a new occupation

Answer 41

Orientation

Question 42

Safety guidelines and requirements

Answer 42

OSHA