Business Management II Vocabulary P-R

Question 1

A check issued to an employee in payment of salary or wages

Answer 1

Paper Check

Question 2

A distinctive division between one idea and another

Answer 2

Paragraph

Question 3

An organization that consists of more than one owner

Answer 3

Partnership - An organization that consists of more than one owner

Question 4

Information that is imperative for processing

Answer 4

Parts of a check

Question 5

A recurring period of time over which an employee’s time is recorded and wages are calculated

Answer 5

Pay Period

Question 6

A check issued to an employee in payment of salary or wages

Answer 6

Paycheck

Question 7

An attachment to the actual check that helps you keep record of what you were paid for and what deductions were taken out

Answer 7

Paycheck Stub

Question 8

Bankcard that accesses an employee’s salary or wages through withdrawals at automated teller machines

Answer 8

Payroll card

Question 9

The height point within the business cycle characterized by the end of economic expansion and the beginning of contraction

Answer 9

Peak

Question 10

To succeed in convincing somebody to do something, especially by reasoning, pleading, or coaxing

Answer 10

Persuade

Question 11

Having the right product, in the right location, at the right time to be purchased by consumers

Answer 11

Place

Question 12

Setting goals and developing methods to meet those goals

Answer 12

Planning

Question 13

A document outlining the terms and conditions between an individual and an insurer specifying the conditions of the insurance contract

Answer 13

Policy

Question 14

A consumer who purchases the policy

Answer 14

Policyholder

Question 15

A message sent to an email list

Answer 15

Post

Question 16

The way in which somebody holds his or her body, especially when standing

Answer 16

Posture

Question 17

The amount you pay for an insurance policy

Answer 17

Premium

Question 18

The amount of money that consumers are willing to pay for a product or service

Answer 18

Price

Question 19

A limit on how low a price can be charged for a product or service

Answer 19

Price Floors

Question 20

Prevent the price from rising too high

Answer 20

Price Ceilings

Question 21

A normalized average that shows how prices of a class of goods or services in a specific area changes over time

Answer 21

Price Index

Question 22

How much to charge for goods and services in order to maximize profits

Answer 22

Pricing

Question 23

The amount of money you deposit in your account to begin saving

Answer 23

Principle

Question 24

The initial size of a loan upon which interest is calculated

Answer 24

Principal Loan Amount

Question 25

The steps to letting go or firing an employee

Answer 25

Process of Dismissal

Question 26

A product is any combination of goods and services offered to satisfy the needs and wants of consumers

Answer 26

Product

Question 27

A marketing function that accounts for market opportunities by adjusting, maintaining, and improving a product or service mix

Answer 27

Product Service Management

Question 28

Targeting customers who have expressed interest in a certain product through pricing, promotion, and distribution strategies

Answer 28

Product-based Marketing

Question 29

A curve that illustrated production of multiple products with the same building resources

Answer 29

Production Possibilities Curve

Question 30

The effectiveness of effort as measured in economic terms by the rate of output per unit of input

Answer 30

Productivity

Question 31

Organizations which provide services such as professional development and research to members, usually individuals engaged in a specific field

Answer 31

Professional Association

Question 32

The advancement of skills or expertise to succeed in a particular profession, esp. through continued education

Answer 32

Professional Development

Question 33

A professional name suitable for a business environment which will generally include your first name or initials with your last name; should not refer to sports, hobbies, physical attributes, or personal preferences

Answer 33

Professional Login Name

Question 34

The money a business has earned after the cost and expenses of operations are subtracted; the money earned from conducting business after all costs and expenses have been paid

Answer 34

The money a business has earned after the cost and expenses of operations are subtracted; the money earned from conducting business after all costs and expenses have been paid

Question 35

The difference between total revenue and total expenses

Answer 35

The difference between total revenue and total expenses

Question 36

The act of publicizing a product or service to potential customers in order to inform, persuade, or remind them to make a purchase

Answer 36

Promotion

Question 37

Economic well-being thanks to opportunities for growth and expansion in the economy

Answer 37

Prosperity

Question 38

Dividing groups of a market based on psychological characteristics including consumption habits, lifestyles, or preferences

Answer 38

Psychographic segmentation

Question 39

The ability to purchase goods and services

Answer 39

Purchasing power

Question 40

The goal or intended outcome of something

Answer 40

Purpose

Question 41

The net gain or loss of an investment as expressed as a percentage for a specific period of time

Answer 41

Rate of Return

Question 42

Real estate is land. Most of the time, the ownership of land includes ownership of the buildings and resources located on that land

Answer 42

Real Estate

Question 43

A prolonged economic contraction

Answer 43

Recession

Question 44

A phase of the business cycle characterized by an extreme decrease in the economy

Answer 44

Recession

Question 45

A phase of the business cycle characterized by an increase in the economy after a significant decrease

Answer 45

Recovery

Question 46

The efforts an organization goes through to attract appropriate applicants current or future positions

Answer 46

Recruit

Question 47

The attraction of a particular occupation to a favored pool of candidates or potential candidates

Answer 47

Recruitment

Question 48

Coverage available for individuals renting or subletting property that covers loss of belongings, and occasionally living expenses

Answer 48

Renter’s Insurance

Question 49

An injury caused by repeated movements

Answer 49

Repetitive Strain Injury (RSI)

Question 50

the supply of an asset that has utility and from which a benefit can be produced

Answer 50

Resources

Question 51

A financial planning mechanism allowing individuals to save for retirement, a variety of types of plans exists with different limits and benefits

Answer 51

Retirement Plan

Question 52

The money gained through investment or profit

Answer 52

Return

Question 53

Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest, rent, and royalties; income earned for the period, such as from the sales of goods and services

Answer 53

Revenue

Question 54

The possibility of financial loss or something unpleasant or unwelcome regarding the outcome of a situation or event

Answer 54

Risk

Question 55

Risk Management how to best handle such exposure

Answer 55

Risk Management

Question 56

A document used to prepare an organization for potential future risks in order to estimate the impact and identify possible responses

Answer 56

Risk Management Plan

Question 57

Extent to which a decision-maker is willing to speculate when making a decision

Answer 57

Risk Propensity