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BEC > Definitions > Flashcards

Definitions Flashcards

1
Q

Absorption Costing

A

Is GAAP, Fixed manufacturing overhead is a product cost

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2
Q

Access Controls

A

Limit access to program documentation, data, programs and hardware

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3
Q

Access Point

A

Connects communication devices to form a wireless network

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4
Q

Accounting Information System

A

Type of management information system. partly a transaction processing system and partly a knowledge system.

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5
Q

Accounting profit

A

Total revenue - explicit costs

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6
Q

Activity Based Costing

A

Divides production into activities where costs are accumulated into multiple pools and allocated to product based on level of activities

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7
Q

Ad Hoc Reports

A

Report that does not currently exist but can be created on demand

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8
Q

Aggregate Demand

A

Maximum quantity of all goods and services that households, firms and gov’ts are willing and able to purchase at any given price. Quantity of goods and services demanded increases as prices decline. Factors that shift the curve are wealth, real interest rates, consumer confidence, exchange rates, govt spending, taxes

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9
Q

Aggregate Supply

A

Maximum quantity of goods that providers are willing and able to produce at any given price. Firms are willing to produce more goods at higher prices. Shifts are caused by changes in resource prices and supply shocks

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10
Q

Application firewall

A

Examines data in the packets themselves

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11
Q

Appraisal Cost

A

Costs to discover and remove defective parts before they are shipped to customer

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12
Q

Capital Rationing

A

Used when investment funding is limited. Capital is rationed amongst competing projects by using a higher cost of capital or by setting a maximum for the entire capital budget.

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13
Q

Cold Site

A

For disaster recovery - an off site location that has all the electrical connections and other physical requirements but no actual equipment

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14
Q

Contribution Margin

A

Sales - Variable Costs

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15
Q

Conversion Costs

A

Direct Labor and Manufacturing Overhead

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16
Q

Cost Push Inflation

A

Caused by reductions in short run aggregate supply

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17
Q

Data Administrator

A

Responsible for the definition, planning and control of the data within a database

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18
Q

Data Mart

A

Limited Scope data warehouse

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19
Q

Database Administrator

A

Responsible for maintaining and supporting the database software. May also perform some or all of the security functions for the database

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20
Q

Debenture

A

Unsecured bond

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21
Q

Demand pull inflation

A

Caused by increases in aggregate demand

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22
Q

Denial of Service Attack

A

One computer bombards another with a flood of information intended to keep legitimate user from accessing the target computer

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23
Q

Differential Costs

A

Difference between two alternatives

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24
Q

Direct Costs

A

Costs that can be identified or traced to cost object

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25
Q

Direct labor efficiency variance

A

Standard rate x Actual Hours - Standard rate x standard hours

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26
Q

Direct labor rate variance

A

Actual Hours x Actual Rate - Actual Hours x Standard Rate

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27
Q

Direct Material Price variance

A

Actual Quantity x Actual Price - Actual Quantity x Standard Price

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28
Q

Direct Material Usage variance

A

Standard Price x Actual Quantity - Standard Price x Standard Quantity

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29
Q

Economic Order Quantity

A

Order quantity that minimizes the combo of ordering and carrying costs

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30
Q

Engineered Costs

A

Have a causal relationship between the incurrence and the output

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31
Q

Explicit Costs

A

Documented out of pocket costs

32
Q

Extranet

A

Permits outsiders to have direct access to company’s network

33
Q

Financial Leverage

A

The degree to which a firm uses fixed financial costs to magnify the effects of a given percentage change in earnings before interest and taxes

34
Q

Frictional Unemployment

A

Results from workers routinely changing jobs or from workers being temporarily laid off

35
Q

Hot Site

A

For disaster recovery - off site location equipped with everything needed to begin transaction processing

36
Q

Ideal Standard

A

Standard costs that result from perfect efficiency and effectiveness

37
Q

Incremental Costs

A

Difference between two alternatives

38
Q

Internal Failure Costs

A

Costs to cure a defect before the product is sent to customer

39
Q

Kaizen

A

Is continuous improvement. Implemented by improving every aspect of a business practice in a step by step approach while gradually developing employee skills. HR is most important firm asset, processes must evolve by gradual improvement, improvement based on quantitative performance

40
Q

Kinked demand curve

A

The demand curve of an oligopolist

41
Q

Liquidity Risk

A

Risk that a security will not be able to be sold quickly without large price concession

42
Q

Lockbox

A

Payment collection system in which payers send their payments directly to bank

43
Q

Long Run Aggregate Supply

A

The economy’s maximum rate of sustainable output given its current resource base, level of technology, and institutional arrangements. It is the optimal productive capacity of the economy that is dictated by the fixed PPE assets currently in place

44
Q

Management Information System

A

Provides managerial and other end users with reports

45
Q

Mapping

A

the process of determining the correspondence between data elements in an organization’s terminology and data elements in standard EDI terminology

46
Q

Margin of Safety

A

Excess of sales over sales at breakeven point

47
Q

Marginal Cost

A

The change in total cost due to one unit increase in output

48
Q

Marginal Product

A

Change in total product due to one unit increase in quantity of variable input

49
Q

Marginal Propensity to Consume

A

The change in consumption due to a $1 increase in income

50
Q

Market Equilibrium

A

State in which there are no forces acting to change the current price/quantity combination of a good or service

51
Q

Market Risk

A

Risk of an individual stock or in a portfolio that cannot be eliminated by diversification

52
Q

Market Size Variance

A

Budgeted Contribution Margin per Unit x Budgeted Market Share x (Actual Market Size - Expected Market Size)

53
Q

Market Share Variance

A

Budgeted Contribution Margin per Unit x Actual units sold x (Actual Market Share - Budgeted Market Share)

54
Q

Maturity Risk Premium

A

Interest premium to compensate investors for a longer maturity of bonds

55
Q

Mirroring

A

The use of a backup computer to duplicate all of the processes and transactions on the primary computer. If primary fails then backup takes immediate place

56
Q

Money Market Hedge

A

Simultaneous borrowing and lending transactions in two different currencies to lock in the domestic currency value of a foreign currency

57
Q

Monopolistic Competition

A

Market consists of many firms selling a slightly differentiated product. Few barriers to entry

58
Q

Monopsony

A

Only one buyer. In a labor market - only one employer

59
Q

Monopoly

A

Consists of one firm that is the only seller of a product. Significant barriers of entry and no close substitutes for the good sold by the monopolist. Monopolists are price setters

60
Q

Oligopoly

A

Consists of small number of firms selling similar products. There are significant barriers to entry and strong interdependence

61
Q

Operating Leverage

A

The degree to which a firm uses fixed operating costs to magnify the effects of a given percentage change in sales on the percentage change in earning before interest and taxes.

62
Q

Operating Risk

A

Risk of doing the right things in the wrong way

63
Q

Perfect Competition

A

Large number of sellers each of which sells a nearly identical product. Few barriers to entry and firms are price takers

64
Q

Phishing

A

Sending of phony e-mails to lure people to phony websites asking for information

65
Q

Prevention Costs

A

Costs to prevent the production of defective units. Include inspection, preventive maintenance, redesign of products and processes

66
Q

Price Floor

A

Minimum price - If price floor is set above the equilibrium price in a market a surplus will develop

67
Q

Recession

A

Economy experiences negative real economic growth for two consecutive quarters

68
Q

Structural Unemployment

A

Arises when the skills of workers do not match the skills demanded

69
Q

System Analyst

A

Charged with the design of an internally developed application system and the type of computer network needed.

70
Q

System Programmer

A

Responsible for installing, supporting, monitoring and maintaining the operating system

71
Q

Transaction Exposure

A

Risk that a firm could suffer economic loss or experience economic gain upon settlement of individual transactions as a result of foreign exchange rates

72
Q

Translation Exposure

A

Risk that a company’s equity, assets or income will change in value as a result of a foreign exchange rate changes

73
Q

Steps in Value Chain Analysis

A

1) Id value chain activities
2) Id cost drivers
3) Develop competitive advantage by reducing cost or adding value

74
Q

Vertical Integration

A

Improvement of a value chain through the supply end and the demand end in the same industry

75
Q

Warm Site

A

Facility that is stocked with all the hardware necessary to create a reasonable facsimile of primary data center

BEC (3 decks)

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