exam Flashcards
Installment credit
Loans paid back in equal payments (car loan)
Revolving credit
A credit that comes with a predetermined limit (credit card)
Open credit
full payment for each period (phone plan)
Outputs
Represents what the business produces
Business tort
Wrongful acts that hurt a business
Economic want
Costs money
Non-economic want
Doesn’t cost money
Copyright
Gives owner exclusive rights
Disparagement
Criticism/ Unkind remarks about someone
Copyright infringement
When someone uses a work protected under copyright without permission
Patent
Protects new inventions/creations
Trademark
Protects brands, logos and slogans
Mission statement
Definition of the companies business
Financial forecast
Past, present and future financial conditions
Human resources regulations
Set of rules to ensure consistency with employees
Compensation
What is earned by employees
SWOT analysis
Analyze strengths, weaknesses, opportunities, and threats
Competitive analysis
Compare yourself to the competition
Wholesaler
A person that sells goods in large quantities at low prices, works closely with retailers
Industrial distributor
A wholesaler who works closer with the manufacturer
Oligopoly
A market where the market is dominated by 2 - 5 companies
Capital resources
A human made resource that aids in the production of a good/service
Achievement orientation
Having the drive and passion to achieve goals and be successful
Sales quota
A measurable goal sellers are expected to hit within a certain period of time
Functional organizational structure
A team structure that puts employees into departments based on their specific levels of expertise
Venture ideas
The idea/concept of a business
Angel investor
Invest in the early stages of a startup to gain ownership equity
Venture capitalist
They form limited partnerships to invest in the middle stages (after they’ve already started gaining revenu) of a startup
Lead time
The time it takes a supplier to have the good ready for delivery.
Tax liability
Money owed to tax authorities (government)
Networking
Interacting with other to exchange information and professional/social contacts
Utility services
Basic servies a building needs to function properly (heat, water,
Trade secrets
A practice or process of a company that is not known outside the company
Limited liability company
Its members are not personally liable for the companies debts
Corporate tax
Tax imposed on the income of corporations.
Executive summary
Summarizes a larger business report
Zoning laws
Regulations that control how land and property can be used in a specific area
Dimensions of diversity
Primary: Something you’re born with (Race, Gender, Ethnicity, Sexual orientation)
Secondary: Based on life experiences (Work experiences, Education, Marital Status, etc)
Tertiary: How we think/approach problems (Political affiliation, Seniority)
BATNA
Best Alternative To a Negotiated Agreement (an alternative someone can pursue if a negotiation falls through)
Walk away point
The minimum value/outcome a negotiator is willing to accept
Operating procedures
A set of instructions that outline how to perform a task safely and consistently
Channel members
Middle members that help move products from producers to consumers
Formal business report
Presents research data to help make decisions and improve performance
Market share
Percentage of a market’s total sales/revenue
Marginal product
Change in output (additional output created as result of additional input
Marginal revenu
Revenue, a business earns by selling an additional unit of its product
Price fixing
An agreement among competitors to change pricing overall
Economic sanctions
Commercial/financial penalties
Tech monopoly
A company has control over technology that is difficult for competitors to reciprocate
Vertical analysis
Represents amounts as percentages of a base figure
Horizantal analysis
Represents changes over years or periods
Fundamental analysis
Evaluating the value of an asset and predicting factors that could change it’s price in the future
Financial statement
Shows a companies financial status
Supply chain management
The process of coordinating the flow of goods, data and finances
Rebute
To argue that a statement or claim is not true
Sweepstakes
A contest (lottery)
Current Asset
Assets to be converted to cash within a year
Point for sale promotion
Marketing strategies that take place at the point of purchase to increase sales
Jury of executive opinion
High level executives/experts get together to predict the future of a company
High breadth
