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AFM 132 > Final Review > Flashcards

Final Review Flashcards

1
Q

EQ

A

Emotional Intelligence, focused on soft skills, developing self awareness + control, empathize and see variety of perspectives

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2
Q

Intrapreneurship

A

Doing entrepreneurial work like designing new products within a corporation

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3
Q

Sustainability

A

Business practices that are SUSTAINABLE, and leave a positive impact on the world or environment

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4
Q

Balance of Trade

A

Relationship between importing and exporting

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5
Q

Trade Surplus

A

When exports exceed imports

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6
Q

Trade Defecit

A

When imports exceed exports

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7
Q

Comparative Advantage (Theory)

A

Countries should produce what they can efficiently and purchase what they cannot

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8
Q

Contract Manufacturing

A

Find foreign manufacturer to make your product with your brand and name attached (A.K.A Outsourcing)

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9
Q

Corporation

A

A business that is considered separate legal entity from owners and has many shareholders

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10
Q

Crown Corporation

A

A publicly owned company

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11
Q

Embargo

A

Ban on import of a product

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12
Q

Exporting

A

Sale of good to another country

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13
Q

Foreign Direct Investment

A

Buying a property or business and operating in another country

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14
Q

Foreign Subsidiary

A

Where the owner / franchisor sells rights to use business names and products for sale / service in another country (

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15
Q

Free Market Economy

A

Market determines what G&S to produce and who gets them

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16
Q

Free Trade

A

When there are no barriers to trade between countries

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17
Q

Importing

A

Purchase of goods from another country

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18
Q

Import Quota

A

Limit of quantity of products that country imports

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19
Q

Joint Venture

A

When two / more companies team up for a major business venture

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20
Q

Licensing

A

When a domestic company (licensor) allows a foreign one (licensee) to make its products in exchange for a fee / royalty

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21
Q

Multinational Corporations

A

Companies that manufacture and sell their products in many countries

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22
Q

Mixed Economy

A

Economy where government has a say in the allocation of resources in the market

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23
Q

Non-Tariff Barriers

A

Rules that hinder free trade

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24
Q

Partnership

A

A business created by two or more people

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25
Q

Privatization

A

Sale of a crown corp.

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26
Q

Small Business

A

Business that is

  1. Independently owned and operated
  2. Not dominant in it’s field
  3. Employs 1-99 Employees
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27
Q

Sole Proprietorship

A

Business owned by single person

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28
Q

Strategic Alliance

A

Two or more companies that work together to build and maintain their competitive advantage

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29
Q

Tariffs

A

Taxes on imported products

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30
Q

Trade Protectionism

A

Limits the amount of export by the use of government regulation

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31
Q

Benchmark Interest Rate

A

Rate at which Bank of Canada loans money to financial institutions

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32
Q

Business Cycles

A

Natural rises and falls in economic activity

Recovery, Expansions, Peak, Contraction

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33
Q

Consumer Price Index

A

Compares change in prices for “basket” of commonly purchased goods

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34
Q

Depression

A

A severe form of recession with a prolonged period of reduced economic activity

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35
Q

Deregulation

A

Removal of laws and regulations to support competition

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36
Q

Economies of Scale

A

Advantage of having a larger amount of goods produced, which decreases cost per good sold

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37
Q

Environmental Scan

A

Looking at the business environment to see factors growth and success

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38
Q

Factors of Production

A

Land, Labour, Capital, Entrepreneurship

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39
Q

Fiscal Policy

A

Spending policy of Govt. / Changes in tax rates

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40
Q

Gross Domestic Product

A

Total value of goods and services produced inside the country in a year

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41
Q

GPD per Capita

A

GDP over population

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42
Q

Inflation

A

Rise in price of goods and services over time

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43
Q

Macroeconomics

A

study of economy as a whole, looking through lens of entire countries

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44
Q

Microeconomics

A

Study of decisions made by individuals and businesses

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45
Q

Monetary Policy

A

Management of money supply and interest rate by bank of Canada

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46
Q

National Debt

A

Accumulation of national deficits over time

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47
Q

Recession

A

Period of two or more consecutive quarters of decline in GDP

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48
Q

Stakeholders

A

Individuals / Entities that have a stake in what an organization does

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49
Q

Switching costs

A

Monetary and Psychological impact of switching from one product to another

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50
Q

Triple Bottom Line Reporting

A

Reporting that focuses on 3 of people,planet,profits

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51
Q

Unemployment Rate

A

Measure of % of people who are unemployed out of the labour force

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52
Q

Corporate Philantropy

A

when companies donate money / skill to support various causes

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53
Q

Corporate Social Responsibility

A

How a company steps up to aid society

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54
Q

Ethical Dilemna

A

A problem with a difficult choice with potentially no desirable options

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55
Q

Ethics

A

Guiding principles that help us navigate decision making in a given situation or context

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56
Q

Fair Trade

A

Ensures producers in developing countries are paid fair prices for their produce

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57
Q

Laws

A

Established rules and regulations that companies must abide by

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58
Q

Social Audit

A

Evaluating progress toward social goals

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59
Q

Sustainable Development

A

Whether or not business operations support needs for the future without negative consequences

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60
Q

Whistleblowers

A

People that report unethical behavior

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61
Q

Balanced Scorecard Approach

A

A method of control that looks at both financial and non-financial measures through the assessment of financial, customers, business processes, and learning & growth.

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62
Q

Contingency Plans

A

Plans that occur when the original plan does not pan oiut

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63
Q

Goals

A

Targets or accomplishments that align with visions and mission

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64
Q

Autocratic Leadership

A

Management tells employees what to do without consultation

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65
Q

Democratic Leadership

A

Management makes decisions with consultation of others

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66
Q

Laissez-Faire Leadership

A

Managers set targets, employees are free to work towards their targets how they see best

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67
Q

Conceptual Skills

A

Analytic Skills, seeing the big picture and critical thinking

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68
Q

Technical Skills

A

Knowledge and ability to perform tasks in specific discipline

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69
Q

Human Skills

A

Ability to communicate and maintain relationship, interpersonal skills

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70
Q

Maslow’s Hierarchy of needs

A

Considers motivations of employees

  1. Physiological needs
  2. Safety
  3. Love/Belonging
  4. Self Esteem
  5. Self Actualization
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71
Q

Mission Statement

A

Statement outlining current purpose, including what they do and who they do it for

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72
Q

Organizational Chart

A

Outlines the structure and flow of power within a company, includes employees and their functions

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73
Q

Star Model

A

Identifies five considerations in organizational design — strategy, structure, processes, rewards, and people.

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74
Q

Values

A

Fundamental Beliefs of company that guide decision making

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75
Q

Vision

A

Long term road map of company, describes where company wants to be in the future

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76
Q

Angel Investors

A

Individuals that invest in early stage business in return for R.O.I and some control

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77
Q

Venture Capitalists

A

Individuals / Companies that invest in established businesses and get a R.O.I

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78
Q

Business Model

A

Shows how you deliver value to customers through product/service and how you capture value (earn revenue)

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79
Q

Crowdfunding

A

Raising capital from people online

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80
Q

Incubators

A

Supportive environments that not only provide working space but also advice/support to grow ideas and how to manage a business. This can include coaching, management and operations assistance, networking opportunities, and access to financing.

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81
Q

Intrapreneurship

A

When one is able to launch new products or services within a company

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82
Q

Value Proposition

A

The benefits customers can expect from using the products and services of an organization., E.G. My purchase from our company

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83
Q

Business Models

A

Captures how you deliver value to customers (value proposition) through your products and services and also capture value as a company (earn money through revenue streams)

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84
Q

Copyright

A

Legislation which provides an exclusive right to make, reproduce, publish, or perform artistic works, where other who want to use have to buy / gain permission. They exist for lifetime of creator + 50 years after their death, after which the copyright expires

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85
Q

Direct Channel

A

When a company has its own stores (physical or online) and salespeople

86
Q

Fixed Costs

A

costs that stay the same even if production increases

87
Q

Freemium

A

A business model where products are offered for free, but then allow customer to purchase additional features through in app purchases

88
Q

Indirect Channel

A

When a company’s product is offered through an intermediary

89
Q

Intangible Resources

A

Assets that a company owns that are not physical in nature

90
Q

Patents

A

Protections that cover new invention / improvements to existing inventions, gives inventor right to stop others from making, using or selling invention for the period of the patent (usually 20 years)

91
Q

Recurring revenue streams

A

Revenue streams that are on going payments, such as monthly subscriptions

92
Q

Tangible resources

A

Assets that a company owns that are physical in nature

93
Q

Transactional Revenue Streams

A

Revenue steams that are one time payments

94
Q

Value Proposition

A

Benefits customers can expect from using the products and services of an organization

95
Q

Variable Costs

A

Costs that will change if production increases (e.g. Raw Material)

96
Q

Advertising

A

Media communication used to promote a brand or sell a product (e.g. Radio/TV, print, digital ads)

97
Q

Brand

A

Name Symbol or Design that distinguishes company and its products from their competition

98
Q

Brand Equity

A

Overall value for a bran, strengthened by awareness and customer loyalty

99
Q

Break-Even Analysis

A

Helps evaluate profitability of a product by calculating break even point, when sales cover expenses completely

100
Q

B2B

A

Business-2-Business, when companies sell to other companies who may or may not be end users

101
Q

B2C

A

Business-2-Customer, when companies sell directly to customers who are usually end users

102
Q

Buzz Marketing

A

Encourages consumers to try products and publicly share their reviews

103
Q

Concept Testing

A

process of sharing a product idea with potential customers to obtain feedback

104
Q

Crowdsourcing

A

When you mobilize the ideas and perspectives of individual customers to help design a product

105
Q

Customer Relationship Management

A

Systems that capture data to support interactions and encourage engagement with customers to build long-term relationship

106
Q

Direct marketing

A

promotional activities that link a producer directly with its customers, such as telemarketing, mail, or emails

107
Q

Distribution Channel

A

How products move from producer to consumer

108
Q

Intermediaries

A

individuals or organisations in the middle of distribution channels which help move products from business -> consumer

109
Q

Market

A

customers with wants and needs that have both and interest and resources to make a purchase

110
Q

Market Research

A

Process of collecting info to understand customers and satisfy their needs with products

111
Q

Primary Research

A

gathering info directly, use of surveys, interviews, observation

112
Q

Secondary Research

A

Examines info and stats already available (e.g. publishes surveys, research studies, existing company records)

113
Q

Market segmentation

A

Process of dividing a total market into customer segments that have similar char / needs

114
Q

Marketing

A

Process of creating, communicating and delivering product offerings that have value

115
Q

Marketing Mix (4Ps)

A

How a company can create interest and influence demand for product through Product, Price, Place, Promotion

116
Q

Mass Marketing

A

When company attempts to reach a wider audience with a single product offering

117
Q

Penetration Pricing

A

Setting low initial price to build customer base / enter competitive market

118
Q

Price Skimming

A

Setting high initial price to optimize profit when there is less competition

119
Q

Personal Selling

A

face-to-face promotional activities between buyer and seller

120
Q

Product Differentiation

A

Promote how your product is unique

121
Q

Product Life Cycle

A

Looks at sales over four states, intro, growth, maturity and decline

122
Q

Product Line

A

group of similar products sold by a company

123
Q

Product mix

A

Combination of all product lines from a company

124
Q

Promotion Mix

A

Activities a companies can use to motivate to take action and buy (stuff you do to market)

125
Q

Public Relations

A

Activities that drive a positive image and generate publicity

126
Q

Relationship Marketing

A

Aims to develop long-term relationships with customers to foster loyalty and interaction

127
Q

Sales Promotion

A

Techniques that can motivate a customer to buy, which include incentives like coupons, rebates or free samples

128
Q

Target Market

A

A customer segment that is sizable, reachable and profitable

129
Q

Test Marketing

A

launch and test product on small scale to get customer feedback

130
Q

Activity Based Management

A

Reviewing processes to remove non-value adding activities to save time and money

131
Q

Computer-Aided Design

A

Software that can help design products through 2d / 3d modelling and developing diagrams for products and their components

132
Q

Computer-Aided Manufacturing

A

Use of technology that can take designs and inform equipment on how to manufacture them

133
Q

Computer-Integrated Manufacturing

A

Integration of CAD and CIM software

134
Q

Critical Path

A

The sequence of tasks that would take the longest to complete, any delays here delay the entire project

135
Q

Enterprise Resource Planning

A

Software that manages key functions of company through shared info database

136
Q

Gantt Chart

A

A planning tool that measures progress and can show what tasked are being worked on and what stage they’re in

137
Q

JIT inventory management

A

Where supplies are ordered and delivered just-in-time to go into the production line

138
Q

Lean Manufacturing

A

Looks how a company can produce products ASAP, using the least amount of materials, effort, space, tool and equipment

139
Q

Made-to-order

A

Where company solicits individual orders and makes specified products

140
Q

Mass Customization

A

Tailoring a large volume of products to meet needs of many customers

141
Q

Operations Management

A

How a company creates goods and services through effective management of their resources and processes

142
Q

Mass Production

A

Manufacture large volume of similar goods in efficient manner

143
Q

Productivity

A

Examines the efficiency of operations to transform inputs into outputs

144
Q

Program Evaluation and Review Technique

A

Planning tool that considers tasks and relationship between tasks, estimating times for each sequence

145
Q

Quality

A

Meeting certain standards and/or being free of deficiencies

146
Q

Supply Chain Management

A

Managing logistics for a product from sourcing its raw materials -> sending product to customers

147
Q

Total Quality Mangement

A

Continues process to improve product quality and customer satisfaction

148
Q

Apprenticeship programs

A

Training where new staff work with experienced employees to master skills

149
Q

Bonus Plan

A

Additional Money or gifts for good performance

150
Q

Cafeteria style (flexible) benefits plans

A

Where Employees can choose from a select set of benefits to best suit their needs (up to specific dollar amounts)

151
Q

Coaching

A

One on One discussions to support emerging leaders

152
Q

Commission plans

A

Pay based on % of sales

153
Q

Compensation

A

Remuneration provided in exchange for services

154
Q

Compressed workweek

A

working required hours over reduced days to have longer weekend

155
Q

Contingent workers

A

Short Term workers that fill temp needs or work on specific projects

156
Q

Employee Lifecycle

A

How employees progress through a company (Recruitment, On-boarding, Development, Retention, Off-boarding)

157
Q

Recruitment

A

attracting and choosing the best people that fit the needs of your company

158
Q

Onboarding

A

Providing orientation to new employees

159
Q

Development

A

Helping employees grow both personally and professionaly

160
Q

Retention

A

Motivating employees to keep employee satisfaction high

161
Q

Offboarding

A

Managing employee departures

162
Q

Flextime Plans

A

Employees have more flexible hours, as long as they are within core times

163
Q

Fringe benefits

A

Optional benefits that employers can give

164
Q

Hourly Wage

A

Pay based on hours of work

165
Q

Job description

A

Describes responsibilities, skills needed, working conditions, and connection with other roles for a specified job

166
Q

Job rotation

A

Training future leaders by giving them exposure to different positions

167
Q

Job simulations

A

training where equipment duplicates working conditions

168
Q

Off-The-Job Training

A

employees learn off-site (away from office) through external conferences

169
Q

On-The-Job Training

A

Learning by doing or watching others do

170
Q

Online Training

A

Learning that can be accessed online

171
Q

Pay Equity

A

Equal pay for equal value, pay based on neutral performance factors

172
Q

Performance Appraisals

A

Measure actual performance against standards to make decisions

173
Q

Profit Sharing

A

Bonus awarded to team if company reaches its targets

174
Q

Salary

A

Fixed amount of salary per year

175
Q

Stock Option

A

opportunity for employee to purchase stock at preferred price

176
Q

Telework

A

Employees that work from home

177
Q

Turnover rate

A

% of employees that leave company each year

178
Q

Understudy positions

A

Emerging leaders support leaders with work, learning from them and slowly taking on more of the higher ups work

179
Q

Bonds

A

Loans issued by company that must by paid (grants IOU) where you must pay principal and interest and specified date

180
Q

Common shares

A

shares that allow shareholder to become part owner, giving them voting rights

181
Q

Compound Interest

A

Principle where interest also earns interest

182
Q

Covenants

A

conditions that must be maintained for a loan, if broken the lender can demand loan be paid back instantly

183
Q

Interest

A

% charge on principal amount, can be specific or variable

184
Q

Principal

A

Original borrow amount of loan

185
Q

Secured loan

A

loan backed by assets that are put up as collateral

186
Q

Term

A

Time period for loan, under 1 year = short term, over = long term

187
Q

Unsecured loan

A

Loan not backed by collateral, only given to customers with strong financial history

188
Q

Financial Literacy

A

Having knowledge and skills to make informed financial decisions

189
Q

IPO

A

Initial Public Offering, first time a company sells its shares

190
Q

Line of Credit

A

Access to a pre-approved pool of money

191
Q

Preferred shares

A

Shares that have no voting rights, but have priority over dividends and claim to liquidated assets before common shareholders

192
Q

Prospectus

A

Document made available to investors that sums details about shares, business and finances

193
Q

Term Loan

A

Amount borrowed and paid off at fixed intervals

194
Q

Time value of money

A

Money is worth more in the future

195
Q

Undercapitilization

A

when company does not have enough money to support its operations

196
Q

Accounting

A

Process of recording, summarizing, and analyzing financial transactions to report to decision makers

197
Q

Financial Accounting

A

accounting prepared for stakeholders outside company

198
Q

Managerial Accounting

A

Accounting for decision makers inside company

199
Q

Annual Report

A

report that discusses F/S, and talks about past year and future plans

200
Q

Private Accountants

A

Work within single organization

201
Q

Public

A

Provide services to several organizations for a fee

202
Q

Inventory turnover Ration

A

COGS / Average Inventory

203
Q

Contributed Surplus

A

Earnings outside operations

204
Q

Debt to Asset Ratio

A

Total Liabilities / Total Assets

205
Q

Debt to Equity Ratio

A

Total Liabilities / Owners Equity

206
Q

Current Ratio

A

Current Assets / Current Liabilities

207
Q

Quick Ratio

A

(Cash + Short Term Investments + A/R) / Current Liabilities

208
Q

Earnings Per Share

A

Net Income / Average # of Common Shares

209
Q

Return of Sales

A

Net Income / Net Sales

210
Q

Return on Equity

A

Net Income / Average Owners Equity

AFM 132 (1 decks)

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