Management Flashcards
Accomplishment Striving
a strong desire to accomplish task-related goals as a means of expressing one’s personality
accounting equation
asset=liabilities+owner equity
accounting profit
consists of total revenue exceeding the payment of explicit costs
accrual accounting
type of accounting that reports revenues when earned, and expenses when incurred
accrued tax liabilities
current liability related to taxes
affirmative action
the employment program formed by government in an attempt to create greater equity in employment
agribusiness
the sum of all institutions, firms, and activities involved in the commercial production and marketing of agricultural products
antitrust laws
laws that prevent “unfair” business practices that five rise to monopoly power
appraisal
professional determination of the calue of farm real estate
auditing
the act of verifying accounting records and practices
autocratic style
a leadership style where the leader makes the decision alone without asking for opinions or suggestions of the employees in the work unit
barrier to entry
a constraint that prevents additional sellers from entering a monopoly firm’s market
basis
cash minus futures
behavior modeling
when employees observe the actions of others, learn from what they observe, and then repeat the observed behavior
benchmarking
the process of gathering information about other companies in your industry to compare your performance against and to use to set goals
blockaded entry
a condition where the incumbent firm need not undertake any entry-deterring strategies to deter entries
bonus or incentive plans (payments)
types of payments that are made by employers to attract, keep and reward good employees
boosterism
positively representing the organization when in public
bootlegging
informal efforts by managers and employees to create new products and new processes
bottom line
refers to the bottom line of an income statement; shows the net income available to shareholders
breakeven price
the price at which economic proft is zero, or when the price equals average total cost
business plan
a document that thoroughly explains a business idea and how it will be carried out
capital rationing
situation that exists if a firm has more acceptable investment projects than it has funds available to invest
cash flow statement
a measure of the cash receipts and cash payments a company makes over a given time period; measures the timing of expenditures and receipts and best indicates the repayment capacity of the firm
cash rent
rental arrangement that generally has the least risk to the landowner
categories of risk
production, marketing, financial, legal, human
centralization
the shift of decision-making authority from regional offices to headquarters
citizenship behavior
voluntary employee behaviors that contribute to organizational goals by improving the context in which work takes place
client structure
an organizational form in which employees are organized around serving customers
cobweb model
economic model that illustrates cyclical price behavior
collective bargaining
negotiations between a union and a firm over wages, fringe benefits, job security, and working conditions
common size analysis
analysis that expresses the profit and loss statement and/or balance sheet figures as a percentage of total sales or total assets
company culture
the term given to the shared values and practices of the employees
competitive advantage
ability of a firm to earn a higher reate of profit or returnthan the industry average
competitive enterprises
exist when one enterprise can be expanded only by reducing another enterprise
contingency plan
plan that outlines a firm’s response to an unforeseen event
contingent income tax
computes what taxes would be if assets were liquidated at market value
contribution margin
difference between the product’s unit selling price and its unit variable costs
corporation
a business organization that normally provides for the least difficulty in intergenerational transfers
cost basis valuation
practice by which valuable resources called assets are recorded at their acquistion price
cost of capital
the opportunity cost of making a specific investment; rate of return that could have been earned by putting the same money into a different investment with an equal risk
crop share lease
an agreement in which the owner of farm land allows a tenant to farm in in exchange for a portion of the crop
