Management

Question 1

Accomplishment Striving

Answer 1

a strong desire to accomplish task-related goals as a means of expressing one’s personality

Question 2

accounting equation

Answer 2

asset=liabilities+owner equity

Question 3

accounting profit

Answer 3

consists of total revenue exceeding the payment of explicit costs

Question 4

accrual accounting

Answer 4

type of accounting that reports revenues when earned, and expenses when incurred

Question 5

accrued tax liabilities

Answer 5

current liability related to taxes

Question 6

affirmative action

Answer 6

the employment program formed by government in an attempt to create greater equity in employment

Question 7

agribusiness

Answer 7

the sum of all institutions, firms, and activities involved in the commercial production and marketing of agricultural products

Question 8

antitrust laws

Answer 8

laws that prevent “unfair” business practices that five rise to monopoly power

Question 9

appraisal

Answer 9

professional determination of the calue of farm real estate

Question 10

auditing

Answer 10

the act of verifying accounting records and practices

Question 11

autocratic style

Answer 11

a leadership style where the leader makes the decision alone without asking for opinions or suggestions of the employees in the work unit

Question 12

barrier to entry

Answer 12

a constraint that prevents additional sellers from entering a monopoly firm’s market

Question 13

basis

Answer 13

cash minus futures

Question 14

behavior modeling

Answer 14

when employees observe the actions of others, learn from what they observe, and then repeat the observed behavior

Question 15

benchmarking

Answer 15

the process of gathering information about other companies in your industry to compare your performance against and to use to set goals

Question 16

blockaded entry

Answer 16

a condition where the incumbent firm need not undertake any entry-deterring strategies to deter entries

Question 17

bonus or incentive plans (payments)

Answer 17

types of payments that are made by employers to attract, keep and reward good employees

Question 18

boosterism

Answer 18

positively representing the organization when in public

Question 19

bootlegging

Answer 19

informal efforts by managers and employees to create new products and new processes

Question 20

bottom line

Answer 20

refers to the bottom line of an income statement; shows the net income available to shareholders

Question 21

breakeven price

Answer 21

the price at which economic proft is zero, or when the price equals average total cost

Question 22

business plan

Answer 22

a document that thoroughly explains a business idea and how it will be carried out

Question 23

capital rationing

Answer 23

situation that exists if a firm has more acceptable investment projects than it has funds available to invest

Question 24

cash flow statement

Answer 24

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

Question 25

cash rent

Answer 25

rental arrangement that generally has the least risk to the landowner

Question 26

categories of risk

Answer 26

production, marketing, financial, legal, human

Question 27

centralization

Answer 27

the shift of decision-making authority from regional offices to headquarters

Question 28

citizenship behavior

Answer 28

voluntary employee behaviors that contribute to organizational goals by improving the context in which work takes place

Question 29

client structure

Answer 29

an organizational form in which employees are organized around serving customers

Question 30

cobweb model

Answer 30

economic model that illustrates cyclical price behavior

Question 31

collective bargaining

Answer 31

negotiations between a union and a firm over wages, fringe benefits, job security, and working conditions

Question 32

common size analysis

Answer 32

analysis that expresses the profit and loss statement and/or balance sheet figures as a percentage of total sales or total assets

Question 33

company culture

Answer 33

the term given to the shared values and practices of the employees

Question 34

competitive advantage

Answer 34

ability of a firm to earn a higher reate of profit or returnthan the industry average

Question 35

competitive enterprises

Answer 35

exist when one enterprise can be expanded only by reducing another enterprise

Question 36

contingency plan

Answer 36

plan that outlines a firm’s response to an unforeseen event

Question 37

contingent income tax

Answer 37

computes what taxes would be if assets were liquidated at market value

Question 38

contribution margin

Answer 38

difference between the product’s unit selling price and its unit variable costs

Question 39

corporation

Answer 39

a business organization that normally provides for the least difficulty in intergenerational transfers

Question 40

cost basis valuation

Answer 40

practice by which valuable resources called assets are recorded at their acquistion price

Question 41

cost of capital

Answer 41

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

Question 42

crop share lease

Answer 42

an agreement in which the owner of farm land allows a tenant to farm in in exchange for a portion of the crop