Other Vocab IMPORTANT

Question 1

Elasticity

Answer 1

An indication of how much changes will affect supply and demand. More Elastic = More Change

Question 2

Uncounted Production

Answer 2

Goods and services that aren’t sold on the marketplace. They’re not counted in the GDP.

Question 3

Constant Sum Rating Scale

Answer 3

Respondents are allowed a fixed number of points to distribute among questions. It helps with relative importance.

Question 4

Wage Garnishment

Answer 4

Employer is court-ordered to withhold part of an employee’s salary and sends it directly to the creditor (person asking for money).

Question 5

Collection Letter

Answer 5

A formal document sent to somebody who is late on payments.

Question 6

Semantic Differential Scale

Answer 6

A tool used to measure an employee’s attitudes of two opposite things using a seven point scale.

Question 7

Matrix Organization Structure

Answer 7

When an employee reports to multiple managers.

Question 8

Cross Linking

Answer 8

Promoting your company in another company’s website and vice a versa.

Question 9

Likert Scale

Answer 9

Has respondents pick the best option and is used to access how satisfied the target market is.

Question 10

Transfer Payments

Answer 10

A payment where no goods or services are being paid for such as financial assistance.

Question 11

Credit Union

Answer 11

A member-owned nonprofit financial institution that performs many banking activities including giving out small loans for low interest rates.

Question 12

Wrongful Interference (Tort)

Answer 12

Predatory practices that take away customers or employees.

Question 13

Conversion (Tort)

Answer 13

When another’s property is taken and given to somebody else to use.

Question 14

Probate Law

Answer 14

The legal processes that happen when someone’s death occurs.

Question 15

Stagflation

Answer 15

Stagnant economic growth with high inflation.

Question 16

Depression

Answer 16

Economic decline that can last years.

Question 17

Subsidy

Answer 17

Government financial help given to a business.

Question 18

Structural (Unemployment)

Answer 18

When people don’t have the skills for the job.

Question 19

Seasonal (Unemployment)

Answer 19

When people are out of work because of the time of year.

Question 20

Frictional (Unemployment)

Answer 20

Temporary unemployment because of layoffs, resignations, or educational pursuits.

Question 21

Cyclical (Unemployment)

Answer 21

Periods of time where there is low demand for workers (economic).

Question 22

Law of Diminishing Returns.

Answer 22

After a certain number of employees, the result will amount to smaller increases in overall production.

Question 23

Revolving
Credit Accounts

Answer 23

Provide borrowers with a maximum limit. Businesses require them to make minimal payments.

Question 24

Installment Credit Account

Answer 24

An account that requires you to pay over regular intervals.

Question 25

Open Credit Account

Answer 25

Requires you to pay in full at the end of a period.

Question 26

Transcribing

Answer 26

Taking coded information and entering it into appropriate computer fields.

Question 27

Branching (Survey Technique)

Answer 27

Requires respondents to go to another place within the survey to answer questions.

Question 28

Slack Resources

Answer 28

Resources that go above and beyond what is needed to run the business.

Question 29

Aggregate Demand

Answer 29

Total demand for total goods and services produced with an economy over a specific period of time.

Question 30

Consolidation

Answer 30

The combination of two or more corporations that join together to become a COMPLETELY new company. All previous companies cease to exist.

Question 31

Merger

Answer 31

The combination of two or more business groups. Usually company names are combined.

Question 32

Planogram

Answer 32

A computer-developed diagram that tells retailers how to display products.

Question 33

Complementary Goods

Answer 33

Products that are directly associated or paired with another good.

Question 34

Trading Up (Market Mix)

Answer 34

Adding a higher priced product to the mix.

Question 35

Trading Down (Product Mix)

Answer 35

Adding a lower priced product to its mix.

Question 36

Brand Evangelism

Answer 36

Advocating for a brand and convincing others that the brand is the best.

Question 37

X-Data

Answer 37

Experiential Data. Data from the viewpoint of a customer. This can come from surveys, interviews, focus groups, etc.

Question 38

O-Data

Answer 38

Operational Data. Data from the company’s side of things. It’s produced from every day operational activities.

Question 39

Groupthink

Answer 39

An extreme way of promoting unity among the group that can lead to censorship (correct answer).

Question 40

Letter of Application (Cover Letter)

Answer 40

Document that you send that accompanies other job application documents.

Question 41

Soliciting Bids

Answer 41

Refers to the process of requesting Proposals or quotations from potential contractors.

Question 42

Pull Promotional Stradegy

Answer 42

A producer promoting its products directly to the ultimate consumer or industrial user.

Question 43

Judicial lien

Answer 43

A legal claim that protects the seller if the buyer doesn’t complete payments.

Question 44

Feed-Forward Communication

Answer 44

Obtaining suggestions for improving performance or achieving goals.

Question 45

Continuous Scale (Survey)

Answer 45

Allows respondents to place a slash mark on a line that is bounded by opposite variables.

Question 46

Dissonance Reducing Buying Behavior

Answer 46

When the consumer is highly involved but sees little difference between brands. This happens when products are expensive, infrequent, or unfamiliar.

Question 47

Marketing Research Brief

Answer 47

A plan for approaching g how to complete a marketing research study.

Question 48

Zero Based Budgeting

Answer 48

Assigns a dollar of income to an every expense rather than using the past to make budgeting decisions.