Part 1 - Test 1286 Flashcards
Marginal product
Additional output from additional input.
Managerial accountant
Prepare data, record crunching numbers, budget, strategize, planning.
“Crunching” numbers
To process numbers and analyze them.
Solve the problem of 2+2, get the answer as 4.
Personal vision
Describes personal values, goals, and strengths.
Retrievable
Accessible, able to be accessed timely.
Reciprocal relationship
“Vice versa” relationship.
Consolidation
2 businesses agree to create 1 new entity, 1 business takes over net assets.
Firewall
Protect network from unauthorized users.
Cost accounting
Budgets allow management to consider a business’s total cost of production.
Does not provide info to external parties (i.e. stakeholders); only include production cost not marketing cost.
Communicate priorities
Help employees to understand their specific goals and responsibilities.
Mission statement
Official document opening to the public, whole business’s expectations and positioning.
Subcultures
A segment/part existing in a general culture.
Quality-management plan
Require standards in the plan.
Managerial control
More likely to manage people as management.
HR management
Hiring/enrolling people, firing people, dealing with complaints.
Change management
Dealing with changes, adoptions of new items, etc.
Fixed costs
The cost that can be predicted before actually spending it.
Pay rates
Salary of individuals, refer and only refer to a single employee.
Operating costs
The costs of a company that are not necessarily needed for production.
Competitive analysis
Data mining of one’s own company and another company, compare and contrast.
Data mining
Look previous data, find previous trends, apply it to the future.
Customer retention
Creating customer loyalty and make them return.
Strategic relationship (joint venture)
Formed when 2 companies sharing resources and leverage key assets.
Leverage
Debt part of the company; Leveraging = borrowing in money.
