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.
Distribution channel
How a product is made, can be in a tree diagram.
Contingency plan
A plan/certain actions for business to respond effectively and efficiently under an emergency.
Elastic and inelastic demands
The amount of people willing to purchase for a product/service.
Purchasing method
Process of inventory costing, purchasing needed materials for production.
Stability
Ability of a business to keep “stable” in trades and profits.
Soft skills
Personal attribute which enhances/supports completion of tasks.
Deposit-taking financial institutions
Authorized institution to accept deposits under the Banking Act.
Credit unions
Not commercial banks, providing financial services for people.
Mutual savings banks
Banks owned by depositors, not profitable.
Funds
A pool of money set aside for a specific purpose.
Simple example, setting aside $200 for groceries.
Corporations
General term that most self-started businesses fall under.
Insurance
Financial protection against specific risks or losses.
Brokerages
Facilitate the buying and selling of financial securities for investors.
Tracking (automatic)
Instead of manually entering info, links the bank account directly to budgeting application.
Backup (automatic)
Computer automatically store and upload files to server.
Affirmation
Want to accept, incorporate, or develop on a thing.
Alerts
Notify when a certain standard/criteria is met.
Formal communication
Communicate using a formal language or/and logic.
Financial market
“Organized effort or exchange that facilitates the buying and selling of financial assets.”
Selective property
Identify and select specific investment opportunities that align with particular criteria or goals.
Par value
Lowest price of each share of stock will be sold at.
No-par value
Not having a lowest price/share of stock.
ETFs (Exchange-Traded Funds)
Exchange-traded funds, flexible version of mutual funds.
Hedge funds
Funds that are actively managed by people, high risk but also high return.
Regulatory landscape
“Police” at the stock market.
Primary markets
Public market.
Secondary markets
Private market.
Portfolio
A basket of financial products.
Systematic and nonsystematic
Can/cannot be solved by diversification.
Diversification
Putting money into different basket.
Stocks
Claims for shareholders for their assets of the company.
Equity
Ownership interest in a company, represented by shares of stock.
Residue value
Estimated worth of an asset at the end of its useful life.
Liquidate
Convert assets into cash by selling them off.
Multi-table query
Database retrieving data from two or more tables.
Mitigate
= reduce.
Scrunity
= carefully check.
Yield formula
dividend/current price.
Intrinsic
Independent of factors that are already satisfied.
Extrinsic
Related to external awards.
Customer tax
Paid for souvenirs and products from other countries.
Working capital
Measure of short-term financial health.
Tenure
For teachers only (teacher’s seniority).
Financial stewardship
Allocate financial resources to reach a business’s mission.
Liability exposure
Losses (lawsuits, damaged reputation, losses in money, etc.).
Governance structure
Broadest term for all governances, external and internal.
Tokenization
Substituting a random number in place of an account number to process the transaction online.
Extensive DC
Producer - customer
Selective DC
Producer - distributor - customer
Intensive DC
Producer - wholesaler - distributor - customer
Competitive analysis PM
Multiple suppliers submit their proposal, company reviews and chooses the best one (meeting requirements)
Lowest-bidder PM
Whoever provides the proposal with lowest price gets chosen; *public or government plans
Standing-order PM
Agreement of consistent supplies, used on consumables (re-order them)
Blank-check PM
High degree of trust, supplier get to sign of purchaser’s check; *used when the cost is unpredictable
Growth funds
Not pay regular dividends + above-average financial aids
Income funds
Regular dividends, regular stocks
Index funds
Specific index (i.e. Standard & Poor’s 500 Index)
Trust funds (Grantor –> trustee –> beneficiary)
“A legal entity that holds property and assets and can provide financial, tax, and legal protection”, basically inheritance
Rainy-day funds
Setting aside a amount of money for unexpected emergencies (i.e broken car)
