Part 2 - Test 1289 Flashcards
What are bonds?
Investor loans money to issuer (gov. or a corporation), receive fixed-income periodically; safe and reliable.
Requires a long time to gain returns.
What is a purchase order?
Form which buyer (business) fills out to purchase from the seller (vendor).
Contains: item’s description, part number, quantity, price, company’s shipping & billing address.
What is an invoice?
Itemized statement of money owed for a good or service generated by the seller (vendor).
Seller provides product first, the business will then pay the money within due date.
What is a receipt?
Document that confirms a transaction, serving as proof of payment for goods or services received.
After money is paid, receipt will be generated.
What is an expense form?
Document used to report and request reimbursement for costs incurred while conducting business activities.
After a working trip, employee fills expense form in with receipts attached.
What is a victim mentality?
Unwilling to take responsibilities, think everyone except themselves are responsible for mistakes.
Did not put efforts in, receive a poor mark, but then complain about unfair mark given.
What is a credit bureau?
Organization that collects and maintains consumer credit information.
Providing credit reports and scores to lenders and businesses to assess creditworthiness.
What are IFRS (International Financial Reporting Standards)?
Set of accounting standards developed to ensure consistency and transparency in financial reporting across (globally).
N/A
What does uninformed mean?
Lack of knowledge/information.
Ignorant.
What does ethnocentric mean?
Judgemental to other cultures using own culture.
A thinks B’s culture is extreme, according to standards from her own culture.
What is individualism?
Place personal goals over group/social goals.
Not contributing to the team because A wants to play video games.
What is an informed buying decision?
A choice made by a consumer based on thorough research and analysis of relevant information about products, prices, and alternatives.
What is perpetual inventory?
Record of inventory information that is continuously updated (manually or computer).
Subtracting number of inventories on tracking sheet.
What is inventory shrinkage?
Unwanted and unexpected inventory lost during various activities.
Shoplifting, employee theft, breakage, misplacement, poor recordkeeping.
What is physical inventory?
Process of counting each item that is available for use.
N/A
What is innovation?
Developments and implementation of new products.
Design new appearances of products, new functions of products, etc.
What is product/service management?
Obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.
N/A
What are marketing functions?
Activities that must work together to get goods or services from producers to customers.
Product/service management, pricing.
What is accounting?
Keeping and maintaining financial records.
Check out document.
What is financing?
Determining the need for and availability of financial resources to aid in business activities.
Loaning, mortgages, manage other market activities.
What is pricing?
Determining and adjusting price according to customers’ needs.
What is a debit card?
Purchase now, pay now. Issued by a financial institution, cardholder purchases items with electronic transactions.
What is a credit card?
Purchase now, pay later. Issued by a financial institution, cardholder purchases items with ‘borrowing’ money from the bank.
What is an operating system?
System which consists of ALL required components to run ALL applications on the computer.
What is multiprocessing?
Multiple units to access the same program at the same time.
Multiple users sharing a PowerPoint for future editions.
What is multithreading?
In one unit, run multiple programs (from different threads).
Opening multiple tabs on a computer.
What does aptitude mean?
(=) talented to do something.
What does methodical mean?
Slow, cares about basic things a lot (e.g. clauses on contract).
Who is a lender?
Money belongs to the lender.
Who is a borrower?
Borrowing money from the lender.
What are customer inquiry procedures?
Handle customers’ inquiry so a business can serve patrons quickly and effectively.
What are disciplinary/termination procedures?
Punish employees who break the code of conduct.
What are human-resource related procedures?
Disputes from employees, emotional intelligence related.
What are emergency procedures?
Keep customers, employees, and resources safe under crisis situations.
What is ordinary life insurance?
Pays benefits on the death of the policyholder + savings/investment account with cash value.
What is term life insurance?
Covers for a specific number of years.
What is liability insurance?
Protects owner against claims for injuries/damages caused by the owner’s property.
What is homeowner’s insurance?
Protects property owners from damages of their property.
What is a credit account?
Arrangement by bank, store, etc. which allows user to use their credit card and ‘buy now, pay later.’
What is a revolving credit account?
A type of credit account, limits total amount of money that may be owed.
Credit limit + pay all or part due every month.
What is an installment credit account?
A type of credit account, owes cardholder a fixed amount of money in advance, therefore the borrower knows how much to pay back.
Down payment + pay rest in a scheduled time.
What is a service credit account?
Used for utilities that have been consumed but not yet paid for.
e.g. receives $10 every month to use inside the platform as a subscriber, regardless of money spent, always receive $10/month; if unsubscribe, automatically loses all money in platform.
What is a budget credit account?
Short-term credit, set-up for 60- or 90-days, with payment due every 30 days; interest will not be changed if payments are made on time.
What is an open credit account?
Pay full at the end of each period, regular/most common.
What is rationing?
How scarce resources are allocated/distributed.
What is a socialist command economy?
The state owns and controls most of the factors of production, including land and capital goods.
More about types of economy: general; detailed.
What is a communist command economy?
Central governmental authority sets permitted levels of production, as well as the terms of distribution and pricing.
What is the marketing concept?
Business activities should aim for satisfying customer’s wants and needs.
