Part 5 - Test 1143 Flashcards
Master-servant or Employer-employee
Amount of control of the principal (employer, client) over the agent (employee, attorney); relationship in law
Virtual auditor
Type of compliance tech, identifies errors and/or compliance violations
Reasoning processes
Techniques/tools used by auditor
Comparative
Very similar but not exactly alike (transactions); same system
Contextual
Each financial transactions & compare with historical patterns
Cross-source
Transactions in different systems
Temporal
Considers the timing of financial transactions
Upscale image
Portray: train employees to follow a certain way to respond customer’s inquiries; reinforce: train employees to greet in certain way
Product
A good/service provided by a business
Shopping
Consumer’s product purchased after being compared with … (price, quality, etc.)
Capital
Products manufactured for producing other products
Convenience
Products purchased quickly (w/. out any efforts)
Specialty
Consumer’s product with special characteristics that cause customers willing to pay extra efforts for it
Price
The trade-off for purchasing a product
Relative price
Wages and prices both increase/decrease, ppl still willing to purchase products as usual
Competitive price
Setting a (lower) price than competitors
Unfair price
Too high or too low compared with competitors
Objective price
Fair and strictly related w/. the actual value of the product
Philanthropic
= charity related
Pure and speculative
2 basic types of business risk
Absolute advantage
A country can produce a product for less; a country can produce more products from a fixed input
Comparative advantage
A country specialized in the product it’s good at producing, then trade w/. another country
Trade surplus
A country’s exports are greater than imports
Quota
Trade limits that limits goods in/out the country
Convergence (not consolidation)
2 businesses working together for a unified whole
Joint venture (strategic alliance) - covered abv
2 businesses sharing resources, technologies, etc. (short term)
Wholly owned subsidiary
A company fully owned by another company (the parent company)
Independent trade intermediary
Independent entity, not having a parent company
Franchise
Contractual agreement between parent company and franchisee (separate company or entity), to use parent company’s goods or services
Quality circle
A group of problem-solving coworkers who work together to recommend solutions to management on a given situation/topic
Standing committee
Work on common problem for long-term
Short term committee
Have an immediate goal
Product team
Responsible of the product
Financial holding company
Large organization which owns most or all the shares of a individually corporated subsidiary
SEC website
Securities and Exchange Commission
Out of place
= Not included
Corporate finance
Manage policy and strategy for liquidity and solvency (finding money and make sure money is used correctly)
Bank services
e.g. accepts deposits, lends funds, extends credit, cash management, short-term investments, mortgages
Hold accountable
= being (~) is being blame for incorrect decisions
