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Business Management and Administration > Untitled Deck > Flashcards

Untitled Deck Flashcards

1
Q

Franchise

A

a contractual agreement between a parent company and a franchisee to distribute goods and services

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2
Q

Corporation

A

a form of business ownership that is owned by stockholders who have purchased units or shares of the company

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3
Q

Elastic Demand

A

demand that changes according to changes in price

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4
Q

Inelastic Demand

A

demand that is not affected by changes in price.

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5
Q

Unitary Demand

A

when sales remain the same because changes in supply and demand are equal

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6
Q

Tort

A

a private wrongdoing that potentially harms another person or entity

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7
Q

Doctrine of Sovereign Immunity

A

the universally accepted principle that each nation has the right to manage its own government and develop its own laws.

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8
Q

Job Enlargement

A

combining different tasks into one position

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9
Q

Job Rotation

A

moving from one job to another job within an organization

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10
Q

Specialization by Trade

A

the type of work that a person performs in order to earn a living, such as engineering, public-relations, or accounting.

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11
Q

Frictional Unemployment

A

occurs because there are always workers who are in transition

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12
Q

Structural Unemployment

A

when the demand for certain types of workers declines and is often due to technology advancements and the need for new skills

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13
Q

Cyclical Employment

A

result of changes in the economic and business cycles

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14
Q

Wage Garnishments

A

court-ordered initiatives that involve taking income taken from an employee’s salary and submitting it to another person or organization

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15
Q

Embezzlement

A

theft of valuables that have been entrusted to another’s care

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16
Q

Securities Fraud

A

the use of misleading sales tactics to persuade investors to purchase securities

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17
Q

Espionage

A

revealing confidential information without the source or owner’s permission and is often associated with spying

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18
Q

Variety-seeking Buying Behavior

A

involves the purchase of routine items

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19
Q

Brand-insistence Buying Behavior

A

buyer will not buy anything other than a specific brand or product

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20
Q

Automation

A

involves the use of machines to carry out production tasks

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21
Q

Ergonomics

A

the study of the use of equipment or technology and its effects on workers’ physical well-being

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22
Q

Innovation

A

taking action to make the idea, item, or process available for consumers to use

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23
Q

Business-format Franchise

A

involves a close,continuous, working relationship between the franchisor and the franchisee

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24
Q

Customer Complaints

A

related to the business’s policies and procedures

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25
Q

Consumer Products

A

economic goods and services that are purchased and used by the ultimate consumer

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26
Q

Capital Products

A

purchased by businesses for use in their operations

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27
Q

Communist Command Economy

A

capital for business investment is provided by the government, which obtains it by taking the profits of businesses it owns and by levying taxes

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28
Q

Traditional Economy

A

people produce only what they must have in order to exist

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29
Q

Market Economy (Free Enterprise)

A

means of production and distribution are owned and controlled by individuals and businesses

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30
Q

Operating Expenses

A

costs of running the business

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31
Q

Gross Domestic Product

A

final total market value of the total output of all goods and services produced within a country’s geographic boundaries during a year’s time

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32
Q

Federal Reserve Banks

A

used by local banks to protect their banking functions; do not provide protection for local property

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33
Q

Tact

A

the ability to express your ideas and opinions so that they do not hurt or offend others

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34
Q

Cultural Imperialism

A

cultural aspects referring to the creation and maintenance of unequal relationships between civilizations favoring the more powerful civilization.

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35
Q

Nationalization

A

something whose ownership is taken over by the government

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36
Q

Credit

A

the arrangement in which businesses and individuals can purchase now and pay later.

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37
Q

Defamation

A

a tort that involves harm to an individual’s or business’s reputation

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38
Q

Monetary Gift

A

given without expectations of repayment

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39
Q

Punitive Damages

A

damages intended to reform or deter the defendant and others from engaging in conduct similar to that which formed the basis of the lawsuit

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40
Q

Contraction

A

businesses are affected by external factors; businesses often experience lower sales and profits

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41
Q

Business Cycle

A

the periods of expansion and contraction in economic conditions

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42
Q

Expansion

A

when the economy is strong and growing; businesses tend to make profits, expand operations, and hire more employees

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43
Q

Transitional Economic System

A

when a country’s economic system is moving from one type of economic system to another type of economic system

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44
Q

Secondary Dimensions of Diversity

A

differences that may change at various points throughout one’s lifetime

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45
Q

Primary Dimensions of Diversity

A

inborn differences that cannot be changed and affect a person’s entire life

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46
Q

Debit Card

A

funds are electronically transferred from the cardholder’s checking or savings account to the seller’s account

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47
Q

Corporate Bonds

A

bonds issued by corporations to fund operating expenses

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48
Q

Brokerage Bills

A

a fee charged by an agent, or agent’s company to facilitate transactions between buyers and sellers

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49
Q

Gross Pay

A

total income earned for the pay period before income taxes and other deductions are subtracted from the wages

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50
Q

Net Pay

A

the amount of money that the worker receives after the taxes and other deductions have been subtracted from his/her wages

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51
Q

Overtime Income

A

the amount of money that an hourly worker earns for working more hours than s/he is normally scheduled to work

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52
Q

General Endorsement

A

allows the endorser to cash the check or deposit it into the account of his/her choice

53
Q

Capital Gains

A

taxes on earnings from the appreciation of an investment

54
Q

Rebate

A

a part of the price that a customer pays for a good or service, which is usually offered by the product’s manufacturer

55
Q

Stop Words

A

commonly used words that do not always add meaning to the primary search terms

56
Q

Logistics

A

the function of operations that manages the flow of goods and services from production to consumption

57
Q

Malware

A

an illegal computer program that is used to disrupt computer processes, destroy computer programs, and access confidential business information

58
Q

Shareware

A

type of computer program in which computer users can sign up for the software on a trial basis. After the trial expires, the computer user can purchase and register the program, if desired

59
Q

Position Innovation

A

when an existing product is repositioned

60
Q

Process Innovation

A

changing the way that a product is produced or delivered

61
Q

Distributed Innovation

A

a decentralized model used for problem solving

62
Q

Conceptual Skills

A

ability to see the “big picture” and think about how things will work together

63
Q

Moderate Input

A

decision maker asks for some help before deciding

64
Q

Payroll Records

A

information about money paid to employees in a given period

65
Q

Web Ring

A

a series of linked web pages that share a common theme.

66
Q

Channel Management

A

responsible for identifying, selecting, monitoring, and evaluating sales channels

67
Q

Channels of Distribution

A

sales channels

68
Q

Product/Service Management

A

obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

69
Q

Promotion

A

communicate information about goods, services, images, and/or ideas to achieve a desired outcome

70
Q

Rolling Budget

A

continuous budget

71
Q

Zero-Based Budgeting

A

requires managers to demonstrate the need for every expense instead of relying on figures from a previous period

72
Q

Working Capital

A

the difference between a business’s current assets and current liabilities

73
Q

Capital Investment Decisions

A

which projects the business will invest in, how the investment(s) will be financed, and whether or not to pay dividends to the company’s shareholders

74
Q

Capital Structure

A

mix of debt and equity financing used to finance investments and projects

75
Q

Market Risk

A

risk of financial loss due to the decreased value of an investment

76
Q

Market Risk Management

A

using financial instruments to manage exposure to market risk

77
Q

Accrual Accounting Method

A

journalize income and expenditures at the time they occur even if no money changes hands at that time

78
Q

Cash Accounting Method

A

record income and expenditures at the time the money changes hands

79
Q

Managerial Accounting

A

reporting financial data to internal users

80
Q

Tax Accounting

A

recording transactions for tax purposes

81
Q

Churning

A

broker may encourage you to make excessive trades just to collect the commission fees from each one

82
Q

Skimming

A

price strategy that involves setting prices higher than those of the competition

83
Q

Bundling

A

marketing strategy that involves offering several products for sale as one combined product

84
Q

Flighting Strategy

A

media timing strategy that concentrates advertising during peak sales periods followed by periods of no advertising

85
Q

Transfer Payments

A

monies paid by the government in which no goods

86
Q

or services are received in exchange

A
87
Q

Floating Exchange-Rate System

A

value of a nation’s currency fluctuates

88
Q

Law of Economies of Scale

A

economic concept that the average cost of production decreases as a business expands

89
Q

Picketing

A

form of protest that involves positioning union members (pickets) near a business’s entrance during a conflict or strike

90
Q

Injunction

A

court order that forbids people from carrying out certain activities

91
Q

Lockout

A

management refuses to allow union members to work

92
Q

Direct Distribution

A

channel of distribution in which goods and services move directly from the producer to the consumer or industrial user

93
Q

Indirect Distribution

A

channel of distribution in which goods and services move from the producer to the channel members and then to consumers or industrial users

94
Q

Slack Resources

A

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

95
Q

Competitive Aggression

A

striving to win scarce customer dollars

96
Q

Organizational Learning

A

strategy that seeks to strengthen an organization by bringing employees together as well as by empowering them as individuals

97
Q

Operations Management

A

process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning

98
Q

Information Management

A

process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making

99
Q

Touch Points

A

all of the opportunities that a company has to connect with its customers and reinforce its brand value

100
Q

Brand Promise

A

company’s agreement, spoken or unspoken, with customers that it will consistently meet their expectations and deliver on its brand characteristics and values

101
Q

Statute

A

a law

102
Q

Procedural Due Process

A

individuals and businesses who are sued or charged with a crime have the opportunity to present evidence on their behalf before a court can impose a penalty

103
Q

Substantive Due Process

A

ensure that the government does not take away our fundamental rights

104
Q

The Takings Clause

A

requires the U.S. government to pay a fair price for any private property that it takes for public use

105
Q

Sovereign Immunity

A

protects a federal government from lawsuits brought against it in foreign courts

106
Q

Appropriation

A

involves a business or person who uses—without permission—another person’s name, likeness, and other unique characteristics for the benefit or gain of the user

107
Q

Wrongful Interference

A

predatory behavior undertaken by a business to draw either customers or employees away from a competitor

108
Q

Conversion

A

personal property is taken from the owner and given to someone else to use

109
Q

Limited Liability

A

their losses are limited to the amount of money that they have invested in the business

110
Q

Unlimited Liability

A

business owners are personally liable for debts incurred by the business

111
Q

Chronological Résumé

A

lists an applicant’s education and experience in order according to date, beginning with the most recent

112
Q

Functional Résumé

A

emphasizes major accomplishments according to importance rather than date

113
Q

Generalized Résumé

A

broad, general information rather than specific information

114
Q

Targeted Résumé

A

provide specific information about the applicant’s qualifications

115
Q

Entrepreneurs

A

individuals who expand their businesses in the form of products, personnel, and target markets

116
Q

Extension

A

total cost of each quantity of products the buyer is purchasing

117
Q

Amount Due

A

all extended prices, tax, and delivery charges

118
Q

Pilferage

A

theft of small sums of money or inexpensive items

119
Q

Lending Investment

A

lender allows a borrower to use his/her money during a period of time for a specified fee or rate of interest

120
Q

Work Team

A

group of employees which is responsible for carrying out an entire work process

121
Q

Quality Circle

A

problem-solving group

122
Q

Project Team

A

team of employees from different parts of the company who are assigned to work together on a specific project

123
Q

Ethnocentrism

A

belief that your own culture is naturally better than other cultures

124
Q

Cultural Sensitivity

A

willingness to adjust your opinions and behaviors so that you value different people and ideas

125
Q

Aptitude

A

possessing the skill or ability to do something

126
Q

Price Fixing

A

eliminates competition

127
Q

Price Indexing

A

method of measuring inflation

128
Q

Price discrimination

A

when businesses charge customers different prices for similar amounts and types of goods

129
Q

Economics

A

study of how people satisfy unlimited, competing, economic wants with limited resources

Business Management and Administration (1 decks)

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