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Small Business Management > Vocab 1 > Flashcards

Vocab 1 Flashcards

1
Q

ADVERTISING

A

The art of making the public aware of the services or commodities that the business has for sale.

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2
Q

AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967

A

Federal legislation that requires employer to treat applicants and employees equally regardless of age.

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3
Q

AGING SCHEDULE

A

A grouping of accounts receivable into age categories based upon the length of time they have been outstanding on the company record.

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4
Q

AMERICANS WITH DISABILITIES ACT (ADA)

A

Legislation that guarantees disabled people equal access to employment, as well as access to public places.

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5
Q

ANGELS

A

Private investors who are willing to supply financing for new and/or risky small venture start-ups.

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6
Q

ARTICLES OF PARTNERSHIP

A

A written document that states explicitly the rights and duties of partners in a partnership

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7
Q

AVERAGE COLLECTION PERIOD

A

A measure of the accounts receivable turnover

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8
Q

BETTER BUSINESS BUREAU

A

Association of business firms that promotes ethical
conduct by all business firms in a community.

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9
Q

BOARD OF DIRECTORS

A

The governing body that is elected by the stockholders of a corporation.

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10
Q

BONA FIDE OCCUPATIONAL QUALIFICATION (BFOQ)

A

A qualification that is absolutely necessary for the job; it is an allowed and approved reason for discrimination.

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11
Q

BOOK VALUE

A

The cost of a fixed asset less accumulated depreciation.

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12
Q

BRAND

A

The identification for a product.

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13
Q

BREAK-EVEN ANALYSIS

A

The point at which total sales revenue equals total operating costs; determined by formula or chart.

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14
Q

BURGLARY

A

The forcible breaking and entering of premises closed for business with the subsequent removal of cash or merchandise

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15
Q

BUSINESS

A

An organization that combines inputs of raw materials, capital, labor, and management skills to produce useful outputs of goods and services so as to earn a profit.

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16
Q

BUSINESS INTERRUPTION INSURANCE

A

Insurance that protects companies during the period necessary to restore property damaged by an insured peril. Coverage pays for lost income and other expenses related to recovery.

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17
Q

BUSINESS PLAN (NEW VENTURE PLAN)

A

A written description of a new idea that projects marketing, operational, and financial aspects of a proposed business.

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18
Q

BUSINESS POLICIES

A

Fundamental statements that serve as guides to management practice.

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19
Q

CASUALTY INSURANCE

A

Insurance that provides monetary benefits to a business that has experienced an unforeseen peril such as flood, fire, etc.

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20
Q

CENSUS OF BUSINESS

A

Source of market data that explains where certain businesses are located.

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21
Q

CENSUS OF HOUSING

A

Source of market data that keeps track of new home sales by region and/or the construction of new houses by region and specific area.

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22
Q

CENSUS OF MANUFACTURING

A

Source of market data that explains where certain manufacturers are located.

23
Q

CENSUS OF POPULATION

A

A source of market data that compiles population statistics with regard to distribution of population by region, area, etc.

24
Q

CHAIN OF COMMAND

A

The superior-subordinate relationship that serves as a channel for two-way communication

25
Q

CHAMBER OF COMMERCE

A

An association of business people who attempt to protect and promote the commercial interests in a community.

26
Q

CIRCULATING CAPITAL

A

The current asset items consisting of cash, inventories, and accounts receivable.

27
Q

CIVIL RIGHTS ACT OF 1964

A

Federal legislation that prohibits discrimination on the basis of race, color, religion, sex, pregnancy, or national origin.

28
Q

COINSURANCE CLAUSE

A

A clause in an insurance policy under which the insured agrees to maintain insurance equal to some specified percentage of the property value or otherwise to assume a portion of any loss.

29
Q

COMPETITION

A

The practice of trying to obtain something that is being sought by others under similar circumstances at the same time.

30
Q

CONSUMER CREDIT

A

A type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants.

31
Q

CONSUMERISM

A

The emphasis placed on providing to customers products and services that are safe, reliable, and honestly advertised; also, a social movement that seeks to strengthen the rights of consumers relative to sellers.

32
Q

CONTROLLING

A

Evaluating

33
Q

COPYRIGHT

A

The registered right of a creator to reproduce, publish, and sell the
work which is the product of the intelligence and skill of that person.

34
Q

CORPORATE REFUGEES

A

Those individuals who flee the bureaucratic environment of big business by going into business for themselves.

35
Q

CORPORATION

A

An artificial being, invisible, intangible, and existing only in contemplation of law; an entity that is something that has a distinct existence separate and apart from the existence of its individual members.

36
Q

CORPORATION CHARTER

A

The written application for permission to incorporate that is approved by a state official.

37
Q

CREDIT

A

An agreement that payment for a product or service will be made at some later date

38
Q

CREDIT BUREAU

A

An organization of retailers and other firms in a given community that serves its members by summarizing their credit experience with particular individuals.

39
Q

CREDIT INSURANCE

A

Insurance that protects non-retailing businesses from abnormal bad-debt losses.

40
Q

CURRENT RATIO

A

The current assets divided by the current liabilities and a measure of the liquidity of the business.

41
Q

DEBT EQUITY (DEBT CAPITAL, BORROWED CAPITAL)

A

Any borrowed or loaned capital invested in the business that must be repaid to creditors.

42
Q

DEDUCTIBLE CLAUSE

A

Insurance policy provision that makes the insurer liable only for losses in excess of the stated deductible.

43
Q

DELEGATION OF AUTHORITY

A

A superior’s act of granting to subordinates, on the basis of competence, the right to act or decide.

44
Q

DEMOGRAPHICS

A

The statistical study of human populations with respect to their size, density, distribution, composition, and income.

45
Q

DIRECTING (ACTUATING)

A

Regulating the activities of an organization; to guide and/or supervise the activities of an organization.

46
Q

EARNINGS VALUATION APPROACH

A

A business valuation approach which centers on estimating the amount of potential income that may be produced by the business in the next year.

47
Q

ECONOMIC BASE

A

The wealth produced in or near a community that provides employment and income to the local population.

48
Q

ECONOMIC ORDER QUANTITY (EOQ)

A

The quantity to be purchased which minimizes total costs.

49
Q

EMPLOYMENT APPLICATION

A

A record of statements made at the time the applicant first seeks employment.

50
Q

EMPLOYMENT INTERVIEW

A

The primary way of judging the job applicant’s appearance, poise, speech, etc.

51
Q

ENDOWMENT LIFE INSURANCE

A

Life insurance that allows the insured, rather than the beneficiary, to collect the face value of the policy upon maturity or to collect that value in annual payments.

52
Q

ENTREPRENEUR

A

One who organizes, manages, and assumes the risk of a business firm or venture.

53
Q

ABC METHOD

A

A method of classifying inventory items with categories which are of
high-value, less costly, and/or low-cost items.

Small Business Management (5 decks)

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