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mors201 > Vocab Test- 1A Small Business Mgmt > Flashcards

Vocab Test- 1A Small Business Mgmt Flashcards

1
Q

ABC Method

A

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

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2
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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3
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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4
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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5
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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6
Q

Angels

A

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

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7
Q

Articles of Partnership

A

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

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8
Q

Average Collection Period

A

a measure of the acts receivable turnover

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9
Q

Better Business Bureau

A

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

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10
Q

Board of Directors

A

governing body that is elected by the stockholders of a corporation

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11
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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12
Q

Book Value

A

the cost of a fixed asset less accumulated depreciation

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13
Q

Brand

A

the identification for a product

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14
Q

Break-Even Analysis

A

the point at which total sales revenue equals total operating costs; determined by a formula or chart

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15
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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16
Q

Business

A

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

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17
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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18
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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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 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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21
Q

Census of Business

A

source of market data that explains where certain businesses are located

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22
Q

Census of Manufacturing

A

source of market data that explains where certain manufacturers are located

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23
Q

Census of Population

A

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

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24
Q

Chain of Command

A

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

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25
Q

Chamber of Commerce

A

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

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26
Q

Circulating Capital

A

the current asset items consisting of cash, inventories, and acts receivable

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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

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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 any loss

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29
Q

Competition

A

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

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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

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31
Q

Consumerism

A

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.

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32
Q

Controlling

A

see evaluating

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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

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34
Q

Corporate Refugees

A

those individuals who flee the bureaucratic environ. of big business by going into business for themselves.

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35
Q

Corporation

A

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

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36
Q

Corporation Charter

A

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

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37
Q

Credit

A

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

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38
Q

Credit Bureau

A

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

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39
Q

Credit Insurance

A

insurance that protects non-retailing businesses from abnormal bad-debt losses

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40
Q

Current Ratio

A

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

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41
Q

Debt Equity (Debt Capital, Borrowed Capital)

A

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

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42
Q

Deductible Clause

A

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

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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

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44
Q

Demographics

A

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

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45
Q

Directing (actuating)

A

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

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46
Q

Earnings Valuation Approach

A

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

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47
Q

Economic Base

A

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

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48
Q

Economic order Quantity (EOQ)

A

the quantity to be purchased which minimizes total costs.

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49
Q

Employment Application

A

a record of statements made at the time the applicant first seeks employment

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50
Q

Employment Interview

A

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

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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

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52
Q

Entrepreneur

A

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

53
Q

Equal Employment Opportunity Act

A

The absence of employment discrimination based on race, color, religion, sex, or national origin

54
Q

Equal Pay Act

A

Outlaws discrimination in pay against those who are over forty years old

55
Q

Evaluating (Controlling)

A

a management function which compares organizational and individual performance with predetermined standards or expected results

56
Q

Factoring

A

Obtaining cash before payments are received form customers by selling off ones’accousts receivable to a third party

57
Q

Fair Labor Standards act (wage and hour)

A

outlaws discriminatory practices in pay; requires employers to pay a minimum wage to employees, and to pay a minimum of one and one-half times the regular rate for any hours beyond forty worked in a week

58
Q

Finance

A

business function of effectively obtaining and using funds

59
Q

Fixed Capital

A

long-term capital that is invested in the small business; also, funds invested in such long-term assets as :land, building, machinery, furniture, fixtures, and other equipment

60
Q

Fixed Expenses

A

a cost that, for a given period o time and range of activity called the relevant range, does not change in total, but becomes progressively smaller on a per unit basis as volume increase; these expenses do not increase with increased business, nor do they decrease with declining business activity

61
Q

General Liability Insurance

A

insurance covering business liability to customers who might be injured on or off premises or from the product sold to them

62
Q

Goodwill

A

an intangible asset such as the name of a funeral home; also, an intangible asset which enables a business to earn a profit in excess of the normal rate of profit earned by other businesses of the same

63
Q

Human Resource Forecast

A

determining personnel needs in terms of numbers of individuals and their required skills

64
Q

Human Resource Management

A

process of acquiring, training, developing, motivating, and appraising a sufficient quantity of qualified employees to perform necessary activities; developing activities and an organizational climate conducive to maximum efficiency and worker satisfaction

65
Q

Human Resource Planning

A

developing a comprehensive strategy for meeting future human resource needs

66
Q

Immigration Reform Act

A

federal legislation requiring employers to check job applicants’ papers to be sure they ar either us citizens or aliens authorized to work in the u.s

67
Q

Innovation

A

the introduction of something new; a new idea, method, or device

68
Q

Installment Credit ( Closed End Credit)

A

balance of costly goods paid for in small monthly fractional payments over a period of time.

69
Q

Insurance

A

Uneventful protection for the small business or small business owner in regards to monetary compensation in the event that a business and/or personal peril is experienced

70
Q

Intangible Assets

A

those assets that cannot be touched or grasped

71
Q

Interdependence

A

the dependency of businesses on one another

72
Q

Interviewing

A

a job-analysis technique in which individuals currently holding a particular job are asked questions concerning the requirements of the job

73
Q

Inventory (Merchandise)

A

those goods or stock of goods which are held for resale at a profit

74
Q

Inventory Turnover

A

the number of times the average inventory has been sold or used up during a period

75
Q

Job Analysis

A

the process of determining the critical components of a job for purposes of selecting, training, and rewarding personnel

76
Q

Job Description

A

a document that lists the major responsibilities and tasks of the job

77
Q

Job Specification

A

a document that lists the knowledge, skills, abilities, and personal characteristics a job holder must possess to perform effectively

78
Q

Key- person Life Insurance

A

life insurance that protects a firm against losses due to the death of a key employee

79
Q

Liability Insurance

A

insurance that covers business liability to customers of others who might be injured from the product sold to them

80
Q

Life Insurance

A

Insurance that provides death benefits to the survivors of the insured

81
Q

Limited Liability Company (not corporation)

A

new form of business ownership (approved in most states since approximately 1994) combines aspects of partnerships with the limited liability of a corporation; owners known as members

82
Q

Line of Credit

A

an understanding between a bank and the business indicating the max amt the bank is willing to loan the borrower

83
Q

Liquidation Value (Market value) Approach

A

the anticipated value of an asset that would be realized in case of liquidation of the business

84
Q

Management

A

the art and science of motivating people toward the achievement of a goal

85
Q

Manufacturing Business

A

a business that makes finished goods from raw materials by hand or machinery

86
Q

Markdown

A

a reduction of selling price below the original selling price

87
Q

Market

A

a group of potential customers possessing purchasing power and unsatisfied needs

88
Q

Marketing

A

the process of planning and executing the development, pricing, promotion, and distribution of an organization’s goods or services

89
Q

Market Survey

A

a study that is used by a business to determine where the potential customers are located

90
Q

Market Value Approach

A

an approach used in business valuation which determines value based upon previous sales of similar businesses

91
Q

Markup

A

the difference between merchandise cost and selling price (gross margin)

92
Q

Merchandising business

A

a business that purchases finished goods for resale

93
Q

Mortgage

A

a claim given by the borrower to the lender against the borrower’s property in return for a loan

94
Q

Mortgage Loan

A

a loan secured by a mortgage on property

95
Q

Occupational Safety and Health Act (OSHA)

A

a govt agency with the responsibility for regulatory and enforcement safety and health matters for most US employees; an individual state OSHA agency may supersede the US Dept of Labor OSHA regulations

96
Q

Open-End Credit (Revolving)

A

a line of credit that may be used over and over again put o a certain borrowing limit

97
Q

Operating ratios

A

a comparison of profit and each item of expense in the income statement expressed as a percentage of sales income; the operating ratios can be compared to the industry standards in regard to measuring the possible growth of the business

98
Q

Organizing

A

to arrange or constitute in interdependent parts, each having a specific fun or relation with respect to the whole; the arrangement and distribution of work among members of an organization

99
Q

Overhead

A

Expenses incurred in the normal operation of a business

100
Q

Partnership

A

voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit

101
Q

Patent

A

the registered right of an inventor to make, use, and sell an invention

102
Q

Personal Capital (Equity Capital)

A

Capital that is invested in the business by the owner

103
Q

Planning

A

that fxn of determining in advance what needs to be accomplished in order to achieve a particular goal

104
Q

Pricing Policy

A

factors which influence prices

105
Q

Product Liability Insurance

A

Insurance that protects a firm against claims that its product caused bodily injury or property damage to the user

106
Q

Proprietorship

A

see sole proprietorship

107
Q

Recruitment

A

the process foo forming a pool of qualified applicants for tasks that need to be filled

108
Q

Replacement Value Approach

A

the fair market price to purchase similar products unseemlier condition

109
Q

Resume

A

written summary of one’s personal, educational, and professional achievements

110
Q

Risk

A

a condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for

111
Q

Risk Management

A

all efforts designed to preserve assets and earning power associated with a business

112
Q

Sales Promotion

A

A plan which provides inducements to potential purchasers of products and or services

113
Q

Self-Insurance

A

a form of risk mgmt whereby a part of the firms earnings is earmarked as a contingency fund for possible future losses, specifically for individual loss categories such a property , medical, or workers comp.

114
Q

Service business

A

a business that provides a service as opposed to a product

115
Q

Small Business

A

a business which is indeed. owned and operated and is not dominant in its field of operations

116
Q

Small Business Adm.

A

principal govt. agency concerned with the financing, operation, and mgmt of small businesses

117
Q

Sole Proprietorship

A

a business owned by one person who is subject to claims of creditors

118
Q

Staffing

A

a mgmt fxn dealing with the recruitment, selection, placement, training, development and appraisal of the employees of the firm

119
Q

Tangible Assets

A

those assets that can be appraised by value or seen or touched

120
Q

Term Life Insurance

A

life insurance that has no cash value whenever the policy expires

121
Q

Trade credit

A

the form of credit that is extended by one business to another business to help finance distribution of producers goods.

122
Q

Trademark

A

an intangible asset that is a distinct name, sign, or symbol that the federal govt grants exclusive rights to use for a specified period of time

123
Q

Universal Life insurance

A

a combination of whole life insurance and term life insurance

124
Q

Variable expense

A

a cost whites uniform per unit, but fluctuates in direct proportion to change in the related total activity or volume

125
Q

Venture Capitalist

A

anyone that invests in or financially sponsors a new business

126
Q

Vietnam Era Veterans Readjustment Act

A

outlaws discrimination in employment against Vietnam Era Vets.

127
Q

Whole Life Insurance

A

Life insurance that gives lifetime protection to the insured person

128
Q

Working Capital (Circulating Capital)

A

the difference between current assets and current liabilities

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