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Management > Vocabulary > Flashcards

Vocabulary Flashcards

1
Q

Great man

A

19th cent theory that states that history is largely explained by the effects of great man it heroes

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2
Q

Accounts receivable

A

Money owed to a company by a debtor

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3
Q

Allocation

A

Distribute

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4
Q

Attrition

A

Not to replace employees when they leave

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5
Q

Business units

A

Specific Business function

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6
Q

Capital assets

A

Pieces of property

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7
Q

Central tendency

A

Measure of a value describes data revolving around a central value

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8
Q

Contingency theory

A

Future event can’t be predicted with certainty

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9
Q

Decentralized operations

A

Responsibility delegated to middle management or lower management

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10
Q

Depreciation

A

Reduced value over time

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11
Q

Dividends

A

Sum of money paid regularly by a company to shareholders out of their own pocket

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12
Q

Economies of scale

A

Low cost high volume

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13
Q

Emergent

A

Change not planned

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14
Q

Encoding

A

Converting info into particular form

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15
Q

Equity

A

Value of property

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16
Q

Financial accounting

A

Branch of accounting that prepare Financial documents (income statement and balance sheets)

17
Q

Furlough

A

Leave of absence (layoff without pay)

18
Q

Heuristics

A

Practical problem solving can lead to biases

19
Q

Innate

A

Born with

20
Q

Inventory financing

A

Using inventory as collateral

21
Q

Just in time inventory

A

Inventory on hand that is currently needed

22
Q

Lean

A

Org focused on customer value

23
Q

Key performance indicators

A

How effectively a business is achieving its objectives

24
Q

Managerial accounting

A

Accounting to align processes with the organization’s goals

25
Q

Market capitalization

A

Total value of company(based on stock) * current share price

26
Q

Matrix

A

Org structure set in a grid instead of traditional hierarchy

27
Q

Mechanistic

A

Hierarchical org with central authority

28
Q

Net income

A

Income after tax is taken out

29
Q

Overhead

A

Expenses not linked to product/services

30
Q

Pro forma

A

Hypothetical scenario

31
Q

Revenue

A

Income from Sales from goods/services

32
Q

Six sigma

A

Increase performance decrease variation in process

33
Q

Sole proprietor

A

One owner of the business

34
Q

Speculative measures

A

Results in uncertain gain or loss

35
Q

Value added ratios

A

Time spent adding value / total time from receipt until its delivery

36
Q

Sunk cost

A

Missed opportunity that can’t be recovered, lost money

37
Q

Opportunity cost

A

Inability to Pursue another alternative that offers a potential gain after making a choice

38
Q

Just in time inventory

A

Designed to increase efficiency, decrease waste and cut costs by having inventory on hand that is currently needed to fill orders

39
Q

Liaison

A

Someone who is Close working relationship between people or organizations

Management (12 decks)

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