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Principals 2 > Vocabulary Small Business Management > Flashcards

Vocabulary Small Business Management Flashcards

1
Q

The identification for a product.

A

Brand

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2
Q

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

A

Trademark

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3
Q

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

A

Census of Housing

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4
Q

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

A

Mortgage

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5
Q

The emphasis placed in 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.

A

Consumerism

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6
Q

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.

A

Business

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7
Q

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

A

Controlling (Evaluating)

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8
Q

A cost that, for a given period of 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 increases; these expenses do not increase with increased business, nor do they decrease with declining business activity.

A

Fixed Expenses

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9
Q

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

A

Casualty Insurance

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10
Q

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.

A

Corporation

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11
Q

A form of credit that is extended by one business to another business to help finance distribution of producer’s goods.

A

Trade Credit

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12
Q

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

A

ABC Method

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13
Q

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

A

Corporation Charter

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14
Q

An understanding between a bank and the business indicating the maximum amount the bank is willing to loan the borrower.

A

Line of Credit

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15
Q

A loan secured by a mortgage on property.

A

Mortgage Loan

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16
Q

Those assets that can be appraised by value or seen or touched.

A

Tangible Assets

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17
Q

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

A

Consumer Credit

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18
Q

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

A

Earnings Valuation Approach

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19
Q

A business which is independently owned and operated and is not dominant in its field of operations.

A

Small Business

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20
Q

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

A

Fixed Capital

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21
Q

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.

A

Business Interruption Insurance

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22
Q

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

A

Equal Employment Opportunity Act

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23
Q

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

A

Credit

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24
Q

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

A

Risk Management

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25
Q

An approach used in business valuation which determines value based upon previous sales or similar businesses.

A

Market Value Approach

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26
Q

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

A

Chain of Command

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27
Q

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

A

Manufacturing Business

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28
Q

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

A

Bona Fide Occupational Qualification (BFOQ)

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29
Q

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

A

Board of Directors

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30
Q

Factors which influence prices.

A

Pricing Policy

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31
Q

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

A

Marketing

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32
Q

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

A

Employment Application

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33
Q

A governmental agency with the responsibility of regulatory and enforcement safety and health matters for most United States employees; an individual state OSHA agency may supersede the U.S. Department of Labor OSHA regulations.

A

Occupational Safety and Health Act (OSHA)

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34
Q

Life insurance that gives lifetime protection to the insured person.

A

Whole Life Insurance

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35
Q

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 kind.

A

Goodwill

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36
Q

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

A

Articles of Partnership

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37
Q

A combination of whole life insurance and term life insurance.

A

Universal Life Insurance

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38
Q

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

A

Liquidation Value (Market Value) Approach

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39
Q

Expenses incurred in the normal operation of a business.

A

Overhead

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40
Q

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

A

Debt Equity (Debt Capital, Borrowed Capital)

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41
Q

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

A

Competition

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42
Q

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

A

Chamber of Commerce

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43
Q

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

A

Entrepreneur

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44
Q

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

A

Angels

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45
Q

A cost which is uniform per unit, but fluctuates in direct proportion to change in the related total activity or volume.

A

Variable Expense

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46
Q

The difference between current assets and current liabilities.

A

Working Capital (Circulating Capital)

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47
Q

The fair market price to purchase similar products in similar condition.

A

Replacement Value Approach

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48
Q

Balance of costly goods paid for in small monthly (fractional) payments over a period of time.

A

Installment Credit (Closed End Credit)

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49
Q

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

A

Business Plan (New Venture Plan)

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50
Q

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

A

Organizing

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51
Q

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

A

Equal Pay Act

52
Q

Anyone that invests in, or financially sponsors, a new business.

A

Venture Capitalist

53
Q

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

A

Risk

54
Q

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

A

Job Specification

55
Q

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

A

Break-Even Analysis

56
Q

A reduction of selling price below the original selling price.

A

Markdown

57
Q

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

A

Advertising

58
Q

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

A

Credit Bureau

59
Q

The difference between merchandise cost and selling price (i.e. gross margin).

A

Markup

60
Q

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

A

Corporate Refugees

61
Q

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.`

A

Human Resource Management

62
Q

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

A

Directing (Actuating)

63
Q

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

A

Proprietorship (Sole Proprietorship)

64
Q

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

A

Deductible Clause

65
Q

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

A

Product Liability Insurance

66
Q

Determining personnel needs in terms of numbers of individuals and their required skills.

A

Human Resource Forecast

67
Q

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

A

Burglary

68
Q

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

A

Inventory (Merchandise)

69
Q

Those assets that cannot be touched or grasped.

A

Intangible Assets

70
Q

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

A

Current Ratio

71
Q

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

A

Circulating Capital

72
Q

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

A

Civil Rights Act of 1964

73
Q

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.

A

Coinsurance Clause

74
Q

The quantity to be purchased which minimizes total costs.

A

Economic Order Quantity (EOQ)

75
Q

Insurance that provides death benefits to the survivors of the insured.

A

Life Insurance

76
Q

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

A

Key-Person Life Insurance

77
Q

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.

A

Copyright

78
Q

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

A

Demographics

79
Q

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

A

General Liability Insurance

80
Q

A document that lists the major responsibilities and tasks of the job.

A

Job Description

81
Q

A business that purchases finished goods for resale.

A

Merchandising Business

82
Q

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

A

Age Discrimination in Employment Act of 1967

83
Q

A line of credit that may be used over and over again up to a certain borrowing limit.

A

Open-End Credit (Revolving Credit)

84
Q

The cost of a fixed asset less accumulated depreciation.

A

Book Value

85
Q

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.

A

Endowment Life Insurance

86
Q

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

A

Better Business Bureau

87
Q

A form of risk management whereby a part of the firm’s earnings is earmarked as a contingency fund for possible future losses, specifically for individual loss categories such as property, medical, or worker’s compensation.

A

Self-Insurance

88
Q

Outlaws discrimination in employment against Vietnam era veterans.

A

Vietnam Era Veterans Readjustment Act

89
Q

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.

A

Limited Liability Company (Not Corporation)

90
Q

A group of potential customers possessing purchasing power and unsatisfied needs.

A

Market

91
Q

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

A

Census of Manufacturing

92
Q

Developing a comprehensive strategy for meeting future human resource needs.

A

Human Resource Planning

93
Q

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

A

Credit Insurance

94
Q

Capital that is invested in the business by the owner(s).

A

Personal Capital (Equity Capital)

95
Q

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

A

Liability Insurance

96
Q

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

A

Employment Interview

97
Q

A business that provides a service as opposed to a product.

A

Service Business

98
Q

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

A

Delegation of Authority

99
Q

Written summary of one’s personal, educational, and professional achievements.

A

Resume

100
Q

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

A

Market Survey

101
Q

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

A

Americans with Disabilities Act (ADA)

102
Q

Obtaining cash before payments are received from customers by selling off one’s accounts receivable to a third party.

A

Factoring

103
Q

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.

A

Insurance

104
Q

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

A

Patent

105
Q

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

A

Aging Schedule

106
Q

Federal legislation requiring employers to check job applicants’ papers to be sure they are either U.S. citizens or aliens authorized to work in the U.S.

A

Immigration Reform Act

107
Q

Life insurance that has no cash value whenever the policy expires.

A

Term Life Insurance

108
Q

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

A

Job Analysis

109
Q

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

A

Partnership

110
Q

A measure of the accounts receivable turnover.

A

Average Collection Period

111
Q

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.

A

Fair Labor Standards Act (Wage and Hour)

112
Q

The introduction of something new; a new idea, method, or device.

A

Innovation

113
Q

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

A

Interviewing

114
Q

A management function dealing with the recruitment, selection, placement, training, development, and appraisal of the employees of the firm.

A

Staffing

115
Q

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

A

Sales Promotion

116
Q

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

A

Inventory Turnover

117
Q

The dependency of businesses on one another.

A

Interdependence

118
Q

That function of determining in advance what needs to be accomplished in order to achieve a particular goal.

A

Planning

119
Q

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.

A

Operating Ratios

120
Q

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

A

Economic Base

121
Q

Fundamental statements that serve as guides to management practice.

A

Business Policies

122
Q

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

A

Census of Population

123
Q

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

A

Census of Business

124
Q

The business function of effectively obtaining and using funds.

A

Finance

125
Q

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

A

Management

126
Q

The process of forming a pool of qualified applicants for tasks that need to be filled.

A

Recruitment

Principals 2 (64 decks)

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