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Business Environment > 1E03 > Flashcards

1E03 Flashcards

1
Q

Resources

A

General terms that incorporates Human Resources, natural resources, and financial resources

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2
Q

Management

A

Process used to accomplish organizational goals through planning, organizing, leading and controlling people and other organizational resources

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3
Q

Planning

A

Anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

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4
Q

Organizing

A

Designing the structure of the organization and bearing conditions and systems in which everyone and everything work together to achieve the organization’s goals and objectives

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5
Q

Leading

A

Creating a vision for the organization and communicating, guiding, training, coaching, and motivating others to work effectively to achieve the organization’s goals and objectives

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6
Q

Controlling

A

Establishing clear standards to determine whether or not an organization’ is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not

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7
Q

Vision

A

A broad explanation of why the organization exists and where it is trying to head

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8
Q

Values

A

Set of fundamental beliefs that guide a business in the decisions it makes

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9
Q

Mission Statement

A

An outline of fundamental purposes of an organization

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10
Q

Goals

A

The broad, long-term accomplishments an organization is trying to attain

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11
Q

Objectives

A

Specific, measurable, short term statements detailing how to achieve the organization’s goals

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12
Q

SWOT Analysis

A

A planning tool used to analyze an organization’s strengths, weaknesses, opportunities, and threats

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13
Q

Strategic Planning

A

Process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals

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14
Q

Tactical Planning

A

Process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done

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15
Q

Operational Planning

A

Process of setting work standards and schedules necessary to implement the company’s tactical objectives

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16
Q

Contingency Planning

A

Process of preparing alternative courses of action that may be used if the primary plans do not achieve the organization’s objectives

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17
Q

Crisis Planning

A

Involves reacting to sudden changes in the environment

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18
Q

Decision Making

A

Choosing among two or more alternatives

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19
Q

Problem Solving

A

Process of solving the everyday problems that occur. Problem solving is less formal less than decision making usually calls for quicker action

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20
Q

Brainstorming

A

Generating as many solutions to a problem as possible in a short period of time with no censoring of ideas

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21
Q

PMI

A

Creative thinking strategy that lists all of the pluses, minuses and interesting points for a solution in separate columns

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22
Q

Organization Chart

A

A visual device that shows relationships among people and divides the organization’s work; it shows who is accountable for the completion of specific work and who reports to whom

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23
Q

Top Management

A

Highest level of management, consisting of the president and other key company executives, who develop strategic plans

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24
Q

Middle Management

A

The level of management that includes general managers, division managers, and branch and plant managers, who are responsible for tactical planning and controlling

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25
Q

Supervisory Management

A

Managers who are directly responsible for supervising workers and evaluating their daily performance

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26
Q

Technical Skills

A

Involves the ability to perform tasks in a specific discipline or department

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27
Q

Human Relation Skills

A

Involves communication and motivation; they enable makers to work through and with people

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28
Q

Conceptual Skills

A

Involves the ability to picture the organization as a whole and the relationships among its various parts

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29
Q

Staffing

A

A management function that includes, hiring, motivating, and retaining the best people available to accomplish the company’s objectives

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30
Q

Transparency

A

Presentation of the company’s facts and figures in a way that is clear, accessible, and apparent to all stakeholders

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31
Q

Autocratic Leadership

A

Involves making managerial decisions without consulting others

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32
Q

Participative Leadership

A

Consists of managers and employees working together to make decisions

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33
Q

Free-rein Leadership

A

Involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those tasks

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34
Q

Transformational Leadership

A

Occurs when leaders can influence others to follow them in working to achieve a desired outcome or goal

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35
Q

Transactional Leadership

A

Leader is given the power to assign tasks and their completion leads to rewards and reinforcement

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36
Q

Knowledge Management

A

Finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm

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37
Q

External Customers

A

Dealers, who buy products to see to others, and ultimate customers, who buy products for their own personal use

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38
Q

Internal Customers

A

Individuals and units within the firm that receive services from other individuals or units

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39
Q

Research and Development

A

Work directed toward the innovation, introduction, and improvement of products and processes

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40
Q

Production

A

The creation of finished goods and services using factors of production; land, labour, capital, entrepreneurship, and knowledge

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41
Q

Production Management

A

Term used to describe all of the activities that managers do to help their firms create goods

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42
Q

Operations Management

A

Specialized area in management that converts or transforms resources into goods and services

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43
Q

Facility Location

A

Process of selecting a geographic location for a company’s operations

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44
Q

Telecommunicating

A

Working from home on a computer

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45
Q

Facility Layout

A

Physical arrangement of resources in the production process

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46
Q

Materials Requirement Planning (MRP)

A

Computer based operations management system that uses sales forecasts to ensure that needed parts and materials are available at the right place and time

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47
Q

Enterprise Resource Planning (ERP)

A

A computer application that enables a firm to manage all of its operations on the basis of a single, integrated set of corporate data

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48
Q

Purchasing

A

Function that searches for quality material resources, finds the best suppliers, and negotiates for the best price for goods and services

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49
Q

Just-in-time (JIT) Inventory Control

A

Minimum of inventory on the premises and delivers parts, supplies, and other needs are delivered just in time for use on the assembly line

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50
Q

Quality

A

Consistently producing what the customer wants while reducing errors before and after delivery to the customer

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51
Q

Six Sigma Quality

A

Quality measure that allows only 3.4 detects per million events

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52
Q

Statistical Quality Control

A

Process some managers use to continually monitor all phases of the production process and assure quality is built into the product from the beginning

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53
Q

Statistical Process Control

A

Process of testing statistical samples of product components at each stage of the production process and plotting these results on a graph. Any variances from quality standards are recognized and be corrected if beyond the set standards

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54
Q

ISO 9000

A

Common name given to quality management and assurance standards

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55
Q

ISO 14000

A

A collection of the best practices for managing an organization’s impact on the environment

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56
Q

Logistics

A

Activities that focus on getting the right amount of the right product or services to the right place and the right time for the lowest possible price

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57
Q

Supply Chain

A

Sequence of firms that perform activities required to create and deliver a good or service to consumers or industrial users

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58
Q

Supply Chain Management

A

Integration and organization of information and logistics activities across firms in a supply chain for the purpose of creating and delivering goods and services that provide value to customers

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59
Q

Form Utility

A

Value added by the creation of finished goods and services

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60
Q

Process Manufacturing

A

Part of the production process that physically or chemically changes materials

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61
Q

Assembly Process

A

Part of production process that puts together components

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62
Q

Continuous process

A

Production process in which long production runs turn out finished goods over time

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63
Q

Intermittent Process

A

Production process in which the production run is short and the machines are changed frequently to make different products

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64
Q

Flexible Manufacturing

A

Designing machines to do multiple tasks so that they can produce a variety of products

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65
Q

Lean Manufacturing

A

Production of goods using less of everything compared to mass production

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66
Q

Mass Customization

A

Tailoring products to meet the needs of individual customers

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67
Q

Computer Aided Design (CAD)

A

The use of computers in the design of products

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68
Q

Computer- Aided Manufacturing (CAM)

A

The use of computed in the manufacturing of products

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69
Q

Computer- Integrated Manufacturing (CIM)

A

Uniting of computer-aided design with computer aided manufacturing

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70
Q

Program Evaluation and Review Technique

A

Method for analyzing the tasks involved in competing a given project, estimating the time needed to complete each task, and identifying the minimum time needed to complete the total task

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71
Q

Critical Path

A

In a PERT network, the sequence of tasks that takes the longest time to complete

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72
Q

Gantt Chart

A

Bar graph showing production managers what projects are underway and what stage they are in at any given time

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73
Q

Human Resource Management

A

The process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals

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74
Q

Job Analysis

A

A study of what is done by employees who hold various job titles

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75
Q

Job Description

A

A summary of the objectives of the job, the type of work to be done, the responsibilities and duties, the working conditions, and the relationship of the job to other function

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76
Q

Job Specifications

A

Written summary of the minimum qualifications required of workers to do a particular job

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77
Q

Recruitment

A

Set of activities for obtaining the right number of qualified people at the right time

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78
Q

Selection

A

The process of gathering information and deciding who should be hired, under legal guidelines, to serve the best interests of the individuals and organization

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79
Q

Contingent Workers

A

Workers who do not have full-time, regular employment

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80
Q

Training and Development

A

All attempts to improve productivity by increasing an employee’s ability to perform. Training focuses on short-term skills, where as development focuses on the long-term abilities

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81
Q

Orientation

A

Activity that introduces new employees to the organization; to fellow employees; to their immediate supervisors; and to the policies, practices, values, and objectives of the firm

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82
Q

On-the-Job Training

A

Training at the workplace that let the employee learn by doing or by watching others for awhile and then imitating them

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83
Q

Apprentice Programs

A

Training programs during which a learner works alongside an experienced employee to master the skills and procedures of a craft

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84
Q

Off-the-Job Training

A

Internal or external programs away from the workplace that develop any of a variety of skills or foster personal development

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85
Q

Online Training

A

Training programs in which employees complete classes via the internet

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86
Q

Vestibule Training

A

Training done in schools where employees are taught on equipment similar to that used on the job

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87
Q

Job Stimulation

A

Use of equipment that duplicates job conditions and tasks so that trainees can learn skills before attempting them on the job

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88
Q

Management Development

A

Process of training and educating employees to become good managers and then monitoring the progress of their managerial skills over time

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89
Q

Networking

A

Process of establishing and maintaining contacts with key managers in and outside the organization and using those contacts to weave strong relationships that serve as informal developmental systems

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90
Q

Mentor

A

Experienced employee who supervises, coaches, and guides lower-level employees by introducing them to the right people and generally being their organizational sponsor

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91
Q

Performance Appraisal

A

Evaluation that measures employees performance against established standards in order to make decisions about promotions, compensation, training, or termination

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92
Q

Fringe Benefits

A

Sick pay leave, vacation pay, pension plans, and health plans that represent additional compensation to employees beyond base wages

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93
Q

Cafeteria-style Benefits

A

Benefit plans that allow employees to choose which benefits they want up to a certain dollar amount

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94
Q

Flextime Plan

A

Work schedule that gives employees some freedom to choose when to work, as long as jeu work the required number of hours

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95
Q

Core Time

A

In a Flextime plan, the period when all employees are expected to be at their job stations

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96
Q

Compressed Workweek

A

Work schedule that allows an employee to work a full number of hours per week but in fewer days

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97
Q

Job- Sharing

A

Lets two or more part-time employees share one full-time job

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98
Q

Pay Equity

A

Equal pay for work of equal value

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99
Q

Gender Wage Gap

A

Difference in wages earned by men and wages earned by women

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100
Q

Employee Equity

A

Employment activities designed to increase employment opportunities for four groups (women, Aboriginal people, persons with disabilities, and members of visible minorities) given past discrimination

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101
Q

Reverse Discrimination

A

Discriminating against members of a dominant or majority group usually as a result of policies designed to correct previous discrimination against minority or disadvantaged groups

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102
Q

Labour Union

A

An employee organization whose main goal is representing its members in employee-management negotiation of job-related issues

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103
Q

Craft Union

A

Organization of skilled specialists in a particular craft or trade; typically local or regional

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104
Q

Industrial Union

A

Consists of unskilled and skilled workers in mass-production industries such as automobile manufacturing and mining

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105
Q

Independent Local Organization

A

Union that is not formally connected or affiliated with any other labour organization

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106
Q

Directly Chartered Union

A

Union that is directly affiliated to labour congress

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107
Q

National Union

A

Union that only represents workers in Canada

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108
Q

International Union

A

Union that represents workers in the United States and Canada

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109
Q

Unionization Rate (Union Density)

A

Measure of the percentage of employed individuals who are union members

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110
Q

Coverage Rate

A

Measure of the percentage of employed individuals (including both union and non-unionized members) who are covered by a collective agreement

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111
Q

Labour Relations Board (LRB)

A

Organization created by the federal or provincial government to enforce labour legislation

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112
Q

Collective Bargaining

A

Process whereby union and management representatives negotiate a contract for workers

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113
Q

Certification

A

Formal process whereby a union is recognized by the LRB as the bargaining agent for a group of employees

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114
Q

Decertification

A

Process by which workers can take away a union’s right to represent them

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115
Q

Negotiated Labour-Management Agreement (Labour Contract)

A

Agreement that sets the tone and clarifies the terms and conditions under which management and labour agree to function over a period of time

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116
Q

Union Security Clause

A

Provision in a negotiated labour-management agreement that stipulates that employees who benefit from a union must either officially join or at least pay dues to the union

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117
Q

Closed Shop Agreement

A

Clause in a negotiated labour-management agreement that specifies workers need to be members of a union before being hired

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118
Q

Agency Shop (Rand formula) Agreement

A

Clause in negotiated labour-management agreement that says employees may hire non-union workers; employees are not required to join the union but must pay the union dues

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119
Q

Union Shop Agreement

A

Clause in a negotiated labour-management agreement that says workers who do not have to be members of a union to be hired, but must agree to join the union within a prescribed period

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120
Q

Open Shop Agreement

A

Clause in a negotiated labour-management agreement that states employees are free to join or not the join the union and to pay or not to pay union dues

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121
Q

Checkoff

A

A contract clause requiring the employee to deduct union dues from employees’ pay and remit them to a union

122
Q

Grievance

A

Charge by employees that management is not abiding by or fulfilling the terms of the negotiated labour-management agreement

123
Q

Shop Stewards

A

Union officials who work permanently in an organization and represent employee interests on a daily basis

124
Q

Bargaining Zone

A

Range of options between the initial and final; offer that each party will consider before negotiations dissolve or reach an impasse

125
Q

Conciliation

A

Use of a government-appointed third party to explore a labour-management dispute

126
Q

Mediation

A

The use of a third party, called a mediator, who encourages both sides in a dispute to continue negotiating and often makes suggestions for resolving the dispute

127
Q

Arbitration

A

An agreement to bring in an impartial third party (a single arbitrator or panel of arbitrators) to render a binding decision in a labour dispute

128
Q

Strike

A

A union strategy where workers refuse to go to work

129
Q

Primary Boycott

A

When a union encourages both its members and the general public not to buy the products of a firm involved in a labour dispute

130
Q

Secondary Boycott

A

An attempt by labour to convince others to stop doing business with a firm that is the subject of primary boycott

131
Q

Lockout

A

An attempt by management to put pressure on union workers by temporarily closing the business

132
Q

Injunction

A

A court order that’s directs someone to do something or refrain from doing something

133
Q

Strikebreakers

A

Replacement workers hired to do the jobs of striking employees until the labour dispute is settled

134
Q

Back-to-work Legislation

A

A special law passed by the federal or provincial government that orders an end to a labour-management dispute in an industry the government decided is essential to the operation of the economy

135
Q

Givebacks

A

Concessions made by members to management; gains from previous labour negotiations are given back to management to help employees remain competitive and thereby save jobs

136
Q

Marketing

A

Set of business practices designed for and present an organization’s products or services in ways that build effective customer relationships

137
Q

Marketing Concept

A

A three-part business philosophy; 1. customer orientation, 2. a service orientation and 3. a profit orientation

138
Q

Market Orientation

A

Focusing efforts on; 1. Continuously collecting information about customers’ need and competitors’ capabilities, 2. Sharing this info throughout the organization and3. Using the info to create value, ensure customer satisfaction, and develop customer relationships

139
Q

Customer- Relationship Management

A

Process of building long-term customer relationships by delivering customer value and satisfaction

140
Q

Social Media

A

Commonly given to websites and online tools that allow user to interact with each other in some way- by sharing information, opinions, knowledge and interests

141
Q

Social Media Marketing

A

Consumer-generated online-marketing efforts to promote brands and companies by which they are fans (non-fans too) and the use of marketer of online tools and platforms to promote their brands or organizations

142
Q

Marketing Mix

A

The ingredients that go into a marketing program; product, place, price and promotion

143
Q

Product

A

Any physical good, service, or idea that satisfies a want or a need

144
Q

Test Marketing

A

The process of testing products among potential users

145
Q

Brand Name

A

A word, letter, or a group of letters that differentiates one seller’s good and service from those of competitors

146
Q

Price

A

The money or another consideration exchanged for the ownership or use pf a good or service

147
Q

Promotion

A

All of the techniques sellers use to motivate customers to buy their products

148
Q

Marketing Research

A

The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions

149
Q

Secondary Data

A

Information that has already been compiled by others and published in journals and books or made available online

150
Q

Primary Data

A

Data that you gather yourself (not from secondary sources)

151
Q

Focus Group

A

A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other issues

152
Q

Observation

A

Involves watching, either mechanically or in person, how someone behaves

153
Q

Environmental Scanning

A

The process of identifying the factors that can affect marketing success

154
Q

Consumer Market

A

All individuals or households that want goods and services for personal consumption or use

155
Q

Cause Marketing

A

Occur when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products

156
Q

Business-to-Business Market (B2B)

A

All individuals and organization that want goods and services in use in producing other goods and services or to sell, rent, or supply goods to others

157
Q

Market Segmentation

A

Process of dividing the total market into groups with similar characteristics

158
Q

Geographic Segmentation

A

Dividing the market by the geographic area

159
Q

Demographic Segmentation

A

Dividing the market by age, income, and education level

160
Q

Psychographic Segmentation

A

Dividing the market using the group’s values, attitudes, and interests

161
Q

Behavioural Segmentation

A

Dividing the market based on behaviour with or toward a product

162
Q

Target Marketing

A

Marketing toward those groups an organization decides it can serve profitability

163
Q

Mass Marketing

A

Developing products and promotions to please larger groups of people

164
Q

Niche Marketing

A

Process of finding small but profitable market segments and designing or finding products for them

165
Q

One-to-One Marketing (micro-marketing)

A

Developing a unique mix of goods and services for each individual customer

166
Q

Product Positioning

A

Place an offering occupies in customers’ minds on important attributes relative to competitive products

167
Q

Positioning Statement

A

Expresses how a company wants to be perceived by customers

168
Q

Relationship Marketing

A

Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meets their requirements

169
Q

Consumer Behaviour

A

When marketing researchers investigate consumer thought processes and behaviour at each stage in a purchase to determine the best way to help the buyer buy

170
Q

Green Marketing

A

The process of selling products and/or services based on their environmental benefits

171
Q

Greenwashing

A

When businesses try to make themselves or their products or services look green or socially responsible without the action to back it up

172
Q

Ethnic Marketing

A

Combinations of the marketing mix that reflect the unique attitudes, race or ancestry, communication preferences, and lifestyles of ethnic Canadians

173
Q

Value

A

Quality at a fair price

174
Q

Total Product Offer (Value Package)

A

Everything that customer evaluate when deciding whether or not to purchase something

175
Q

Product Line

A

Group of products that are physically similar or intended for a similar market

176
Q

Product Mix

A

The combination of product lines offered by a company

177
Q

Product Differentiation

A

Creation of real or perceived product difference

178
Q

Bundling

A

Grouping two or more goods and/or services for a single price

179
Q

Brand

A

A name, symbol, or design that identifies the goods or services of one seller or group of sellers, and distinguishes them from the goods or services of competitors

180
Q

Brand Equity

A

Value of the brand name and associated symbols

181
Q

Brand Loyalty

A

Degree to which customers are satisfied, enjoy the brand, and are committed to further purchase

182
Q

Brand Manager

A

A manager who has direct responsibility for one brand or one product line called a product manager in some firms

183
Q

Product Life Cycle

A

A theoretical model of what happens to sales and profits for a product class over time the four stages of the cycle are introduction, growth, maturity, and decline

184
Q

Target Costing

A

Designing a product so that it satisfies customers and meets the profit margins desired by the firm

185
Q

Competition-Based Pricing

A

Strategy based on what all the other competitors are doing. The price can be set at, above, or below competitors’ prices

186
Q

Price Leadership

A

Strategy by which one or more dominant firms set the pricing practices that all competitors in an industry then follow

187
Q

Break-Even Analysis

A

Process used to determine profitability at various levels of sales. Can be determined by the total fixed costs divided by the price of one unit minus the variable cost of one unit

188
Q

Total Fixed Costs

A

All expenses that remain the same no matter how many products are being made or sold

189
Q

Variable Costs

A

Costs that change according to the level of production

190
Q

Skimming Price Strategy

A

Strategy in which a new product is priced high to make optimum profit when there’s little competition

191
Q

Penetration Price Strategy

A

Strategy in which the product is priced low to attract many customers and discourage competitors

192
Q

Everyday Low Pricing (EDLP)

A

Setting prices lower than competitors and then not having any special sales

193
Q

High-Low Pricing Strategy

A

Set prices that are higher than EDLP store, but have many special sales where the prices are lower than its competitors

194
Q

Psychological Pricing

A

Pricing goods and services at price points that make the product appear less expensive than it is

195
Q

Marketing Intermediaries

A

Organizations that assist in moving goods and services from producers to business and consumer users

196
Q

Channel of Distribution

A

A set of marketing intermediaries, such as agents, brokers, wholesalers, and retailers, that join together to transport and store goods in their path from producers to consumers

197
Q

Agents/Brokers

A

Marketing intermediaries that bring buyers and sellers together and assist in negotiating an exchange but do not take title to the goods

198
Q

Wholesaler

A

A marketing intermediary that sells to other organization

199
Q

Retailer

A

An organization that sells to ultimate consumers

200
Q

Telemarketing

A

The sale of goods or services over the telephone

201
Q

Direct Selling

A

Selling to customers in their homes or where they work

202
Q

Promotion Mix

A

Combination of promotional tools an organization uses

203
Q

Integrated Marketing Communication

A

A technique that combines all of the promotional tools into one comprehensive and unified promotional strategy

204
Q

Advertising

A

Paid, non-personal communication through various media by organization and individuals who are in some way identified in the advertising message

205
Q

Personal Selling

A

Face to face presentation and promotion of goods and services

206
Q

Public Relations (PR)

A

Function that evaluates public attitudes, changes policies and procedures in response to the public’s requests, and executes a program of action and information to earn public understanding and acceptance

207
Q

Publicity

A

Any information about an individual, product, or organization that is distributed to the public through the media and that is not paid for or controlled by the seller

208
Q

Sales Promotion

A

The promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities

209
Q

Direct Marketing

A

Any activity that directly links manufacturers or intermediaries with the ultimate consumer

210
Q

Word-Of-Mouth Promotion

A

A promotional tool that involves telling other people of products or services that they have purchased

211
Q

Viral Marketing

A

Any strategy that encourages people to pass on a marketing message to others, creating exponential growth in the messages influence as the message reaches out tho thousands to millions of potential customers

212
Q

Blog

A

An online diary that looks like a web page but it is easier to create and update by posting test, photos, or links to other sites

213
Q

Podcasting

A

A means of distributing multimedia digital files on the internet for downloading to a portable media player

214
Q

Push Strategy

A

Promotional strategy in which the producer uses advertising, personal selling, sales promotion, and all other promotional tools to convince wholesalers and retailers to stock and sell merchandise

215
Q

Pull Strategy

A

Promotional strategy in which heavy advertising and sales promotion efforts are directed toward consumers so that they will request the products from retailers

216
Q

Finance

A

Function in a business that acquires funds for the firm and manages them within the firm

217
Q

Financial Management

A

Job of managing a firm’s resources to meet its goals and objectives

218
Q

Financial Managers

A

Managers who examine the financial data prepared by accountants and recommend strategies for improving the financial performance of the firm

219
Q

Short-Term Forecast

A

Forecast that predicts revenues, costs, and expenses for a period of one year or less

220
Q

Cash-Flow Forecast

A

Forecast that predicts the cash inflows and outflows in future periods. usually months or quarters

221
Q

Long-Term Forecast

A

Forecast that predicts revenues, costs, and expenses for a period longer than one year, and sometimes as far as five or ten years into the future

222
Q

Budget

A

A financial plan that set forth management’s expectations, and, on the basis of those expectations, allocates the use of specific resources throughout the firm

223
Q

Capital Budget

A

A budget that highlights a firm’s spending plans for major asset purchases that often require large sums of money, like property, buildings, and equipment

224
Q

Cash Budget

A

A budget that estimates a firm’s cash inflows and outflows during a particular period (e.g monthly or quarterly)

225
Q

Operating (Mastering) Budget

A

Budget that ties together all of a firm’s other budgets and summarizes the business’s proposed financial activities

226
Q

Capital Expenditures

A

Major investments in either tangible long-term assets, such as land, buildings, and equipment, or intangible assets, such as, patents, trademarks, or copyrights

227
Q

Debt Financing

A

Funds raised through various forms of borrowing that must be repaid

228
Q

Equity Financing

A

Funds raised from operations within the firm or through the sale of ownership in the firm

229
Q

Short-Term Financing

A

Borrowed funds that are needed for one year or less

230
Q

Long-Term Financing

A

Borrowed funds that are needed for a period longer than one year

231
Q

Trade Credit

A

The practice of buying goods and services now and paying for them later

232
Q

Promissory Note

A

A written contract with a promise to pay

233
Q

Secured Loan

A

A loan backed by collateral, something valuable such as property

234
Q

Unsecured Loan

A

A loan that does not require any collateral

235
Q

Line of Credit

A

A given amount of unsecured funds a bank will lend to a business

236
Q

Revolving Credit Agreement

A

A line of credit that is guaranteed but usually comes with a fee

237
Q

Commercial Finance Companies

A

Organizations that make short-term loans to borrowers who offer tangible assets as collateral

238
Q

Credit Profile

A

A borrower’s financial track record in the form of borrowing history

239
Q

4 C’s of Credit

A

A businesses creditworthiness is determined by its character, capacity, capital and conditions

240
Q

Factoring

A

The process of selling accounts receivable for cash

241
Q

Commercial Paper

A

Unsecured promissory notes of $100,000 and up that mature (come due) in 270 says or less

242
Q

Term-Loan Payment

A

A promissory note that requires the borrower to repay the loan in specified instalments

243
Q

Risk/Return Trade-Off

A

The principle that the greater the risk a lender takes in making a loan, the higher the interest rate required

244
Q

Bond

A

A corporate certificate indicating that an investor has lent money to a firm or to a government

245
Q

Maturity Date

A

The exact date the issuer of a bond must pay the principal to the bondholder

246
Q

Interest

A

The payment the bond issuer makes to the bondholders for the use of the borrowed money

247
Q

Debenture Bonds (Unsecured bonds)

A

Bonds that are not secured (not backed up its any collateral such as, equipment)

248
Q

Mortgage Bonds

A

Bonds that are secured (backed up with collateral such as land)

249
Q

Sinking Fund

A

A reserve account in which the issuer of a bond periodically retires some part of the bond principal prior to the maturity so that enough capital will be accumulated by the maturity date to pay off the bond

250
Q

Stocks (Shares)

A

Shares of ownership in a company

251
Q

Initial Public Offering (IPO)

A

The first public offering of a corporation’s stock

252
Q

Stock Certificate

A

Evidence of stock ownership that specifies the name of the company, the number of shares it represents, and the type of stock being issued

253
Q

Dividends

A

Part of a firm’s profits that may be distributed to shareholders as either cash payments or additional shares of stock

254
Q

Common Stock

A

The most basic form of ownership in a firm; it confers voting rights and the right to share in the firm’s profits through dividends, if offered by the firm’s board of directors

255
Q

Preferred Stock

A

Stock that gives the owners preference in the payment of dividends and an earlier claim on assets than common shareholders if the company is forced out of a business and its assets are sold

256
Q

Venture Capital

A

Money that is invested in are or emerging companies that are perceived as having great profit potential

257
Q

Leverage

A

Raising the needed funds through borrowing to increase a firm’s rate of return

258
Q

Cost of Capital

A

The rate of return a company must earn in order to meet the demands of its lenders and expectations of its equity holders

259
Q

Money

A

Anything that people generally accept as payment for goods and services

260
Q

Barter

A

The direct trading of goods and services for other goods and services

261
Q

Money Supply

A

Amount of money the Bank of Canada makes available for people to buy goods and services

262
Q

Overnight Rate

A

Interest rate at which major financial institutions borrow and lend one-day (or overnight) funds among themselves

263
Q

Prime Rate

A

Interest rate that banks charge their most creditworthy customers

264
Q

Commercial Bank

A

Profit-seeking organization that receives deposits from individuals and corporations in the form of checking and savings accounts and then uses some of these funds to make loans

265
Q

Demand Deposit

A

The technical name for a chequing account; the money in a demand deposit can be withdrawn anytime on demand from the depositor

266
Q

Time Deposit

A

The technical name for a savings account; the bank can require prior notice before the owner withdraws money from a time deposit

267
Q

Certificate of Deposit

A

A time deposit account that earns interest to be delivered at the end of the certificate’s maturity date; also called a Guaranteed Investment Certificate (GIC)

268
Q

Credit Union

A

A non-profit, member-owned financial co-operative that offers a full variety of banking services to its members

269
Q

Trust Company

A

A financial institution that can administer estates, pension plans, and agency contracts, in addition to other activities conducted by banks

270
Q

Non-Banks

A

Financial organizations that accept no deposits but offer many services provided by regular banks

271
Q

Pension Funds

A

Amounts of money out aside by corporations, non-profit organizations, or unions to cover part of the financial needs go their members when they retire

272
Q

Electronic Funds Transfer (EFT)

A

A computerized system that electronically preforms financial transactions such as making purchases, paying bills. and receiving paycheques

273
Q

Debit Card

A

An electronic funds transfer tool that serves the same function as cheques; it withdraws funds from a checking account

274
Q

Smart Card

A

An electronic funds transfer tool that is a combination of a credit card, debit card, phone card, driver’s license, and more

275
Q

Security

A

Negotiable financial instrument that represents some type of financial value

276
Q

Stock Exchange

A

An organization whose members can buy and sell securities for companies and investors

277
Q

Prospectus

A

A condensed version of economic and financial information that a company must make available to investors before they invest in a security

278
Q

Securities Commission

A

Government agency that administers provincial securities legislation

279
Q

Stockbroker

A

Registered representative who works as a market intermediary to buy and sell securities for its clients

280
Q

Diversification

A

Buying several different investment alternatives to spread the risk of investing

281
Q

Capital Gains

A

The positive difference between the purchase price of a stock and its sale price

282
Q

Stock Splits

A

An action by a company that gives shareholder two or more shares of stock for each one that they own

283
Q

Buying Stock On Margin

A

Purchasing securities by borrowing some of the cost from the borrower

284
Q

Mutual Fund

A

A organization that buys stocks and bonds and other investments, then sells shares in those pooled securities to the public

285
Q

Exchange- Traded Funds (ETFS)

A

Collections of stocks share are traded on exchanges but are traded more like individual stocks more than mutual funds

286
Q

Financial Market Infrastructure

A

A system that facilitates the clearing, setting, or recording of payments, securities, derivatives, or other financial transactions among participating entities; also called a clearing and settlement system

287
Q

Financial Literacy

A

Having the knowledge, skills, and confidence to make responsible financial decisions

288
Q

Tax Free Savings Account (TFSA)

A

An investment option into which Canadian residents 18 years of age or older who have a valid SIN number can contribute up to $5,500 annually; the amount contributed as well as the income earned in the account is tax free; even when it is withdrawn

289
Q

Contrarian Approach

A

Buying stock when everyone is selling or vice versa

290
Q

Term Insurance

A

Pure insurance protection for a given amount of years

291
Q

Whole Life Insurance

A

Life insurance that combines pure insurance and savings

292
Q

Variable Life Insurance

A

A form of whole life insurance that invests the cash value of the policy in stocks or other high-yielding securities

293
Q

Annuity

A

A contract to make regular payments to a person for life or a fixed period

294
Q

Disability Insurance

A

Insurance that pays part of the cost of a long-term illness or an accident

295
Q

Umbrella Policy

A

A broadly based insurance that saves you money because you buy all of your insurance from one company

296
Q

Registered Retirement Savings Plan (RRSP)Q

A

A federally- regulated, tax-sheltered savings plan designed to encourage Canadians to save for their retirement

297
Q

Retirement Tax Rate

A

Rate of tax payable on the last dollar earned

298
Q

Will

A

A document that states how you want your assets distributed, names the executor for your estate, and names the guardian(s) of your chidden (if applicable) when you die

299
Q

Executor

A

An individual who assembles and values your estate, files your income and other taxes, and distributes assets when you pass away

300
Q

Power of Attorney

A

A written document in which you appoint someone else to act on your behalf on matters that you specify; this can be made to start immediately, or upon mental incapacity

Business Environment (1 decks)

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