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MGMT 1 > Final > Flashcards

Final Flashcards

(75 cards)

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1
Q

Max Weber

A

Bureaucracy, rational and legal authority

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2
Q

Departmentalization categories

A

Function, customer group, geographic location,

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3
Q

Line organization

A

Everyone reports to 1 supervisor, no specialists-HR-IT

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4
Q

Process manufacturing

A

Physically or chemically changes materials

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5
Q

CAD

A

Computer aided design

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6
Q

CAM

A

Computer aided manufacturing

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7
Q

CIM

A

Computer integrated manufacturing, combines CAD and CAM

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8
Q

Modular layout

A

Teams of workers produce more complex units

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9
Q

process layout

A

Similar stuff is grouped together

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10
Q

MRP

A

Materials requirement planning

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11
Q

ERP

A

Enterprise resource planning

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12
Q

Six sigma quality

A

3.4 defects per million

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13
Q

ISO 9000

A

Quality management standards

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14
Q

ISO 14000

A

Impact on environment

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15
Q

PERT

A

Program evaluation and review technique.

Analyze, estimate time, draw PERT network, identify critical path

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16
Q

Gantt chart

A

Shows how much is getting done, not time it takes

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17
Q

Balridge award

A

Given to highest quality companies

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18
Q

Marketing eras

A

Production, selling, marketing concept (customer,service, profit orientation), customer relationship management

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19
Q

Marketing mix

A

Product, price, place, promotion

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20
Q

Marketing process

A

Opportunities, research, target market, design product, product test, brand name and price, distribution system, promotional program, build relationship

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21
Q

Market research process

A

Define question, collect data, analyze, choose solution

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22
Q

B2b characteristics

A

Only a few large buyers, geographically concentrated, usually direct, personal selling

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23
Q

Product line

A

products that are physically similar for a similar market

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24
Q

Dealer/ private brands

A

Have distributor or retailers name

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25
Product development process
Idea generation, product screen, product analysis, development; test, commercialization
26
Product life cycle
Intro, growth, maturity, decline
27
Skimming price strategy
New product priced high at start
28
High low pricing
Like department stores
29
Possession utility
Doing whatever's necessary to transfer ownership from one party to another
30
Cash and Carry wholesalers
Serve small retailers with limited products
31
Corporate distribution system
One firm owns all organizations in channel of distribution
32
Wholesaler sponsored chains
Same and and act together, even tho they're independently owned and managed
33
Retail cooperative
Initiated by retailers
34
Administered distribution system
Producers manage all marketing functions
35
Freight forwarder
Put small shipments together on train
36
Promotion mix
Advertising, personal selling, public relations, sales promotion
37
Selling process
Prospect and qualify, preapproach, approach, present, objections, close sale, follow up
38
CMA
Certified management accountant, education, exam, certified
39
Sarbanes oxley
Govt standards for traded companies, accounting regulations
40
Accounting cycle
Analyze docs, record in journal, transfer to ledger, trial balance, financial statements, analyze financial statements
41
Income statement
Revenue, cogs, gross profit, operating expense, net income, taxes ,
42
Statement of cash flows
Operations, investment, financing
43
Leverage ratio (debt)
Borrowed funds to do stuff
44
Activity ratio
How fast turning over inventory
45
3 reasons firm fails
Undercapitalization, poor control of cash flow, inadequate expense control
46
Financial plan steps
Forecast needs, develop budget, establish controls to check against goals
47
Financial control
Firm compares actual stuff with budget
48
Operating funds needs
Day to day, credit operations, inventory; capital expenditures
49
Revolving credit agreement
Guaranteed but had a fee
50
Factoring
Selling accounts receivable for cash
51
Commercial paper
Unsecured promissory notes, 100,000 and up, 270 days or less
52
Term loan agreement
Repay with interest in installments, tax deductible
53
Leverage
Borrowing to increase firms rate of return
54
Cost of capital
Rate of return company must earn to meet demands of stakeholders
55
Securities and exchange act of 1934
Created SEC, mandates prospectus when issuing bonds
56
Stock advantages
No repay stockholders, no dividend requirement, improve balance sheet
57
Disadvantage of stock
Shareholders can vote, dividends are paid after taxes and aren't deductible,
58
Preferred stock
No voting rights, callable (sell shares back), cumulative (dividends stack)
59
Bond advantage
Bonds are creditors, interest is an expense and tax deduct, if callable can be repaid before date
60
Debenture bond
Unsecured
61
Sinking fund
Reserve account to repay bond holders on specific date
62
ETF
Traded like stocks than mutual funds
63
Money characteristics
Portability, divisibility, stability, durability, uniqueness
64
M-2 money
Savings, money market, mutual fund, CD
65
M-3 money
Institutional money market funds
66
Federal reserve system parts
Board of governors, federal open market committee, 12 federal reserve banks, 3 advisory councils, member banks of system
67
Discount rate
Interest fed charges for loans
68
Demand deposit
Checking account
69
Time deposit
Savings account
70
Savings and loan association
Home mortgage loans and savings and checking
71
Credit unions
Nonprofit that help customers
72
Smart card
Combines credit and debit and drivers license
73
Letter of credit
Promise by bank to pay seller given amount
74
World bank
Financing economic development
75
IMF
Cooperative policies that stabilize exchange

MGMT 1 (2 decks)

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