Final Exam Flashcards
(175 cards)
1
Q
Consists of everything outside an organization that might affect it
A
External environment
2
Q
Refers to the conditions of the economic system in which the organization operates
A
Economic environment
3
Q
The total quantity of goods and services produced by an economic system during given period
A
Aggregate output
4
Q
Pattern of short term, ups and downs in an economy is called
A
Business cycle
5
Q
Refers to the total value of all goods and services produced within a given period By a national economy.
A
GDP 
6
Q
Means GDP per person
A
GDP per capita
7
Q
Means that GDP has been adjusted
A
Real GDP
8
Q
The principle that exchange rates are set so that the prices of similar products in different countries are about the same
A
Purchasing power parity
9
Q
Is a measure of economic growth that compares how much a system produces with the resources needed to produce it
A
Productivity
10
Q
The economic value of all the products that a country exports minus the economic value of its imported products
A
Balance of trade
11
Q
The amount of money the government owes its creditors
A
National debt
12
Q
Spent more money each year, then it took in
A
Budget deficit
13
Q
Evident, when the amount of money injected into an economic system, outstrips the increase in actual output
A
Inflation
14
Q
Measures changes in the cost of a basket of goods and services that a typical family buys
A
Consumer price index
15
Q
Involve the collection and spending of government revenue
A
Fiscal policies
16
Q
Focus on controlling the size of the nations money supply
A
Monetary policies
17
Q
Reflects the relationship between business and government
A
Political legal environment
18
Q
Includes the customs, values, attitudes, and demographic characteristics of the society in which a company operates
A
Socio-cultural environment
19
Q
Restricts the total number of certain products that can be imported into a country
A
Quota
20
Q
The ultimate form of quota
A
Embargo
21
Q
Tax charged on imported products
A
Tariff
22
Q
The practice of protecting domestic business at the expense of free market competition
A
Protectionism
23
Q
Selling a product abroad for less than a comparable price charged in the home country
A
Dumping
24
Q
The process of planning, organizing, leading, and controlling on enterprises, financial, physical, human, and information resources to achieve the organizations goals
A
Management
25
The process of determining the firms goals, and developing a strategy for achieving those goals
Planning
26
Involves mobilizing the resources required to complete a particular task
Organizing
27
Involves the interactions between managers and their subordinates, as they work to meet a firms objectives
Leading
28
The process of monitoring a firms performance to make sure it is meeting it’s goals
Controlling
29
The executives who guide the fortunes of companies. Common titles, our president, vice president, chief, operating officer, chief executive officer, chief financial officer. They are responsible to the board of directors and shareholders of the firm for its overall performance and effectiveness.
Top managers
30
Still occupy positions of considerable autonomy and importance. Title, such as plant manager, operations, manager, and division manager are typical.
Middle manager
31
Spend most of their time working with, and supervising the employees who report to them. com entitles include supervisor, office, manager, and group leader.
First line managers
32
The process of affectively aligning an organization with its external environment. The starting point in strategic management is setting goals that a business wants to achieve.
Strategic management
33
Identifies the various businesses a company will be in and how they will relate to each other
Corporate level strategy
34
Identifies the ways a business will compete in its chose in the line of products or services
Business level strategy
35
Identify the basic courses of action, each department will pursue so that it contributes to the businesses overall goals
Functional strategies
36
Plan to establish a profitable and sustainable competitive position
Competitive strategy
37
Comprehensive information system for collecting, analyzing, and communicating financial information
Accounting
38
An organized procedure for identifying, measuring, recording, and retaining financial information, so that it can be used in accounting statements and management reports
Accounting information system
39
Is concerned with external users of information, such as consumer groups, Union, shareholders, and government agencies
Financial accounting system
40
Serves internal users, hint form of accounting
Managerial accounting
41
Maybe used to track down, hidden funds in business firms
Forensic accountants
42
Are salaried employees who deal with a company’s day today accounting needs
Private accountants
43
Balance, sheets, income statements, and statement of cash flows
Financial statements
44
Supply detailed information about the accounting equation factors. Assets, liabilities, and owners equity.
Balance sheets
45
Net profits minus dividend payments to shareholders
Retained earnings
46
Is the formal recording, and reporting of revenues in the financial statements
Revenue recognition
47
Measure the firms ability to meet its debt obligations
Solvency ratios
48
Reflects a firms ability to generate cash to meet, obligations through the normal, order the process of selling inventories and collecting revenues from customers
Current ratio
49
The amount of a product a company can produce under normal working conditions
Capacity
50
Designed for smooth production flows, that avoid inefficiencies, eliminate, unnecessary inventories, and continuously improve production processes
Lean production systems
51
Are one type of line production that brings together all the needed materials and parts at the precise moment they are required for each production stage
Just in time production systems
52
Includes all the activities, unnecessary for getting high-quality goods and services into the marketplace
Total quality management
53
A company compares its current performance against its own past performance
Benchmarking
54
The flow of information, materials, and services
Supply chain
55
The strategy of pink suppliers in distributors to perform certain business processes, or to provide needed materials or services
Outsourcing
56
The specifications of the jobs to be done within a business, and how these jobs relate to one another
Organizational structure
57
Illustrates the company structure and show employees where they fit into the firms operations
Organizational charts
58
In this organization, top management retains the right to make most decisions that need to be made
Centralized organization
59
More decision making authority is delegated to managers at lower levels in the hierarchy
Decentralized organization
60
Flows up and down the chain of command
Line authority
61
Based on special expertise and usually involves advising line managers in areas, such as law, accounting, and human resources
Staff authority
62
Authority granted to committees or work teams that play Central rolls in the firms daily operations
Committee and team authority
63
The various units in the organization are formed based on the key functions that must be carried out to reach organizational goals
In the functional structure
64
Divides the organization into several divisions, each of which operates at a semi autonomous unit and profit centre
Divisional structure
65
Involves forming a team of specialist from different functional areas of the organization to work on a specific project
Project organization
66
Combination of two separate structures, that can work better than either approach alone
Matrix structure
67
What are the seven strengths of teamwork?
Capability, cooperation, coordination, communication, cognition, coaching, conditions
68
Do teens need to work interdependently
Yes
69
Refers to the attitudes and beliefs that individuals bring to the team each day
Cooperation
70
At the heart of teamwork. It refers to the teamwork behaviours that a team needs to demonstrate to be highly effective. It is about having the right behaviour to succeed. It also is about actions over opinions.
Coordination
71
Refers to information exchange within a team, as well as with individuals and groups, not in the team the way a team blank drives its effectiveness
Communication
72
Refers to the extent to which team members possess a shared, or at least a complementary understanding about key factors. It’s about a shared understanding, for example, rolls, priorities, expectations.
Cognition
73
Refers to the context in which the team operates. It’s about the environment in which the team is embedded, they send signals that either support or inhibit, teamwork and performance.
Conditions
74
Knowing what drives team effectiveness, and knowing what good team members do
Teamwork savvy
75
Refers to the capacity to perform higher higher mental processes of reasoning, recalling, understanding, and problem-solving. It doesn’t refer to what someone knows.
Cognitive ability
76
Narcissism, Machiavelli, nihilism, and psychopathy
The dark triad
77
A business is an organization that seeks to blank by providing blank
Earn profit by providing goods and services
78
Profit is what remains after a business’s blank have been subtracted from its blank
Expenses and revenue
79
Profit is important to business owners, because
It provides motivation for risking time and money
80
What is a mechanism for exchange between buyers and sellers?
A market
81
The blank is the principle that buyers will purchase more of a product as it’s price drops
Law of demand
82
The equilibrium price is also called the
Market price
83
Market equilibrium is determined by the
Intersection of the demand curve, and the supply curve
84
The situation in which quantity supplied exceeds quantity demanded in a market is described as
Surplus
85
An economic system characterized by private property rights, freedom of choice, profits, and competition is best described as
Private enterprise
86
One characteristic of blank is that the going price is set exclusively by supply and demand, and is accepted by both seller and buyer
Perfect competition
87
Market or industry, characterized by a small number of very large firms that avoid direct price competition is best described as
Oligopoly
88
Canadian agriculture provides a good example of an industry in which there exists
Perfect competition
89
Fast food restaurants in Canada compete, under which kind of competitive conditions
Monopolistic competition
90
In Canada laws, such as the competition act forbid
Monopolies
91
What type of environment is everything outside and organizations boundaries that might affect it
External environment
92
An organizational boundary is what
separation of the organization from its environment
93
When the economy experiences two or more consecutive quarters of decline in GDP, we call this a
Recession
94
The total quality and quantity of goods and services that a country citizens can purchase with the currency used in its economic system
Standard of living
95
Refers to the total quantity of goods and services produced by an economic system during a given. PerioD
Aggregate output
96
Total of a country exports minus imports
Balance of trade
97
The amount of money, the government owes his creditors
National debt
98
Inflation in Canada is measured by
Consumer price index
99
Involves finding ways to use, technological innovations to create new products or services that can be sold in the marketplace
Applied research and development
100
The process of getting a new technology out of the lab and into the marketplace
Technology transfer
101
What type of economy is Canada?
Free trade
102
Which of the following factors is particularly important for the multinational firms
Political stability
103
Intense price, competition or elaborate advertising campaigns are examples of concerns, addressed, and what
Rivalry amongst existing competitors
104
Beliefs about what is right and wrong or good and bad
Ethics
105
A term often used to refer to ethical or unethical behaviours by a manager, or an employee of a business
Business ethics
106
Corporate social responsibility refers to the way in which a business tries to balance. It’s commitments to.
Organizational stakeholders
107
Movement designed to help workers in developing countries received your payment for their work is called
Fair trade
108
The view that accompanies only social responsibility is to make as much money as possible for its shareholders, as long as it doesn’t break any laws
Managerial capitalism
109
When companies get together to fix prices for their own advantage, it is called
Collusion
110
A measure developed to help companies, understand, manage, and communicate the social value of their activities for stakeholders is
Social return on investment SROI
111
An employee who discovers and tries to put an end to a company is unethical, illegal, or socially irresponsible actions by publicizing them
Whistle blower
112
The use of confidential information to gain from the purchase or sale of stock
Insider trading
113
An owner managed business that does not dominate in its market
Small business
114
Recently formed commercial organization, that provides goods and or services for sale
New venture
115
People who recognize and sees opportunities and accept the risks associated with creating an operating a new business venture
Entrepreneurs
116
People who exhibit entrepreneurial characteristics and create something new within an existing firm, are called
Intrapreneurs
117
97.9% of all businesses in Canada are considered.
Small businesses
118
The process of planning, organizing, leading and controlling and enterprises, financial, physical, human, and information resources to achieve the organizations goals
Management
119
The process of determining the firms goals, and developing a strategy for achieving them
Planning
120
Process of monitoring a firms performance, and making adjustments to make sure it’s meeting goals
Controlling
121
What involves mobilizing the resources required to complete a particular task
Organizing
122
Firms managers are responsible for overall performance and effectiveness, and for developing long-range plans for the company
Top managers
123
Manager is responsible for the production system that create goods and services
Operations
124
Managers to hire employees, train them, evaluate their performance, decide how they should be compensated, and deal with labour unions
Human resource
125
Managers responsible for deciding in implementing various systems together, process, gather, and disseminate information
 Information, managers
126
What type of skills help managers to find problems or opportunities and select the best course of action
Decision making skills
127
The ability to think in the abstract, diagnosed and analyze various situations, and see beyond the present situation requires managers to develop
Conceptual skills
128
Refers to the actions that people take as they try to get what they want
Organizational politics
129
When a manager makes a decision and remains committed to its implementation, in spite of clear evidence that it was a bad decision, what has occurred
Escalation of commitment
130
Plan, setting, short term, targets for daily, weekly, or monthly performance
Operational plans
131
A statement of how a company will achieve his purpose
Mission statement
132
Are used to identify and analyze organizational strengths, and weaknesses, and environmental or opportunities and threats as part of the strategy formulation
Swat analysis
133
Long-term goal derives directly from the firm’s mission statement
Strategic goal
134
This corporate level strategy involves focussing my company on one product or product line that it knows very well
Concentration
135
What are two basic integration strategies?
Divergent and convergent
136
Type of management that deals with an emergency that demands an immediate response
Crisis management
137
A comprehensive system for collecting, analyzing, and communicating financial information is called
Accounting
138
What type of accounting provides managers and heads of departments with key information that allows them to budget for short and long-term projects?
Managerial accounting
139
What would prompt a forensic accountant to suspect possible fraudulent practices?
Deviations from GAAP
140
What is the accounting equation?
Assets equals liabilities plus owners equity
141
Which of the following is like a snapshot because it shows the financial condition of a company at one point in time
Balance sheet
142
Which of the following shows the operating activities, investing activities, and financial activities, and is considered by investors and creditors to be extremely important
Statement of cash flows
143
Patents, trademarks, and copyrights are classified as
Intangible assets
144
Which of the following is the formal recording and reporting of income at the appropriate time in the earning cycle?
Revenue recognition 
145
This includes estimated receipts and expenditures for a future Period
Budget
146
What measures weather company is able to sell enough products and collect payments for products sold to pay its current debts
Current ratio
147
A company that produces only tangible products, such as textbooks, is involved in
Goods production
148
What is another term for operations?
Production
149
I’m assembly line is an example of
Goods production
150
Companies that have designed the production processes to be efficient and limited inventory to only what is necessary have what type of system
Lean production
151
Observing employees, monitoring their interactions with customers, and providing training in customer relations, skills are part of
Quality control
152
Why do companies use to reduce the need for storage space and save money on inventory, while allowing for all materials to be available when needed
Just in time production
153
Total quality management can be defined as
A business process, improvement method focussed on improving quality of all business processes and eliminating all defects
154
Supply chain management, each company focusses on the
Entire chain of relationships
155
Inventory control, and transportation options are part of which of the four P of marketing
Place
156
What does behavioural segmentation rely on to market items?
Behavioural variables
157
In which stage of new production development might a product be sold on a trial basis in limited areas,
Product testing and test marketing
158
A company has begun full scale, production of a new product and is establishing distribution channels and promotion plans. This is which stage of the new product development process.
Commercialization
159
Ensuring a business always has enough money on hand to pay bills and maintain human resources is called
Cash flow management
160
Accounts payable, and current inventories are examples of
Short term expenditures
161
Collateral is used to secure what type of short term loan
Secured loan
162
Guaranteed line of credit for which the firm pays the bank interest on funds, borrowed as well as a fee for extending the line of credit
Revolving credit agreement
163
Fact, Soli, by the issuing terms, promise to pay and is an option for only the largest, and most credit worthy firms
Commercial paper
164
This type of loaner agreement provides access to additional capital because you are backed by assets
Secured loan
165
Refers to the use of another individual or firm, such as an insurance company, to carry risk
Risk, avoidance
166
When conducting a break, even analysis, Rent and insurance are
Fixed costs
167
Pricing items in uneven dollar amounts is known as
Odd even pressing
168
When a company uses penetration pricing, it tends to set an initial price that that is
Low enough to establish the product in the market
169
Newspapers are adopting a new strategy to survive because the audience for news printed shrinking what is it called?
Digital first
170
Which of the following includes warehousing and transportation operations?
Physical distribution
171
Which is the least expensive mode of transporting products
By water
172
Is concerned with the specifications of the jobs to be done within a business and have these jobs relate to one another
Organizational structure
173
Is the reporting relationship within the company?
The chain of command
174
Is a separate company unit responsible for its own costs and profits
Profit centre
175
Works to integrate continuous improvement with continuous employee, learning and development
Learning organization
