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BA 101 > Final Exam > Flashcards

Final Exam Flashcards

1
Q

Business

A

Any activity that seeks to provide goods and services to others while operating at a profit

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2
Q

Goods

A

Tangible products

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3
Q

Services

A

Intangible products

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4
Q

Entreprenuer

A

A person who risks time and money to start and manage a business

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5
Q

Revenue

A

Total amount of money a business takes in during a given period by selling goods and services

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6
Q

Profit

A

Amount of money a business earns above and beyond what it spends for salaries and other expenses

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7
Q

Loss

A

When a business’s expenses are more than its revenue

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8
Q

Risk

A

Chance and entrepreneur takes of losing time and money on a business that may not prove profitable

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9
Q

Standard of Living

A

Amount of goods and services people can buy with the money they have

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10
Q

Quality of Life

A

General well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide

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11
Q

Stakeholders

A

All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address

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12
Q

Outsourcing

A

Contracting with other companies (often in other countries) to do some or all of the functions of a firm, like its production or accounting tasks

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13
Q

Nonprofit Organizations

A

An organization whose goals do not include making a personal profit for its owners or organizers

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14
Q

Factors of Production

A

The resources used to create wealth: land, labor, capital, entreprenuership, and knowledge

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15
Q

Business Environment

A

The surrounding factors that either help or hinder the development of business

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16
Q

Productivity

A

The amount of output you generate given the amount of input

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17
Q

E-commerce

A

The buying and selling of goods over the internet

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18
Q

Database

A

An electronic storage file for information

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19
Q

Identity Theft

A

The obtaining of individuals’ personal information, such as Social Security and credit card numbers, for illegal purposes

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20
Q

Empowerment

A

Given front-line workers the responsibility, authority, training, and equipment they need to respond quickly to customer requests

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21
Q

Demography

A

The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income.

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22
Q

Economics

A

The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.

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23
Q

Macroeconomics

A

The part of economics study that looks at the operation of a nation’s economy as a whole

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24
Q

Microeconomics

A

The part of economics study that looks at the behavior of people and organization in particular markets

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25
Q

Resource Development

A

The study of how to increase resources and to create the conditions and to create the conditions that will make better use of those resources.

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26
Q

Invisible Hand

A

A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits

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27
Q

Capitalism

A

An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit.

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28
Q

State Capitalism

A

A combination of freer markets and some government control

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29
Q

Supply

A

Quantity of products that are manufacturers or owners are willing to sell at different prices at a specific time

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30
Q

Demand

A

Quantity of products that people are willing to buy at different prices at a specific time

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31
Q

Market Price

A

The price determined by supply and demand

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32
Q

Perfect Competition

A

Degree of competition which there are many sellers in a market and none is large enough to dictate the price of a product

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33
Q

Monopolistic Competition

A

Degree of competition in which a large number of sellers produce very similar products that buyers nevertheless perceive as different

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34
Q

Oligopoly

A

Degree of competition in which just a few sellers dominate the market

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35
Q

Monopoly

A

Degree of competition in which only one seller controls the total supply of a product or service, and sets the price

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36
Q

Socialism

A

Economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among the people

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37
Q

Brain Drain

A

Loss of the best and brightest people to other countries

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38
Q

Comminusm

A

Economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production

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39
Q

Free-Market Economies

A

Economic systems in which the market largely determines what goods and services get produced, who gets them, and how the economy grows

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40
Q

Command Economies

A

Economic systems in which the government largely decides what goods and services will be produced , who will get them, and how the economy will grow

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41
Q

Mixed Economies

A

Economic systems in which some allocation of resources is made by the market and some by the government

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42
Q

Gross Domestic Product (GDP)

A

Total value of final goods and services produced in a country in a given year

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43
Q

Gross Output (GO)

A

Measure of total sales volume at all stages of production

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44
Q

Unemployment Rate

A

Number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks

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45
Q

Inflation

A

General Rise in the prices of goods and services overtime

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46
Q

Disinflation

A

Situation in which price increasing are slowing (the inflation rate is declining)

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47
Q

Deflation

A

Situation in which prices are declining

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48
Q

Stagflation

A

Situation when the economy is slowing but prices are going up anyhow

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49
Q

Consumer Price Index (CPI)

A

Monthly statistics that measure the pace of inflation or deflation

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50
Q

Core Inflation

A

CPI minus food and energy costs

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51
Q

Producer Price Index (PPI)

A

An index that measures prices at the wholesale level

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52
Q

Business Cycles

A

The periodic rises and falls that occur in economies overtime

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53
Q

Recession

A

Two or more consecutive quarters of decline in the GDP

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54
Q

Depression

A

A severe recession, usually accompanied by deflation

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55
Q

Fiscal Policy

A

Federal government’s efforts to keep the economy stable by increasing or decreasing taxes or government spending

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56
Q

National Debt

A

The sum of government deficits over time

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57
Q

Keynesian Economic Theory

A

Theory that a government policy of increasing spending could stimulate the economy in a recession

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58
Q

Monetary Policy

A

Management of the money supply and interest rates by the Federal Reserve

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59
Q

Ethics

A

Standards of moral behavior, that is, behavior accepted by society as right versus wrong

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60
Q

Compliance-based Ethics Codes

A

Ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers

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61
Q

Integrity-based Ethics Codes

A

Ethical standards that define the organization’s guiding values, create an environment that supports ethically sound behavior, and stress a shared accountability among employees

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62
Q

Whisteblowers

A

Insiders who report illegal or unethical behavior

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63
Q

Corporate Social Responsibility (CSR)

A

Business’s concern for the welfare of society

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64
Q

Corporate Philanthropy

A

Dimension of social responsibility that includes charitable

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65
Q

Corporate Social Initiatives

A

Enhanced forms of corporate philanthropy directly related to the company’s competencies

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66
Q

Corporate Responsibility

A

Dimension of social responsibility that includes everything from hiring minority workers to making safe products

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67
Q

Corporate Policy

A

Dimension of social responsibility that refers to the position a firm takes on social and political issues

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68
Q

Insider Trading

A

Unethical activity in which insiders use private company information to further their own fortunes or their family and friends

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69
Q

Social Audit

A

Systematic evaluation of an organizations progress toward implementing socially responsible and responsive programs

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70
Q

Sole Proprietorship

A

A business that is owned, and usually managed, by one person

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71
Q

Partnership

A

A legal form of business with two or more owners

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72
Q

Corporation

A

A legal entity with authority to act and have liability apart from its owners

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73
Q

Unlimited Liability

A

Responsibility of business owners for all of the debts of the business

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74
Q

General Partnership

A

Partnership in which all owners share in operating the business and in assuming liability for the business’s debts

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75
Q

Limited Partnership

A

Partnership with one or more general partners and one or more limited partners

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76
Q

General Partner

A

Owner (partner) who has unlimited liability and is active in managing the firm

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77
Q

Limited Partner

A

Owner who invests money in the business but does not have any management responsibility or liability for losses beyond the investment

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78
Q

Limited Liability

A

Responsibility of a business’s owners for losses only up to the amount they invest; limited partners and shareholders (stockholders) have limited liability

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79
Q

Master Limited Partnership

A

Partnership that looks much like a corporation (in that it acts like a corporation and is traded on stock exchange) but is taxed like a partnership and thus avoids the corporate income tax

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80
Q

Limited Liability Partnership

A

Partnership that limits partner’s risk of losing their personal assets to only their own assets and omissions of people under their supervision

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81
Q

Conventional (C) Corporation

A

State-chartered legal entity with authority to act and have liability separate from its owners

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82
Q

S Corporation

A

Unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships

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83
Q

Limited Liability Company

A

Company similar to an S corporation but without the special eligibility requirements

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84
Q

Merger

A

Result of two firms forming one company

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85
Q

Acquisition

A

One company’s purchase of the property and obligations of another company

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86
Q

Vertical Merger

A

Joining of two companies involved in different stages of related businesses

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87
Q

Horizontal Merger

A

Joining of two firms in the same industry

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88
Q

Conglomerate Merger

A

Joining of firms in completely unrelated industries

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89
Q

Leveraged Buyout

A

Attempt by employees, management, or a group of investors to purchase an organization primarily through borrowing

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90
Q

Franchise Agreement

A

Arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory

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91
Q

Franchisor

A

Company that develops a product concept and sells others the rights to make and sell the products

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92
Q

Franchise

A

Right to use a specific business’s name and sell its products or services in a given territory

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93
Q

Franchisee

A

A person who buys a franchise

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94
Q

Cooperative

A

Business owned and controlled by the people who use it – producers, consumers, or workers with similar needs who pool their resources for mutual gain

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95
Q

Entrepreneurship

A

Accepting the risk of starting and running a business

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96
Q

Entrepreneurial Team

A

A group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product

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97
Q

Micropreneurs

A

Entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle

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98
Q

Affiliate Marketing

A

An online marketing strategy in which a business rewards individuals or other businesses (affiliates) for each visitor or customer the affiliate sends to its website

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99
Q

Intrapreneurs

A

Creative people who work as entrepreneurs within corporations

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100
Q

Enterprise Zones

A

Specific geographic areas which governments try to attract private business investment by offering lower taxes and other government support

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101
Q

Incubators

A

Centers that offer new businesses low-cost offices with basic business services

102
Q

Small Business

A

A business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size (set by the Small Business Administration) in terms of employees or annual receipts

103
Q

Business Plan

A

A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner(s)

104
Q

Small Business Administration (SBA)

A

A U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans

105
Q

Small Business Investment Company (SBIC) Program

A

A program through which private investment companies licensed by the Small Business Administration lend money to small businesses

106
Q

Market

A

People with unsatisfied wants and needs who have both the resources and the willingness to buy

107
Q

Service Corps of Retired Executives (SCORE)

A

An SBA office with volunteers from industry, trade, associations, and education who counsel small businesses at no cost (except for expenses)

108
Q

Management

A

The process used to accomplish organizational goals through planning, organization, leading, and controlling people and other organizational resources

109
Q

Vision

A

An encompassing explanation of why the organization exists and where it’s trying to head

110
Q

Mission Statement

A

An outline of the fundamental purposes of an organization

111
Q

Goals

A

The broad, long-term accomplishments an organization wishes to obtain

112
Q

Objectives

A

Specific, short-term statements detailing how to achieve these organization’s goals

113
Q

SWOT Analysis

A

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

114
Q

Strategic Planning

A

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

115
Q

Tactical Planning

A

The 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

116
Q

Operational Planning

A

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

117
Q

Contingency Planning

A

The process of planning alternative courses of action that may be used if the primary plans don’t achieve the organization’s goals

118
Q

PMI

A

Listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third column

119
Q

Top Management

A

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

120
Q

Middle Management

A

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

121
Q

Supervisory Management

A

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

122
Q

Technical Skills

A

Skills that involve the ability to perform tasks in a specific discipline or department

123
Q

Human Relation Skills

A

Skills that involve communication and motivation; they enable managers to work through and with people

124
Q

Conceptual Skills

A

Skills that involve the ability to picture the organization as a whole and the relationships among its various parts

125
Q

Staffing

A

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

126
Q

Transparency

A

The presentation of a company’s facts and figures in a way that is clear and apparent to all stakeholders

127
Q

Autocratic Leadership

A

Leadership style that involves making managerial decisions without consulting others

128
Q

Participative (Democratic) Leadership

A

Leadership style that consists of managers and employees working together to make decisions

129
Q

Free-Rein Leadership

A

Leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives

130
Q

Enabling

A

Giving the workers the education and tools they need to make decisions

131
Q

External Customers

A

Dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use

132
Q

Internal Customers

A

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

133
Q

Human Resource Management

A

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

134
Q

Affirmative Action

A

Employment activities designed to “right past wrongs” by increasing opportunities for minorities and women

135
Q

Reverse Discrimination

A

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

136
Q

Job Analysis

A

A study of what employees do who hold various job titles

137
Q

Recruitment

A

The set of activities used to obtain a sufficient number of the right employees at the right time

138
Q

Contingent Workers

A

Temporary workers

139
Q

Training and Development

A

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

140
Q

Orientation

A

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

141
Q

On-The-Job Training

A

Training at the workplace that lets the employee learn by doing or watching others for a while and then imitating them

142
Q

Apprentice Programs

A

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

143
Q

Off-The-Job Training

A

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

144
Q

Online Training

A

Training programs in which employees complete classes via the Internet

145
Q

Vestibule Training

A

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

146
Q

Job Simulation

A

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

147
Q

Management Development

A

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

148
Q

Networking

A

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

149
Q

Mentor

A

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

150
Q

Performance Appraisal

A

Evaluation that measures employee performances against established standards in order to make decisions about promotions, competition, training, or termination

151
Q

Fringe Benefits

A

Benefits such as sick-leave pay, vacation pay, pension plans, and health plans that represent additional compensation beyond base wages

152
Q

Cafeteria-Style Fringe Benefits

A

Fringe benefits plan that allows employee to choose the benefits they want up to a certain dollar amount

153
Q

Flextime Plan

A

Work schedule that gives employees some freedom to choose when to work, as long as they work the required number of hours or complete their assigned tasks

154
Q

Core Time

A

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

155
Q

Compressed Workweek

A

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

156
Q

Job Sharing

A

An arrangement whereby two part-time employees share one full-time job

157
Q

Union

A

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

158
Q

Craft Union

A

An organization of skilled specialists in a particular craft or trade

159
Q

Knights of Labor

A

The first national labor union; formed in 1869

160
Q

American Federation of Labor (AFL)

A

An organization of craft unions that championed fundamental labor issues; founded in 1886

161
Q

Industrial Unions

A

Labor organizations of unskilled and semiskilled workers in mass-production industries such as automobiles and mining

162
Q

Congress of Industrial Organizations (CIO)

A

Union organization of unskilled workers; broke away from the American Federation of Labor in 1935 and rejoined it in 1955

163
Q

Yellow-Dog Contract

A

A type of contract that required employees to agree as a condition of employment not to join a union; prohibited by the Norris-LaGuardia Act in 1932

164
Q

Collective Bargaining

A

The process whereby union and management representatives form a labor-management agreement, or contract, for workers

165
Q

Certification

A

Formal process whereby a union is recognized by the National Labor Relations Board as the bargaining agent for a group of employees

166
Q

Decertification

A

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

167
Q

Negotiated Labor Management Agreement (labor contract)

A

Agreement that sells the tone and clarifies the terms under which management and labor agree to function over a period of time

168
Q

Union Security Clause

A

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

169
Q

Closed Shop Agreement

A

Clause in a labor-management agreement that specified workers had to be members of a union before being hired (was outlawed by the Taft-Hartley Act in 1947)

170
Q

Union Shop Agreement

A

Clause in a labor-management agreement that says employees may hire nonunion workers’ employees are not required to join the union but must pay a union fee

171
Q

Right-to-Work Laws

A

Legislation that gives workers the right, under an open shop agreement, to join or not to join a union if its present

172
Q

Open Shop Agreement

A

Agreement in right-to-work states that gives workers the option to join a union, if one exists in their workplace

173
Q

Grievance

A

A charge by employees that management is not abiding by the terms of the negotiated labor-management agreement

174
Q

Shop Stewards

A

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

175
Q

Bargaining Zone

A

The range of options between the initial and final offer that each party will consider before negotiations dissolve or reach and impasse

176
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 fir resolving the dispute

177
Q

Arbitration

A

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

178
Q

Strike

A

A union strategy in which workers refuse to go to work, the purpose is to further workers’ objectives after an impasse in collective bargaining

179
Q

Cooling-Off Period

A

When workers in a critical industry return to their jobs while the union and management continue negotiations

180
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 labor dispute

181
Q

Secondary Boycott

A

An attempt by labor to convince others to stop doing business with a firm that is the subject of a primary boycott, prohibited by the Taft-Hartley Act

182
Q

Lockout

A

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

183
Q

Injunction

A

A court order directing someone to do something or to refrain from doing something

184
Q

Strikebreakers

A

Workers hired to do the jobs of striking workers until the labor dispute is dissolved

185
Q

Givebacks

A

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

186
Q

Sexual Harassment

A

Unwelcome sexual advances, request for sexual behaviors, and other conduct (verbal or physical) of a sexual nature that creates a hostile work environment

187
Q

Initial Public Offering (IPO)

A

The first public offering of a corporation’s stock

188
Q

Investment Bankers

A

Specialists who assist in the issue and sale of new securities

189
Q

Institutional Investors

A

Large organizations - such as pension funds, mutual funds, and insurance companies - that invest their own funds or the funds of others

190
Q

Stock Exchange

A

An organization whose members can buy and sell (exchange) securities for companies and individual investors

191
Q

Over-the-Counter (OTC) Market

A

Exchange that provides a means to trade stocks not listed on the national exchange

192
Q

NASDAQ

A

A nationwide electronic system that links dealers across the nation that they can buy and sell securities electronically

193
Q

Securities and Exchange Commissions (SEC)

A

The federal agency that has responsibility for regulating the various stock exchanges

194
Q

Prospectus

A

A condensed version of economic and financial information that a company must file with the SEC before issuing stock; the prospectus must be sent to prospective investors

195
Q

Stocks

A

Shares of ownership in a company

196
Q

Stock Certificate

A

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

197
Q

Dividends

A

Part of a firm’s profit that the firm may distribute to stockholders as either cash payments or additional shares of stock

198
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 approved by the firms board of directors

199
Q

Preferred Stock

A

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

200
Q

Bond

A

A corporate certificate indicating that a person has lent money to a firm (or a government)

201
Q

Maturity Date

A

Exact date the issuer of a bond must pay the principal to the bondholder

202
Q

Interest

A

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

203
Q

Debenture Bonds

A

Bonds that are unsecured (i.e., not backed by any collateral such as equipment)

204
Q

Sinking Fund

A

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

205
Q

Stockbroker

A

A registered representative who works as a market intermediary to buy and sell securities for clients

206
Q

Diversification

A

buying several different investment alternatives to spread the risk of investing

207
Q

Capital Gains

A

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

208
Q

Stock Splits

A

An action by a company the gives stockholders tow or more shares of stock for each one they own

209
Q

Buying Stock on Margin

A

Purchasing stocks by borrowing some of the purchase cost from the brokerage firm

210
Q

Junk Bonds

A

High-risk, high-interest bonds

211
Q

Mutual Fund

A

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

212
Q

Exchange-Traded Funds

A

Collections of stocks, bonds, and other investments that are traded on exchanges but are traded ore like individual stocks than like mutual funds

213
Q

Dow Jones Industrial Average (the Dow)

A

The average cost of 30 selected industrial stocks, used to give an indication of the direction (up or down) of the stock market overtime

214
Q

Program Trading

A

Giving instructions to computers to automatically sell if the price of a stock dips to s certain point to avoid potential losses

215
Q

Marketing

A

Activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

216
Q

Customer Relationship Management (CRM)

A

The process of learning as much as possible about customers and doing everything you can to satisfy them - or even exceed their expectations - with goods and services

217
Q

Marketing Concept

A

A three-part business philosophy: (1) a customer orientation, (2) a service orientation, (3) and a profit orientation

218
Q

Marketing Mix

A

Ingredients that go into a marketing program: product, price, place, and promotion

219
Q

Marketing Research

A

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

220
Q

Secondary Data

A

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

221
Q

Primary Data

A

Data that you gather yourself

222
Q

Focus Group

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 given issues

223
Q

Environment Scanning

A

Process of identifying the factors that can affect marketing success

224
Q

Consumer Market

A

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

225
Q

Business-to-Business

A

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

226
Q

Market Segmentation

A

The process of dividing the total market into groups whose members have similar charateristics

227
Q

Target Marketing

A

Marketing directed toward those groups an organization decides it can serve profitably

228
Q

Geographic Segmentation

A

Dividing a market by cities, countries, states, or region

229
Q

Demographic Segementation

A

Dividing the market by age, income, and education level

230
Q

Psychographic Segmentation

A

Dividing the market using groups’ values, attitudes, and interest

231
Q

Benefit Segmentation

A

Dividing the market by determining which benefits of the product to talk about

232
Q

Volume (or usage) Segmentation

A

Dividing the market by usage (volume of use)

233
Q

Niche Marketing

A

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

234
Q

One-to-One Marketing

A

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

235
Q

Mass Marketing

A

Developing products and promotions to please large groups of people

236
Q

Relationship Marketing

A

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

237
Q

Executer

A

Assembles/values your estate

238
Q

Will

A

Document, names, guardian for children…etc

239
Q

401K

A

Deposit pretax dollars (savings plan)

240
Q

Roth IRA

A

no up-front deductions

241
Q

Tax-Deferred Contributions

A

Retirement account, no current taxes

242
Q

Individual Retirement Account (IRA)

A

Spouse, save income for retirement

243
Q

Social Security

A

Disability Insurance Program, Old Age, Survivors

244
Q

Umbrella Policy

A

Buy all insurance from one company

245
Q

Disability Insurance

A

Pays part of long-term sickness or accident

246
Q

Annuity

A

Contract, regular payments for life/fixed period

247
Q

Variable Life Insurance

A

Invests cash value of policy in stocks

248
Q

Whole Life Insurance

A

Pure Insurance and Savings

249
Q

Term Insurance

A

Pure insurance protection a given number of years

250
Q

Controlling Assets (6)

A
  1. Take inventory of financial assets
  2. Keep track of expenses
  3. Prepare budget
  4. Pay off debts
  5. Start savings plan
  6. Borrow only to buy assets that increase in value or generate income

BA 101 (1 decks)

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