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Flashcards in Final Review Deck (210)
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1

EQ

Emotional Intelligence, focused on soft skills, developing self awareness + control, empathize and see variety of perspectives

2

Intrapreneurship

Doing entrepreneurial work like designing new products within a corporation

3

Sustainability

Business practices that are SUSTAINABLE, and leave a positive impact on the world or environment

4

Balance of Trade

Relationship between importing and exporting

5

Trade Surplus

When exports exceed imports

6

Trade Defecit

When imports exceed exports

7

Comparative Advantage (Theory)

Countries should produce what they can efficiently and purchase what they cannot

8

Contract Manufacturing

Find foreign manufacturer to make your product with your brand and name attached (A.K.A Outsourcing)

9

Corporation

A business that is considered separate legal entity from owners and has many shareholders

10

Crown Corporation

A publicly owned company

11

Embargo

Ban on import of a product

12

Exporting

Sale of good to another country

13

Foreign Direct Investment

Buying a property or business and operating in another country

14

Foreign Subsidiary

Where the owner / franchisor sells rights to use business names and products for sale / service in another country (

15

Free Market Economy

Market determines what G&S to produce and who gets them

16

Free Trade

When there are no barriers to trade between countries

17

Importing

Purchase of goods from another country

18

Import Quota

Limit of quantity of products that country imports

19

Joint Venture

When two / more companies team up for a major business venture

20

Licensing

When a domestic company (licensor) allows a foreign one (licensee) to make its products in exchange for a fee / royalty

21

Multinational Corporations

Companies that manufacture and sell their products in many countries

22

Mixed Economy

Economy where government has a say in the allocation of resources in the market

23

Non-Tariff Barriers

Rules that hinder free trade

24

Partnership

A business created by two or more people

25

Privatization

Sale of a crown corp.

26

Small Business

Business that is
1. Independently owned and operated
2. Not dominant in it's field
3. Employs 1-99 Employees

27

Sole Proprietorship

Business owned by single person

28

Strategic Alliance

Two or more companies that work together to build and maintain their competitive advantage

29

Tariffs

Taxes on imported products

30

Trade Protectionism

Limits the amount of export by the use of government regulation

31

Benchmark Interest Rate

Rate at which Bank of Canada loans money to financial institutions

32

Business Cycles

Natural rises and falls in economic activity
Recovery, Expansions, Peak, Contraction

33

Consumer Price Index

Compares change in prices for "basket" of commonly purchased goods

34

Depression

A severe form of recession with a prolonged period of reduced economic activity

35

Deregulation

Removal of laws and regulations to support competition

36

Economies of Scale

Advantage of having a larger amount of goods produced, which decreases cost per good sold

37

Environmental Scan

Looking at the business environment to see factors growth and success

38

Factors of Production

Land, Labour, Capital, Entrepreneurship

39

Fiscal Policy

Spending policy of Govt. / Changes in tax rates

40

Gross Domestic Product

Total value of goods and services produced inside the country in a year

41

GPD per Capita

GDP over population

42

Inflation

Rise in price of goods and services over time

43

Macroeconomics

study of economy as a whole, looking through lens of entire countries

44

Microeconomics

Study of decisions made by individuals and businesses

45

Monetary Policy

Management of money supply and interest rate by bank of Canada

46

National Debt

Accumulation of national deficits over time

47

Recession

Period of two or more consecutive quarters of decline in GDP

48

Stakeholders

Individuals / Entities that have a stake in what an organization does

49

Switching costs

Monetary and Psychological impact of switching from one product to another

50

Triple Bottom Line Reporting

Reporting that focuses on 3 of people,planet,profits

51

Unemployment Rate

Measure of % of people who are unemployed out of the labour force

52

Corporate Philantropy

when companies donate money / skill to support various causes

53

Corporate Social Responsibility

How a company steps up to aid society

54

Ethical Dilemna

A problem with a difficult choice with potentially no desirable options

55

Ethics

Guiding principles that help us navigate decision making in a given situation or context

56

Fair Trade

Ensures producers in developing countries are paid fair prices for their produce

57

Laws

Established rules and regulations that companies must abide by

58

Social Audit

Evaluating progress toward social goals

59

Sustainable Development

Whether or not business operations support needs for the future without negative consequences

60

Whistleblowers

People that report unethical behavior

61

Balanced Scorecard Approach

A method of control that looks at both financial and non-financial measures through the assessment of financial, customers, business processes, and learning & growth.

62

Contingency Plans

Plans that occur when the original plan does not pan oiut

63

Goals

Targets or accomplishments that align with visions and mission

64

Autocratic Leadership

Management tells employees what to do without consultation

65

Democratic Leadership

Management makes decisions with consultation of others

66

Laissez-Faire Leadership

Managers set targets, employees are free to work towards their targets how they see best

67

Conceptual Skills

Analytic Skills, seeing the big picture and critical thinking

68

Technical Skills

Knowledge and ability to perform tasks in specific discipline

69

Human Skills

Ability to communicate and maintain relationship, interpersonal skills

70

Maslow's Hierarchy of needs

Considers motivations of employees
1. Physiological needs
2. Safety
3.Love/Belonging
4. Self Esteem
5. Self Actualization

71

Mission Statement

Statement outlining current purpose, including what they do and who they do it for

72

Organizational Chart

Outlines the structure and flow of power within a company, includes employees and their functions

73

Star Model

Identifies five considerations in organizational design — strategy, structure, processes, rewards, and people.

74

Values

Fundamental Beliefs of company that guide decision making

75

Vision

Long term road map of company, describes where company wants to be in the future

76

Angel Investors

Individuals that invest in early stage business in return for R.O.I and some control

77

Venture Capitalists

Individuals / Companies that invest in established businesses and get a R.O.I

78

Business Model

Shows how you deliver value to customers through product/service and how you capture value (earn revenue)

79

Crowdfunding

Raising capital from people online

80

Incubators

Supportive environments that not only provide working space but also advice/support to grow ideas and how to manage a business. This can include coaching, management and operations assistance, networking opportunities, and access to financing.

81

Intrapreneurship

When one is able to launch new products or services within a company

82

Value Proposition

The benefits customers can expect from using the products and services of an organization., E.G. My purchase from our company

83

Business Models

Captures how you deliver value to customers (value proposition) through your products and services and also capture value as a company (earn money through revenue streams)

84

Copyright

Legislation which provides an exclusive right to make, reproduce, publish, or perform artistic works, where other who want to use have to buy / gain permission. They exist for lifetime of creator + 50 years after their death, after which the copyright expires

85

Direct Channel

When a company has its own stores (physical or online) and salespeople

86

Fixed Costs

costs that stay the same even if production increases

87

Freemium

A business model where products are offered for free, but then allow customer to purchase additional features through in app purchases

88

Indirect Channel

When a company's product is offered through an intermediary

89

Intangible Resources

Assets that a company owns that are not physical in nature

90

Patents

Protections that cover new invention / improvements to existing inventions, gives inventor right to stop others from making, using or selling invention for the period of the patent (usually 20 years)

91

Recurring revenue streams

Revenue streams that are on going payments, such as monthly subscriptions

92

Tangible resources

Assets that a company owns that are physical in nature

93

Transactional Revenue Streams

Revenue steams that are one time payments

94

Value Proposition

Benefits customers can expect from using the products and services of an organization

95

Variable Costs

Costs that will change if production increases (e.g. Raw Material)

96

Advertising

Media communication used to promote a brand or sell a product (e.g. Radio/TV, print, digital ads)

97

Brand

Name Symbol or Design that distinguishes company and its products from their competition

98

Brand Equity

Overall value for a bran, strengthened by awareness and customer loyalty

99

Break-Even Analysis

Helps evaluate profitability of a product by calculating break even point, when sales cover expenses completely

100

B2B

Business-2-Business, when companies sell to other companies who may or may not be end users

101

B2C

Business-2-Customer, when companies sell directly to customers who are usually end users

102

Buzz Marketing

Encourages consumers to try products and publicly share their reviews

103

Concept Testing

process of sharing a product idea with potential customers to obtain feedback

104

Crowdsourcing

When you mobilize the ideas and perspectives of individual customers to help design a product

105

Customer Relationship Management

Systems that capture data to support interactions and encourage engagement with customers to build long-term relationship

106

Direct marketing

promotional activities that link a producer directly with its customers, such as telemarketing, mail, or emails

107

Distribution Channel

How products move from producer to consumer

108

Intermediaries

individuals or organisations in the middle of distribution channels which help move products from business -> consumer

109

Market

customers with wants and needs that have both and interest and resources to make a purchase

110

Market Research

Process of collecting info to understand customers and satisfy their needs with products

111

Primary Research

gathering info directly, use of surveys, interviews, observation

112

Secondary Research

Examines info and stats already available (e.g. publishes surveys, research studies, existing company records)

113

Market segmentation

Process of dividing a total market into customer segments that have similar char / needs

114

Marketing

Process of creating, communicating and delivering product offerings that have value

115

Marketing Mix (4Ps)

How a company can create interest and influence demand for product through Product, Price, Place, Promotion

116

Mass Marketing

When company attempts to reach a wider audience with a single product offering

117

Penetration Pricing

Setting low initial price to build customer base / enter competitive market

118

Price Skimming

Setting high initial price to optimize profit when there is less competition

119

Personal Selling

face-to-face promotional activities between buyer and seller

120

Product Differentiation

Promote how your product is unique

121

Product Life Cycle

Looks at sales over four states, intro, growth, maturity and decline

122

Product Line

group of similar products sold by a company

123

Product mix

Combination of all product lines from a company

124

Promotion Mix

Activities a companies can use to motivate to take action and buy (stuff you do to market)

125

Public Relations

Activities that drive a positive image and generate publicity

126

Relationship Marketing

Aims to develop long-term relationships with customers to foster loyalty and interaction

127

Sales Promotion

Techniques that can motivate a customer to buy, which include incentives like coupons, rebates or free samples

128

Target Market

A customer segment that is sizable, reachable and profitable

129

Test Marketing

launch and test product on small scale to get customer feedback

130

Activity Based Management

Reviewing processes to remove non-value adding activities to save time and money

131

Computer-Aided Design

Software that can help design products through 2d / 3d modelling and developing diagrams for products and their components

132

Computer-Aided Manufacturing

Use of technology that can take designs and inform equipment on how to manufacture them

133

Computer-Integrated Manufacturing

Integration of CAD and CIM software

134

Critical Path

The sequence of tasks that would take the longest to complete, any delays here delay the entire project

135

Enterprise Resource Planning

Software that manages key functions of company through shared info database

136

Gantt Chart

A planning tool that measures progress and can show what tasked are being worked on and what stage they're in

137

JIT inventory management

Where supplies are ordered and delivered just-in-time to go into the production line

138

Lean Manufacturing

Looks how a company can produce products ASAP, using the least amount of materials, effort, space, tool and equipment

139

Made-to-order

Where company solicits individual orders and makes specified products

140

Mass Customization

Tailoring a large volume of products to meet needs of many customers

141

Operations Management

How a company creates goods and services through effective management of their resources and processes

142

Mass Production

Manufacture large volume of similar goods in efficient manner

143

Productivity

Examines the efficiency of operations to transform inputs into outputs

144

Program Evaluation and Review Technique

Planning tool that considers tasks and relationship between tasks, estimating times for each sequence

145

Quality

Meeting certain standards and/or being free of deficiencies

146

Supply Chain Management

Managing logistics for a product from sourcing its raw materials -> sending product to customers

147

Total Quality Mangement

Continues process to improve product quality and customer satisfaction

148

Apprenticeship programs

Training where new staff work with experienced employees to master skills

149

Bonus Plan

Additional Money or gifts for good performance

150

Cafeteria style (flexible) benefits plans

Where Employees can choose from a select set of benefits to best suit their needs (up to specific dollar amounts)

151

Coaching

One on One discussions to support emerging leaders

152

Commission plans

Pay based on % of sales

153

Compensation

Remuneration provided in exchange for services

154

Compressed workweek

working required hours over reduced days to have longer weekend

155

Contingent workers

Short Term workers that fill temp needs or work on specific projects

156

Employee Lifecycle

How employees progress through a company (Recruitment, On-boarding, Development, Retention, Off-boarding)

157

Recruitment

attracting and choosing the best people that fit the needs of your company

158

Onboarding

Providing orientation to new employees

159

Development

Helping employees grow both personally and professionaly

160

Retention

Motivating employees to keep employee satisfaction high

161

Offboarding

Managing employee departures

162

Flextime Plans

Employees have more flexible hours, as long as they are within core times

163

Fringe benefits

Optional benefits that employers can give

164

Hourly Wage

Pay based on hours of work

165

Job description

Describes responsibilities, skills needed, working conditions, and connection with other roles for a specified job

166

Job rotation

Training future leaders by giving them exposure to different positions

167

Job simulations

training where equipment duplicates working conditions

168

Off-The-Job Training

employees learn off-site (away from office) through external conferences

169

On-The-Job Training

Learning by doing or watching others do

170

Online Training

Learning that can be accessed online

171

Pay Equity

Equal pay for equal value, pay based on neutral performance factors

172

Performance Appraisals

Measure actual performance against standards to make decisions

173

Profit Sharing

Bonus awarded to team if company reaches its targets

174

Salary

Fixed amount of salary per year

175

Stock Option

opportunity for employee to purchase stock at preferred price

176

Telework

Employees that work from home

177

Turnover rate

% of employees that leave company each year

178

Understudy positions

Emerging leaders support leaders with work, learning from them and slowly taking on more of the higher ups work

179

Bonds

Loans issued by company that must by paid (grants IOU) where you must pay principal and interest and specified date

180

Common shares

shares that allow shareholder to become part owner, giving them voting rights

181

Compound Interest

Principle where interest also earns interest

182

Covenants

conditions that must be maintained for a loan, if broken the lender can demand loan be paid back instantly

183

Interest

% charge on principal amount, can be specific or variable

184

Principal

Original borrow amount of loan

185

Secured loan

loan backed by assets that are put up as collateral

186

Term

Time period for loan, under 1 year = short term, over = long term

187

Unsecured loan

Loan not backed by collateral, only given to customers with strong financial history

188

Financial Literacy

Having knowledge and skills to make informed financial decisions

189

IPO

Initial Public Offering, first time a company sells its shares

190

Line of Credit

Access to a pre-approved pool of money

191

Preferred shares

Shares that have no voting rights, but have priority over dividends and claim to liquidated assets before common shareholders

192

Prospectus

Document made available to investors that sums details about shares, business and finances

193

Term Loan

Amount borrowed and paid off at fixed intervals

194

Time value of money

Money is worth more in the future

195

Undercapitilization

when company does not have enough money to support its operations

196

Accounting

Process of recording, summarizing, and analyzing financial transactions to report to decision makers

197

Financial Accounting

accounting prepared for stakeholders outside company

198

Managerial Accounting

Accounting for decision makers inside company

199

Annual Report

report that discusses F/S, and talks about past year and future plans

200

Private Accountants

Work within single organization

201

Public

Provide services to several organizations for a fee

202

Inventory turnover Ration

COGS / Average Inventory

203

Contributed Surplus

Earnings outside operations

204

Debt to Asset Ratio

Total Liabilities / Total Assets

205

Debt to Equity Ratio

Total Liabilities / Owners Equity

206

Current Ratio

Current Assets / Current Liabilities

207

Quick Ratio

(Cash + Short Term Investments + A/R) / Current Liabilities

208

Earnings Per Share

Net Income / Average # of Common Shares

209

Return of Sales

Net Income / Net Sales

210

Return on Equity

Net Income / Average Owners Equity