Flashcards in Glossary quiz Deck (50)
expenses that do not change with an increase in sales.
any aspect of an organization that distinguishes it from its competitors in a positive way.
a pictorial display of the official lines of authority and communication within an organization.
an assessment of external needs and the alignment of internal capabilities to meet those needs
Market based business planning
the systematic process of regulating organization activities to make them consistent with the expectations established in plans, targets, and standards of performance.
system that focuses on keeping costs as low as possible through efficient operations and tight controls.
measurements of various characteristics of the people and social groups who make up a market area.
the relationship between specific figures on an organization's financial statements.
financial ratio analysis
a plan whereby a company attempts to set the organization's products or services apart form those of other companies
formal process that assures financial accuracy and integrity
reports that provide management with information to monitor financial resources.
development of alternative courses of action that can be implemented if and when the original plan proves inadequate because of changing circumstances.
a report that presents the difference between an organization's income and expenses to determine whether the firm operated at a profit or loss over a specified time.
measurements of an organization's ability to generate cash and pay debts.
collects, organizes,and distributes data in such a way that the information meets managers' needs
MIS - management information systems
a document that describes the who, what how of an organization, and why it exists.
defines operational objectives in support of tactical plans.
strategic management tool to assess key business internal and external components.
expressed as the percent or ratio of the total of the sale minus the cost of goods to make the sale divided by cost of the goods to make the sale. For example, the product cost $10 to make and was sold for $20, so the different is $10, which divided by the cost of $10 equals a profit margin of 100%.
the process of establishing the orderly use of resources through documentation, budgeting, and defined processes. 21. Profitability ratios: measurements of an organization's ability to generate profits
Measurements of an organization’s ability to generate profits
the activity of evaluating various threats to the viability of the firm.
loans for which there is no collateral granted to the lender
a practice that defines a commitment to quality in all areas of the organization.
total quality managment
an outline of steps or course of actions for attaining some specific objectives in the future.
an aspirational statement regarding the desired future or value of the firm.
method of accounting in which you match revenue with expense regardless when the cash may or may not be collected
a "point in time" snapshot listing all of your assets as well as your liabilities and equity.
method of accounting in which you recognize income when you receive the cash and expense when you receive the bill
cash basis of accounting
your landlord will require you to furnish this as proof of your insurance coverage.
certificate of insurance
the sale of products and services over the Internet.
a non-cash expense of doing business (such as recording that assets are going down in value over time.)
the overall process of evaluating a business opportunity including examination of financial records.
an ownership interest in a business.
a value proposition or strategy that provides an uncontested position within the competitive space.
Blue ocean strategy
steps detailing the actions needed to achieve the organization's specific strategic plan
shows income and expenses and resulting profit or loss over a specified period of time.
what is needed to avoid losses in the handling of funds, either cash, checks or credit cards.
the controlling of inventory so that materials are delivered just in time for assembly or sale.
the actual tax rate paid found by dividing the total tax paid by the net taxable income.
effective tax rate
expenses that are directly related to changes in sales.
unique qualities enables maintenance of profitable pricing.
a concentration of profit in few a sources.
the funds and assets invested in a business by the owners.
the U. S. Small Business Administration.
a non-profit association dedicated to entrepreneurs education and success of small business
loans secured by the assets of your business or your personal assets or both.
factors making up the overall and objective evaluation of a location for a specific business.
loss of goods through shoplifting and other types of stealing.