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expenses that do not change with an increase in sales.

fixed expenses

1

any aspect of an organization that distinguishes it from its competitors in a positive way.

competitive advantage

3

a pictorial display of the official lines of authority and communication within an organization.

organizational chart

4

an assessment of external needs and the alignment of internal capabilities to meet those needs

Market based business planning

4

the systematic process of regulating organization activities to make them consistent with the expectations established in plans, targets, and standards of performance.

controls

5

system that focuses on keeping costs as low as possible through efficient operations and tight controls.

cost-leadership strategy

7

measurements of various characteristics of the people and social groups who make up a market area.

demographics

8

the relationship between specific figures on an organization's financial statements.

financial ratio analysis

9

a plan whereby a company attempts to set the organization's products or services apart form those of other companies

differentiation strategy

9

formal process that assures financial accuracy and integrity

financial control

11

reports that provide management with information to monitor financial resources.

financial statements

12

development of alternative courses of action that can be implemented if and when the original plan proves inadequate because of changing circumstances.

contingency planning

12

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.

income statement

13

measurements of an organization's ability to generate cash and pay debts.

liquidity ratios

14

collects, organizes,and distributes data in such a way that the information meets managers' needs

MIS - management information systems

15

a document that describes the who, what how of an organization, and why it exists.

mission statement

16

defines operational objectives in support of tactical plans.

operational plan

18

strategic management tool to assess key business internal and external components.

SWOTT analysis

18

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%.

profit margin

19

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

organizing function

20

Measurements of an organization’s ability to generate profits

profitability ratios

21

the activity of evaluating various threats to the viability of the firm.

risk assessment

22

loans for which there is no collateral granted to the lender

unsecured credit

23

a practice that defines a commitment to quality in all areas of the organization.

total quality managment

24

an outline of steps or course of actions for attaining some specific objectives in the future.

strategic plan

24

an aspirational statement regarding the desired future or value of the firm.

vision statement

25

method of accounting in which you match revenue with expense regardless when the cash may or may not be collected

accrual

26

a "point in time" snapshot listing all of your assets as well as your liabilities and equity.

balance sheet

29

method of accounting in which you recognize income when you receive the cash and expense when you receive the bill

cash basis of accounting

30

your landlord will require you to furnish this as proof of your insurance coverage.

certificate of insurance

31

the sale of products and services over the Internet.

e-commerce

32

a non-cash expense of doing business (such as recording that assets are going down in value over time.)

depreciation

33

the overall process of evaluating a business opportunity including examination of financial records.

due diligence

34

an ownership interest in a business.

equity

35

a value proposition or strategy that provides an uncontested position within the competitive space.

Blue ocean strategy

35

steps detailing the actions needed to achieve the organization's specific strategic plan

tactical plan

36

shows income and expenses and resulting profit or loss over a specified period of time.

income statement

37

what is needed to avoid losses in the handling of funds, either cash, checks or credit cards.

internal controls

38

the controlling of inventory so that materials are delivered just in time for assembly or sale.

just-in-time

39

the actual tax rate paid found by dividing the total tax paid by the net taxable income.

effective tax rate

40

expenses that are directly related to changes in sales.

variable expenses

41

unique qualities enables maintenance of profitable pricing.

pricing power

42

a concentration of profit in few a sources.

profit risk

43

the funds and assets invested in a business by the owners.

capital

43

the U. S. Small Business Administration.

SBA

44

a non-profit association dedicated to entrepreneurs education and success of small business

S.C.O.R.E.

45

loans secured by the assets of your business or your personal assets or both.

secured credit

46

factors making up the overall and objective evaluation of a location for a specific business.

site criteria

47

loss of goods through shoplifting and other types of stealing.

shrinkage

49

a debt due in less than 12 months

current liability