Flashcards in Glossary quiz Deck (50)
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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
