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BA 101 > Midterm > Flashcards

Midterm 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 such as computers, food, clothing, cars, and appliances

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3
Q

Services

A

intangible products that can’t be held in your hand, such as education, health care, insurance, recreation, and travel and tourism.

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4
Q

Entrepreneur

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 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 revenues.

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8
Q

Risk

A

the chance an 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

the 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 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 the firm, like its production or accounting tasks.

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13
Q

Non profit org.

A

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

are the resources used to create wealth: land, labor, and capital

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15
Q

Business environment

A

consists of the surrounding factors that either help or hinder the development of business.

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16
Q

Technology

A

everything from phones to computers, mobile devices, medical imaging machines, robots, the Internet, social media, and various software programs and apps that make business processes more efficient and productive.

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17
Q

Productivity

A

amount of output you generate given the amount of input (such as hours worked).

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18
Q

E-commerce

A

is buying and selling of goods online.

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19
Q

Database

A

electronic storage file for information; one use of databases is to store vast amounts of information about consumers.

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20
Q

Identity theft

A

obtaining individuals’ personal information

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21
Q

Empowerment

A

giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests.

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22
Q

Demography

A

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

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23
Q

Climate change

A

movement of the temperature of the planet up or down over time.

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24
Q

Greening

A

saving energy and producing products that cause less harm to the environment.

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25
Q

Econ

A

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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26
Q

Micro

A

part of economic study that looks at the behavior of people and organizations in particular markets.

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27
Q

Macro

A

part of economic study that looks at the operation of a nation’s economy as a whole.

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28
Q

Resource development

A

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

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29
Q

Invisible hand

A

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

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30
Q

Capitalism

A

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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31
Q

Supply

A

refers to the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time.

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32
Q

Demand

A

refers to the quantity of products that people are willing to buy at different prices at a specific time.

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33
Q

Market price

A

the price determined by supply and demand.

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34
Q

Perfect competition

A

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

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35
Q

Monopolistic competition

A

is the degree of competition in which a large number of sellers produce very similar products that buyers nevertheless perceive as different.

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36
Q

Oligopoly

A

a degree of competition in which just a few sellers dominate a market.

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37
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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38
Q

Gross domestic product

A

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

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39
Q

Gross output

A

measure of total sales volume at all stages of production.

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40
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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41
Q

Inflation

A

general rise in the prices of goods and services over time.

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42
Q

Disinflation

A

a situation in which price increases are slowing (the inflation rate is declining).

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43
Q

Deflation

A

is a situation in which prices are declining, occurring when countries produce so many goods that people cannot afford to buy them all.

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44
Q

Stagflation

A

situation when the economy is slowing, but prices keep going up anyhow.

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45
Q

Consumer price index

A

consists of monthly statistics that measure the pace of inflation or deflation.

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46
Q

Producer price index

A

index that measures prices at the wholesale level.

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47
Q

Business cycle

A

periodic rises and falls that occur in economies over time.

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48
Q

Recession

A

two or more consecutive quarters of decline in the GDP

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49
Q

Depression

A

severe recession, usually accompanied by deflation.

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50
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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51
Q

Keynesian economic theory

A

theory that a government policy of increasing spending and cutting taxes could stimulate the economy in a recession.

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52
Q

National debt

A

sum of government deficits over time.

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53
Q

Monetary policy

A

management of the monetary supply and interest rates; it is controlled by the Fed.

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54
Q

Management

A

process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources.

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55
Q

Planning

A

management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.

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56
Q

Organizing

A

management function that includes designing the structure of the organization and creating conditions and systems in which every¬one and everything work together to achieve the organization’s goals and objectives.

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57
Q

Leading

A

means creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization’s goals and objectives in a timely manner.

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58
Q

Controlling

A

management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not.

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59
Q

Vision

A

encompassing explanation of why the organization exists and where it is headed; it is more than a goal.

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60
Q

Mission statement

A

outline of the fundamental purposes of the organization.

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61
Q

Goals

A

broad, long-term accomplishments an organization wishes to attain.

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62
Q

Objectives

A

specific, short-term statements detailing how to achieve the organizational goals.

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63
Q

Swot analysis

A

planning tool used to analyze an organization’s Strengths, Weaknesses, Opportunities, and Threats.

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64
Q

Strategic planning

A

process of deter¬mining the major goals of the organization and the policies and strategies needed for obtaining and using resources to achieve those goals.

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65
Q

Tactical planning

A

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.

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66
Q

Operational planning

A

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

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67
Q

Contingency planning

A

process of preparing alternative courses of action that may be used if the primary plans don’t achieve the organization’s objectives.

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68
Q

Decision making

A

choosing among two or more alternatives.

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69
Q

Problem solving

A

process of solving the everyday problems that occur; it is less formal than the decision-making process and calls for quicker action.

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70
Q

Brainstorming

A

coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas.

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71
Q

PMI

A

all the Pluses for a solution in one column, all the Minuses in another, and the Implications in a third column.

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72
Q

Top management

A

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

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73
Q

CEO

A

responsible for all top-level decisions in the firm.

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74
Q

COO

A

responsible for putting those changes into effect.

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75
Q

CFO

A

responsible for obtaining funds, planning budgets, collecting funds, and so on.

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76
Q

CIO or CKO

A

responsible for getting the right information to managers so they can make good decisions. CIOs are more important than ever.

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77
Q

Middle management

A

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

78
Q

Supervisory management

A

managers who are directly responsible for supervising workers and evaluating their daily performance; they are also known as first-line managers.

79
Q

Technical skills

A

involve the ability to perform tasks in a specific discipline (such as selling a product) or department (such as marketing).

80
Q

Human relations skills

A

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

81
Q

Conceptual skills

A

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

82
Q

Staffing

A

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

83
Q

Transparency

A

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

84
Q

Autocratic leadership

A

leadership style that involves making managerial decisions without consulting others; it is effective in emergencies and when dealing with unskilled workers.

85
Q

Participative leadership

A

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

86
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.

87
Q

Enabling

A

giving workers the education and tools they need to make decisions.

88
Q

Knowledge management

A

finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm.

89
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.

90
Q

Internal customers

A

individuals and units within the firm that receive services from other individuals and units.

91
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.

92
Q

Marketing concept

A

three-part business philosophy: customer orientation, service orientation and profit orientation

93
Q

Customer relationship management

A

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 over time.

94
Q

Marketing mix

A

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

95
Q

Product

A

physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eye of consumers, such as the brand.

96
Q

Test marketing

A

process of testing products among potential users.

97
Q

Brand name

A

word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors.

98
Q

Promotion

A

all the techniques sellers use to inform people and motivate them to buy products or services.

99
Q

Marketing research

A

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

100
Q

Secondary data

A

information that has already been compiled by others and published in journals and books or made available online.

101
Q

Primary data

A

data that you gather yourself (not from secondary sources such as books and magazines).

102
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 product, or other given issues.

103
Q

Environmental scanning

A

process of identifying the factors that can affect marketing success.

104
Q

Consumer market

A

made up of all the individuals or households that want goods and services for personal consumption or use.

105
Q

Business to business market

A

consists of all the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others

106
Q

Market segmentation

A

process of dividing the total market into groups whose members have similar characteristics.

107
Q

Target marketing

A

marketing directly toward those groups (market segments) an organization decides it can serve profitably.

108
Q

Geographic seg.

A

dividing a market by cities, counties, states, or regions.

109
Q

Demographic seg.

A

dividing the market by age, income, and education level.

110
Q

Psychographic seg.

A

dividing the market using the group’s values, attitudes, and interests.

111
Q

Benefit seg.

A

dividing the market by determining which benefits of the product to talk about.

112
Q

Volume seg.

A

dividing the market by usage (volume of use).

113
Q

Niche marketing

A

the process of finding small but profitable market segments and designing custom-made products for them.

114
Q

one to one marketing

A

developing a unique mix of goods and services for each individual customer.

115
Q

mass marketing

A

means developing products and promotions to please large groups of people.

116
Q

relationship marketing

A

marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.

117
Q

Total product offer

A

consists of everything that consumers evaluate when deciding whether or not to buy something (also called the value package).

118
Q

Product line

A

group of products that are physically similar or are intended for a similar market

119
Q

Product mix

A

combination of product lines offered by a manufacturer

120
Q

Product differentiation

A

creation of real or perceived product differences

121
Q

Convenience goods and services

A

products that the consumer wants to purchase frequently and with a minimum of effort.

122
Q

Shopping goods and services

A

those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers.

123
Q

Speciality goods and services

A

consumer products with unique characteristics and brand identity.

124
Q

Unsought goods and services

A

are products that consumers are unaware of, haven’t necessarily thought of buying, or find that they need to solve an unexpected problem.

125
Q

Industrial goods

A

are products used in the production of other products: sometimes called business goods or B2B goods.

126
Q

Bundling

A

grouping two or more products together and pricing them as a unit.

127
Q

Brand

A

name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors.

128
Q

Trademark

A

brand that has been given exclusive legal protection for both the brand name and its design

129
Q

Manufactures brands

A

brand names of manufacturers that distribute products nationally.

130
Q

Dealer brands

A

products that do not carry the manufacturer’s name, but carry a distributor or retailer’s name instead

131
Q

Generic goods

A

non-branded products that usually sell at a sizable discount compared to national or private-label brands.

132
Q

Knockoff brands

A

illegal copies of national brand-name goods.

133
Q

Brand equity

A

value of the brand name and associated symbols

134
Q

Brand loyalty

A

degree to which customers are satisfied, like the brand, and are committed to further purchases.

135
Q

Brand awarness

A

refers to how quickly or easily a given brand name comes to mind when a product category is mentioned.

136
Q

Brand association

A

linking of a brand to other favorable images

137
Q

Brand manager

A

manager who has direct responsibility for one brand or one product line

138
Q

Product analysis

A

making cost estimates and sales forecasts to get a feeling for profitability of new-product ideas.

139
Q

Concept testing

A

involves taking a product idea to consumers to test their reactions.

140
Q

Commercialization

A

promoting the product to distributors and retailers to get wide distribution and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers.

141
Q

Product life cycle

A

theoretical model of what happens to sales and profits for a product class over time; the four stages are introduction, growth, maturity, and decline.

142
Q

Target costing

A

designing a product so that it satisfies customers and meets the profit margins desired by the firm.

143
Q

Competition-based pricing

A

is a pricing strategy based on what all the other competitors are doing; the price can be set at, above, or below competitors’ prices.

144
Q

Price leadership

A

is the procedure by which one or more dominant firms set the pricing practices that all competitors in an industry follow.

145
Q

Break even analysis

A

is the process used to determine profitability at various levels of sales.

146
Q

Total fixed costs

A

are all the expenses that remain the same no matter how many products are made or sold.

147
Q

Variable costs

A

re costs that change according to the level of production.

148
Q

Skimming price strategy

A

is a strategy in which a new product is priced high to make optimum profit while there is little competition; however, it invites competitors.

149
Q

Penetration strategy

A

is one in which a product is priced low to attract more customers and discourage competitors; it allows a company to capture market share quickly.

150
Q

Everyday low pricing

A

is setting prices lower than competitors and then not having any special sales (example: Home Depot and Walmart).

151
Q

High low pricing strategy

A

is setting prices that are higher than EDLP stores, but have many special sales where the prices are lower than competitors.

152
Q

Psychological pricing

A

is pricing goods and services at price points that make the product appear less expensive than it is (example: gasoline priced at $2.99 instead of $3.00).

153
Q

Accounting

A

is the recording, classifying, summarizing, and interpreting of financial events and transactions to provide management and other interested parties with the information they need to make good decisions.

154
Q

Accounting cycle

A

is a six-step procedure that results in the preparation and analysis of the major financial statements.

155
Q

Bookkeeping

A

is the recording of business transactions.

156
Q

Journal

A

is the record book or computer program where accounting data are first entered.

157
Q

Double entry bookkeeping

A

is the concept of writing every business transaction in two places.

158
Q

Ledger

A

is a specialized accounting book or computer program in which information from accounting journals is accumulated into specific categories and posted so that managers can find all the information about one account in the same place.

159
Q

Trial balance

A

a summary of all the data in the account ledgers to show whether the figures are correct and balanced.

160
Q

Financial statement

A

is the summary of all transactions that have occurred over a particular period.

161
Q

Fundamental accounting equation

A

is Assets = Liabilities + Owners’ equity; this is the basis for the balance sheet.

162
Q

Balance sheet

A

is the financial statement that reports a firm’s financial condition at a specific time and is composed of three major accounts: assets, liabilities, and owners’ equity.

163
Q

Assets

A

are economic resources (things of value) owned by the company.

164
Q

Liquidity

A

refers to how fast an asset can be converted into cash.

165
Q

Current assets

A

are items that can or will be converted to cash within one year (examples: cash, accounts receivable, and inventory).

166
Q

Fixed assets

A

are assets that are relatively permanent, such as land, buildings, and equipment.

167
Q

Intangible assets

A

are long-term assets (e.g., patents, trademarks, copyrights) that have no real physical form but do have value.

168
Q

Liabilities

A

are what the business owes to others (DEBTS).

169
Q

Accounts payable

A

are current liabilities or bills the company owes to others for merchandise or services purchased on credit but not yet paid for.

170
Q

Notes payable

A

are short-term or long-term liabilities that a business promises to repay by a certain date.

171
Q

Bonds payable

A

are long-term liabilities that represent money lent to the firm by bondholders that must be paid back.

172
Q

Owners equity

A

is the amount of the business that belongs to the owners minus any liabilities owned by the business.

173
Q

Retained earnings

A

are the accumulated earnings from a firm’s profitable operations that were reinvested in the business and not paid out to stockholders in dividends.

174
Q

Income statement

A

is the financial statement that shows a firm’s profit after costs, expenses, and taxes; it summarizes all of the resources that have come into the firm (revenue), all the resources that have left the firm, and the resulting net income.

175
Q

Net income

A

is revenue left over after all costs and expenses, including taxes, are paid.

176
Q

Cost of goods sold

A

is a measure of the cost of merchandise sold or cost of raw materials and supplies used for producing items for resale.

177
Q

Gross profit

A

s how much a firm earned by buying (or making) and selling merchandise.

178
Q

Operating expenses

A

are costs involved in operating a business, such as rent, utilities, and salaries.

179
Q

Depreciation

A

is the systemic write-off of the cost of a tangible asset over its estimated useful life.

180
Q

Statement of cash flows

A

is the financial statement that reports cash receipts and disbursement related to the firm’s three major activities: operations, investment, and financing.

181
Q

Cash flow

A

is the difference between cash coming in and cash going out of a business.

182
Q

Ratio analysis

A

is the assessment of a firm’s financial condition using calculations and interpretations of financial ratios developed from the firm’s financial statements.

183
Q

Financial accounting

A

is accounting information and analyses prepared for people outside the organization (owners and prospective owners, creditors and lenders, employee unions, customers, suppliers, governmental units, and the general public).

184
Q

Private accountant

A

is an accountant who works for a single firm, government agency, or nonprofit organization.

185
Q

Public accountant

A

is an accountant who provides his or her accounting services to individuals or businesses on a fee basis.

186
Q

Certified public accountant

A

is an accountant who has passed a series of examinations established by the American Institute of Certified Public Accountants (AICPA).

187
Q

Managerial accounting

A

is accounting used to provide information and analyses to managers within the organization to assist them in decision making.

188
Q

Auditing

A

is the job of reviewing and evaluating the records used to prepare the company’s financial statements.

189
Q

Independent audit

A

is an evaluation and unbiased opinion about the accuracy of company’s financial statements.

190
Q

Tax accountant

A

is an accountant trained in tax law and responsible for preparing tax returns and developing tax strategies.

191
Q

Government and not for profit accounting

A

is the accounting system for organizations whose purpose is not generating a profit but serving ratepayers, taxpayers, and others according to a duly approved budget.

BA 101 (3 decks)

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