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Principles II - Vocabulary > Small Business Management > Flashcards

Small Business Management Flashcards

1
Q

A method of classifying inventory items with categories which are of high value, less costly, and/or low-cost items

A

ABC Method

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2
Q

The art of making the public aware of the services or commodities that the business has for sale

A

Advertising

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3
Q

Federal legislation that requires employers to treat applicants and employees equally regardless of age

A

Age Discrimination Act of 1967

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4
Q

A grouping of accounts receivable into age categories based upon the length of time they have been outstanding on the company record

A

Aging Schedule

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5
Q

Legislation that guarantees disabled people equal access to employment, as well as access to public places

A

Americans with Disabilities Act (ADA)

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6
Q

Private investors who are willing to supply financing for new and/or risky small venture start-ups

A

Angels

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7
Q

A written document that states explicitly the rights and duties of partners in a partnership

A

Articles of partnership

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8
Q

A measure of the accounts receivable turnover

A

Average Collection Period

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9
Q

Association of business firms that promotes ethical conduct by all corporation

A

Better Business Bureau

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10
Q

The governing body that is elected by the stockholders of a corporation

A

Board of Directors

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11
Q

A qualification that s absolutely necessary for the job

An allowed and approved reason for discrimination

A

Bona Fide Occupational Qualification

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12
Q

The cost of a fixed asset less accumulated depreciation

A

Book Value

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13
Q

The identification for a product

A

Brand

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14
Q

The point at which total sales revenue equals totals operating costs; determined by formula or chart

A

Break-Even Analysis

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15
Q

The forcible breaking and entering of premises closed for business with the subsequent removal of cash or merchandise

A

Burglary

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16
Q

An organization that combines inputs of raw materials, capital, labor, and management skills to produce useful outputs of goods and services so as to earn a profit

A

Business

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17
Q

Insurance that protects companies during the period necessary to restore property damaged by an insured peril. Coverage pays for lost income and other expenses related to recovery

A

Business Interruption Insurance

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18
Q

A written description of a new idea that projects marketing, operational, and financial aspects of a proposed business

A

Business Plan/New Venture Plan

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19
Q

Fundamental statements that serve as guides to management practice

A

Business Policies

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20
Q

Insurance that provides monetary benefits to a business that has experienced an unforeseen peril such as flood, fire, etc

A

Casualty Insurance

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21
Q

Source of market data that explains where certain businesses are located

A

Census of Business

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22
Q

Source of market data that keeps track of new home sales by region and/or the construction of new houses by region and specific area

A

Census of Housing

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23
Q

Source of market data that compiles population statistics with regard to distribution of population by region, area, etc

A

Census of Population

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24
Q

The superior-subordinate relationship that serves as a channel for two-way communication

A

Chain of Command

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25
Q

An association of business people who attempt to protect and promote the commercial interests in a community

A

Chamber of Commerce

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26
Q

Source of market data that explains where certain manufacturers are located

A

Census of Manufacturing

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27
Q

The current asset items consisting of cash, inventories, and accounts receivable

A

Circulating Capital

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28
Q

Federal legislation that prohibits discrimination on the basis of race, color, religion, sex, pregnancy, or national origin

A

Civil Rights Act of 1964

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29
Q

A clause in an insurance policy under which the insured agrees to maintain insurance equal to some specified percentage of the property value or otherwise to assume a portion of any loss

A

Coinsurance Clause

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30
Q

The practice of trying to obtain something that is being sought by other under similar circumstances at the same time

A

Competition

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31
Q

A type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants

A

Consumer Credit

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32
Q

The emphasis placed on providing to customers products and services that are safe, reliable, and honestly advertised

A

Consumerism

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33
Q

A social movement that seeks to strengthen the rights of consumers relative to sellers

A

Conumerism

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34
Q

A management function which compares organizational and individual performance with predetermined standards or expected results

A

Controlling/Evaluating

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35
Q

The registered right of a creator to reproduce, publish, and sell the work which is the product of the intelligence and skill of that person

A

Copyright

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36
Q

Those individuals who flee the bureaucratic environment of big business by going into business for themselves

A

Corporate Refugees

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37
Q

An artificial being invisible, intangible, and existing only in contemplation of law

A

Corporation

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38
Q

An entity that is something that has a distinct existence separate and apart from the existence of its individual members

A

Corporation

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39
Q

The written application for permission to incorporate that is approved by a state official

A

Corporation Charter

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40
Q

An agreement that payment for a product or service will be made at some later date

A

Credit

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41
Q

An organization of retailers and other firms in a given community that serves its members by summarizing that credit experience with particular individuals

A

Credit Bureau

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42
Q

Insurance that protects non-retailing businesses from abnormal bad-debt losses

A

Credit Insurance

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43
Q

The current assets divided by the current liabilities and a measure of the liquidity of the business

A

Current Ratio

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44
Q

Any borrowed or loaned capital invested in the business that must be repaid to creditors

A

Debt Equity

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45
Q

Insurance policy provision that makes the insurer liable only for losses in excess of the stated deductible

A

Deductible Clause

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46
Q

A superior’s act of granting to subordinated, on the basis of competence, the right to act or decide

A

Delegation of Authority

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47
Q

The statistical study of human populations with respect to their size, density, distribution, composition, and income

A

Demographics

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48
Q

Regulating the activities of an organization

A

Directing (Actuating)

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49
Q

To guide and/or supervise the activities of an organization

A

Directing (Actuating)

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50
Q

A business valuation approach which centers on estimating the amount of potential income that may be produced by the business in the next year

A

Earnings Valuation Approach

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51
Q

The wealth produced in or near a community that provides employment and income to the local population

A

Economic Base

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52
Q

The quantity to be purchased which minimizes total costs

A

Economic Order Quantity

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53
Q

A record of statements made at the time the applicant first seeks employment

A

Employment Application

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54
Q

The primary way of judging the job applicant’s appearance, poise, speech, etc.

A

Employment Interview

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55
Q

Life insurance that allows the insured, rather than the beneficiary to collect the face value of the policy upon maturity or to collect that value in annual payments

A

Endowment Life Insurance

56
Q

One who organizes, manages, and assumes the risk of a business firm or venture

A

Entrepreneur

57
Q

The absence of employment discrimination based on race, color, religion, sex, or national origin

A

Equal Employment Opportunity Act

58
Q

Outlaws discrimination in pay against those who are over forty years old

A

Equal Pay Act

59
Q

A management function which compares organizational and individual performance with predetermined standards or expected results

A

Evaluating (Controlling)

60
Q

Obtaining cash before payments are received from customers by selling off one’s accounts receivables to a third party

A

Factoring

61
Q

Outlaws discriminatory practices in pay

A

Fair Labor Standards Act (Wage and Hour)

62
Q

Requires employers to pay a minimum wage to employees, and to pay a minimum of one and one half times regular rate for any hours beyond forty worked in a week

A

Fair Labor Standards Act (Wage and Hour)

63
Q

The business function of effectively obtaining and using funds

A

Finance

64
Q

Long term capital that is invested in the small business, as well as funds invested in such long-term assets as: land, building, machinery, furniture, fixtures, and other equipment

A

Fixed Capital

65
Q

A cost that, for a given period of time and range of activity called the relevant range, does not change in total, but becomes progressively smaller on a per unit basis as volume increases

A

Fixed Expenses

66
Q

These expenses do not increase with increased business, not do they decrease with declining business activity

A

Fixed Expenses

67
Q

Insurance covering business liability to customers who might be injured on or off premises or from the product sold to them

A

General Liability Insurance

68
Q

An intangible asset such as the name of a funeral home

A

Goodwill

69
Q

An intangible asset which enables a business to earn a profit in excess of the normal rate of profit earned by other businesses of the same kind

A

Goodwill

70
Q

Determining personnel needs in terms of numbers of individuals and their required skills

A

Human Resource Forecast

71
Q

Process of acquiring, training, developing, motivating, and appraising a sufficient quantity of qualified employees to perform necessary activites

A

Human Resource Management

72
Q

Developing activities and an organizational climate conductive to maximum efficiency and worker satisfaction

A

Human Resource Management

73
Q

Developing a comprehensive strategy for meeting future human resource needs

A

Human Resource Planning

74
Q

Federal legislation requiring employers to check job applicants’ papers to be sure they are either US citizens or aliens authorized to work in the US

A

Immigration Reform Act

75
Q

The introduction of something new

A

Innovation

76
Q

A new idea, method, or device

A

Innovation

77
Q

Balance of costly goods paid for in small monthly (fractional) payments over a period of time

A

Installment Credit (Closed End Credit)

78
Q

Uneventful protection for the small business or small business owner in regards to monetary compensation in the even that a business and/or personal peril is experienced

A

Insurance

79
Q

Those assets that cannot be touched or grasped

A

Intangible assets

80
Q

The dependency of businesses on one another

A

Interdependence

81
Q

A job-analysis technique in which individuals currently holding a particular job are asked questions concerning the requirements of the job

A

Interviewing

82
Q

Those goods or stock of goods which are held for resale at a profit

A

Inventory (Merchandise)

83
Q

The number of times the average inventory has been sold or used up during a period

A

Inventory Turnover

84
Q

The process of determining the critical components of a job for purposes of selecting,, training, and rewarding personnel

A

Job Analysis

85
Q

A document that lists the major responsibilities and tasks of the job

A

Job Description

86
Q

A document that lists the knowledge, skills, abilities, and personal characteristics a job holder must possess to perform effectively

A

Job Specification

87
Q

Life insurance that protects a firm against losses due to the death of a key employee

A

Key-Person Life Insurance

88
Q

Insurance that covers business liability to customers of others who might be injured from the product sold to them

A

Liability Insurance

89
Q

Insurance that provides death benefits to the survivors of the insured

A

Life Insurance

90
Q

New form of business ownership, approved in most states since 1994, combines aspects of partnerships with the limited liability of a corporation, owners known as members

A

Limited Liability Company

91
Q

An understanding between a bank and the business indicating the maximum amount the bank is willing to loan the borrower

A

Line of Credit

92
Q

The anticipated value of an asset that would be realized in case of liquidation of the business

A

Liquidation Value (Market Value) Approach

93
Q

The art and science of motivating people toward the achievement of a goal

A

Management

94
Q

A business that makes finished goods from raw materials by hand or machinery

A

Manufacturing Business

95
Q

A reduction of selling price below the original selling price

A

Markdown

96
Q

A group of potential customers possessing purchasing power and unsatisfied needs

A

Market

97
Q

The process of planning and executing the development, pricing promotion, and distribution of an organization’s goods or service

A

Marketing

98
Q

A study that is used by a business to determine where the potential customers are located

A

Market Survey

99
Q

An approach used in business valuation which determines value based upon previous sales of similar businesses

A

Market Value Approach

100
Q

The difference between merchandise cost and selling price

A

Markup

101
Q

A business that purchases finished goods for resale

A

Merchandising Business

102
Q

A claim given by the borrower to the lender against the borrower’s property in return for a loan

A

Mortgage

103
Q

A loan secured by a mortgage on property

A

Mortgage Loan

104
Q

A governmental agency with the responsibility for regulatory and enforcement safety and health matters for most United States employees; an individuals state OSHA agency may supersede the US Department of Labor OSHA regulations

A

Occupational Safety And Health Act (OSHA)

105
Q

A line of credit that may be used over and over again up to a certain borrowing limit

A

Open-End Credit (Revolving Credit)

106
Q

A comparison of profit and each item of expense in the income statement expressed as a percentage of sales income
The operating ratios can be compared to the industry standards in regard to measuring the possible growth of the business

A

Operating Ratios

107
Q

To arrange or constitute in interdependent parts, each having a specific function or relation with respect to the whole

A

Organizing

108
Q

The arrangement and distribution of work among members of an organization

A

Organizing

109
Q

Expenses incurred in the normal operation of a business

A

Overhead

110
Q

The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit

A

Partnership

111
Q

The registered right of an inventor to make, use, and sell an invention

A

Patent

112
Q

Capital that is invested in the business by the owner(s)

A

Personal Capital (Equity Capital)

113
Q

That function of determining in advance what needs to be accomplished in order to achieve a particular goal

A

Planning

114
Q

Factors which influence price

A

Pricing Policy

115
Q

Insurance that protects a firm against claims that its product caused bodily injury or property damage to the user

A

Product Liability Insurance

116
Q

The process of forming a pool of qualified applicants for tasks that need to be filled

A

Recruitment

117
Q

The fair market price to purchase similar products in similar condition

A

Replacement Value Approach

118
Q

Written summary of one’s personal, educational, and professional achievements

A

Resume

119
Q

A condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for

A

Risk

120
Q

All efforts designed to preserve assets and earning power associated with a business

A

Risk Management

121
Q

a plan which provides inducements to potential purchasers of products and/or services

A

Sales Promotion

122
Q

A form of risk management whereby a part of the firm’s earnings is earmarked as a contingency fund for possible future losses, specifically for individual loss categories such as property, medical, or worker’s compensation

A

Self-Insurance

123
Q

A business that provides a service as opposed to a business

A

Service Business

124
Q

A business which is independently owned and operated and is not dominant in its field of operations

A

Small Business

125
Q

The principal government agency concerned with the financing, operation, and management of small businesses

A

Small Business Administration

126
Q

A business owned by one person who is subject to claims of creditors

A

Sole Proprietorship

127
Q

A management function dealing with the recruitment, selection, placement, training, development, and appraisal of the employees of the firm

A

Staffing

128
Q

Those assets that can be appraised by value or seen or touched

A

Tangible Assets

129
Q

Life insurance that has no cash value whenever the policy expires

A

Term Life Insurance

130
Q

A form of credit that is extended by one business to another business to help finance distribution of producer’s goods

A

Trade Credit

131
Q

An intangible asset that is a distinct name, sign, or symbol that the federal government grants exclusive rights to use for a specified period of time

A

Trademark

132
Q

A combination of whole life insurance and term life insurance

A

Universal Life Insurance

133
Q

A cost which is uniform per unit, but fluctuates in direct proportion to change in the related total activity or volume

A

Variable Expense

134
Q

Anyone that invests in, or financially sponsors, a new business

A

Venture Capitalist

135
Q

Outlaws discrimination in employment against Vietnam Era Veterans

A

Vietnam Era Veterans Readjustment Act

136
Q

Life insurance that gives lifetime protection to the insured person

A

Whole Life Insurance

137
Q

The difference between current assets and current liabilities

A

Working Capital (Circulating Capital)

Principles II - Vocabulary (21 decks)

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