Untitled Deck Flashcards
(129 cards)
1
Q
Franchise
A
a contractual agreement between a parent company and a franchisee to distribute goods and services
2
Q
Corporation
A
a form of business ownership that is owned by stockholders who have purchased units or shares of the company
3
Q
Elastic Demand
A
demand that changes according to changes in price
4
Q
Inelastic Demand
A
demand that is not affected by changes in price.
5
Q
Unitary Demand
A
when sales remain the same because changes in supply and demand are equal
6
Q
Tort
A
a private wrongdoing that potentially harms another person or entity
7
Q
Doctrine of Sovereign Immunity
A
the universally accepted principle that each nation has the right to manage its own government and develop its own laws.
8
Q
Job Enlargement
A
combining different tasks into one position
9
Q
Job Rotation
A
moving from one job to another job within an organization
10
Q
Specialization by Trade
A
the type of work that a person performs in order to earn a living, such as engineering, public-relations, or accounting.
11
Q
Frictional Unemployment
A
occurs because there are always workers who are in transition
12
Q
Structural Unemployment
A
when the demand for certain types of workers declines and is often due to technology advancements and the need for new skills
13
Q
Cyclical Employment
A
result of changes in the economic and business cycles
14
Q
Wage Garnishments
A
court-ordered initiatives that involve taking income taken from an employee’s salary and submitting it to another person or organization
15
Q
Embezzlement
A
theft of valuables that have been entrusted to another’s care
16
Q
Securities Fraud
A
the use of misleading sales tactics to persuade investors to purchase securities
17
Q
Espionage
A
revealing confidential information without the source or owner’s permission and is often associated with spying
18
Q
Variety-seeking Buying Behavior
A
involves the purchase of routine items
19
Q
Brand-insistence Buying Behavior
A
buyer will not buy anything other than a specific brand or product
20
Q
Automation
A
involves the use of machines to carry out production tasks
21
Q
Ergonomics
A
the study of the use of equipment or technology and its effects on workers’ physical well-being
22
Q
Innovation
A
taking action to make the idea, item, or process available for consumers to use
23
Q
Business-format Franchise
A
involves a close,continuous, working relationship between the franchisor and the franchisee
24
Q
Customer Complaints
A
related to the business’s policies and procedures
25
Consumer Products
economic goods and services that are purchased and used by the ultimate consumer
26
Capital Products
purchased by businesses for use in their operations
27
Communist Command Economy
capital for business investment is provided by the government, which obtains it by taking the profits of businesses it owns and by levying taxes
28
Traditional Economy
people produce only what they must have in order to exist
29
Market Economy (Free Enterprise)
means of production and distribution are owned and controlled by individuals and businesses
30
Operating Expenses
costs of running the business
31
Gross Domestic Product
final total market value of the total output of all goods and services produced within a country's geographic boundaries during a year's time
32
Federal Reserve Banks
used by local banks to protect their banking functions; do not provide protection for local property
33
Tact
the ability to express your ideas and opinions so that they do not hurt or offend others
34
Cultural Imperialism
cultural aspects referring to the creation and maintenance of unequal relationships between civilizations favoring the more powerful civilization.
35
Nationalization
something whose ownership is taken over by the government
36
Credit
the arrangement in which businesses and individuals can purchase now and pay later.
37
Defamation
a tort that involves harm to an individual's or business's reputation
38
Monetary Gift
given without expectations of repayment
39
Punitive Damages
damages intended to reform or deter the defendant and others from engaging in conduct similar to that which formed the basis of the lawsuit
40
Contraction
businesses are affected by external factors; businesses often experience lower sales and profits
41
Business Cycle
the periods of expansion and contraction in economic conditions
42
Expansion
when the economy is strong and growing; businesses tend to make profits, expand operations, and hire more employees
43
Transitional Economic System
when a country's economic system is moving from one type of economic system to another type of economic system
44
Secondary Dimensions of Diversity
differences that may change at various points throughout one's lifetime
45
Primary Dimensions of Diversity
inborn differences that cannot be changed and affect a person's entire life
46
Debit Card
funds are electronically transferred from the cardholder's checking or savings account to the seller's account
47
Corporate Bonds
bonds issued by corporations to fund operating expenses
48
Brokerage Bills
a fee charged by an agent, or agent's company to facilitate transactions between buyers and sellers
49
Gross Pay
total income earned for the pay period before income taxes and other deductions are subtracted from the wages
50
Net Pay
the amount of money that the worker receives after the taxes and other deductions have been subtracted from his/her wages
51
Overtime Income
the amount of money that an hourly worker earns for working more hours than s/he is normally scheduled to work
52
General Endorsement
allows the endorser to cash the check or deposit it into the account of his/her choice
53
Capital Gains
taxes on earnings from the appreciation of an investment
54
Rebate
a part of the price that a customer pays for a good or service, which is usually offered by the product's manufacturer
55
Stop Words
commonly used words that do not always add meaning to the primary search terms
56
Logistics
the function of operations that manages the flow of goods and services from production to consumption
57
Malware
an illegal computer program that is used to disrupt computer processes, destroy computer programs, and access confidential business information
58
Shareware
type of computer program in which computer users can sign up for the software on a trial basis. After the trial expires, the computer user can purchase and register the program, if desired
59
Position Innovation
when an existing product is repositioned
60
Process Innovation
changing the way that a product is produced or delivered
61
Distributed Innovation
a decentralized model used for problem solving
62
Conceptual Skills
ability to see the "big picture" and think about how things will work together
63
Moderate Input
decision maker asks for some help before deciding
64
Payroll Records
information about money paid to employees in a given period
65
Web Ring
a series of linked web pages that share a common theme.
66
Channel Management
responsible for identifying, selecting, monitoring, and evaluating sales channels
67
Channels of Distribution
sales channels
68
Product/Service Management
obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
69
Promotion
communicate information about goods, services, images, and/or ideas to achieve a desired outcome
70
Rolling Budget
continuous budget
71
Zero-Based Budgeting
requires managers to demonstrate the need for every expense instead of relying on figures from a previous period
72
Working Capital
the difference between a business's current assets and current liabilities
73
Capital Investment Decisions
which projects the business will invest in, how the investment(s) will be financed, and whether or not to pay dividends to the company's shareholders
74
Capital Structure
mix of debt and equity financing used to finance investments and projects
75
Market Risk
risk of financial loss due to the decreased value of an investment
76
Market Risk Management
using financial instruments to manage exposure to market risk
77
Accrual Accounting Method
journalize income and expenditures at the time they occur even if no money changes hands at that time
78
Cash Accounting Method
record income and expenditures at the time the money changes hands
79
Managerial Accounting
reporting financial data to internal users
80
Tax Accounting
recording transactions for tax purposes
81
Churning
broker may encourage you to make excessive trades just to collect the commission fees from each one
82
Skimming
price strategy that involves setting prices higher than those of the competition
83
Bundling
marketing strategy that involves offering several products for sale as one combined product
84
Flighting Strategy
media timing strategy that concentrates advertising during peak sales periods followed by periods of no advertising
85
Transfer Payments
monies paid by the government in which no goods
86
or services are received in exchange
87
Floating Exchange-Rate System
value of a nation's currency fluctuates
88
Law of Economies of Scale
economic concept that the average cost of production decreases as a business expands
89
Picketing
form of protest that involves positioning union members (pickets) near a business's entrance during a conflict or strike
90
Injunction
court order that forbids people from carrying out certain activities
91
Lockout
management refuses to allow union members to work
92
Direct Distribution
channel of distribution in which goods and services move directly from the producer to the consumer or industrial user
93
Indirect Distribution
channel of distribution in which goods and services move from the producer to the channel members and then to consumers or industrial users
94
Slack Resources
resources that go above and beyond what is needed to run the business
95
Competitive Aggression
striving to win scarce customer dollars
96
Organizational Learning
strategy that seeks to strengthen an organization by bringing employees together as well as by empowering them as individuals
97
Operations Management
process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning
98
Information Management
process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making
99
Touch Points
all of the opportunities that a company has to connect with its customers and reinforce its brand value
100
Brand Promise
company's agreement, spoken or unspoken, with customers that it will consistently meet their expectations and deliver on its brand characteristics and values
101
Statute
a law
102
Procedural Due Process
individuals and businesses who are sued or charged with a crime have the opportunity to present evidence on their behalf before a court can impose a penalty
103
Substantive Due Process
ensure that the government does not take away our fundamental rights
104
The Takings Clause
requires the U.S. government to pay a fair price for any private property that it takes for public use
105
Sovereign Immunity
protects a federal government from lawsuits brought against it in foreign courts
106
Appropriation
involves a business or person who uses—without permission—another person's name, likeness, and other unique characteristics for the benefit or gain of the user
107
Wrongful Interference
predatory behavior undertaken by a business to draw either customers or employees away from a competitor
108
Conversion
personal property is taken from the owner and given to someone else to use
109
Limited Liability
their losses are limited to the amount of money that they have invested in the business
110
Unlimited Liability
business owners are personally liable for debts incurred by the business
111
Chronological Résumé
lists an applicant's education and experience in order according to date, beginning with the most recent
112
Functional Résumé
emphasizes major accomplishments according to importance rather than date
113
Generalized Résumé
broad, general information rather than specific information
114
Targeted Résumé
provide specific information about the applicant's qualifications
115
Entrepreneurs
individuals who expand their businesses in the form of products, personnel, and target markets
116
Extension
total cost of each quantity of products the buyer is purchasing
117
Amount Due
all extended prices, tax, and delivery charges
118
Pilferage
theft of small sums of money or inexpensive items
119
Lending Investment
lender allows a borrower to use his/her money during a period of time for a specified fee or rate of interest
120
Work Team
group of employees which is responsible for carrying out an entire work process
121
Quality Circle
problem-solving group
122
Project Team
team of employees from different parts of the company who are assigned to work together on a specific project
123
Ethnocentrism
belief that your own culture is naturally better than other cultures
124
Cultural Sensitivity
willingness to adjust your opinions and behaviors so that you value different people and ideas
125
Aptitude
possessing the skill or ability to do something
126
Price Fixing
eliminates competition
127
Price Indexing
method of measuring inflation
128
Price discrimination
when businesses charge customers different prices for similar amounts and types of goods
129
Economics
study of how people satisfy unlimited, competing, economic wants with limited resources
