Vocab

Question 1

Accounts Payable

Answer 1

Money an organization owes its vendors and suppliers

Question 2

Accounts Receivable

Answer 2

Money an organization’s customers owe the organization

Question 3

Affinity diagramming

Answer 3

Data-sorting technique in which a group categorizes and subcategories data until relationships are clearly drawn

Question 4

Assets

Answer 4

Financial, physical, and sometimes intangible properties an organization owns

Question 5

Authentic leadership

Answer 5

Leadership style that focuses on challenging and developing members of an organization to attain long range results through continuous evolution, improvement, or change based on the leader’s vision and strategy

Question 6

Balance sheet

Answer 6

Statement of an organization’s financial position at a specific point in time, showing assets, liabilities, and shareholder equity

Question 7

Business case

Answer 7

Tool or document that defines a specific problem proposes a solution and provides justifications for the proposal in terms of time, cost efficiency and probability of success

Question 8

Business Intelligence

Answer 8

Raw data, internal and external to an organization, that is translated into meaningful information for decision makers to use in taking strategic action

Question 9

Cash Flow Statement

Answer 9

Statement of an organization’s ability to meet its current and short term obligations, showing incoming and outgoing cash and cash reserves in operations, investments, and financing

Question 10

Civil Law

Answer 10

Legal system based on written codes (laws, rules, or regulations)

Question 11

Common Law

Answer 11

Legal system in which each case is considered in terms of how it relates to legal decisions that have already been made; evolves through judicial decisions over time

Question 12

Contrast effect

Answer 12

Tendency to enhance or diminish the strength or credibility of a statement or person based on one’s impression of a preceding statement or person

Question 13

Cultural Noise

Answer 13

Type of measurement bias in which analyst fails to recognize that individual is responding with answers the analyst wants to hear

Question 14

Cultural relativism

Answer 14

Concept that argues that ethical behavior is determined by local culture, laws, and business practices

Question 15

Culture

Answer 15

Basic beliefs, attitudes, values, behaviors and customs shared and followed by members of a group, which give rise to the group’s sense of identity

Question 16

Delphi technique

Answer 16

Technique that progressively collects information from a group without physically assembling the contributors

Question 17

Dilemma reconciliation

Answer 17

Process of charting a course through cultural differences

Question 18

Due diligence

Answer 18

Requirement to thoroughly investigate an action before it is taken, through diligent research and evaluation

Question 19

Due process

Answer 19

Concept that laws are enforced only through accepted, codified procedures

Question 20

Emotional Intelligence

Answer 20

Ability to be sensitive to and understand one’s own and others’ emotions and impulses

Question 21

Equity

Answer 21

Amount of owners’ or shareholders’ portion of a business

Question 22

Ethical Universalism

Answer 22

Concept that argues that there are fundamental ethical principles that apply across cultures

Question 23

Extraterritoriality

Answer 23

Extension of the power of a country’s laws over its citizens outside that country’s sovereign national boundaries

Question 24

First-impression Error

Answer 24

Type of measurement bias in which investigator makes snap judgements and lets first impression (either positive or negative) cloud subsequent evaluation

Question 25

Focus group

Answer 25

Small group of invited persons (typically 6-12) who actively participate in a structured discussion, led by a facilitator, for the purpose of eliciting their input in a specific product, process, policy or program