Unit 6, Ch 35 - 36 Test Mark Mgmt
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Created by:
bjohnsonghs on January 26, 2012
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32 terms
Terms | Definitions |
|---|---|
 Assets - | Things a business owns |
| Budget - | A detailed projections of financial performance for a specific time period usually one year or less |
| Controllable risk - | A risk that can be reduced or avoided by actions you take |
| Operating expense - | All costs associated with business operations |
| Accounts receivable - | Sales for which the company has not yet been paid |
| Economic risk - | a risk that is caused by the uncertainty of market forces, economic trends, and politics |
| Human risk - | A risk that arises because of the potential actions of individuals, groups, or organizations |
| Financial statement - | A detailed summary of the financial performance for a business or a part of a business |
| Liability - | A legal responsibility for loss or damage |
| Natural risk - | A risk caused by the unpredictability of nature such as the weather |
| Risk - r activity | The possibility that a loss can occur as the result of a decision o |
| Revenue - | The money received from the sale of products and services |
| Risk management - | Includes providing security and safety for products, personnel, and customers as well as reducing the risk associated with marketing decisions and activities |
| Uncontrollable risk - | A risk for which a persons actions do not affect the result |
| Discounts | reductions in a price given to the customer in exchange for performing certain marketing activities or accepting something other than what would normally be expected in the exchange; may also be referred to as allowances |
| Flexible Pricing | allows customers to negotiate price within a price range |
| Gross Profit | net sales minus the cost of goods and services sold |
| Markdown | a reduction from the original selling price |
| Markup | an amount added to the cost of a product to determine the selling price |
| Market Share | the portion of the total market potential that each company expects in relation to its competitors |
| Net Profit | the difference between the selling price and all costs and operating expenses associated with the product sold |
| Penetration Price | a very low price designed to increase the quantity sold of a product by emphasizing the value |
| Price | the actual amount customers pay and the methods of increasing the value of the product to the customers |
| Price Skimming | is a pricing strategy in which a marketer sets a relatively high price for a product or service first, then lowers the price over time |
| Quantity Discounts | incentive offered by a seller to a buyer for purchasing or ordering greater than usual quantity of goods or materials, to be delivered at one time |
| Sales Tax | a tax based on the cost of the item purchased and collected directly from the buyer |
| Balance Sheet | A summary of a business' assets, liabilities, and owner's equity |
| Capital | Money needed to run and start a business |
| Common Stock | Ownership that gives holders the right to participate in managing the business by having voting privileges and by sharing in the profits if there are any |
| Income Statement | A summary of a business' income and expenses during a specific period such as a month, a quarter, or a year |
| Point-of-Sale Terminal | A computerized system that uses light pens, hand-held laser guns, stationary lasers, or slot scanners to feed information directly from merchandise tags or product labels into a computer |
| Preferred Stock | Ownership that gives holders preference over the common stock holders when distributing dividends or assets |
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