| Term | Definition |
|---|
| specialization | a principal where employees do the job best suited for them |
| communication process | not complete until the communicator receives feedback |
| discipline | FAIRLY enforcing a system of rules and regulations |
| union shop | when employees must join a recognized union within 30 days after being hired "H+30" |
| leadership | ability to supervise and influence individuals to attain objectives |
| span of management | appropriate number of employees that all report to one manager |
| motivation | complex, difficult, and there are different incentives for different people |
| performance appraisal | how well are my people performing? |
| specialty goods | usually purchased infrequently, at exclusive outlets, and after a special effort by the customer |
| factors effecting location | workforce, transportation, government regulation "WTG" |
| location | a freestanding ______ is usually best for customers who have brand or company loyalty |
| anchor store | one in a shopping center that generates heavy traffic |
| process layout | groups machines that do the same work with workers with similar skills |
| federal acquisitions streamlining act "fasa" | urges government agencies to buy off the shelf; permits the government to communicate with vendors online; and makes it easier for smaller companies to bid on government contracts |
| supplier based downsizing | reduce the number of suppliers to concentrate purchases |
| income/products | 80% of a companies ______ is generated by 20% of its _____ |
| american consumer | in recent years the _________ has developed increasing concerns about U.S. products |
| international organization of standards | develops global standards; non-governmental agency |
| profit planning | steps you take to ensure a profit |
| accounting records | record a firm's financial position; must reflect changes in assets, liabilities, and equity; enable an owner to know what the bottom line is |
| balance sheet | statement of assets, liabilities, and owners equity at a given point in time "ALO@T" |
| not long-term | accrued items, accounts payable, retained earnings "AAR" |
| first step in profit planning | establish a profit goal |
| break-even point "accounting not investor" | total revenues equal total expenses |
| first step in control process | setting up standards of performance |
| capital budget | plans for the expenditure for purchasing or replacing a facility |
| end of month cash balance "EOMCB" | cash @ beginning of the month + cash received during the month - cash spent during the month |
| who pays taxes? | employers must withhold federal, ss, and medicare; owners must pay personal taxes on their salaries |
| generally how many years must you keep tax records? | three years |
| risk management | conserving earning power and assets by minimizing your losses |
| employee performance = | ability and motivation |
| co-insurance | when somebody buys insurance required to purchase insurance equal to a certain % equal to the value of the property [that % can vary] |
| fidelity bond | purchase to cover employees that handle company funds |
| generally steal from employers | young full time employees operating alone |
| owners equity | assets less liabilities "ALL" |
| five functions of management | controlling, organizing, leading, planning, staffing "COLPS" |
| five factors in location selection | workforce, suppliers and services, transportation, taxes and government regulation, utilities "WSTTU" |
| seven characteristics of an effective control system | timely, cost effective, accurate, measurable, must determine cause and effect relationships, be the responsibility of one person, acceptable to the person implementing it "TCAMC1A" |
| three types of budgets | cash flow, operating, capital "COC" |
| four common ways to cope with risk | avoidance, prevention, transfer, assume "APTA" |
| cash flow budget | expected receipts and expected cash payments |
| capital budget | business plan to obtain, replace, or expand a PHYSICAL facility |
| operating budget | based upon the profit plans for the period - consists of the different kinds of revenue items and the different kinds of expense items; like a proforma income statement |
| risk avoidance | refusing to take the action that would cause the risk |
| risk prevention | using methods that will reduce the probability "safety practices and procedures" |
| risk transfer | put the risk on somebody else "insurance" |
| risk assumption | self insure "have enough money to cover the potential loss" |
| leading | getting an employee to do what you want them to do |
Combine with other sets
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