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Introduction to Business DSST
Terms in this set (899)
A monopoly on producing a product at a lesser price.
Responsibility of a producer of any harm that is caused by s product (regardless if it was foreseeable).
Accepting consequences of actions.
The occupation of maintaining and auditing records and preparing financial reports for a business and the interpretation thereof.
Computer program for accounting.
Bills due as part of a normal course of a business.
Debts owed to a business.
Business accounting, assuming accounts payable.
Reduces the accounting value of assets.
Incremental costs involved in a new customer.
activity based costing
An accounting framework based on determining the cost of activities and allocating these costs to products using activity rates.
Mathematicians predicting future losses based on history.
Ability to respond to and address changes in their market, environment, and history.
Money needed at the earliest stages of the creation before a product or service is available.
Paid communication in selling a product.
Favored employment for minorities.
agency shop agreement
Employee must pay union dues.
One who negotiates, purchases, an/or sells, but no title to goods.
alternative dispute resolution
Resolving disputes through mediation and arbitration.
American Federation of Labor (AFL)
A national organization of labor unions founded in 1886 by Samuel Gompers.
Process of making decisions based on evidence.
area of job freedom
area of discretion over job
A neutral third party chosen to judge and decide a disputed issue.
articles of incorporation
Legal document with name and address of corporation and purpose of company.
Computers mimicking human thought.
Sales divided by total assets.
Property owned by a business.
Minority members must learn ways of majority.
The assumption that others are like oneself.
Pay not received if employee does not meet targets.
A frame of mind that predisposes a reaction. (three components: thoughts, feelings, behavior)
The theory that we explain someone's behavior by crediting either the situation or the person's disposition.
Judgments on behavior.
Gradual and natural reductions.
Skills helpful to expatriate managers.
Power and status exist in an organization.
The right to tell people what to do.
Statement signed by employee empowering union to negotiate on their behalf.
Degree to which a job gives freedom, independence, scheduling and procedures.
balance of payments
Difference of value in exports/imports.
Reports financial position at specific date.
Existing operation levels used to compare.
bases of power
Sources of power leaders use (personal, legitimate, expert, reward, and coercive)
Development section of website.
Measures products/services/practices against competitors.
blue chip stocks
High quality company stock.
boiled frog phenomenon
Small changes that are unnoticed.
Indebtedness contract issued by a corporation or government that promises future payment.
Employees with strong communication skills within and outside their group.
People only have time to process a certain amount of information.
Group encouraging creative and quick thinking without judgment or evaluation of ideas.
A name, term, sign, symbol, design, or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors
Benefit a brand name brings.
breach of contract
Failing to follow the terms of a contract.
A method of determining what sales volume must be reached before total revenue equals total costs.
How many sales must occur to reach the point when revenues equaling expenditures.
Go-between for buyer and seller.
Organization that buys and sells securities.
Marketing two or more items in a single package.
Control based on rules and hierarchy.
Classical management of authority, records, and separation of management and ownership.
Sum of employer costs over and above salaries.
Profit seeking by providing goods/services.
Legal code that governs business.
Brief description of an organization's purpose.
Written document explaining a venture (nature of business, market, advantages, and resources).
Agreement where one or more of the of the entrepreneurs wants to sell their interest.
buying on margin
Buying stocks with borrowed broker money.
Classic legal entity of a business, shields personal liability and provides non-tax benefits.
cafeteria-style fringe benefits
Allows employers to choose benefits they want up to a certain amount of money.
Gives bond owner right to retire before maturity.
Sales of a new product or service decrease sales from existing products or services.
Long-term assets (e.g. equipment)
Long-term spending plan for returns that are expected to cover more than one year.
Spending on capital assets.
Money being invested into business (not loans).
Economic system where businesses are private.
Wholesaler services mostly smaller retailers with limited products, sell for cash.
Bank account balance and other liquid assets.
Accounting system that records only cash receipts and spending, no assumption of sales credit.
Difference between cash receipts and disbursements.
cash flow budget
Cash flow during a specified period.
cash flow statement
Shows actual cash inflow and outflow over period; one of three main financial statements.
central driving forces (CDF) model
Entrepreneurial-based model model that considers positives/negatives of three areas of the venture; founders, opportunities, and resources.
Authority in a central location.
Team communication where team members communication through a spokesperson.
Degree that all outcomes are known.
certificate of deposit (CD)
Notes issued by a bank that earns a set amount of interest; cannot be withdrawn before maturity date without incurring penalty.
Process of NLRB recognizing union.
certified public accountant (CPA)
Accountant that passes a series of exams in order to practice accounting for public.
channels of distribution
Middlemen that transport goods.
Leader with ability to motivate.
Divides number of users who clicked an ad by the number of times the ad was delivered. Measures success of an online advertising campaign.
Employees have to be members of a union before hired.
Pairing of two brand names on single item/service.
Requires businesses to carry insurance equal to a certain percent of the buildings actual value.
Average number of days between invoicing and payment.
Union and business agreements.
commercial and consumer finance companies
Organizations that offer short-term loans at higher interest rates.
Profit-making organization that takes deposits and loans money for interest making profit.
Short-term corporate IOU.
Percent paid to salesperson for sale of product.
Exchanges specific goods.
Unwritten body of law based on judge decisions.
Regional country group with no tariffs.
Basic ownership in a company.
Economic system of resource allocation government control.
Like jobs and skills like pay.
comparative advantage theory
Countries should buy from places that can produce a product/service more efficiently and focus on what they can do more efficiently.
Pricing based on competitors.
Aspects of a product that makes it better than competitors.
competitive entry wedges
Strategic reasons to pursue an idea, four wedges: new product, parallel competition, franchise entry or twists.
completed store transactions
Total number of transactions on a website.
Working more hours in a day (10), but less days a week (4).
computer-aided design (CAD)
Computer use to help design products.
computer-aided manufacturing (CAM)
Computer help with the manufacturing of products.
Computer use to help design robots, machine tools, and other items.
All tangible equipment that stores data.
Instructions for computer.
concentrated target marketing
Marketing that focuses on key target market segment.
Ability to see organization with big picture.
Joining of unrelated firms.
Congress of Industrial Organization (CIO)
Unskilled worker union who broke away from AFL in 1935 (rejoined 1955).
Something of value in a legal contract.
Social movement to increase rights of consumers.
consumer price index (CPI)
Monthly statistic measuring change in price of about 400 commonly brought goods.
Process of packing and sealing number of items into easily moved unit.
Preparing for alternatives actions.
Laws that pertain to legal agreements.
contractual distribution system
Binding of members to cooperate with contract.
Percent of unique visitors on a website that take a desired action (e.g., purchase a product).
Bond that can be converted into stock.
Organization owned by the members/customers who pay annual members ship and share profits.
Exclusive rights to intellectual material.
core marketing strategy
Reason to buy to a target market.
corporate distribution system
One firm owns all companies in a distribution system.
Public good that firm is involved in.
Positions corporations the both within the company and within society.
Social responsibilities of a corporation (e.g. fair employment, minimize pollution)
Two types (S or C); C is large and S is small and entity is separate from owners.
Entrepreneurial venture may find it has changed focus from initial concept by continually responding and adapting to market.
cost of goods sold (COGS)
Costs of material and production of goods a business sells.
cost of sales
Costs associated with producing sales.
Inflation caused by rising firm costs.
Bartering among countries.
Labor organization skilled in a trade.
Nonprofit member-owned banks.
criminal loss protection
Insurance against theft.
cross elasticity of demand
Change in the demand of one product impacts the demand of another.
cumulative preferred stock
Preferred stock accumulating unpaid dividends.
Coin and paper money....
Unemployment caused by recession....
Monetary settlement for a court case....
Unanalyzed facts and figures.
Process of discovering meaningful data or patterns in a large data set.
debt and equity
Sum of liabilities and capital.
Funds raised through loans and bonds.
Country that owes more money to a nation than nation owes to them.
Structure in which power is dispersed.
When workers take away a union's right to represent.
decision-making model of leadership
Leadership style to match results with one of five leadership options.
decision support system (DSS)
Computer program that helps with decision making process.
Graphical decision of decision-making.
Techniques for reducing labor supply within organization.
Insurance company will only pay after a certain of money is met by the insured.
Transferring authority to lower tiers in an organization.
Delphi decision group
Questionnaires used and group members do not meet in person.
Quantity of products that public is willing to but at different times at different prices.
Graph of demand of product for price.
Pricing based on demand.
Increasing price based on demand.
A leader that delegates and encourages participation, relies on expert and referent power to manage.
Divides market into like traits.
Basis of which groups are divided into departments in an organization.
Estimation of the loss of value in assets over time.
Removing laws that oversee organizations.
dialectic decision model (DOM)
Examining two or more proposals by subgroups for whole-group decision (debate).
differentiated target marketing
Pursuing different market segments typically with different strategies.
Creating competitive advantage.
Supplying product/service without intermediaries.
Guiding and motivating others to achieve goals.
Disk storage space divided into categories.
Physical or mental impairment, record of the impairment, and is regarded as having the impairment.
Separation of employee from company for a clause.
Punishment or the orderly behavior in an organization or training that molds or strengthens.
Bonds selling below face value.
Interest rate that Federal Reserve Bank charges other banks for loans.
Income that can be used for things other than essentials.
Income after taxes available for essentials.
Biased treatment based on criteria not relevant.
Protected class has a different evaluation system than a non-protected class.
Harmful stress characterized by feelings of inadequacy.
New offerings or introduction of new markets.
Opposite of investment; selling.
division of work
Levels of authority and functional units.
Money divided into owners of business for profit.
Doing Business As (DBA)
Fictitious name to establish legal ownership of a company.
Using current information about change to better prepare employees for future changes.
Dow Jones Industrial Averages
Average cost of 30 industrial stocks.
Planned elimination of jobs.
Wholesalers that solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer.
Distributing products/services via more than one marketing channel that may compete for target market.
Selling products for less than production costs to a foreign country.
Running an entire business online.
Individuals who buy new technology after proven performance.
Altering environment to influence others.
Study of how society produces and distributes goods and services.
economies of scale
Benefits of larger production, fixed costs spread over more volume and items are cheaper to make.
Buyers have willingness and means to buy.
effective tax rate
Percent of taxes on profits after all deduction, credits, etc. are taken.
Technological surveillance of behavior.
electronic funds transfer system (EFTS)
Allows banks to transfer funds among accounts quickly and accurately without the exchange of checks.
Complete ban on import or export.
employee assistance programs (EAP)
Company sponsored programs that deliver a variety of health-related services, which are provided by licensed professional or organizations and offer employees a high degree of confidentiality.
employee involvement groups
Group of employees that meet in an attempt to resolve problems.
Program where employees provide capital to purchase control over an operation.
employee stock ownership plan (ESOP)
Plans where employees can buy ownership in a company.
employment at will principle
The right of an employer an employee without reason.
Delegation of power to subordinates.
Values exhibited by employees.
Employees come to terms with expectations and what organization is really like.
enriched sociotechnical work system
Most of organization is built into a balanced human-technical system.
enterprise resource planning (ERP)
Integration of financial, manufacturing, and human resources on a single system.
Individual who starts a new business.
entrepreneur in heat (EIH)
Entrepreneur who develops new products and services beyond what venture can support.
Assessing outside environment and what effects it may have on the organization.
equal employment opportunity (EEO)
Treatment of individuals is fair.
Equal Pay Act of 1963
An amendment to the Fair Labor Standards Act, this act requires equal pay for men and women doing equal work.
Point where supply and demand are equal.
Funds raised from selling ownership.
Sales of ownership to gain additional capital.
Continuing to invest time and resources in a failing decision.
Values and norms preferred by organization.
Situation where all choices are undesirable.
Belief that participation is needed in decisions for moral reasons.
Leadership based on moral integrity (e.g. social responsibility, open communication, and cost-benefit)
Belief that one culture is better than the other.
Belief that culture groups are equal.
Good stress that motivates someone to do better.
Value of one currency in relation to another.
Producer sells its products or services in only one retail outlet in a specific geographical area.
Persons who live in one country and are employed by an organization based in another country; also called international assignees.
Costs incurred in business operation (e.g. rent).
Power that comes from knowledge.
Decision support system storing heuristics about decisions and data.
Learning by experience in training environment the kinds of problems faced on the job.
Information that is easily put into words.
export trading companies
Companies who match buyers and sellers from different countries.
Selling goods to different countries.
Specific guarantee by seller.
Environmental characteristics that influence.
external locus of control
Person's belief that outcomes are beyond their control (e.g. fate).
external organizational environment
Factors that exist outside the organization that impact it.
Eliminating behavior by ignoring or not reinforcing.
Company communications that gives access to organizations they do business with.
Reward given by another.
Views based on research and experience.
Selling accounts for cash.
factors of production
Basic inputs of society (land resources, human labor, capital, entrepreneurship).
Percentage of expatriates who are unsatisfactory.
failure rule/common causes
Entrepreneur failures are from inadequate sales, competitive weakness, excessive operating expenses, and uncollected receivables.
failure rule exceptions
High potential ventures, threshold concept, promise of growth, and venture capital backing.
fair employment practices
State and local laws governing equal employment opportunity.
Quick promotions to young managers with high potential.
fatal 2% rule
Concept that 2% of total market share is success.
Features, Advantages, and Benefits analysis (FAB)
Marketing plans tailor to features and benefits for selling a product.
Difference between federal spending/revenue.
Federal Deposit Insurance Corporation (FDIC)
Insuring individuals against bank failure at $100,000 per account.
Short term loans among federal entities.
federal funds rate
Interest rate charged for overnight loans between Fed member banks.
Federal Reserve System
Twelve district banks that serve as a deposit for excess bank funds.
Federal Savings and Loan Insurance Corporation (FSLIC)
A federal corporation/independent government agency that insures accounts in savings and loans (S&L) for up to $100,000.
Objective information about performance.
Decision making that focuses on life-quality.
Insurance protects employer from financial loss about employee dishonesty.
Evaluation of real-life variables.
Accounting technique for cost of inventory based in first in/first out.
fighting brand strategy
New brand in an established category.
Reducing communication to basics to be passed on.
Includes income statement/balance sheet.
A firm that takes an initial competitive action in order to build or defend its competitive advantages or to improve its market position. Advantages include reputation effect, experience curve, and customer commitment and loyalty.
first mover disadvantages
Resolution of technological uncertainty, free-rider, resolution of strategic uncertainty and complementary assets.
Lowest level managers.
Government efforts to stabilize economy.
Shipping cargo-carrying part of the truck overseas to save on transportation.
five forces model
A method of evaluating the external environment in which a company operates. Involves assessing five forces that drive competition: threat of new entrants, threat of substitute products or services, bargaining power of buyers, bargaining power of suppliers, and rivalry among existing firms.
Costs paid over the course of years.
Longer than five-year term assets.
Debts longer than five years.
Few hierarchies of power.
Employees choose benefits: modular (needs of a specific group), core plus (essential benefits with a menu selection of options), and flexible spending (childcare and healthcare)
A plan that allows employees to set their own work schedules within a wide range of hours.
Days between check given and cashed.
flexible manufacturing systems (FMS)
Automated production centers (e.g. robotics).
Debts that change in value (short-term).
Small group representing target audience to offer product insight.
Company owned by a foreign company.
Changing raw materials to finished product.
four P's of marketing
Product, price, place, promotion.
A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area.
free market system
An economic system based on the idea that government should interfere with economic transactions as little as possible. Free enterprise and self-reliance are the collective and individual principles that underpin free markets.
Person that does less work in a team, but receives the same benefits.
People that have quit work and are looking for a job and are new entrants.
Nonsalary compensation (e.g. sick leave)
front end (websites)
The user interface portion of a website.
full-cost price strategies
Variable and fixed cost in prices of product.
A wholesaler produces all distribution functions.
Grouping based on skills and experience.
future value projection
Projecting future value based on expected rates of return and inflation .
Purchase and sales for delivery of future.
gain sharing plans
Programs that share the financial gains based on a formula that reflects productivity.
Bar graph illustrating production.
garbage can model
Belief that decision making is sloppy.
general adaptation syndrome (GAS)
Stress cycle: alarm, resistance, and exhaustion.
General Agreement on Tariffs and Trade (GATT)
Twenty-three country agreement of mutual reduction in trade restrictions.
general merchandise wholesaler
Wholesaler carrying variety of merchandise.
Owner with unlimited liability; actively manages firm.
Ignore nationality when integrating community of interest.
Dividing market by location.
Invisible barriers for minorities and women.
Using foreign labor to save money.
Culturally diverse work team.
Desired future state.
goods producing sector
Part of society making tangible goods.
Company buys another for a value above assets.
Plan to achieve long term goals.
Informal communication channel (gossip).
The amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted.
gross national product (GNP)
The total value of all goods and services produced by a country.
group decision support system
group life policy
group support systems (GSS)
guerrilla marketing investment strategy
A change in a subject's behavior caused simply by the awareness of being studied.
Hay profile method
hierarchy of needs theory
high context culture
host country nationals
hot stove rule
human resource approach
immediate corrective action
initial public offering (IPO)
internal locus of control
international monetary fund
job characteristics model
job classification system
job diagnostics survey
just-in-time (JIT) inventory
Knights of Labor
law of diminishing returns
law of effect
law of large numbers
law of individual differences
layoff survivor's sickness
leader-member exchange model
limited function wholesaler
limited liability company (LLC)
line of credit
local area networks (LAN)
long-term interest rates
low context culture
lump-sum merit program
management by objectives (MBO)
management by walking around (MBWA)
management information system
market development funds (MDF)
market sales potential
moving weighted average
motivating potential score (MPS)
mutual insurance company
mutuality of interest
National Credit Union Administration
neighborhood of offices
Net Present Value (NPV)
nominal group technique (NGT)
nonperformance loss protection
omnipotent view of management
on-the-job training (OJT)
open market operations
open shop agreement
organizational development (OD)
organizational learning curve for change
organizational politics organizational socialization
parent ego state
partial reinforcement schedule
pay for performance
penetration pricing strategy
plant and equipment
Point of Purchase (POP) advertising
Political, Economic, and Social Trends (PEST) analysis
price elasticity of demand
pro forma income statement
producer price index
product life cycle
quality of life
quantity of life
range of variation
realistic job preview (RPJ)
return on investment (ROI)
return on sales
reverse culture shock
right to work law
rights of privacy
rule of indemnity
S Corporation (S Corp)
savings and loans association
sense of choice
sense of competence
sense of meaningfulness
sense of progress
service corps of retired executives (SCORE)
skimming pricing strategy
social desirability bias
social information processing
social learning theory
socioeconomic model of decision making
span of management
stages of team development
standard hour plan
step review system
stock insurance company
straight commission plan
substitutes for leadership
supportive approach to OB
surplus or deficit
symbolic view of management
team incentive plan
total quality management
training multiplier effect
transfer of training
two-factor model of motivation
two-way communication process
Type A personality
Type B personality
unfair labor practices (ULPs)
Uniform Commercial Code
union security clause
union shop agreement
unit variable cost
units break even
user interface (UI)
Two firms in two different stages of related business join.
Divide market into user categories (heavy, medium, light, none)
Bankruptcy filed by the debtor.
Virtual location on the internet.
Number of visitors in a website.
The disclosure by an employee of illegal, immoral, or illegitimate practices by the organization.
Someone who buys large quantities of goods and resells to merchants rather than to the ultimate customers.
Government document authorizing employment of foreign individual.
workforce utilization analysis
Classifying protected-class workers by the number and types of jobs.
Accessible resources for daily operations.
United Nations agency providing loans to leser developed countries from more developed ones.
Fear or rejection of what is strange or foreign.
yellow dog contract
Contracts some employers forced workers to sign that made the workers promise not to join a union. (Outlawed by Norris-La Guardia act)
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