63 terms

Intro to Business Final Exam

Business Definitions
Constitutional law
Laws established for everyone in the Constitution of U.S
Common law
Legal decisions made over a period of years setting precedents
Statutory law
laws created by the legislature at the state or federal level
Contract law
Legally binding agreements
Law of tort
a wrongful act commited by one person that results an injury of another
exclusive rights for an invention for 17 years
Laws to protect the environment
clean water act, clean air act
Laws that protect labor standard
fair labor standards act(1938) , civil rights act (1964) and EEOC
Laws that promote general welfare
licenses, zoning ordinances
business w/o competition
Antitrust legislation
laws that prevent /break up monopolies
Money Management
the day-2-day financial activities associated with usng limited income to satisfy your unlimited needs and wants
balance sheet
record of assets & liabilities at a point in time
amounts owed to others
net worth
personal assets - liabilities
owner's equity
net worth
cash flow statement
a report of net wage and other income w/ spending for a period , such a month
net income
amount of paycheck after taxes and payroll deductions
fixed expenses
costs that occur in regular basis and are for the same amount for each time
variable expenses
involve living costs that differ each time and may not be easy to estimate
the amount of money you plan to use for a certain budget category
budget variance
any difference between these amounts
financial plan
a report that summarizes your current financial condition , acknowledges your financial needs
individual retirement account
sheltered retirement lan in which people can annually invest earnings up to a certain amount
estate planning
the accumulation & management of property during one's lifetime
items bought from other countries
goods and services sold to other countries
Balance of trade
total exports - total imports
Balance of payments
amt. of $ that comes into a country - amt. of $ that goes out
Exchange rate
the value of currency in one country compared to the value of another
another factor that supports international trade in industrialized countries
Trade barriers
restrictions to free trade
govt. set limit of quantity of a product that maybe imported and exported w/ a given period
tax on imported products
Govt. stops an export/import of a product
multinational company
an organization that does business in several countries
joint venture
an agreement within two or more companies to share a business project
Contingent worker
long-term employment
goods and services to comsumers
service business
carries out activities that are consumed by customers
business owned and run by 1 person
business owned and run by 2 or more people
filed w/ you state
Partner agreement
written agreement among all owners
articles of incorporation
legal document that defines ownership
granting permission to operate a business
mission statement
reason a business exist
precise statement of results the business expects to achieve
organized chart
diagram that show the structure of organization ...
Computer system
the configuration that concludes all functional components of a computer
physical elements of a computer system
instructions that run in a computer system
Computer network
a group of computers that are linked together so users share hardware ,software , and data
central processing unit
control center of a computer
a series of step by step instructions that tell the computer what functions to complete
computer language
letter, words,#'s , and symbols used to communicate w/ a computer
Operating system software
translate commands
application software
programs that perform specific tasks
management information system
an ordered system of processing and reporting info in an organization
comp-assisted instructions
use of computers to help people learn or improve skills at their own pace
expert systems
solve tech. problems
comp.-aided design
use of technology to create product style and design
using a comp. @ home to do a job