Small Biz course review 1
Terms in this set (20)
The basic economic problem
A continuous rise in the price of goods and services
Alternating periods of economic expansion and economic recession
A business owned by one person
a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats
Government Agency regulating workplace safety
4 P's of Marketing
Product, Price, Place, Promotion
Management by objectives; employees help set objectives for themselves, defining what they need to do achieve within a specified time period
assumes that workers are basically lazy, error-prone, and extrinsically motivated by money and, thus, should be directed from above.
assumes that, given challenge and freedom, workers are motivated to achieve self-esteem and to demonstrate their competence and creativity.
a drawing that represents every job in the organization and the formal reporting relationships between those jobs
Cost plus pricing
a method of setting prices in which the seller totals all the costs for the product and then adds an amount to arrive at the selling price
Break even pricing
setting price such that total fixed and variable costs equal total revenues
A philosophy that involves everyone in an organization in a continual effort to improve quality and achieve customer satisfaction.
a booklet describing important aspects of employment an employee needs to know
a written description of the basic tasks, duties, and responsibilities required of an employee holding a particular job
A review of how well an employee does his or her job.
net sales - cost of goods sold
Fundamental Accounting Equation
Assets = Liabilities + Owner's Equity
A designation for a business that is operating under a trade name; it means "doing business as"
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