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Study sets matching "business chapter 8"

30 terms
Understanding Business: Chapter 8
Economies of scale
Fayol's Principles of organization
Hierarchy
Max Weber and Organizational Theory
The situation in which companies can reduce their production…
1. Unity of command... 2. Hierarchy of authority... 3. Division of…
A system in which one person is at the top of the organizatio…
1. Job descriptions... 2. Written rules, decision guidelines, an…
Economies of scale
The situation in which companies can reduce their production…
Fayol's Principles of organization
1. Unity of command... 2. Hierarchy of authority... 3. Division of…
15 terms
Chapter 8 Business vocab
Workforce
Technology
BLS
Downsizing
made up of all the people 16 years and older who are employed…
Refers to the use of automated machinery, electronic equipmen…
researches thousands of different jobs
is a planned reduction in the number of employees needed in a…
Workforce
made up of all the people 16 years and older who are employed…
Technology
Refers to the use of automated machinery, electronic equipmen…
21 terms
Business and Personal Law - Chapter 8
Personal Property
Real Property
Tenants in Common
Community Property
Everything other than real property that can be owned
Described as land, anything permanently attached to the land,…
Ownership where tenants own the undivided property. If passed…
Property acquired by husband and/or wife during a marriage wh…
Personal Property
Everything other than real property that can be owned
Real Property
Described as land, anything permanently attached to the land,…
23 terms
Chapter 8 business
Leadership
Theres more to leadership than being i…
Not all _________ are leaders
Leader qualities
taking a company and its employees in a direction based on a…
charge... -> leaders know their business and the capabilities of…
managers ... -> some may focus on specific tasks to make sure wo…
1. motivation... 2. confidence... 3. communication skills... 4. integr…
Leadership
taking a company and its employees in a direction based on a…
Theres more to leadership than being i…
charge... -> leaders know their business and the capabilities of…
15 terms
Business Chapter 8
A comprehensive system for collecting,…
Recording of accounting transactions
Organized procedure for identifying, m…
Users of accounting information are
Accounting
Bookkeeping
Accounting Information System (AIS)
Business Managers... Employees and Unions... Investors and Creditor…
A comprehensive system for collecting,…
Accounting
Recording of accounting transactions
Bookkeeping
36 terms
Business Chapter 8
Information Technology (IT)
E-commerce
Mass Customization
Internet
various appliances and devices for creating, storing, exchang…
use of internet and other electronic means for retailing and…
principle in which companies produce in large volumes, but ea…
gigantic system of interconnected computer networks linked to…
Information Technology (IT)
various appliances and devices for creating, storing, exchang…
E-commerce
use of internet and other electronic means for retailing and…
29 terms
Business Terms Chapter 8
Accounting
Financial Accounting
GAAP
Financial Accounting Standards Board (…
A system for recognizing, organizing, analyzing, and reportin…
The branch of accounting that prepares financial statements f…
A set of accounting standards that is used in the preparation…
The private board that establishes the GAAP used in the pract…
Accounting
A system for recognizing, organizing, analyzing, and reportin…
Financial Accounting
The branch of accounting that prepares financial statements f…
10 terms
Business Chapter 8 Vocabulary
leadership
initiative
human relations
mentor
means taking a company and its employees in a direction based…
the ability to act & make decisions without the help or advic…
the study of how people interact in the workplace and how com…
a trusted counselor or guide
leadership
means taking a company and its employees in a direction based…
initiative
the ability to act & make decisions without the help or advic…
29 terms
Chapter 8 Business 101 Terms
Accounting
Financial accounting
Generally Accepted Accounting Principl…
Financial Accounting Standards Board (…
A system for recognizing, organizing, analyzing, and reportin…
The branch of accounting that prepares financial statements f…
A set of accounting standards that is used in preparation of…
The private board that establishes the generally accepted acc…
Accounting
A system for recognizing, organizing, analyzing, and reportin…
Financial accounting
The branch of accounting that prepares financial statements f…
15 terms
Business Chapter 8
Job Analysis
Job Description
Job Specification
Orientation
detailed study of the duties of a specific job and the requir…
duties of the job working conditions tools and materials need…
skills, abilities, and credentials needed to do the job.
introduce new employees to the company.
Job Analysis
detailed study of the duties of a specific job and the requir…
Job Description
duties of the job working conditions tools and materials need…
15 terms
Business Management, Unit 5 - Chapter 8
Communication (p. 191)
Channels/media (p. 191)
Feedback (p. 191)
Barriers (p. 191)
The process of exchanging messages between a sender and recei…
Are the avenues through which messages are delivered
A receivers response to a message
Obstacles that interfere with the understanding of a message.
Communication (p. 191)
The process of exchanging messages between a sender and recei…
Channels/media (p. 191)
Are the avenues through which messages are delivered
28 terms
Chapter 8 Intro to Business (2015)
workforce
Number of US workforce
Most jobs today require a
BLS estimates that the economy will ad…
all the people age 16 and older who are employed or looking f…
150 million
high school education
15
workforce
all the people age 16 and older who are employed or looking f…
Number of US workforce
150 million
12 terms
Business chapter 8 vocab
Internal recruitment
External recruitment
Job description
Person specicfication
Filling a vacant post with someone already employeed in busin…
Filling a vacant post with somebody not already employed in t…
A list of the key points about a job, job title, key duties,…
A list of qualifications, skills, experience and personal qua…
Internal recruitment
Filling a vacant post with someone already employeed in busin…
External recruitment
Filling a vacant post with somebody not already employed in t…
10 terms
business chapter 8
leadership
imitative
human relations
integrity
taking a company and its employees in a direction based upon…
the ability to act and make decisions without help or advice…
the study of how people interact in the workplace
an adherence to a code of ethical values such as honesty, loy…
leadership
taking a company and its employees in a direction based upon…
imitative
the ability to act and make decisions without help or advice…
Business vocab Chapter 8
workforce
downsizing
outsourcing
job analysis
all people 16 years and older who are employed or looking for…
planned reduction in the number of employees in order to cut…
removes work from one company and sends it to another company…
a specific study of a job to identify in detail the job dutie…
workforce
all people 16 years and older who are employed or looking for…
downsizing
planned reduction in the number of employees in order to cut…
27 terms
business chapter 8
analytical process
automation
capacity
capital-intensive technology
a process in operations management in which raw materials are…
the total or near-total use of machines to do work
the amount of products or services that an organization can p…
a process in which machines and equipment do most of the work
analytical process
a process in operations management in which raw materials are…
automation
the total or near-total use of machines to do work
21 terms
Business and society chapter 8
Teleological theories
Deontological theories
Aretaic theories
Utilitarianism
Ethical principle theory... Focuses on consequences or results o…
Ethical principle theory... Focuses on duties, without regard to…
Ethical principle theory... Focuses on the virtues of an action
Teleological principle... Take action that results in the greate…
Teleological theories
Ethical principle theory... Focuses on consequences or results o…
Deontological theories
Ethical principle theory... Focuses on duties, without regard to…
16 terms
Business chapter 8
Operations Management
Mass Production
Analytical Process
Synthetic Process
consists of all the activities required to produce goods and…
a manufacturing process that lowers the cost required to prod…
a process in operations management in which raw materials are…
a process in operations management in which raw materials or…
Operations Management
consists of all the activities required to produce goods and…
Mass Production
a manufacturing process that lowers the cost required to prod…
37 terms
Chapter 8 Business Terms
automation
reshoring
product line
form utility
the total or near-total use of machines to do work
a situation in which U.S. manufacturers bring manufacturing j…
a group of similar products that differ only in relatively mi…
utility created by people converting raw materials, finances,…
automation
the total or near-total use of machines to do work
reshoring
a situation in which U.S. manufacturers bring manufacturing j…
16 terms
Business chapter 8
Workforce
Downsizing
Outsourcing
Job analysis
Is made up of all the people 16 years and older who are emplo…
Is a planned reduction in the number of employees needed in a…
Removes work from one company that can complete it at a lower…
Is a specific study of a job to identify in detail the job du…
Workforce
Is made up of all the people 16 years and older who are emplo…
Downsizing
Is a planned reduction in the number of employees needed in a…
20 terms
Business Law for Managers - Chapter 8
Absolute Liability
Assumption of Risk
Comparative Negligence
Contributory Negligence
Also called liability without fault, imposed by law for injur…
A situation in which a plaintiff suffers some injury from eng…
The plaintiff's negligence is figured into the final award in…
At common law, a person suing another for negligence can reco…
Absolute Liability
Also called liability without fault, imposed by law for injur…
Assumption of Risk
A situation in which a plaintiff suffers some injury from eng…
30 terms
Business Chapter 8
The bad news
the good news
operations management
mass production
• Since 1979, the US has lost 7M manufacturing jobs to low-wa…
• 18% of world's manufactured goods are made in the US... • 12%…
all the activities associated with producing good and service…
producing a large number of identical or similar products at…
The bad news
• Since 1979, the US has lost 7M manufacturing jobs to low-wa…
the good news
• 18% of world's manufactured goods are made in the US... • 12%…
34 terms
Business Chapter 8
operations management
manufacturing
production
operations
the development and administration of the activities involved…
the activities and processes used in making tangible products…
the activities and processes used in making tangible products…
the activities and processes used in making both tangible and…
operations management
the development and administration of the activities involved…
manufacturing
the activities and processes used in making tangible products…
37 terms
Business Chapter 8
Operations management
Reshoring
Mass production
Analytical process
All the activities required to produce goods and services
A situation in which U.S. manufacturers bring back manufactur…
A manufacturing process that lowers the cost required to prod…
A process in operations management in which raw materials are…
Operations management
All the activities required to produce goods and services
Reshoring
A situation in which U.S. manufacturers bring back manufactur…
Business chapter 8
Operations Management
Manufacturing and production
Operations
uniformity of inputs
the development and administration of the activities involved…
the activities and processes used in making tangible products
the activities and processes used in making both tangible and…
manufacturers more control over the variability of the resour…
Operations Management
the development and administration of the activities involved…
Manufacturing and production
the activities and processes used in making tangible products
25 terms
Business Chapter 8
economies of scale
Hierarchy
chain of command
Bureaucracy
The situation in which companies can reduce their produce cos…
a system in which one person is at the top of the organizatio…
The line of authority that moves from the top of a hierarchy…
an organization with many layers of managers who set rules an…
economies of scale
The situation in which companies can reduce their produce cos…
Hierarchy
a system in which one person is at the top of the organizatio…
45 terms
Business chapter 8
organizing
division of labor
job specialization
organization chart
determining what work needs to be done and dividing up the ta…
dividing tasks among people
dividing tasks into smaller jobs
shows the relationships among people who is accountable for t…
organizing
determining what work needs to be done and dividing up the ta…
division of labor
dividing tasks among people
21 terms
Chapter 8 Business
payroll
gross earnings
salary
hourly wage
list of employees and the payments due to each employee for a…
total amount of money an employees earns in a pay period
fixed amount of money paid to an employee for each pay period
specific amount of money paid per hour to an employee
payroll
list of employees and the payments due to each employee for a…
gross earnings
total amount of money an employees earns in a pay period
26 terms
chapter 8 Business
Economies of scale
Hierarchy
Chain of command
Organization chart
Economies of scale- The situation in which companies can redu…
a system in which one person is at the top of the organizatio…
the line of authority that moves from the top of hierarchy to…
a visual device that shoes relationships among people and div…
Economies of scale
Economies of scale- The situation in which companies can redu…
Hierarchy
a system in which one person is at the top of the organizatio…
52 terms
Business Chapter 8
Operations management
reshoring
Mass production
analytical process
all the activities required to produce goods and services
a situation in which U.S. manufacturers bring manufacturing j…
a manufacturing process that lowers the cost required to prod…
a process in operations management in which raw materials are…
Operations management
all the activities required to produce goods and services
reshoring
a situation in which U.S. manufacturers bring manufacturing j…
16 terms
Business Essentials Chapter 8
The Nature of Human Relations
Top 5 Motivators at Work
Herzberg's Two-Factor Theory
McGragor's Theories
Human Resources... Motivation... Morale... Reward (Inner)... Extrinsic Re…
Inclusion... Job Security... Empathy... *Recognition... Money
Hygiene Factors (work settings)... Motivational Factors (work co…
Theory X... Theory Y
The Nature of Human Relations
Human Resources... Motivation... Morale... Reward (Inner)... Extrinsic Re…
Top 5 Motivators at Work
Inclusion... Job Security... Empathy... *Recognition... Money
13 terms
business chapter 8
Conversion Process
Utility
form utility
conversion process factors
converts ideas and goods into useful goods and services
the ability of a good or service to satisfy a human need... -for…
...
focus: the resources that make up the major or most important…
Conversion Process
converts ideas and goods into useful goods and services
Utility
the ability of a good or service to satisfy a human need... -for…
20 terms
Business Law Chapter 8 PPT
Mental ... State
Act or Omission
Harm
Corporate Liability
The defendant does not have to know that the act is criminal;…
An act or omission of a required act must actually take place.
Harm may occur, but it is not a required element for an act t…
Officers and Agents of Corporations may be held responsible f…
Mental ... State
The defendant does not have to know that the act is criminal;…
Act or Omission
An act or omission of a required act must actually take place.
38 terms
Business chapter 8
Deontological change
Consequentialism
Categorical imperative
Test of universalizability
The idea that actions are right and wrong in themselves indep…
The idea that actions are right and wrong in part or whole ba…
Act only according to that maxim by which you can at the same…
Could this act be turned into a universal code of behavior
Deontological change
The idea that actions are right and wrong in themselves indep…
Consequentialism
The idea that actions are right and wrong in part or whole ba…
16 terms
CH8 Financing Your Business
Angel investor
Bootstrapping
Collateral
Crowdfunding
A private individual, rather than a professional investment f…
Starting a business with little or no outside financing, gene…
Assets pledged in return for loans.
The funding of a business, typically a start-up, by a large g…
Angel investor
A private individual, rather than a professional investment f…
Bootstrapping
Starting a business with little or no outside financing, gene…
17 terms
Business chapter 8
Accommodating decision making style
Team decision making
Brain writing
Autocratic decision making
The manager amd subordinates meet ad a grouo amd freelu share…
Is the process resolving oroblems and issues by assigning sev…
Like brainstorming a group of people coming up with as many d…
The manager maked the decision along with little or no input…
Accommodating decision making style
The manager amd subordinates meet ad a grouo amd freelu share…
Team decision making
Is the process resolving oroblems and issues by assigning sev…
35 terms
Business Chapter 8
Team
Work teams have 5 key characteristics:
Manager led team
Self managing teams
Group of people with complementary skills who work together t…
1) They are accountable for achieving specific common goals... 2…
A manager defines goals and methods is solely responsible for…
Employees control the activities needed to meet overall goals
Team
Group of people with complementary skills who work together t…
Work teams have 5 key characteristics:
1) They are accountable for achieving specific common goals... 2…
16 terms
Introduction to Business Chapter 8
Human Resource Management
Performance Appraisals
Compensation Amount
Wage
Function of attracting, developing, and retaining employees w…
Evaluation and feedback on an employees' job performances.
Amount employees are paid in money and benefits.
Pay based on an hourly rate or the amount of work accomplished.
Human Resource Management
Function of attracting, developing, and retaining employees w…
Performance Appraisals
Evaluation and feedback on an employees' job performances.
9 terms
Chapter 8 Business Statistics
interval estimate
margin of error
standard deviation known
confidence level
an estimate of a population parameter that provides an interv…
the + or - value added to and subtracted from a point estimat…
the case when historical data or other information provides a…
the confidence associated with an interval estimate
interval estimate
an estimate of a population parameter that provides an interv…
margin of error
the + or - value added to and subtracted from a point estimat…
Foundations of Business - Chapter 8
Operations management
Reshoring
Mass production
Analytical process
All the activities required to produce goods and services
A situation in which U.S. manufacturers bring manufacturing j…
A manufacturing process that lowers the cost required to prod…
A process in operations management in which raw materials are…
Operations management
All the activities required to produce goods and services
Reshoring
A situation in which U.S. manufacturers bring manufacturing j…
10 terms
Chapter 8 Business
Diversification
Investing
Investment
Liquidity
...
...
...
...
Diversification
...
Investing
...
34 terms
chapter 8 business terms
business organization
sole proprietorship
business license
zoning law
establishment formed to carry on commercial enterprise
business organization owned and run by one person
...
...
business organization
establishment formed to carry on commercial enterprise
sole proprietorship
business organization owned and run by one person
31 terms
Business Chapter 8
Economics
Economic Wants
Noneconomic Wants
Utility
The body of knowledge that relates to producing and using goo…
The desire for scarce material goods and services
Desires for non material things that are not scarce such as air
The ability of a good or a service to satisfy a want
Economics
The body of knowledge that relates to producing and using goo…
Economic Wants
The desire for scarce material goods and services
56 terms
Introduction to Business Chapter 8
Human Resource Management (HRM)
Job Analysis
Job Description
Job Specification
Set of organizational activities directed at attracting, deve…
A detailed study of the specific duties in a particular job a…
The objectives, responsibilities, and key tasks of a job; the…
The specific skills, education, and experience needed to perf…
Human Resource Management (HRM)
Set of organizational activities directed at attracting, deve…
Job Analysis
A detailed study of the specific duties in a particular job a…
Chapter 8 Business Vocab
buying motives
marketing strategy
target market
marketing mix
the reasons for making a purchase
a two-step process for successfully planning and marketing pr…
a clearly identified group of consumers with needs that the b…
a combination of marketing elements designed to meet the need…
buying motives
the reasons for making a purchase
marketing strategy
a two-step process for successfully planning and marketing pr…
34 terms
M: Business Chapter 8
operations management (om)
manufacturing
production
operations
the development and administration of the activities involved…
the activities and processes used in making tangible products…
the activities and processes used in making tangible products…
the activities and processes used in making both tangible and…
operations management (om)
the development and administration of the activities involved…
manufacturing
the activities and processes used in making tangible products…
30 terms
Chapter 8 Financing a Business
Investment
Financial Markets
Market Risk
Inflation
Purchase of capital resources used to produce goods and servi…
Coordinate the exchange of money between borrowers who are wi…
The potential decrease in the value of a stock in a stock mar…
A general rise in overall prices; if prices are rising, inves…
Investment
Purchase of capital resources used to produce goods and servi…
Financial Markets
Coordinate the exchange of money between borrowers who are wi…
24 terms
Chapter 8 Business
Business Organization
Sole proprietorship
Limited Life
Unlimited Liability
is an enterprise that produces goods or provides services, us…
is a business organization owned and controlled by one person
is a situation where a business closes if the owner dies, ret…
means that a business owner is responsible for all the busine…
Business Organization
is an enterprise that produces goods or provides services, us…
Sole proprietorship
is a business organization owned and controlled by one person
65 terms
Business - chapter 8
Goal of human resources....
workforce
service-providing industry
examples of service companies
to have the right people in the right jobs at the right time
all people who are 16+ or older who are employed or looking f…
businesses that perform services that satisfy the needs of ot…
health care facilities, insurance companies, retail stores an…
Goal of human resources....
to have the right people in the right jobs at the right time
workforce
all people who are 16+ or older who are employed or looking f…
20 terms
Business chapter 8
Specialization
Exchange
Balance of Trade
Imports
Division of productive activities so that no one is self-suff…
The process of trading one thing for another.... Cuba is not all…
The difference between the value of our imports and our expor…
Goods and services bought by people in one country that are p…
Specialization
Division of productive activities so that no one is self-suff…
Exchange
The process of trading one thing for another.... Cuba is not all…
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