Shared Flashcard Set

Details

Math communication and problem solving
review for communication math and problem solving terminology
14
Business
11th Grade
10/22/2010

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Cards

Term
Satisficing
Definition
Using a solution that suffices for the moment rather than considering all the possibilities
Term
Brainstorming
Definition
a problem-solving technique that involves the spontaneous contribution of ideas from all members of a group.
Term
Nominal Grouping
Definition
a decision-making technique in which people acting both individually and as a group acting both individually and as group members make ranked lists of potential solutions to a problem and eventually vote to determine the top choice.
Term
Delphi Technique
Definition
Procedure used to obtain consensus among group members who do not meet face-to-face; employs circulation of questionnaires
Term
Standard operating procedure
Definition
written procedure prescribed for repetitive use as a required practice in accordance with specifications aimed at obtaining a desired outcome.
Term
Income Statement
Definition
Financial statement that shows how much a business has earned or lost during a year also called a profit and loss statement
Term
Operating Expenses
Definition
expenses connected primarily with the manufacture and distribution of the business's products
Term
general expenses
Definition
expenses connected with teh running of a business rather than the manufacture and distribution of products.
Term
net income
Definition
result of subtracting expenses from revenues. The final take home profit before taxes.
Term
inventory
Definition
merchandise purchased for resale
Term
cost of goods sold
Definition
amount paid for inventory sold during a given period of time.
Term
break-even point
Definition
number of units of a product sold at a given price to cover production cost and begin making a profit.
Term
Principal
Definition
amount borrowed
Term
stock turnover rate
Definition
frequency with which inventory is sold and replaced over a given period of time.
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