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Business Ed Questions
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133
Business
Post-Graduate
11/02/2018

Additional Business Flashcards

 


 

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Term
Touch keyboarding techniques
Definition
Position feet on floor for balance (don't cross).
Center body to the "H" key with elbows at sides.
Sit up straight.
Curve fingers over the home keys.
Keep wrists off the keyboard.
Keep eyes on printed copy.
Key by touch.
Key with a smooth rhythm
Term
LAN (local area network)
Definition
connect all the personal computers in an institution to a central hub (the server);
Term
WAN
Definition
similar functionality of a LAN but has a much wider range
Term
looping
Definition
tell the computer to repeat one or more instructions
Term
branching
Definition
make your computer programs run different instructions depending on the value of specified data
Term
JAVA
Definition
designed to have the look and feel of the C++ language, but it is simpler to use than C++ and enforces an object-oriented programming model. can be used to create complete applications that may run on a single computer or be distributed among servers and clients in a network
Term
high level language
Definition
BASIC, C, C++, COBOL, FORTRAN, Ada, and Pascal
Term
FORTRAN
Definition
first major computer language; FORmula TRANslating system
Term
COBOL
Definition
primarily used in business, finance, and administrative systems for companies and governments.
Term
chronological
Definition
starts by listing your work history, with the most recent position listed first; good for people with a solid, long work history
Term
functional
Definition
used by people who are changing careers or have gaps in employment history; starts with skills and experience rather than work history
Term
combination
Definition
a mix between a chronological resume and a functional resume. At the top of the resume is a list of one’s skills and qualifications. Below this is one’s chronological work history. highlight what makes you the best fit for the job, while still giving the employer all the information he or she wants.
Term
business plan
Definition
used to attract investment capital, secure loans, convince workers to hire one, and assist in attracting business partners. Shows whether a business has the potential to make a profit.
Term
accounts receivable
Definition
the amount of money owed by customers or clients to a business after goods or services have been delivered or used
Term
current assets
Definition
those that will be converted to cash within one year (inventory, accounts receivable)
Term
fixed assets
Definition
long term and will likely provide a benefit to a company for more than one year (real estate, machinery)
Term
balance sheet
Definition
A financial report that summarizes a company's assets (what it owns), liabilities (what it owes) and owner or shareholder equity at a given time
Term
credit
Definition
An accounting entry that may either decrease assets or increase liabilities and equity on the company's balance sheet, depending on the transaction. You credit what goes out of the account (right side of balance sheet)
Term
debit
Definition
the left side of a ledger account; decrease to a liability account and an increase to an asset account
Term
fixed expense
Definition
payments like rent that will happen in a regularly scheduled cadence.
Term
variable expense
Definition
expenses, like labor costs, that may change in a given time period.
Term
operating expense
Definition
business expenditures not directly associated with the production of goods or services—for example, advertising costs, property taxes or insurance expenditures.
Term
matching principle
Definition
states that all expenses must be matched in the same accounting period as the revenues they helped earn; used to avoid misstating earnings
Term
revenue recognition principle
Definition
revenues are recognized when they are realized or realizable, and are earned (usually when goods are transferred or services rendered), no matter when cash is received
Term
accrual accounting
Definition
expenses are matched with the related revenues and/or are reported when the expense occurs, not when cash is paid. A transaction is recognized the moment that is occurs, rather than when the money is paid. (in the absence of cash)
Term
cash basis accounting
Definition
method of recording transactions for revenue and expenses only when the corresponding cash is received or payments are made
Term
balance sheet
Definition
Assets = liabilities + shareholders equity
Term
income statement
Definition
reports a company’s financial performance over a specific accounting period; shows the net profit or loss occurred over a specific accounting period (covers a range of time; yearly or quarterly; income and expense)
Term
statement of cash flows
Definition
merges the balance sheet and income statement; presents the movement in cash and bank balances over a period (operating, investing, financing). Provides important insights about the liquidity and solvency of a company.
Term
statement of retained earnings
Definition
outlines the changes in retained earnings for a specified period (aka statement of shareholders’ equity); includes net income/dividends; improves market and investor confidence in the organization
Term
retained earnings
Definition
refer to any profit made by an organization that decides to keep it for internal use (paying debt, promote company growth or development); recorded under the shareholders’ equity on the balance sheet
Term
statement of retained earnings
Definition
RE = Beginning RE + Net Income – Dividends
Term
statement of shareholders' equity
Definition
details the changes within the equity section of the balance sheet over a designated period; useful for revealing stock sales and repurchases by the reporting entity
i. Common stock
ii. Retained earnings
iii. Treasury stock
iv. Accumulated other comprehensive income
v. Totals column
Term
classical management
Definition
the scientific theory of management is considered better suited to businesses based on repetitive tasks, such as a factory.
Term
classical (scientific) management
Definition
Company leadership should develop a standard method for doing each job using scientific management.
Workers should be selected for a job based on their skills and abilities.
Work should be planned to eliminate interruptions.
Wage incentives should be offered to encourage increased output.
Term
administrative management
Definition
attempts to find a rational way to design an organization as a whole; The theory generally calls for a formalized administrative structure, a clear division of labor, and delegation of power and authority to administrators relevant to their areas of responsibilities.
top-down approach
Term
bureaucratic management
Definition
very organized with a high degree of formality in the way it operates. Organizational charts generally exist for every department, and decisions are made through an organized process.
top executives; regional managers; department managers; shift managers; employees
Term
human relations theory
Definition
assumes that people want to work, that they're responsible and self-motivated, that they want to succeed and that they understand their own position in the company hierarchy.
Treating employees as if work is as natural as play or rest, just as motivational theory states (theory Y)

2. Sharing the big-picture objectives toward which their work is aimed

3. Empowering them to innovate and make as many independent decisions as they can handle

4. Training and developing them, increasing freedom and responsibility as their capabilities grow

5. Providing appropriate recognition and rewards when they achieve company goals
Term
systems theory
Definition
most prominent management theory today; coordination between every department
Term
X&Y Theory
Definition
Douglas McGregor; Theory X assumes that individuals are base, work-shy and constantly in need of a good prod (authoritative).
Theory Y, however, assumes that individuals go to work of their own accord, because work is the only way in which they have a chance of satisfying their (high-level) need for achievement and self-respect
Term
Maslow's Hierarchy of Needs
Definition
a description of the needs that motivate human behavior
Term
physiological
Definition
food, water, warmth (shelter), sleep
Term
safety
Definition
security of body, employment, family,health
Term
love/belonging
Definition
friends, family
Term
esteem
Definition
prestige and feeling of achievement; respect of others and self
Term
self-actualization
Definition
achieving one's full potential; morality, creativity
Term
Bloom's taxonomy
Definition
hierarchical models used to classify educational learning objectives into levels of complexity and specificity
Term
remember
Definition
recall basic facts (define, duplicate, list)
Term
understand
Definition
explain ideas or concepts (classify, describe, discuss)
Term
apply
Definition
use information in new situations (implement, solve, interpret, experiment, demonstrate, illustrate)
Term
analyze
Definition
draw connections among ideas (examine, experiment, question, defend)
Term
evaluate
Definition
justify a stand or decision (appraise, argue, defend)
Term
create
Definition
produce new or original work (design, assemble, author, formulate)
Term
Autocratic
Definition
In this style, the manager tells the employees what to do. If the employees fail to fall in line, they face consequences. Employees are motivated mostly through fear of discipline. The company has specific, clear policies that employees must follow. Management isn’t interested in hearing feedback from employees.
Term
Consultee
Definition
management seeks employee feedback before making decisions. Management takes employee concerns about the workplace seriously. This may include an open-door policy, where employees can drop in on managers any time to talk about what’s working and what isn’t.
Term
Persuasive
Definition
managers still retain control of making decisions, however they make every attempt to help employees see why management’s decisions are the best for the company
Term
democratic
Definition
decisions are made by a majority with a real stake for the employees; collaborative process in which employees and management work together to make decisions (fairness, competence, creativity, courage, intelligence and honesty
Term
chaotic
Definition
managers cede all control to employees without putting specific structures in place for decision making
Term
laissez-faire
Definition
the manager is more of a mentor than leader; gives authority to employees – least effective
Term
strategic
Definition
involves a leader that is essentially the head of an organization
Term
transformational
Definition
being clear, focusing on expectations, giving feedback; maintains or continues the status quo
Term
coaching
Definition
teaching and supervising followers; motivates, inspires, and encourages (where performance or results need improvement)
Term
visionary
Definition
creating and sustaining a vision for an organization; focused individual who can inspire his team to reach an organizational goal
Term
charismatic
Definition
transformation of followers values and beliefs; relies on the charm and persuasiveness of the leader
Term
Proxemics
Definition
personal space; use of space
Term
Haptics
Definition
communicating through touch
Term
Chronemics
Definition
study of the role of time in communication
Term
Kinesics
Definition
body movement and gestures
Term
Sole proprietorship
Definition
one person alone; person will have unlimited liability for all the debts and the income or loss reported on their personal income tax report
Term
general partnership
Definition
each of the two or more partners will have unlimited liability for the debts of the business; each partner reports his loss or profit as one line of his personal tax return
Term
limited partnership
Definition
each of the partners has unlimited liability for the debts, but the limited partner’s exposure to the debts of the partnership is limited to the contribution each has made to the partnership
Term
corporation
Definition
provides limited liability for the investors; none of the shareholders in a corporation is obligated for the debts; creditors can only look to the corporation for payment
Term
"S" corporation
Definition
income/losses are taxed at the individual level of the shareholders’; no double taxation; strict guidelines  domestic, shareholders have to be individuals, 100 or fewer shareholders and one class of stock
Term
"C" Corporation
Definition
default; money is taxed at the corporate level  company must pay taxes on money made (double taxation)
Term
limited liability corporation
Definition
members of the company cannot be held personally liable for the company’s debts or liabilities; combine the characteristics of a corporation and partnership; must be dissolved upon death or bankruptcy (money is taxed only once at the individual level/business owners)
Term
risk management plan
Definition
a plan, procedure, or rule of action followed for the purpose of securing consistent action over a period of time
a. Identifying, evaluating and reducing losses
Term
flat structure
Definition
centralizes decision making with the owner; used by small businesses; does not have formal departments and layers of management
Term
hierarchical structure
Definition
every entity in the organization, except one, is subordinate to a single other entity. Singular/group of power at the top with subsequent levels below
Term
marketing mix
Definition
a combination of factors that can be controlled by a company to influence consumers to purchase its products
Term
4 Ps
Definition
product, price, place , and promotion
Term
cause marketing
Definition
links the services and products of a company to a social cause or issue
Term
relationship marketing
Definition
focused on customer building; customer loyalty
Term
undercover marketing
Definition
marketing the product while customers remain unaware of the marketing strategy
Term
transactional marketing
Definition
retailers encourage customers to buy with shopping coupons, discounts, and huge events
Term
penetration
Definition
set a low price to increase sales and market share; once the market share has been captured the firm will increase price
Term
skimming
Definition
sets an initial high price and then slowly lowers the price to make the product available to a wider market
Term
competition
Definition
setting a price in comparison with competitors
Term
product line pricing
Definition
pricing different products within the same product range at different price point
Term
premium
Definition
price is set high to indicate that the product is “exclusive”
Term
psychological
Definition
seller will consider the psychology of price and the positioning of price within the market place (.99 instead of $1)
Term
intellectual
Definition
deals with the rules for securing and enforcing legal rights to inventions, designs, and artistic works; intangible assets (trademarks, copyrights, patents)
Term
employment
Definition
broad area of law encompassing all areas of the employer/employee relationship; protects employees from unfair labor practices
Term
computer law
Definition
computer crime, software copyright
Term
criminal law
Definition
body of law that relates to crime; concerned with the punishment of those that commit crimes
Term
property law
Definition
area of law that governs the various forms of ownership and tenancy in real property (land as distinct from personal or movable possessions) and in personal property, within the common law legal system.
Term
international law
Definition
a body of rules established by custom or treaty and recognized by nations as binding in their relations with one another
Term
tort law
Definition
a civil wrong that unfairly causes someone else to suffer loss or harm resulting I legal liability for the person who commits the act
i. Duty
ii. Breach of duty
iii. Causation
iv. Injury
Term
traditional economy
Definition
an original economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces; rural and farm based
Term
command economy
Definition
economy in which production, investment, prices, and incomes are determined centrally by a government; communist society
Term
market economy
Definition
little government intervention or central planning; supply and demand
Term
mixed economy
Definition
features characteristics of both capitalism and socialism; protects private property and allows a level of economic freedom in the use of capital, but also allows for government to interfere
Term
laissez-faire
Definition
free from government intervention
Term
SEC
Definition
protects investors and seeks to maintain fair, orderly, and efficient markets, and facilitate capital formation(buying and selling of securities)
Term
CPSC
Definition
enforces federal safety standards
Term
EEOC
Definition
administers and enforces Title VIII of the Civil Rights Act (fair employment)
Term
EPA
Definition
establishes and enforces pollution standards
Term
FDIC
Definition
insures bank deposits, approves mergers, and audits bank practices
Term
FTC
Definition
ensures free and fair competition and protects consumers from unfair or deceptive practices
Term
OSHA
Definition
develops and enforces federal standards and regulations ensuring work conditions
Term
NAFTA
Definition
an agreement signed by Canada, Mexico, and the United States, creating a trilateral trade bloc in North America
Term
WTO
Definition
It is an organization for trade opening. It is a forum for governments to negotiate trade agreements. It is a place for them to settle trade disputes. It operates a system of trade rules. Essentially, the WTO is a place where member governments try to sort out the trade problems they face with each other.
Term
trade bloc
Definition
A trade bloc is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade (tariffs and others) are reduced or eliminated among the participating states
Term
Tarrif
Definition
A schedule or system of duties imposed by a government on goods imported or exported; the rate of duty imposed in a tariff.
Term
direct instruction
Definition
a type of instruction that happens when a teacher conveys information directly to students, and structures a class to reach a clearly defined set of goals
Term
contract
Definition
is a voluntary arrangement between 2 or more parties which is enforceable by law as a binding legal agreement;
Term
valid contract
Definition
offer; acceptance; consideration; mutuality of obligation; competency and capacity; and sometimes a written instrument
Term
law of sales
Definition
the law relating to the transfer of ownership of property from one person to another
Term
consumer law
Definition
laws designed to protect consumers against unfair trade and credit practices involving faulty and dangerous goods or dishonest claims or tactics; holds sellers of goods and services accountable
Term
NBEA (National Business Educators Association)
Definition
the nation’s leading professional organization devoted exclusively to serving individuals and groups engaged in instruction, administration, research, and dissemination of information for about business; committed to the advancement of the professional interest and competence of its members
Term
Association for Career and Technical Education (ACTE
Definition
largest national education association dedicated to the advancement of education that prepares youth and adults for careers
Term
International Society for Business Education (ISBE)
Definition
professional organization promoting education about business for students at all levels of education; provide a network to promote international business education
Term
Business Professionals of America
Definition
for students pursuing careers in business management, office administration, information technology and other related career fields
Term
FBLA
Definition
career and technical student organization who helps students transition to the business world; one of the largest student-run organizations in the US. Connected to the school’s business education department
Term
FBTEA
Definition
professional association for business technology and marketing education
Term
blended learning
Definition
education program that combines online digital media with traditional classroom methods
Term
deductive learning
Definition
teacher-centered; starts by given learners rules, then examples, then practice; students passively receive information
Term
inductive learning
Definition
starts with examples and then asks learners to find rules, more learner-centered
Term
soft skills
Definition
"people" skills; problem-solving, collaboration, time management
Term
phishing
Definition
the attempt to acquire sensitive information such as usernames, passwords, and credit card details directly from users.
Term
firewall
Definition
a network security system that monitors and controls the incoming and outgoing network traffic based on predetermined security rules; typically establishes a barrier between a trusted, secure internal network and another outside network, such as the Internet, that is assumed not to be secure
Term
corporate inversion
Definition
the process by which companies, especially U.S.-based companies, move overseas to reduce the tax burden on income.
Term
Expropriation
Definition
the act of a government in taking privately owned property, ostensibly to be used for purposes designed to benefit the overall public
Term
nationalization
Definition
the process of transforming private assets into public assets by bringing them under the public ownership of a national government or state; may occur with or without compensation to the former owners
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