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| The act of an employee exposing an employer's wrongdoing to outsiders, such as the media or government regulatory agencies. |
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| The difference between the values of exports and imports of a country, said to be favorable or unfavorable as exports are greater or less than imports. |
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| An order of a government prohibiting the movement of merchant ships into or out of its ports. |
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| Any account showing indebtedness. |
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| The right or license granted by a company to an individual or group to market its products or services in a specific territory. |
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| A person or company that grants a franchise. |
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| A person or company to whom a franchise is granted. |
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| The doctrine that a woman's and man's pay should be equal when their work requires equal training, skills, and responsibilities. |
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| Establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments. |
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| The process by which wages, hours, rules, and working conditions are negotiated and agreed upon by a union with an employer for all the employees collectively whom it represents. |
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| The ability or ease with which assets can be converted into cash. |
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| Any long-term asset, as a building, tract of land, or patent. |
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| A balance sheet account that represents the value of all assets that are reasonably expected to be converted into cash within one year in the normal course of business. |
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| A ratio showing how many times a company's inventory is sold and replaced over a period. |
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| A U.S. federal banking system that is under the control of a central board of governors. Three tools include: discount rate, open market operations, and reserve requirements. |
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Definition
| A fund that is devoted to insuring the deposits of individuals by the Federal Deposit Insurance Corporation (FDIC). The Deposit Insurance Fund (DIF) is set aside to pay back the money lost due to the failure of a financial institution. |
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| computer-based financial transactions |
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Definition
| Applications used to make effective, efficient use of computer based technologies in processing traditionally paper-based financial, government and business transactions. |
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Definition
| A pro-rata share in an amount to be distributed. |
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| A means of repaying funds that were borrowed through a bond issue. The issuer makes periodic payments to a trustee who retires part of the issue by purchasing the bonds in the open market. |
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Definition
| The first sale of stock by a private company to the public. |
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Definition
| The conventional unit or quantity in which commodities or securities are bought and sold. |
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| Equal Employment Opportunity Commission |
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Definition
| An independent federal agency created under the Civil Rights Act of 1964, as amended, to police a program. |
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| Age Discrimination in Employment Act of 1967 |
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Definition
| Protects individuals who are 40 or older from being discriminated against in the workplace in favor of younger employees. |
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Definition
| The Constitution and laws of each state establish the state courts. A court of last resort, often known as a Supreme Court, is usually the highest court. Some states also have an intermediate Court of Appeals. Below these appeals courts are the state trial courts. Some are referred to as Circuit or District Courts. |
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Definition
| The area of law that covers the majority of all civil lawsuits. |
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Term
| elements of enforceable contract |
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Definition
In the US there are six elelments:
Agreement - an offer and an acceptance are included in an agreement to form a contract. An offer by one party to enter into a legal agreement and an acceptance of the terms by another.
Consideration - Something of value passing from one party to another in return for a promise to do something.
Contractual capacity - the parties must be legally capable of entering into a contractual relationship.
Legality - the object or the purpose of the contract must be legal and not against public policy.
Voluntary consent, or genuineness of assent - the consent of the parties must be genuine. The contract must be a genuine expression of the intentions of the parties.
Form - the contract must be in whatever form the law requires. |
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| Title VII Civil Rights Act of 1964 |
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Definition
| Prohibits employment discrimination on the basis of race, color, religion, sex or national origin. |
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Term
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Definition
| A type of guarantee that a manufacturer or similar party makes regarding the condition of its product. It also refers to the terms and situations in which repairs or exchanges will be made in the event that the product does not function as originally described or intended. |
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| A business organization in which two or more individuals manage and operate the business. Owners are equally and personally liable for the debts from the business. |
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| Each stock is incorporated in a state, and the records are kept at a central location. Generally, incorporation will have to go through the Secretary of the State, and the name of the business will be documented in their databases. |
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| A standard set of business laws that regulate financial contracts. |
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Definition
| Corporate initiative to assess and take responsibility for the company's effects on the environment and impact on social welfare. The term generally applies to company efforts that go beyond what may be required by regulators or environmental protection groups. |
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Term
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Definition
| To give power or authority to; authorize, esp. by legal or official means. |
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Term
| Henri Fayol's functions of management |
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Definition
| Defined five functions, or elements of management: planning, organizing, commanding, coordinating, and controlling. |
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Term
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Definition
| Individuals and teams that are responsible for making the primary decisions within a company. Personnel considered to be part of a company's upper management are at the top of the corporate ladder, and carry a degree of responsibility greater than lower level personnel. |
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Definition
| The sum of internal and external forces operating on an organization. The managers must perforce recognize the elements, severity and impact of these forces on the organization. They must identify, evaluate and react to the forces triggered by the external environment. |
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Definition
| A short sentence or paragraph used by a company to explain, in simple and concise terms, their purposes for being. These statements serve a dual purpose by helping employees to remain focused on the tasks at hand, as well as encouraging them to find innovative ways of moving towards an increasingly productive achievement of company goals. |
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Definition
| An organization's process of defining, often in hyperbolic terms, its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. |
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Definition
| Supervision of supply, storage and accessibility of items in order to insure an adequate supply without excessive oversupply. |
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Definition
| Program Evaluation Review Technique, was developed by the United States Navy for the Polaris submarine missile program in the 1950s. A management method of controlling and analyzing a system or program using periodic time and money reports, often computer generated, to determine dollar and labor status at any given time. |
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Term
| Maslow's hierarchy of needs |
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Definition
| Theory in psychology, proposed by Abraham Maslow in his 1943 paper A Theory of Human Motivation. Maslow subsequently extended the idea to include his observations of humans' innate curiosity. His theories parallel many other theories of human developmental psychology, all of which focus on describing the stages of growth in humans. The stages are: Physiological, Safety, Love/Belonging, Esteem, & Self Actualization. |
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Definition
| The formal line of authority, communication, and responsibility within an organization. |
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Definition
| A dimension of organizational design measured by the number of subordinates that report directly to a given manager. |
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Definition
| A special project team to handle a critical project. |
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Definition
| A technique of solving specific problems, amassing information, stimulating creative thinking, developing new ideas, etc., by unrestrained and spontaneous participation in discussion. |
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Definition
| The lack of individual creativity, or of a sense of personal responsibility, that is sometimes characteristic of group intereaction. |
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Definition
| A person who mediates, esp. between parties at variance. |
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Definition
| A person chosen to decide a dispute or settle differences, esp. one formally empowered to examine the facts and decide the issue. |
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Definition
| Theory of human motivation created and developed by Douglas McGregor that assumes employees are inherently lazy and will avoid work if they can and that they inherently dislike work. |
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Definition
| Theory of human motivation created and developed by Douglas McGregor that assumes employees may be ambitious and self-motivated and exercise self-control. |
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Definition
| The consumers a company wants to sell its products and services to, and to whom it directs its marketing efforts. |
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Definition
| Management philosophy according to which a firm's goals can be best achieved through identification and satisfaction of the customers' stated and unstated needs and wants. |
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Definition
| A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion. |
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Definition
| An item that ideally satisfies a market's want or need. |
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Definition
| The sum or amount of money or its equivalent for which anything is bought, sold, or offered for sale. |
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Definition
| Something devised to publicize or advertise a product, cause, institution, etc., as a brochure, free sample, poster, television or radio commercial, or personal appearance. |
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Definition
| Marketing strategy under which a firm sells through as many outlets as possible, so that the consumers encounter the product virtually everywhere they go: supermarkets, drug stores, gas stations, etc. Soft drinks are generally made available through intensive distribution. |
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Definition
| Type of product distribution that lies between intensive distribution and exclusive distribution, and in which only a few retail outlets cover a specific geographical area. Considered more suitable for high-end items such as 'designer' or prestige goods. |
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Term
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Definition
| Situation where suppliers and distributors enter into an exclusive agreement that only allows the named distributor to sell a specific product. For example, Apple had an exclusive distribution deal with AT&T to provide the iPhone to consumers. |
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Definition
| Specific combination of promotional methods such as print or broadcast advertising, direct marketing, personal selling, point of sale display, merchandising, etc., used for one product or a family of products. |
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Term
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Definition
| Sales-stimulation achieved through contests, demonstrations, discounts, exhibitions or trade shows, games, giveaways, point-of-sale displays and merchandising, special offers, etc. |
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Term
| elements of promotion mix |
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Definition
| Print or broadcast advertising, direct marketing, personal selling, point of sale display, merchandising. |
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Definition
| Percentage of total sales volume in a market captured by a brand, product, or firm. |
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Term
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Definition
| The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment. |
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Definition
| Market situation where one producer (or a group of producers acting in concert) controls supply of a good or service, and where the entry of new producers is prevented or highly restricted. Monopolist firms (in their attempt to maximize profits) keep the price high and restrict the output, and show little or no responsiveness to the needs of their customers. |
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Definition
| Market situation between, and much more common than, perfect competition (having many suppliers) and monopoly (having only one supplier). In oligopolistic markets, independent suppliers (few in numbers and not necessarily acting in collusion) can effectively control the supply, and thus the price, thereby creating a seller's market. Examples include airline, automotive, banking, and petroleum markets. |
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Term
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Definition
| The theoretical free-market situation in which the following conditions are met: (1) buyers and sellers are too numerous and too small to have any degree of individual control over prices, (2) all buyers and sellers seek to maximize their profit (income), (3) buyers and seller can freely enter or leave the market, (4) all buyers and sellers have access to information regarding availability, prices, and quality of goods being traded, and (5) all goods of a particular nature are homogeneous, hence substitutable for one another. |
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Definition
| Market situation midway between the extremes of perfect competition and monopoly, and displaying features of the both. In such situations firms are free to enter a highly competitive market where several competitors offer products that are close (but not perfect) substitutes and, therefore, prices are at the level of average costs (a feature of perfect competition). |
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Definition
| Scientific discovery methods applied to marketing decision making. It generally comprises of (1) Market research: identification of a specific market and measurement of its size and other characteristics. (2) Product research: identification of a need or want and the characteristic of the good or service that will satisfy it. (3) Consumer research: identification of the preferences, motivations, and buying behavior of the targeted customer. |
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Definition
| Goods that are widely distributed and relatively inexpensive goods which are purchased frequently and with minimum of effort, such as gasoline (petrol), newspapers, and most grocery items. |
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Definition
| Goods that requires a more involved selection process than convenience goods. A consumer usually compares a variety of attributes, including suitability, quality, price, and style. |
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Definition
| Goods that have particularly unique characteristics and brand identifications for which a significant group of buyers is willing to make a special purchasing effort. |
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Definition
| Delivery and payment terms agreed between a buyer and a seller. |
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Term
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Definition
| This means the buyer must pay within 30 days of the invoice date, but will receive a 2% discount if they pay within 10 days of the invoice date. |
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Definition
| Price planning that takes into view factors such as a firm's overall marketing objectives, consumer demand, product attributes, competitors' pricing, and market and economic trends. |
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Definition
| Approach under which a producer sets a high price for a new high-end product (such as an expensive perfume) or a uniquely differentiated technical product (such as one-of-a-kind software or a very advanced computer). |
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Definition
| Strategy adopted for quickly achieving a high volume of sales and deep market-penetration of a new product. Under this approach, a product is widely promoted and its introductory-price is kept comparatively lower. |
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Definition
| It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity. |
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Term
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Definition
| Business diary in which all financial data (taken usually from a journal voucher) pertaining to the day to day business transactions of a firm is recorded using double-entry bookkeeping system. |
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Term
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Definition
| Central repository of the accounting information of an organization in which the summaries of all financial transactions (culled from subsidiary ledgers) during an accounting period are recorded. Also called the book of final entry, it provides the entire data for preparing financial statements for the organization. |
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Term
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Definition
| In double entry bookkeeping, aggregate of all debit and credit balances at the end of an accounting period that (1) shows if the general ledger is in balance (total debits equal total credits) before making closing entries, (2) serves as a worksheet for making closing entries, and (3) provides the basis for making draft financial statements. |
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Term
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Definition
| Bookkeeping entries posted at the end of an accounting period (the balance sheet date) to assign expenses to the period in which they were incurred, and revenue to the period in which it was earned. Adjusting entries are used also to correct entries that could not be accurately made earlier. |
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Term
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Definition
| A fundamental concept of accrual basis accounting that offsets revenue against expenses on the basis of their cause-and-effect relationship. It states that, in measuring net income for an accounting period, the costs incurred in that period should be matched against the revenue generated in the same period. |
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Term
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Definition
| The value at which an asset is carried on a balance sheet. To calculate, take the cost of an asset minus the accumulated depreciation. |
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Term
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Definition
| Summary of a management's performance as reflected in the profitability (or lack of it) of a firm over a certain period. It itemizes the revenues and expenses of past that led to the current profit or loss, and indicates what may be done to improve the results. |
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Term
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Definition
| The income generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of an organization before any costs or expenses are deducted. |
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Definition
| The difference between revenue and the cost of producing goods or services sold. |
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Term
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Definition
| Obligations such as deferred dividend, trade credit, and unpaid taxes, arising in the normal course of a business and due for payment within a year. |
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Term
| inventory accounting methods |
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Definition
| Ground rules of accounting that are (or should be) followed in preparation of all accounts and financial statements. |
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Term
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Definition
| Gradual conversion of the cost of a tangible capital asset or fixed asset (excluding land because it has unlimited life) into an operational expense (called depreciation expense) over the asset's estimated useful life. |
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Term
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Definition
| Connection between a hypertext or graphical element (button, drawing, image), and one or more such items in the same or different electronic document. Upon clicking the mouse button on a hyper-linked item, the reader is automatically transferred to the other end of the hyperlink which could be another document or another website. |
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Definition
| Using a computer to create, edit, and print documents. |
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Definition
| In word processing, the strips of white space around the edge of the paper. |
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Definition
| Refers to duplicating a section of a document and placing it in a buffer (sometimes called a clipboard). |
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Definition
| To store data or a program on an auxiliary storage device. |
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Definition
| Software that allows entry of numeric data in rows and columns to facilitate its analysis and manipulation with mathematical formulas, and presentation as charts and graphs. |
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Definition
| To give a new name to a file. |
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Definition
| To use the mouse pointer to click on a cell or cells. It is also known as highlighting. |
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Definition
| Mathematical formulas in which a result is dependent upon several other numbers. |
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Definition
| Theories, principles, and models that deal with how the market process (price mechanism) works. |
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Definition
| Study of the behavior of the whole (aggregate) economies or economic systems. Concerned primarily with the forecasting of national income, through the analysis of major economic factors that show predictable patterns and trends, and of their influence on one another. These factors include level of employment/unemployment, gross national product (GNP), balance of payments position, and prices (deflation or inflation) |
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Definition
| Study of the economic behavior of individual units of an economy (such as a person, household, firm, or industry). Concerned with the factors that affect individual economic choices, the effect of changes in these factors on the individual decision makers, how their choices are coordinated by markets, and how prices and demand are determined in individual markets. |
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Definition
| An economic or productive factor required to accomplish an activity, or as means to undertake an enterprise and achieve desired outcome. Three most basic resources are land, labor, and capital. |
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Term
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Definition
| As an asset, it includes anything (1) on the ground (such as buildings, crops, fences, trees, water), (2) above the ground (air and space rights), and (3) under the ground (mineral rights), down to the center of the Earth. |
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Term
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Definition
| It is the aggregate of all human physical and mental effort used in creation of goods and services. |
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Term
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Definition
| Factors of production that are used to create goods or services and are not themselves in the process. |
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Term
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Definition
| Total amount of a product (good or service) available for purchase at any specified price. |
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Term
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Definition
| Desire for certain good or service supported by the capacity to purchase it. |
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Term
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Definition
| A value that will purchase a definite quantity, weight, or other measure of a good or service. |
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Term
| gross domestic product (GDP) |
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Definition
| Value of a country's overall output of goods and services (typically during one fiscal year) at market prices, excluding net income from abroad. |
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Term
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Definition
| A benefit, profit, or value of something that must be given up to acquire or achieve something else. |
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Term
| marginal price-cost analysis |
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Definition
| Process of identifying the benefits and costs of different alternatives by examining the incremental effect on total revenue and total cost caused by a very small (just one unit) change in the output or input of each alternative. |
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