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Definition
| Buying products from another country. |
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elling products to another country.
The U.S. is the largest importing and the second largest exporting nation in the world. |
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| When the value of a country’s exports is more than that of its imports. |
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| When the value of a country’s exports is less than that of its imports |
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| Raise the retail price of imports so domestic goods are competitively priced. |
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| A business owned, and usually managed, by one person. |
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| Two or more people legally agree to become co-owners of a business. |
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| A legal entity with authority to act and have liability apart from its owners. |
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| All owners share in operating the business and in assuming liability for the business’s debts. |
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| A partnership with one or more general partners and one or more limited partners. |
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| master limited partnership |
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Definition
| A partnership that looks much like a corporation but is taxed like a partnership and thus avoids the corporate income tax. |
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| limited liability partnership |
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Definition
| Limits partners’ risk of losing their personal assets to the outcomes of only their own acts and omissions and those of people under their supervision. |
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Definition
| An owner (partner) who has unlimited liability and is active in managing the firm |
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Definition
| The result of two firms joining to form one company |
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Definition
| One company’s purchase of the property and obligations of another company. |
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Definition
| Unites firms in completely unrelated industries in order to diversify business operations and investments. |
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| Businesses owned and controlled by the people who use it – producers, consumers, or workers with similar needs who pool their resources for mutual gain. |
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Term
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Definition
| Recording, classifying, summarizing and interpreting of financial events and transactions in an organization to provide interested parties needed financial information. |
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Definition
| Provides information and analysis to managers inside the organization to assist them in decision making |
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Term
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Definition
| Financial information and analyses are generated for people primarily outside the organization |
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Term
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Definition
| Reviewing and evaluating the information used to prepare a company’s financial statements. |
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Term
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Definition
| An evaluation and unbiased opinion about the accuracy of a company’s financial statements. |
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Term
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Definition
| Economic resources owned by a firm. Items can be tangible or intangible. |
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Term
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Definition
| Ease with which assets can be converted into cash |
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Term
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Definition
| Items that can or will be converted to cash within one year. |
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Term
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Definition
| Long-term assets that are relatively permanent such as land, buildings, or equipment. |
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Term
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| Long-term assets that have no physical form but do have value such as patents, trademarks, and goodwill. |
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Definition
| What the business owes to others - its debts |
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Term
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Definition
| The function in a business that acquires funds for a firm and manages them within the firm. |
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Term
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Definition
| The job of managing a firm’s resources to meet its goals and objectives. |
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| Title VII prohibits discrimination in hiring, firing, compensation, apprenticeships, training, terms, conditions or privileges of employment based on: race, religion, creed, sex age |
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Term
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Definition
Strengthened the Equal Employment Opportunity Commission (EEOC).
Gave EEOC the right to issue workplace guidelines for acceptable employer conduct.
EEOC could mandate specific recordkeeping procedures.
EEOC was vested with the power of enforcement. |
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Term
| What is Affirmative Action? |
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Definition
| Policy designed to “right past wrongs” by increasing opportunities for minorities and women in the workplace. |
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Term
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Definition
| A study of what employees who holds various job titles do |
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Term
| What is a job description? |
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Definition
| Specifies the objectives of the job, the type of work, the responsibilities and duties, working conditions and relationship to other jobs. |
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Term
| What is a job specification |
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Definition
| A summary of the minimal education and skills needed to do a particular job. |
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Term
| What is recruiting in HR? |
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Definition
| The set of activities for obtaining the right number of qualified people at the right time |
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Term
| What is the difference between internal vs. external recruiting? |
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Definition
| Within the company versus using other sources |
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Term
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Definition
| Limited Liability Company (LLC) -- Similar to a S corporation but without the eligibility requirements. |
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Term
| What is an annual report? |
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Definition
| A yearly statement of the financial condition, progress, and expectations of the firm. |
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Term
| What is an internal auditor? |
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Definition
| Accountants who have a bachelor’s degree and two years of experience in internal auditing and pass an exam administered by the Institute of Internal Auditors. |
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| What is a CFO and what are their responsibilities? |
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Definition
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Term
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Definition
| Predicts the cash inflows and outflows in future periods, usually months or quarters. |
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Term
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Definition
| an estimate, often itemized, of expected income and expense for a given period in the future. |
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Definition
| trade between countries, free from governmental restrictions or duties |
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Term
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Definition
| the difference between the values of exports and imports of a country, said to be favorable or unfavorableas exports are greater or less than imports. |
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Definition
| Selling products in a foreign country at lower prices then those charged in the producing coutries |
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Term
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Definition
| a business enterprise in which two or more companies enter a temporary partnership. |
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Term
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Definition
| formal permission from a governmental or other constituted authority to do something, as to carry onsome business or profession. |
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Term
| training and development in HR |
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Definition
| All attempts to improve productivity by increasing an employee’s ability to perform. |
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Term
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Definition
| Managers who supervise, coach and guide selected lower-level employees by acting as corporate sponsors |
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Term
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Definition
| Establishing and maintaining contacts with key managers in and out of the organization and using those contacts to develop relationships. |
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Term
| performance appraisal in HR |
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Definition
| An evaluation that measures employee performance against established standards in order to make decisions about promotions, compensation, training or termination. |
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Term
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Definition
| A 360-degree review gives managers opinions from people at different levels to get a more accurate idea of the worker’s ability |
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Term
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Definition
| Employees work the full number of work hours, but in fewer than the standard number of days. |
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