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MIS Final
Study Guide
56
Marketing
Undergraduate 1
05/02/2013

Additional Marketing Flashcards

 


 

Cards

Term
Importing
Definition
Buying products from another country.
Term
Exporting
Definition
elling products to another country.
The U.S. is the largest importing and the second largest exporting nation in the world.
Term
trade surplus
Definition
When the value of a country’s exports is more than that of its imports.
Term
trade deficit
Definition
When the value of a country’s exports is less than that of its imports
Term
tariffs
Definition
tax on imports
Term
Protective tariffs
Definition
Raise the retail price of imports so domestic goods are competitively priced.
Term
sole Proprietorship
Definition
A business owned, and usually managed, by one person.
Term
partnership
Definition
Two or more people legally agree to become co-owners of a business.
Term
corporation
Definition
A legal entity with authority to act and have liability apart from its owners.
Term
general partnership
Definition
All owners share in operating the business and in assuming liability for the business’s debts.
Term
limited partnership
Definition
A partnership with one or more general partners and one or more limited partners.
Term
master limited partnership
Definition
A partnership that looks much like a corporation but is taxed like a partnership and thus avoids the corporate income tax.
Term
limited liability partnership
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.
Term
general partner
Definition
An owner (partner) who has unlimited liability and is active in managing the firm
Term
merger
Definition
The result of two firms joining to form one company
Term
acquisition
Definition
One company’s purchase of the property and obligations of another company.
Term
conglomerate merger
Definition
Unites firms in completely unrelated industries in order to diversify business operations and investments.
Term
cooperatives
Definition
Businesses owned and controlled by the people who use it – producers, consumers, or workers with similar needs who pool their resources for mutual gain.
Term
accounting
Definition
Recording, classifying, summarizing and interpreting of financial events and transactions in an organization to provide interested parties needed financial information.
Term
managerial accounting
Definition
Provides information and analysis to managers inside the organization to assist them in decision making
Term
financial accounting
Definition
Financial information and analyses are generated for people primarily outside the organization
Term
auditing
Definition
Reviewing and evaluating the information used to prepare a company’s financial statements.
Term
independent audit
Definition
An evaluation and unbiased opinion about the accuracy of a company’s financial statements.
Term
assets
Definition
Economic resources owned by a firm. Items can be tangible or intangible.
Term
liquidity
Definition
Ease with which assets can be converted into cash
Term
current assets
Definition
Items that can or will be converted to cash within one year.
Term
fixed assets
Definition
Long-term assets that are relatively permanent such as land, buildings, or equipment.
Term
Intangible Assets
Definition
Long-term assets that have no physical form but do have value such as patents, trademarks, and goodwill.
Term
Liabilities
Definition
What the business owes to others - its debts
Term
Finance
Definition
The function in a business that acquires funds for a firm and manages them within the firm.
Term
Financial Management
Definition
The job of managing a firm’s resources to meet its goals and objectives.
Term
Civil Rights Act of 1964
Definition
Title VII prohibits discrimination in hiring, firing, compensation, apprenticeships, training, terms, conditions or privileges of employment based on: race, religion, creed, sex age
Term
What is EEO
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.
Term
What is Affirmative Action?
Definition
Policy designed to “right past wrongs” by increasing opportunities for minorities and women in the workplace.
Term
What is a job analysis?
Definition
A study of what employees who holds various job titles do
Term
What is a job description?
Definition
Specifies the objectives of the job, the type of work, the responsibilities and duties, working conditions and relationship to other jobs.
Term
What is a job specification
Definition
A summary of the minimal education and skills needed to do a particular job.
Term
What is recruiting in HR?
Definition
The set of activities for obtaining the right number of qualified people at the right time
Term
What is the difference between internal vs. external recruiting?
Definition
Within the company versus using other sources
Term
What is a LLC?
Definition
Limited Liability Company (LLC) -- Similar to a S corporation but without the eligibility requirements.
Term
What is an annual report?
Definition
A yearly statement of the financial condition, progress, and expectations of the firm.
Term
What is an internal auditor?
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.
Term
What is a CFO and what are their responsibilities?
Definition
Chief financial officer
Term
What is cash flow?
Definition
Predicts the cash inflows and outflows in future periods, usually months or quarters.
Term
What is a budget?
Definition
an estimate, often itemized, of expected income and expense for a given period in the future.
Term
free trade
Definition
trade between countries, free from governmental restrictions or duties
Term
balance of trade
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.
Term
dumping
Definition
Selling products in a foreign country at lower prices then those charged in the producing coutries
Term
joint venture
Definition
a business enterprise in which two or more companies enter a temporary partnership.
Term
licensing
Definition
formal permission from a governmental or other constituted authority to do something, as to carry onsome business or profession.
Term
training and development in HR
Definition
All attempts to improve productivity by increasing an employee’s ability to perform.
Term
mentoring in HR
Definition
Managers who supervise, coach and guide selected lower-level employees by acting as corporate sponsors
Term
networking
Definition
Establishing and maintaining contacts with key managers in and out of the organization and using those contacts to develop relationships.
Term
performance appraisal in HR
Definition
An evaluation that measures employee performance against established standards in order to make decisions about promotions, compensation, training or termination.
Term
360 Review in HR
Definition
A 360-degree review gives managers opinions from people at different levels to get a more accurate idea of the worker’s ability
Term
compressed workweek
Definition
Employees work the full number of work hours, but in fewer than the standard number of days.
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