BMA Exam Guide

Lobbying

Form of advocacy with the intention of influencing decisions made by the government by individuals or lobby groups.

Agent

Represents the principal.

Defendant

Party being accused or sued in a lawsuit.

Plaintiff

Person who files a lawsuit.

Arbitration

A dispute resolution process where a third party makes a binding decision based on the evidence presented.

Mediation

A dispute resolution process where a third party helps guide discussion and resolve conflicts.

Settlement

A resolution between disputing parties reached either before or after court action begins.

Jurisdiction

The official power to make legal decisions and judgments.

Discovery

The process of gathering information and interviewing witnesses in a lawsuit.

Pleadings

Initial papers filed in a lawsuit that explain each side of the argument.

Trial

The process where each side presents evidence in a case.

Appellate (Appeals)

The process where one side asks for a review of the decision after the trial has ended.

Criminal Offenses

Wrongdoings against society, such as robbery and murder.

Infringement Litigation

Lawsuits regarding legal issues with trademarks, copyrights, or patents.

Misappropriation (Embezzlement)

Theft of valuables that have been entrusted to someone's care, usually involving money in businesses.

Negligence

Involves unintentional or accidental wrongdoings, such as a distracted driver causing a minor car accident.

Torts

Private wrongdoings against a person or business, can be intentional or unintentional.

Disparagement

Speaking about someone or something in a way that shows a negative opinion, often a business tort.

Injunction

An authoritative warning or order that restrains a person from certain actions or compels a person to carry out an act.

Contract

A written or spoken agreement that is intended to be enforceable by law, often concerning employment, sales, or tenancy.

Warrant

A document issued by a legal or government official authorizing certain actions relating to the administration of justice.

Express Authority

Authority given by the principal to the agent either orally or in writing.

Product Trade-Name Franchise

An independent sales relationship between a supplier and a dealer to stock and sell a specific line of products.

Cooperative

A business owned by its members.

Corporation

A business owned by stakeholders.

Partnership

A business owned by two or more people.

General Partnership

Owners share unlimited liability for losses.

Limited Partnership

One or more owners does not have full liability.

Sole Proprietorship

A business owned by only one person who is personally liable for all losses.

Master-Servant Relationship

The amount of control a principal has over an agent, important for liability questions.

Debtor-Creditor Relationship

Exists when interest is charged.

Administrative Law

Regulates governmental agencies and enforces agency regulations.

Criminal Law

Addresses issues involving wrongdoing against society.

Civil Rights Law

Addresses issues related to disability, race, housing discrimination, trial advocacy, etc.

Tort Law

Deals with private wrongdoings against a person or business.

Personal Injury Laws

Laws related to injuries caused by negligence or intentional actions.

Professional Liability Insurance

Limits financial losses if a client files a lawsuit against a business professional.

Workers' Compensation Insurance

Provides benefits to employees injured on the job.

Liability Insurance

Protects property owners if someone else is injured on or by their property.

Contracts

Legally binding agreements that outline an agreement between parties.

Consideration

Something of value exchanged between parties in a legally binding contract.

Verbal Directions

Directions given through spoken words.

Written Directions

Directions given through written words.

Barriers to Effective Listening

Factors that hinder effective listening, such as attitude or distractions.

Verbal Acknowledgment Response

Short verbal responses to let the speaker know you are paying attention.

Repeating Critical Information

Repeating important information, such as phone numbers or names, to ensure understanding.

Paraphrasing

Repeating what the speaker said in your own words.

Collect All Information Possible

Observing gestures, body language, and tone of voice to gather information.

Written Business Inquiry

A request for information sent through email or other written means.

Chronological Order

Organizing information based on time.

Deductive Approach

Presenting the main ideas and recommendations first, followed by supporting information.

Geographical Order

Organizing information based on geographic location.

Inductive Approach

Presenting project benefits first and drawing conclusions.

Priority Sequence/By Order of Importance

Organizing information based on importance.

Problem/Solution

Stating the dilemma and providing an answer to solve it.

Oral Presentations

Presentations with the purpose of informing, persuading, or entertaining.

Policies

General rules or guidelines within a business.

Memorandums

Informal letters or notes between employees within a company.

Staff Meetings

Gatherings to share information, discuss issues, or solve problems within a business.

Business Letters

Formal written communication between businesses.

Telephone Calls

Interactive communication through phone conversations.

Staff

A message to all employees of a company.

Laddering Technique

Capturing and changing hierarchical information categories.

Policies

General rules or guidelines within a business.

Oral Presentations

Presentations with the purpose of informing, persuading, or entertaining.

Memorandums

Informal letters or notes between employees within a company.

Staff Meetings

Gatherings to share information, discuss issues, or solve problems within a business.

Business Letters

Formal written communication between businesses.

Telephone Calls

Interactive communication through phone conversations.

Procedure

Step-by-step process an employee follows when performing a specific task.

Problem Solving

Process of overcoming an obstacle.

Responding to Inquiries

Actively listen to the question and ask for clarification if necessary before responding.

Skills and Abilities

Basic skills necessary for survival, such as following directions.

Types of Communication and Vocabulary

Nonverbal communication involves using body language, while verbal communication is spoken or written.

Types of Messages

Analytic messages provide evaluated information, complex messages depend on the topic, explanatory messages state information neutrally, and informational messages communicate knowledge or data.

Types of Reports

Analytical reports summarize information about issues, opportunities, or problems, while research reports present facts, results, and recommendations from investigations.

Business Letters

Follow a specific format with sender's address, date, inside address, salutation, body, closing, signature, and enclosures if necessary.

Executive Summaries

Summary of important points in a longer document, should be one-tenth the length of the entire report.

Sources

Important to identify relevant and valid written material for research purposes.

Note-Taking Methods

Mapping, outline, sentence, and shorthand are different methods of taking notes.

Brand, Image and Interactions

Brand promise is a business's agreement with customers to consistently meet expectations, touch points are points of contact between a business and its customers.

Customer/Client Relations, Information and Service

Positive customer relations involve listening to customer feedback and taking it seriously, selling customer information can be legal but may be unethical.

Cultural Considerations

Researching the culture and history of people you do business with can avoid problems and show respect.

Policy Enforcement

Clear policies ensure equal and fair treatment of customers and guide employee actions.

Gross Domestic Product (GDP)

Final market value of all goods and services produced within a country in a year, calculated using estimates.

Currency Value

High interest rates strengthen currency value, attracting foreign investors.

Law of Supply and Demand

Increased demand and reduced supply drive prices up.

Environmental Factors Impacting Business

Economic, governmental, sociocultural, and technological factors can impact business operations.

Economic States

Depression is a sustained, long-term downturn in economic activity, while a recession is a slowdown in economic activity over a normal business cycle.

Government Regulation

Acts such as the Celler-Kefauver Antimerger Act, Clayton Act, Robinson-Patman Act, and Sherman Antitrust Act prevent monopolies and hinder price fixing.

Tariffs

Taxes imposed on imported goods.

Taxes

Government's main source of revenue.

Taxes

Payments made by businesses and individuals to the government, including income, social insurance, excise, and property taxes.

Business Regulation

The costs that businesses pay to comply with government regulations.

Interest Rates

The rates at which money is borrowed or lent, used to regulate the flow of money in the economy.

Production, Promotion, Selling, Purchasing, and Satisfaction

The key activities involved in the business process, from creating products to satisfying customer needs.

Clearance Sales

Promotion events where businesses offer discounted prices to sell excess inventory.

Non-price Competition

Business competition based on factors other than price, such as customer service and facilities.

Prices

The amounts of money paid for goods and services.

Price Fixing

When businesses collude to charge the same price for a product or service.