BUS 100 Week 3
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt Play1/103
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai | Chat |
|---|
No analytics yet
Send a link to your students to track their progress
104 Terms
Account
A place to record financial activities
Accounting
The functional area of business that monitors where money is spent
Acquisition
When a company buys all or part of another company
Assets
Resources owned by a firm
Balance Sheet
A financial statement that lists the assets, liabilities, and owners' equity
Blockchain
A digital list of transactions managed by the individual computers of a
network
Board of Directors
Those elected by stockholders to represent their interests
Bond
A loan to a corporation or government
Brand
A product's identity that sets it apart from the competition
Budget
Estimates how resources will be acquired and used
Business Environment
The setting in which business operates
Business Plan
An outline of a business's future objectives and strategies for achieving them
Business
Providing goods and services to others while operating at a profit
Chain of Command
A hierarchy of authority dictating who oversees whom
Channel of
Distribution
A chain of intermediaries involved in getting a product from the producer to the customer
Collective Bargaining
Negotiating the terms of employment between labor unions and employers
Controlling
When managers monitor performance and makes adjustments
Corporate Social
Responsibility
The obligation to contribute to society
Cryptocurrency
A digital currency on a blockchain network
Culture
People's values, customs, and way of life
Data Analytics
Using data to solve problems
Data
Raw, unprocessed facts and figures
Database
An organized collection of data that is easily accessible
Debt Financing
Funds provided in exchange for repayment with interest
Demand
The willingness to buy goods at various prices during a specified time
Distribution
Delivering the right product to the right person in the right place at the right
time
Dividend
Money paid to shareholders
Economics
The study of the choices made to allocate scarce resources
Economies of Scale
Production costs fall when operations expand in size, due to an
improvement in efficiency
Effectiveness
Producing an accurate result
Efficiency
Producing in an optimal way, with minimum waste
Entrepreneur
People who start a business risking their time and money
Equity Financing
Funds provided in exchange for ownership
Equity Theory
A motivation theory stating employees will work harder if they believe they
are being treated fairly
Ethical Dilemma
A decision that involves a conflict of values
Ethics
Beliefs about right and wrong, good and bad
Expectancy Theory
A motivation theory stating employees will work harder if they believe their
efforts will result in a desirable reward
Expenses
Money spent to conduct business
Exporting
Selling products to foreign nations
FDIC
A federal agency that insures bank deposits in the event of a bank failure
Finance
The functional area of business that determines the best sources and uses
of financial capital
Financial Accounting
The branch of accounting that prepares reports for external stakeholders
Financial Statements
A summary of all financial activities
Goods
Tangible products
Hawthorne Effect
People behave differently when they are being observed
Gross Domestic
Product (GDP):
An economic indicator showing the total value of everything a country
produces within a year
Hierarchy
A arrangement of people ranked one above another
Human Resource
Management
The functional area of business that maximizes the effectiveness of its
workforce
Importing
Buying products produced in foreign nations
Income Statement
A financial statement that lists revenues, expenses, and profit or loss
Inflation
An economic indicator showing the rise in prices over time
Information Systems
(IS)
The functional area of business that uses technology to solve problems and
make decisions
Information
Data that is processed to make it useful
Job Analysis
Examining the tasks performed in a job to fully understand the nature of
that job
Job Description
The responsibilities for a specific position
Job Specifications
The qualifications necessary to hold a particular position
Leading
When managers inspire people to be successful
Liabilities
Claims against a company's assets by external stakeholders
Licensing
Purchasing the right to use another company's brand on your products
Limited Liability
Not personally responsible for debts accrued by a business
Logistics
A subset of supply chain management focusing on the tactics involved in
moving products along the supply chain
Macroeconomics
The economics of countries focusing on the overall economy
Management
The functional area of business that coordinates the activities of a business
to achieve its goals
Managerial
Accounting
The branch of accounting that prepares reports for management
Market Segmentation
Dividing customers into groups of similar people
Market
A meeting place for buyers and sellers
Marketing
Environment
External factors that affect a business and are beyond its control
Marketing
Intermediaries
"Middlemen" that distribute a product from manufacturer to consumer
Marketing Mix
Coordinated marketing strategies for product, price, place, and promotion
Marketing
The functional area of business focused on every touchpoint with
customers
Maslow's Hierarchy of
Needs
A motivation theory stating employees will work harder to satisfy their
current needs
Merger
When two companies combine to form a single organization
Microeconomics
The economics of individuals focusing on supply and demand
Money Supply
The amount of money in circulation, as decided by the Federal Reserve
Bank
Mortgage
A loan for a home
Mutual Fund
A collection of investments funded by a large group of people
Nonprofit
A form of business ownership serving the public good rather than
generating financial gain
Offshoring
Shifting business functions to another country
Operations
Management
The functional area of business that converts resources into products
Organizing
When managers develop a structure for allocating human resources
Outsourcing
Shifting business functions to another company
Planning
When managers set organizational goals and outline how to achieve them
Process
A set of related activities that transform inputs into outputs, thus adding
value
Product
A bundle of benefits that creates value for the customer, includes both
goods and services
Production
Management
Activities carried out while producing goods (a subset of operations
management)
Profit Margin
The difference between a product's cost and its price
Profit
Normal income derived from business activity
Promotion
Marketing communication designed to influence consumer purchase
decisions
Quality
Producing with minimum defects
Revenue
Money earned from conducting business
Risk-Return Tradeoff
High risk is associated with high potential returns
Services
Intangible products
Span of Control:
The number of subordinates a manager supervises
Stakeholders
Those affected by the actions of a business
Standard of living
The quality and quantity of products available to a population
Statement of Cash
Flows
A financial statement that describes how money enters and leaves a
company
Stocks
Ownership in a corporation
Supply Chain (or Value
Chain)
The network of companies coordinating to source raw materials, supply
manufacturing, and deliver a product to market
Supply Chain
Management (SCM)
The functional area of business that streamlines the flow of products from
point of origin to point of consumption
Supply
The willingness to sell goods at various prices during a specified time