business management and admin test vocab

corporation

business that sells stock in their companies

integrated change control

process of reviewing all requested changes and analyzing their impact on the business before making a decision on implementation

understanding in conversation

summarizing and restating key points

demand letter

sent to inform someone of a legal dispute and ask for relief

relief

course of action that would satisfy someone who files a lawsuit

warning letter

brings attention to a problem (not necessarily legal)

economic wants

a nonessential thing that you desire which costs money

shareware

software that is offered as free sample before purchased by consumer

infringement lawsuit

filed against businesses that use the trademarked material of another business

analyzes income statement

managers

political relationships

when an employee attempts to influence others toward a certain goal or objective of their choosing

pegged currency

set up by a government to mirror another countries currency

free-floating currency

value is based on supply and demand, often fluctuating

indirect quote

number of US dollars one unit of foreign currency could by

direct quote

number of foreign currency that one dollar can buy

difficult/ demanding customer

should continue to treat with kindness and respect

MRO goods

maintenance, repair, operating goods used to ensure efficiency

8/80 rule

no package should take less than 8 hours or more than 80 hours to complete

grapevine communication

unofficial communication passed among employees

plaintiff

the one who makes the claim agains another, starting the legal process

WBS

project management tool that breaks down a project into smaller, more manageable deliverables and tasks

ethos

ethical appeal in writing