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 buy

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

work breakdown structure

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

ethos

ethical appeal in writing

corporation

liability is limited to the amount invested by the stockholder

litigation start

plaintiff files a complaint with the court

first and last name

used to address one who you haven’t met in written correspondence in order to avoid misgendering while showing formality

marketing

involved with selling goods and locating potential customers

property taxes

used to fund various community initiatives like parks and schools

mutual funds

several parties pooling their money to purchase stocks and bonds

specialization

when an expert in a certain topic is able to share that with other employees through a knowledge management system

reverse engineering

recreation of a product on the market by analyzing the contents of the existing product. can threaten a company’s trade secrets through legal means.

customer records purpose

assists in analyzing trends and allows businesses to forecast new sales and plan new business activities

company website

while used for marketing, its creates a new location by which consumers can purchase the product creating a new revenue source

pilferage

theft of small sums of money or inexpensive items which can create considerable financial loss over time and threatening security

supply chain network

group of organizations with business relationships for the purpose of creating an end product (i.e. raw materials, packaging, etc.)

laptop security policy

holds employees accountable for the digital assets located on their computers by providing them with info on best practices and ensure security

creative thinking

used during various presentation and to handle customer objections (used to illustrate benefits to customer)

business analytics aka

business information management (analyze data to help make sure that the business’ goals are aligned with the IT goals and make decisions)

project charter

document that formally authorizes the project and allows managers to begin planning it. Its usually presented to senior management to gain permission and commitment for the project.

work breakdown structure

divides project into smaller components to identify, manage, assign, etc for managers. this division of work and knowing exactly who is doing what allows for the prevention of duplication of a task

celebrating project completion

essential part of the project-closure process group due to its boost in morale and loyalty

network diagram

plans and tracks a project (brids eye view) from beginning to end

quality management framework

known as a philosophy as it should be a consistent mindset flowing throughout the company

tactical planning

specific action that will be taken by a business in the short term, like daily operations and implementation by low level managers

directing

starting point of action for employees to be able to work at all, without which they would be left to do nothing

criminal offense

underage drinking

receptive

tone of analytical report as it often contains recommendations for business

social responsibility

characteristics of personal responsibility that are expanded to include consideration for others like employer, coworkers, and community

bank credit cards

used at any business associated with it allowing cardholders a wide range of options for use.

deposit taking institutions

commercial banks or credit unions

source documents

documents containing various information about financial transactions like the amount and specifically the good or service being sold

knowledge

intangible combination of human experiences and insights. It allows us to use information (raw data) in a more practical way.

communicating benefits of data change

allows the data change process to be easier as the employees support and work agreeably with the change.

embedded knowledge

knowledge not explicitly stated but rather “trapped” within routines and are inherent to an organization.

quality control measures

used to evaluate the quality of employees, products, processes and other business functions

goal setting social benefit

helps you understand yourself and build relationships with others

risk

global supply chains are longer which increases ______ for suppliers

follow up letter

should contain a brief reminder of qualifications that indicates interest in the position without restating everything mentioned within the interview

Appraisal

costs associated with quality control like employing product inspectors

establish objectives

first step of effective managerial planning in order to decide what needs to be done during the course of the project