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Articles of Incorporation
A document that includes a firm's name, address, purpose, stock details, duration of existence, and registered agent's information.
Articles of Partnership
A document that outlines the names of partners, business address, nature of business, partner duties, investments, and profit-sharing.
Sole Proprietorships
A business that is owned and usually operated by one person.
S-corps
A corporation that is taxed as though it were a partnership.
Non-profit
A corporation organized to provide a social, religious, or other service rather than to earn a profit.
Inflation
A general rise in the level of prices.
Deflation
A general decrease in the level of prices.
Capitalism
An economic system where individuals own and operate the majority of businesses providing goods and services.
Mixed Economy
An economy that exhibits elements of both capitalism and socialism.
Socialism
An economic system where key industries are owned and controlled by the government for more equal distribution of wealth.
Communism
An economic system where the means of production are controlled by the community or the state, aiming to eliminate private property.
Financial Ratio
A number that shows the relationship between two elements of a firm’s financial statements.
Current Ratio
A financial ratio computed by dividing current assets by current liabilities.
Income Statement
A summary of a firm’s revenues and expenses during a specified accounting period.
Statement of Cash Flows
A statement illustrating how the company’s operations, investments, and financing activities affect cash during an accounting period.
Dividends to Stockholders
A distribution of earnings to the stockholders of a corporation.
Product Mix
All the products a firm offers for sale.
Product Line
A group of similar products that differ only in relatively minor characteristics.
Sustainability
The ability to maintain conditions under which present and future generations can coexist.
Consumerism
Activities undertaken to protect the rights of consumers.
Leading
The process of influencing people to work toward a common goal.
Planning
Establishing organizational goals and deciding how to accomplish them.
Controlling
The process of evaluating ongoing activities to ensure that goals are achieved.
Motivating
Providing reasons for people to work in the best interests of an organization.
Quality Circle
A team of employees that meets to solve problems of product quality.
B2B Model
A business-to-business model used by firms that conduct business with other businesses.
B2C Model
A business-to-consumer model used by firms focusing on individual consumers.
Job Enlargement
Expanding a worker’s assignments to include additional similar tasks.
Job Rotation
The systematic shifting of employees from one job to another.
Job Analysis
A systematic procedure for studying jobs to determine their various elements and requirements.
Performance Appraisal
The evaluation of employees’ performance to make objective human resource decisions.
Multinational Corporation (MNC)
A firm that operates on a worldwide scale without ties to any specific nation.
Chain of Command
The line of authority that extends from the highest to the lowest levels in an organization.
Span of Management
The number of workers who report directly to one manager.
Five Stages of Team Development
Forming, Storming, Norming, Performing, Adjourning.
Socioemotional Role
The role focused on supporting the emotional needs of team members.
Task Specialist
A group member who pushes the team toward achieving its goals.
Delegating
The act of assigning tasks to others.
Liquid Assets
Assets that can be easily and quickly converted to cash with minimal loss in value.
Balance Sheet
A summary of a firm’s assets, liabilities, and owners’ equity at a specific time.
Owner's Equity
The difference between a firm’s assets and its liabilities.
Pros of Teamwork
More creativity, problem solving, and shared responsibility.
Cons of Teamwork
Potential conflict, workload distribution issues, and time management challenges.
Maslow's Hierarchy
A sequence of human needs ranked by importance, physiological to safety needs to Social needs to Self-esteem to self-actualization.
OSHA
Occupational Safety and Health Administration; regulates employee exposure to hazardous substances.
NAFTA
North American Free Trade Agreement; eliminated tariffs on goods among the three nations.
ADA
Americans with Disabilities Act; prohibits discrimination against individuals with disabilities.
NLRB
The federal agency that enforces the provisions of the Wagner Act.
EEOC
The agency that investigates complaints of employment discrimination.
EPA
Environmental Protection Agency; enforces laws to protect the environment.
ADEA
Age Discrimination in Employment Act; protects workers aged 40 and older from discrimination.
FTC
Federal Trade Commission; investigates illegal trade practices and enforces antitrust laws.
CAD
The use of computers to aid in product development.
CIM
Computer Integrated Manufacturing; involves design and production processes.
Financial Resources
Money and electronic payments for e-business firms.
Human Resources
People skilled in designing, creating, and maintaining websites.
Material Resources
Physical resources like computers and high-speed internet.
Informational Resources
Data and information systems necessary for decision-making.
System Resources
Tools used by a business to perform normal activities.
ROI (Return on Investment)
A metric used to evaluate investment performance.
Joint Ventures
An agreement between two or more groups to form a business entity.
Goodwill
An intangible asset associated with the purchase of one company by another.
Salary
A fixed amount of money paid for an employee's work.
Benefits
Additional rewards influencing employees to remain with a company.
Centralization
Decision-making concentrated in a single location.
Decentralization
Distributing decision-making power to multiple locations.
Departmentalization
Grouping jobs into manageable units.
Continuous Process Manufacturing
A manufacturing process that is uninterrupted from start to finish.
Premiums
Fees charged by an insurance company.
Rebates
A return of part of the purchase price of a product.
Direct Mail
Advertising delivered via physical mail.
Coupon
A discount that reduces the retail price of an item.
Sampling
Selecting a small group from a larger population for data collection.
Hertzberg Motivation
A theory that increases workforce motivation through recognition and responsibility.
Hygiene Factors
Job factors that reduce dissatisfaction but do not necessarily increase motivation.
Physiological needs
the things we require to survive. They include food and water, clothing, shelter, and sleep.
Saftey needs
the things we require for physical and emotional securityÂ
Social needs
the human requirements for love and affection and a sense of belonging
Self-esteem
we require respect and recognition from others and a sense of our own accomplishment and worth (self-esteem).
self-actualization
the need to grow, develop, and become all that we are capable of being
Forming
The team is new. Members get to know each other
Storming
the team may be volatile. Goals and objectives are developed
Norming
The team stabilizes. Roles are duties are accepted and recognized
Performing
The team is dynamic. Everyone makes a focused effort to accomplish goals
Adjourning
The team is finished. The goal had been accomplished, and the team is disbanded.Â
Proxy
a legal form listing issues to be decided at a stockholders’ meeting and enabling stockholders to transfer their voting rights to some other individual or individuals
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