BA Final

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86 Terms

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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.

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Articles of Partnership

A document that outlines the names of partners, business address, nature of business, partner duties, investments, and profit-sharing.

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Sole Proprietorships

A business that is owned and usually operated by one person.

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S-corps

A corporation that is taxed as though it were a partnership.

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Non-profit

A corporation organized to provide a social, religious, or other service rather than to earn a profit.

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Inflation

A general rise in the level of prices.

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Deflation

A general decrease in the level of prices.

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Capitalism

An economic system where individuals own and operate the majority of businesses providing goods and services.

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Mixed Economy

An economy that exhibits elements of both capitalism and socialism.

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Socialism

An economic system where key industries are owned and controlled by the government for more equal distribution of wealth.

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Communism

An economic system where the means of production are controlled by the community or the state, aiming to eliminate private property.

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Financial Ratio

A number that shows the relationship between two elements of a firm’s financial statements.

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Current Ratio

A financial ratio computed by dividing current assets by current liabilities.

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Income Statement

A summary of a firm’s revenues and expenses during a specified accounting period.

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Statement of Cash Flows

A statement illustrating how the company’s operations, investments, and financing activities affect cash during an accounting period.

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Dividends to Stockholders

A distribution of earnings to the stockholders of a corporation.

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Product Mix

All the products a firm offers for sale.

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Product Line

A group of similar products that differ only in relatively minor characteristics.

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Sustainability

The ability to maintain conditions under which present and future generations can coexist.

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Consumerism

Activities undertaken to protect the rights of consumers.

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Leading

The process of influencing people to work toward a common goal.

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Planning

Establishing organizational goals and deciding how to accomplish them.

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Controlling

The process of evaluating ongoing activities to ensure that goals are achieved.

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Motivating

Providing reasons for people to work in the best interests of an organization.

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Quality Circle

A team of employees that meets to solve problems of product quality.

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B2B Model

A business-to-business model used by firms that conduct business with other businesses.

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B2C Model

A business-to-consumer model used by firms focusing on individual consumers.

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Job Enlargement

Expanding a worker’s assignments to include additional similar tasks.

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Job Rotation

The systematic shifting of employees from one job to another.

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Job Analysis

A systematic procedure for studying jobs to determine their various elements and requirements.

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Performance Appraisal

The evaluation of employees’ performance to make objective human resource decisions.

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Multinational Corporation (MNC)

A firm that operates on a worldwide scale without ties to any specific nation.

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Chain of Command

The line of authority that extends from the highest to the lowest levels in an organization.

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Span of Management

The number of workers who report directly to one manager.

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Five Stages of Team Development

Forming, Storming, Norming, Performing, Adjourning.

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Socioemotional Role

The role focused on supporting the emotional needs of team members.

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Task Specialist

A group member who pushes the team toward achieving its goals.

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Delegating

The act of assigning tasks to others.

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Liquid Assets

Assets that can be easily and quickly converted to cash with minimal loss in value.

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Balance Sheet

A summary of a firm’s assets, liabilities, and owners’ equity at a specific time.

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Owner's Equity

The difference between a firm’s assets and its liabilities.

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Pros of Teamwork

More creativity, problem solving, and shared responsibility.

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Cons of Teamwork

Potential conflict, workload distribution issues, and time management challenges.

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Maslow's Hierarchy

A sequence of human needs ranked by importance, physiological to safety needs to Social needs to Self-esteem to self-actualization.

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OSHA

Occupational Safety and Health Administration; regulates employee exposure to hazardous substances.

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NAFTA

North American Free Trade Agreement; eliminated tariffs on goods among the three nations.

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ADA

Americans with Disabilities Act; prohibits discrimination against individuals with disabilities.

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NLRB

The federal agency that enforces the provisions of the Wagner Act.

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EEOC

The agency that investigates complaints of employment discrimination.

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EPA

Environmental Protection Agency; enforces laws to protect the environment.

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ADEA

Age Discrimination in Employment Act; protects workers aged 40 and older from discrimination.

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FTC

Federal Trade Commission; investigates illegal trade practices and enforces antitrust laws.

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CAD

The use of computers to aid in product development.

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CIM

Computer Integrated Manufacturing; involves design and production processes.

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Financial Resources

Money and electronic payments for e-business firms.

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Human Resources

People skilled in designing, creating, and maintaining websites.

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Material Resources

Physical resources like computers and high-speed internet.

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Informational Resources

Data and information systems necessary for decision-making.

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System Resources

Tools used by a business to perform normal activities.

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ROI (Return on Investment)

A metric used to evaluate investment performance.

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Joint Ventures

An agreement between two or more groups to form a business entity.

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Goodwill

An intangible asset associated with the purchase of one company by another.

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Salary

A fixed amount of money paid for an employee's work.

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Benefits

Additional rewards influencing employees to remain with a company.

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Centralization

Decision-making concentrated in a single location.

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Decentralization

Distributing decision-making power to multiple locations.

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Departmentalization

Grouping jobs into manageable units.

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Continuous Process Manufacturing

A manufacturing process that is uninterrupted from start to finish.

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Premiums

Fees charged by an insurance company.

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Rebates

A return of part of the purchase price of a product.

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Direct Mail

Advertising delivered via physical mail.

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Coupon

A discount that reduces the retail price of an item.

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Sampling

Selecting a small group from a larger population for data collection.

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Hertzberg Motivation

A theory that increases workforce motivation through recognition and responsibility.

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Hygiene Factors

Job factors that reduce dissatisfaction but do not necessarily increase motivation.

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Physiological needs

the things we require to survive. They include food and water, clothing, shelter, and sleep.

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Saftey needs

the things we require for physical and emotional security 

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Social needs

the human requirements for love and affection and a sense of belonging

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Self-esteem

we require respect and recognition from others and a sense of our own accomplishment and worth (self-esteem).

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self-actualization

the need to grow, develop, and become all that we are capable of being

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Forming

The team is new. Members get to know each other

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Storming

the team may be volatile. Goals and objectives are developed

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Norming

The team stabilizes. Roles are duties are accepted and recognized

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Performing

The team is dynamic. Everyone makes a focused effort to accomplish goals

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Adjourning

The team is finished. The goal had been accomplished, and the team is disbanded. 

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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