Deca pen
Sovereign Community
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A legal concept stating that the courts in a country represent the country's laws, and their decisions cannot be reversed by the decision of courts in other countries.
Legal concept that affects foreign countries
DEFINITION
Eminent Domain
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the right of a government or its agent to take away private property for public use, with payment of compensation.
DEFINITION
Absolute privilege
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An absolute defense to an otherwise defamatory statement because of the venue or context in which the statement was made.
DEFINITION
Social Responsibility
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An organization or individual has an obligation to act for the benefit of society at large.
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Infringement
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The action of breaking the terms of a law, agreement, etc.
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Defamation
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A statement that injures a third party's reputation.
DEFINITION
National Labor Relations Act
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to protect the rights of employees and employers, to encourage collective bargaining, and to lessen certain private sector labor and management practices
DEFINITION
Vocational Rehabilitation Act
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Was put in place to correct the problem of discrimination against people with disabilities in the United States.
DEFINITION
Fair Labour Standards Act
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A law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week.
DEFINITION
Americans with Disabilities Act
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A civil rights law that prohibits discrimination based on disability.
Does not allow employers to ask employees about potential medical history.
DEFINITION
Consolidation
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joining of two or more companies to form a new company
DEFINITION
General Partnership
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designed to combine capital, experience,
and the abilities of two or more people
DEFINITION
Limited Partnership
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permits a partner to invest in a business but have limited
liability and responsibility
DEFINITION
Open Corporation
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sells millions of shares of stock to many
stockholders
DEFINITION
Intermediaries
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Put buyers and sellers together without taking ownership of the product, service or property. They act as go-betweens.
DEFINITION
Wholesalers
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an intermediary who helps to move goods between producers and retailers by buying goods from producers and selling them to retailers
DEFINITION
Industrial user
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A business that buys materials, services, or goods which it will use to make other goods
DEFINITION
indirect agent
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intermediaries who assist in the sale and/or promotion of goods and services but do not take title to them
DEFINITION
acquisition
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Taking ownership of another business. Frequently used in conjunction with the word merger, as in mergers and acquisitions or M&As.
DEFINITION
Strategic planning
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is long-range planning (three to five years)
for the company as a whole
DEFINITION
Tactical planning
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is short-range planning (one year)
of specific actions the business will take
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. Systematic planning
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involves using a set of procedures to plan activities
DEFINITION
Environmental planning
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focuses on establishing goals and activities that affect the natural environment.
DEFINITION
SWOT Analysis
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describes
the business (or business owner's) strengths, weaknesses, opportunities, and threats
DEFINITION
business plan
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is a detailed document that serves as a blueprint or guide for developing the business.
DEFINITION
promotional
plan
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is the framework for the business's promotional activities
DEFINITION
corporate philosophy
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is often
documented and provides details about the business's core values and its mission.
DEFINITION
Outsourcing
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is acquiring assistance from individual consultants or outside
organizations to obtain goods and services to perform primary business activities.
DEFINITION
cash flow statements
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Businesspeople prepare ___________ to estimate when, where, and how much
money will flow into and out of a business during a certain period of time
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collateral
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security for repayment of a loan
DEFINITION
Financial accounting
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focuses on capturing, maintaining, preparing, and reporting financial information to external audiences. Examples of this include preparing tax data for the government and developing the annual report for the business's stakeholders.
DEFINITION
annual report
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usually
contains information about the business's long-term investment goals.
DEFINITION
equity financing
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stocks are sold to shareholders and those shareholders own a stake in the company
DEFINITION
multiply the net profit margin (14.39%) by the asset turnover rate (1.0455) by the equity multiplier (2.0621) to obtain 31.02%
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how to calculate ROE (return on equity)
DEFINITION
Vertical analysis
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is often used to show the relationship of each component to the total within a
single financial statement
DEFINITION
net sales
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is the base amount used for vertical analysis of items on the income statement
DEFINITION
market
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consists of customers or potential customers who have unfulfilled desires and are financially able and willing to satisfy those desires
DEFINITION
economic system
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is the organized way in which a nation handles its economic decisions and solves its economic problems
DEFINITION
corporate chain
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consists of a number of similar stores owned and managed by a corporate organization
DEFINITION
cooperative
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is a business that is owned and operated by its customers.
DEFINITION
Customer profiles
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are used by companies to create a clear picture of their target market for use in decision making.
DEFINITION
data mining
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is the process of searching computer databases for patterns of information and correlations or relationships among information.
DEFINITION
demographics
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are the physical and
social characteristics (e.g., age, gender, education) of a population or market segment
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variance
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is a measure of how data points differ from the mean
DEFINITION
geometric mean or central tendency
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is used in business to show average rates of growth
DEFINITION
Logistics
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refers to managing the flow of goods and services from production to consumption
DEFINITION
variable expenses
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Operating costs that fluctuate with changes in production are called
DEFINITION
material flow, information flow, and money flow
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The three types of flows in supply chain management are
DEFINITION
distribution
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The function of business that involves the moving, storing, locating, and/or transferring
ownership of goods and services is
DEFINITION
accountable, responsible, consulted, and informed
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ARCI stands for
DEFINITION
Paradigm innovation
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occurs when there is a significant change or shift in thinking
DEFINITION
product, place, price, promotion
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marketing mix (4 P's)
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invoice
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a bill
DEFINITION
transit media
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is a form of out-of-home advertising that businesses place in various
modes and locations of mass transportation
DEFINITION
rebate
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is a sales-promotion technique in which a business returns part of the price that a customer pays for a good or service
DEFINITION
Sweepstakes
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involve a game of chance in which a customer wins a prize
DEFINITION
middle/mid-level
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management that would determine what needed to be
done in order to enter the new market
DEFINITION
executive/top-level
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management is responsible for strategic planning, including making the decisions about entering a new market
DEFINITION
Supervisory/first level
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management who work directly with the employees carrying out the directions of top and mid-level management
DEFINITION
dashboards
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are technology applications that allow management to view and evaluate a process or activity as it occurs
DEFINITION
human resource management
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staffing, employee compensation and benefits, and defining/designing work.
DEFINITION
operations management
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refers to the administration of business practices to create the highest level of efficiency possible within an organization
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yield
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give way to arguments, demands, or pressure.
interest from an investment
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point of sale
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the place at which goods are retailed.
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pilferage
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a thief who steals without using violence
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meet unlimited human wants
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Economics is the study of how to
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CPI (consumer price index)
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measures changes in the price level of market basket of consumer goods and services purchased by households
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stipend
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a fixed regular sum paid as a salary or allowance
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inelastic
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(of demand or supply) insensitive to changes in price or income.
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scarcity
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the state of in short supply; shortage
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letters of inquiry
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is a letter written to request information and/or ascertain its authenticity
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Transfer payments
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are monies paid by the government in which no goods or services are received in exchange.
DEFINITION
information management
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English
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management is the process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business planning and decision making.
DEFINITION
English