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Study Stack 2
Agreement that created a free-trade area among the United States, Canada, and Me
| Question | Answer |
|---|---|
| oligopoly | A degree of competition in which just a few sellers dominate the market. |
| operational planning | The process of setting work standards and schedules necessary to implement the company’s tactical objectives. |
| organizing | A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization’s goals and objectives. |
| orientation | The activity that introduces new employees to the organization; to fellow employees; to their immediate supervisors; and to the policies, practices, and objectives of the firm. |
| outsourcing | Contracting with other companies (often in other countries) to do some or all of the functions of a firm, like its production or accounting tasks. |
| owners’ equity | The amount of the business that belongs to the owners minus any liabilities owed by the business. |
| partnership | A legal form of business with two or more owners. |
| penetration | Strategy in which a product is priced low to attract many customers and discourage competition. |
| planning | A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives. |
| possession utility | Doing whatever is necessary to transfer ownership from one party to another, including providing credit, delivery, installation, guarantees, and follow-up service. |
| preferred stock | Stock that gives its owners preference in the payment of dividends and an earlier claim on assets than common stockholders if the company is forced out of business and its assets sold. |
| product mix | The combination of all product lines offered by a manufacturer. (Ex. AT&T's services (communications) and goods (phones). |
| product line | Group of products physically similar or intended for a similar audience. (Ex. Diet coke, Coke Zero, Diet Cherry Coke, etc.) |
| profit | The amount of money a business earns above and beyond what it spends for salaries and other expenses. (Revenue – expenses) |
| public relations | The management function that evaluates public attitudes, changes policies and procedures in response to the public’s requests, and executes a program of action and information to earn public understanding and acceptance. |
| recession | Two or more consecutive quarters of decline in the GDP. |
| recruitment | The set of activities used to obtain a sufficient number of the right people at the right time |
| risk | The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.. |
| risk/return trade-off | The principle that the greater the risk a lender takes in making a loan, the higher the interest rate required. |
| scientific management | Studying workers to find the most efficient ways of doing things and then teaching people those techniques. (Taylor's time-motion studies) |
| S corporation | A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships. |
| selection | The process of gathering information and deciding who should be hired, under legal guidelines, for the best interests of the individual and the organization. |
| Service Corps of Retired Executives (SCORE) | An SBA office with volunteers from industry, trade associations, and education who counsel small businesses at no cost (except for expenses). |
| service utility | Adding value by providing fast, friendly service during and after the sale and by teaching customers how to best use products over time. |
| shopping goods and services | Those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers. |
| short-term financing | Funds needed for a year or less. |
| skimming price strategy | Strategy in which a new product is priced high to make optimum profit while there’s little competition |
| Small Business Administration (SBA) | A U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans. |
| Social Security | The term used to describe the Old-Age, Survivors, and Disability Insurance Program established by the Social Security Act of 1935. |
| sole proprietorship | A business that is owned, and usually managed, by one person. |
| span of control (or span of management) | The number of subordinates a manager supervises or should supervise. |
| specialty goods and services | Consumer products with unique characteristics and brand identity. Because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them. |
| staffing | A management function that includes hiring, motivating, and retaining the best people available to accomplish the company’s objectives. |
| stakeholders | All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address. |
| strategic planning | The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals. |
| supply | The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time. |
| tactical planning | The process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done. |
| tall organization structure | An organizational structure in which the pyramidal organization chart would be quite tall because of the various levels of management. |
| target market | Marketing directed toward those groups (market segments) an organization decides it can serve profitably. |
| tariff | A tax imposed on imports. |
| time utility | A tax imposed on imports |
| unemployment rate | The number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks. |
| vertical merger | The joining of two companies involved in different stages of related businesses. |
| whistleblowers | Insiders who report illegal or unethical behavior |
| World Bank | The bank primarily responsible for financing economic development; also known as the International Bank for Reconstruction and Development. |
| World Trade Organization (WTO) | The international organization that replaced the General Agreement on Tariffs and Trade, and was assigned the duty to mediate trade disputes among nations. |
| The Sarbanes-Oxley Act | Requires the CEO and CFO of corporations to certify the accuracy of financial reports. |
Created by:
maryharnishfeger
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