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BMII obj 1.01 SM-400
Unit 1 BMII
Term | Definition |
---|---|
Audit | Process by which an organization's accounts and records are verified. |
Balance sheets | A financial statement that captures the financial condition of the business at that particular moment (assets and labilities). |
Break-even analysis | The process of determining the level at which revenues equal total costs. |
Cash flow analysis | The process of determining the amount of cash a business has to work with at any given time. |
Concurrent controls | Mechanisms used to monitor and regulate a task, activity, or performance while it is occurring. |
Controlling | The management functions that monitors the work effort. |
Feedback controls | Mechanisms used to monitor and regulate a task, activity, or performance after it has already occurred. |
Feedforward controls | Mechanisms used to monitor and regulate a task, activity, or performance before it occurs. |
Financial ratio | The comparison of two numbers from a business's financial statement; used as a tool by businesses to see relationships between dollars, numbers, and percentages. |
Financial statement | Records that show a business's financial actives. |
Guarantee | A promise made to the consumer that a product's purchase price will be refunded if the product is not satisfactory; often called a money-bck guarantee. |
Motivate | Prompt another person to take some kind of action. |
Return on investment (ROI) | Net profit divided by investment or the "bottom line" on how successful an ad or campaign was in terms of what the returns (generally sales revenue) were for the money expanded (invested) |
Sustainbility | The successful long-term management of an organization's financial, social, and environmental risks, opportunities, and obligations |
Test marketing | The process of introducing a new product to a limited market to determine what its acceptance will be. |
Warranty | promise made by the seller to the consumer that the seller will repair or place a product that does not preform as expected. |