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BM2 Obj.1.01 SM-499

Unit 1 BM2

TermDefinition
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 liabilities)
Break-even Analysis The process of determining the level at which revenues equal total costs
Cash Flow Analysis The process if determining the amount of cash a business has to work with at any time
Concurrent Controls Mechanisms used to monitor and regulate a task, activity, or performance while it is occurring
Controlling The management function 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 Statements Records that show a business's financial activities
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-back guarantee
Motivate Prompt another person to take some kind of action
Return on Investment 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 expended (invested)
Sustainability 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 it's acceptance will be
Warranty A promise made by the seller to the consumer that the seller will repair or replace a product that does not preform as expended
Created by: big.von
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