| A | B |
|---|
| an independent business with fewer than 500 employees. | Small business |
| pools the money of many investors primarily for the purchase of stocks and bonds | mutual fund |
| most common form of business ownership | sole proprietorship |
| ways other than pay that employees are compensated for working | employee benefits |
| this act PREVENTS competitors FROM agreeing to set the same selling prices on goods | Sherman Antitrust act |
| affects how people communicate in a country | culture |
| cost of hiring, training, and paying employees | One of a businesses' largest is expenses |
| occurs because people often “hear” what they want to hear | distortion |
| 5 functions of management | plan, organize, implement, control and staff |
| when a manager is carrying out plans and helping employees work effectively | implementing |
| Goods and services that are sold to other countries | exports |
| Employee to employee communicaiton is considered | horizontal communication |
| have authority over jobs & people and regularly complete all 4 management functions | a manager |
| Reviewing previous financial statements is part of which management function | controlling |
| ensure that appropriate standards of conduct are maintained by everyone who is a part of the business | ethical business practices |
| process of accomplishing the goals of an organization through the effective use of people and other resources | management |
| first level of management | supervisor |
| this helps companies gain the trust of their customers | good rapport |
| sets expectations for how workers will be treated and how they should treat each other | office culture |
| important principles that will guide decisions and actions in the company | core values |
| protect workers from unsafe working conditions, unfair treatment and unfair wages | labor unions |
| downsizing and compressing processes are mehods businesses use to | stay competitive |
| tariffs cause prices of foreign products to | increase |
| type of compensation pays the employee a specific amount of money for each hour worked | wage |
| written document for a business is used to help guide employees on how to act ethically and professionally within the business | code of ethics |
| making a percentage of profit off of each item you sell as a sales person is what type of compensation | commission |
| more capital is usually available in this type of business | partnership |
| The international organization that creates and enforces rules concerning trade among countries | World Trade Organization (WTO) |
| government agency that helps small business owners plan and obtain financing and other support for their companies | Small Business Association (SBA) |
| official document giving power to run a corporation | articles of incorporation |
| all businesses begin with this | an idea |
| largest source of revenue for the federal government | income taxes |
| how many years does the federal government grant an author the sole right to reproduce, publish, and sell literary or artistic work | life of owner +70 years |
| Only members/employees can access this type of network | intranet |
| Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable | venture capital |
| input, ouput, processing, memory/storage | four basic elements of a computer system |
| outlaws unfair practices, such as false advertising | Wheeler-Lea Act |
| ”brain” or control center of the computer system | CPU (central processing unit) |
| problem-solving method in which group members write down and evaluate ideas to be shared with the group | nominal group technique |
| Places online where consumers sell items to other consumers | consumer to consumer ecommerce |
| most dangerous approach used to resolve conflict | win-lose |
| two main sources of cash coming into a company | cash receipts and borrowing |
| Formal communication in organizations flows | upward, downward, across |
| used to determine if they have made a profit or a loss | financial records |
| money a business owes and the payments it makes for credit purchases are recorded in | accounts payable |
| A loan backed by something of value owned by the borrower. | secured loan |
| original cost of an asset less its accumulated depreciation | book value |
| Financial institution whose primary purpose is to offer financial products and services other than deposits and loans. | nonbank |
| An organization that collects money from clients and uses it for investments to benefit both the client and the organization | financial institution |
| Non-negotiable securities sold by the U.S. Treasury. | savings bond |
| Money put into a financial institution by depositors which can be withdrawn at any time without penalt | demand deposit |
| Property a borrower pledges to assure repayment of a loan. | collateral |
| The ease of turning an investment into cash without significant loss. | liquidity |
| Transferring money by computer | electronic funds transfer |
| The use of money to make more money. | investment |
| power resulting from the personal characteristics of a leader rather than the formal structure of an organization | informal influence |
| exists when group members recognize and appreciate a leader’s expertise in a certain area | expert influence |
| the ability to get other sto accomplish a task because of the position the leader holds | position inlfuence |
| working well with others, recognizing other’s strengths and helping to develop effective groups relationships | cooperation |
| communication that moves up and down in an organization | vertical communication |
| looking at all sides of an issue before making a decision | objectivity |
| respecting the feelings and needs of others they work with | understanding |
| being willing to make decisions and take responsibility for the results | confidence |
| following through on what you say you are going to do | dependability |
| able to listen, speak, and write effectively | communication |
| Also called an income statement budget | operating budget |
| Gradual loss of value because of wear and tear | depreciation |
| Record showing what a customer owes and pays | accounts receivable record |
| Claims against assets. | liabilities |
| A financial plan used to determine when to replace or purchase fixed assets | capital budget |
