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PBF318 Unit 2 Terms
PBF Unit 2 Terms
| Question | Answer |
|---|---|
| Two or more persons to carry on as co-owners of a business for a profit | Partnership |
| Each stock equals one _______ at the shareholder meeting | Vote |
| Type of liability in which you can lose all your assets | Unlimited |
| Partnership formed by the way two or more people conduct their business | By proof of existence |
| Entity with the legal authority to act as a single person | Corporation |
| Partner has an active role, but unknown existence | Secret |
| Grants permission to sells its products and services as a business | Franchise |
| Business owned by one person | Sole proprietorship |
| Partnership formed after they agree to conditions in a contract | By agreement |
| Type of corporation that benefits the public and receives a tax break | Nonprofit |
| Abbreviation for a partnership with limited liability | LLP |
| Partner has no role, but is known to public | Silent |
| Type of taxation on a corporation | Double |
| Type of liability in which you only lose your initial investment in the company | Limited |
| Partner plays no role and is not known to public | Dormant |
| __________ of incorporation | Articles |
| Partner has an active role, unlimited liability | General |
| Formed by a group to gain bargaining power. | Cooperative |
| __________venture is a special project for a limited time | Joint |
| Company executives | Top Management |
| First level of management | Supervisors |
| Tactical and strategic style | Mixed |
| Analyzing of information, set goals and make decisions | Planning |
| Arrangement of resources in order to meet goals | Organizing |
| Determines to what extent the business is accomplished | Controlling |
| Directed and controlling style of management | Tractical |
| Directing and leading people | Implementing |
| Employees help with decision making | Strategic |
| Obtaining, training and compensating employees | Staffing |
| Specialists in a specific area of the business | Mid-Management |
| Benefits are sometimes part of compensation packages provided by employers for employees. Human Resources Managers are responsible for managing compensation packages for employees. | Benefits |
| Making a company or organization smaller by eliminating staff positions | Downsizing |
| An instruction, command, or duty given to a person or group of people | Commission |
| Something, typically money, awarded to someone as a recompense for loss, injury, or suffering | Compensation |
| The making of a judgment about the amount, number, or value of something; assessment | Evaluation |
| Relations with or between people, particularly the treatment of people in a professional context | Human Relations |
| communicates strategy, motivates employees, and reinforces achievement of organizational goals | Incentive system |
| Obtain (goods or a service) from an outside or foreign supplier, esp. in place of an internal source. Contract (work) out or abroad | Outsourcing |
| Piece work or piecework describes types of employment in which a worker is paid a fixed "piece rate" for each unit produced or action performed. Piece work is also a form of performance-related pay (PRP) and is the oldest form of performance pay. | Piece Rate |
| Activity that supports or provides active encouragement for the furtherance of a cause, venture, or aim | Promotes |
| A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, esp. a professional or white-collar worker | Salary |
| Regular amounts of income paid to you by your employer under your contract of service, often weekly, 4weekly or calendar monthly | Salary and Wages |
| An act of dismissing someone from employment | Terminations |
| Move from one place to another | Transfers |
| Making a company or organization smaller by eliminating staff positions | Downsizing |
| An instruction, command, or duty given to a person or group of people | Commission |
| Something, typically money, awarded to someone as a recompense for loss, injury, or suffering | Compensation |
| The making of a judgment about the amount, number, or value of something; assessment | Evaluation |
| Relations with or between people, particularly the treatment of people in a professional context | Human Relations |
| communicates strategy, motivates employees, and reinforces achievement of organizational goals | Incentive system |
| Obtain (goods or a service) from an outside or foreign supplier, esp. in place of an internal source. Contract (work) out or abroad | Outsourcing |
| Piece work or piecework describes types of employment in which a worker is paid a fixed "piece rate" for each unit produced or action performed. Piece work is also a form of performance-related pay (PRP) and is the oldest form of performance pay. | Piece Rate |
| Activity that supports or provides active encouragement for the furtherance of a cause, venture, or aim | Promotions |
| A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, esp. a professional or white-collar worker | Salary |
| Regular amounts of income paid to you by your employer under your contract of service, often weekly, 4weekly or calendar monthly | Salary and wages |
| An act of dismissing someone from employment | Terminations |
| Move from one place to another | Transfers |
| Obtaining products from nature or using natural resources to grow | Extraction and cultivation |
| Changing and improving the form of another product. | Processing |
| Combining raw materials and processed goods into finished products | Manufacturing |
| Is the process of using assembly activities to produce large quantities of identical products | Mass production |
| Is the process of producing a specific and exclusive product for a customer | Custom manufacturing |
| Is the process of changing raw materials to another form in order to be consumed or used to make another products | Material processing |
| The process of creating or improving the form of another product | Production Development |
| performed by engineers and other scientists to develop new products or discover improvements for existing products | Product research |
| marketing research that studies existing products to develop design improvements new product ideas | Applied research |
| Discovers new solutions to problems | Pure research |
| first creating a model then deciding the best possible design for example cell phones | Product design |
| It is software that enables computers to reason learn and make decision. Example voice recognition software | Artificial intelligence |
| It is used to create product styles and designs. Example design for a camera | Computer-aided design |
| Computer networks are computers linked in a school or business so users can share hardware, software and data | Computer network |
| It is conducting business transactions using the Internet or other technology. Example iPhone, eBay | E-commerce |
| MIS is an ordered system for processing and reporting information in an organization | Management information system |
| It involves mechanical devices programmed to do routine tasks such as those seen on an assembly line in factories. For example the pencil assembly line | Robotics |
| Workers use computers off-site to do a job, saving travel time and costs. For example skype | Telecommuting |
| The duty of a business to contribute to the well-being of a community | Social responsibility |
| A set of rules for guiding the actions of employees or member of an organization | Code of ethics |
| Protection of the creatice work of authors, composers, and artisits | Copyright |
| An agreement to exchange goods or services for something of value, usually money | Contract |
| A natural resource that cannot be replaced | Nonrenewable recourse |
| When a business has control of the market for a product or service | Monopoly |
| Laws intended to prevent unfair business practices such as false advertiting, deceptive pricing, and misleading labeling | Antitrust laws |
| Rules about how businesses and their employees ought to behave | Business ethics |
| Priciples of morality or rules of conduct | Ethics |
| The exclusive rights of an inventor to make, sell, and use a product or process | Patent |
| A distinctive name, symbol, word, picture, or combination of these that a company uses to identify products or services | Trademark |
| An organization that supplies a serive or product vital to all people including companies that provodes local telephone service, water, and electricity | Public utility |
Created by:
natasha_muir
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