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POB Fall Final Study
Study Guide for POB Fall Final Exam - JVHS
| Term | Definition |
|---|---|
| centralized organization | All the authority within a business rest with top management. |
| first-line management | Coordinates and supervises the activities and duties of employees. |
| operational plans | Designed to reach the day-to-day goals of a business. |
| collaboration skills | Skills that enable individuals to work with others to achieve a common goal. |
| plan | Outline of the actions needed to accomplish a goal. |
| strategic plans | Created for the long-term goals of an organization. |
| critical thinking skills | Ability to analyze a situation, interpret information, and make reasonable decisions. |
| tactical plans | Developed for the short-term goals of a company. |
| teamwork | Cooperative efforts by individual team members to achieve a goal. |
| interpersonal skills | Skills that help people communicate and work well with each other. |
| procedure | Describes how tasks should be completed. |
| mediation | Negotiation that includes a neutral person. |
| corporate culture | How the owners and employees of a company think, feel, and act as a business. |
| false advertising | Overstating the features and benefits of products or making false claims about them. |
| proprietary information | Any work created by company employees on the job that is owned by that company. |
| social responsibility | Behaving with sensitivity to social, environmental, and economic issues. |
| trade secret | Confidential information a company needs to keep private and protect from theft. |
| code of conduct | Handbook that outlines expectations of employee behavior. |
| confidentiality | Specific information about a company or its employees is never shared, except with those who have clearance. |
| contract law | Regulates how contracts are written, executed, and enforced. |
| recall | Order to remove or repair unsafe products in the market. |
| ethics | Rules of behavior based on ideas about what is right and wrong. |
| offer | Proposal to provide a good or service. |
| integrity | Honesty of a person’s actions. |
| philanthropy | Promoting the welfare of others. |
| S corporation | Form of ownership that provides limited liability to owners, but is taxed as a partnership. |
| cooperative | Business that is owned and operated by those using its services. |
| extractor | Business or person that takes natural resources from the land. |
| intermediary | Person or business that sells the goods and services from producers to customers. |
| general partnership | Business that is co-owned by two or more general partners who are responsible for business operations. |
| producer | Business that creates goods and services. |
| corporation | Business that is legally separate from its owners and has most of the legal rights of an actual person. |
| liability | Legal responsibility. |
| dividend | Portion of a corporation’s earnings distributed to stockholders. |
| institution | Nonprofit organization that may be either public or private. |
| corporate bylaws | Explains the practices and procedures to be followed in conducting business. |
| limited liability company (LLC) | Form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships. |
| proprietorship | Business that is owned and often operated by a single individual. |
| labor force | All of the people in a nation who are capable of working and want to work. |
| antitrust laws | US laws that promote fair trade and competition among businesses. |
| perfect competition | Market structure with a large number of businesses selling the same product at the same prices. |
| recession | Period of significant decline in total output, income, employment, and trade in an economy. |
| business cycle | Alternating periods of expansion and contraction in the economy. |
| specialization | Focusing on the production of specific goods so that more products can be produced with the same amount of labor. |
| productivity | A measure of a worker’s production in a specific amount of time. |
| commerce | The activities involved in buying and selling goods on a large scale. |
| oligopoly | Market structure with a small number of businesses selling the same or similar products. |
| consumer price index (CPI) | A measure of the average change in prices paid for typical consumer goods and services over time. |
| money supply | Total money circulating at any one time in a country. |
| trough | Lowest stage of a business cycle. |
| business | the term for all activities involved in developing and exchanging products. |
| product | Anything that is bought or sold |
| consumers | Customers who purchase goods and services for their own use |
| profit | The difference between the income earned and the expenses incurred by a business during a specific period of time |
| economics | A science that examines how goods and services are produced, sold, and used |
| traditional economy | one in which economic decisions are based on a society’s values, culture, and customs. |
| Gross domestic product (GDP) | the market value of all final products produced in a country during a specific time period. |
| The four components of GDP | consumer spending, business investment, government spending, and net exports |
| inflation rate | the rate of change in prices calculated on a monthly or yearly basis |
| interest rate | represents the cost of a loan and is expressed as a percent of the amount borrowed |
| money supply | The total money circulating at any one time in a country |
| Fiscal policy | the tax and spending decisions made by the president and congress |
| collusion | When two or more businesses work together to remove their competition, set prices, and control distribution |
| contract | a legally binding agreement between two or more people or businesses |
| offer | a proposal to provide a good or service |
| Capacity | means that a person is legally able to enter into a binding agreement |
| philanthropy | Promoting the welfare of others |
| breach of contract | When one or more parties do not follow the agreed terms of a contract without having a legitimate reason |
| sales and service contract | lists the products or services provided by a business and the price the customer pays in exchange |
| business ethics | Principles that help define appropriate behavior in a business setting |
| code of ethics | a document that dictates how business should be conducted |
| for-profit business | an organization that generates revenue |
| not-for-profit organization | exists to serve some public purpose |
| Manufacturers | businesses that use supplies from other producers to make products |
| wholesaler | A business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers |
| retailers | directly provide consumers with products that meet their needs and wants; usually in a private enterprise system |
| partnership | an association of two or more persons who co-own a business with the objective of earning a profit |
| North American Industry Classification System (NAICS) | The numeric system used to classify businesses and collect economic statistics |
| Stock | A share of ownership in a corporation |
| Globalization | the connection made among nations when economies freely move goods, labor, and money across borders. |
| domestic | The business activity involved in making, buying, and selling product within a nation’s borders |
| exports | The goods and services produced within a country’s borders and sold in another country |
| free-trade zone | a group of countries that have reduced or eliminated trade barriers among themselves |
| balance of trade | the difference between a nation’s exports and its imports. |
| logistics | Planning and managing the flow of goods, services, and people to a destination |
| Licensing | when a business sells the right to manufacture its products or use its trademark |
| business plan | a written statement of goals and objectives for a business with a strategy to achieve them |
| cash flow | The movement of money into and out of a business |
| Collateral | an asset pledged that will be claimed by a lender if the loan is not repaid |
| equity financing | Capital brought into a business in exchange for a percent of ownership in the business |
| mentor | someone with experience who can provide advice, suggestions, and ideas. |
| policy | outlines how company decisions are made. |
| organizational structure | a business identifies the hierarchy of the employees within a business. |
| Management | the process of controlling and making decisions about a business |
| Strategic plans | created for the long-term goals of an organization |
| staffing | the process of recruiting, hiring, training, evaluating, and compensating employees |
| Theory X | managers believe that employees need close supervision at all times |
| critical thinking skills | The ability to analyze a situation, interpret information, and make reasonable decisions involves |
| group dynamics | The interacting forces within a group |
Created by:
mrstephens
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