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SM- 400 Glossary
Question | Answer |
---|---|
Audit | process by which an organizations account and records are verified |
Balance sheet | a financial statement that captures the financial condition of the business at that particular moment |
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 function that monitors the work effort |
feedback control | mechanism used to monitor and regulate a task, activity, or performance after it has already occurred |
feedforward control | mechanisms used to monitor and regulate task, activity, or performance before it occurs |
financial ratio | comparison of two numbers from a business financial statement: used as a tool by businesses to see relationship between dollars, numbers, and percentages |
financial statements | records that show businesses financial activities |
guarantee | a promise made to the consumer that a products purchase price will be refunded if the product is not satisfactory; often called 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 were for the money expended |
sustainability | the successful long term management of an organizations financial , social, and environmental risks, opportunities and obligations |
test marketing | the process of introducing a new product yo a limited market to determine what its acceptances will be |
warranty | a promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected |