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BM II Managerial Co
Business Management II
| Term | Definition |
|---|---|
| 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 of determining the amount of cash a business has to work with at any given time |
| Concurrent controls | Mechanism 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 | Mechanism 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 after it has already occurred |
| financial ratio | The comparison of two numbers from a business's financial statement; used as a tool by businesses to see relation ships between dollars, numbers, and percentages |
| Financial statements | Records that show a business's financial activities |
| Guarantee | A promise made to the costumer 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(ROI) | Net profit divided by investment or the "bottom line" on how successful and 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 its 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 perform as expected |
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