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Business Management
Chap 1,2,4,5
| Question | Answer |
|---|---|
| the study of right and wrong and of the morality of the choices individuals make | ethics |
| the application of moral standards to business situations | business ethics |
| provides sweeping new legal protection for employees who report corporate misconduct | Sarbanes-Oxley Act of 2002 |
| a guide to acceptable and ethical behavior as defined by the organization | code of ethics |
| informing the press of government officials about unethical practices within one's organization | whistle-blowing |
| the recognition that business activities have an impact on society and the consideration of that impact in business decision making | social responsibility |
| a Latin phrase meaning "let the buyer beware" | caveat emptor |
| the view that society will benefit most when business is left alone to produce and market profitable products that society needs | economic model of social behavior |
| the concept that business should emphasize not only profits but also the impact of its decisions on society | socioeconomic model of social responsibility |
| all activities undertaken to protect the rights of consumers | consumerism |
| a racial, religious, political, national. or other group regarded as different from the larger group of which is is a part and that is often singled out for unfavorable treatment | minority |
| a plan designed to increase the number of minority employees at all levels within an organization | affirmative action program |
| a government agency with power to investigate complaints of employment discrimination and power to sue firms that practice it | Equal Employment Opportunity Commission EEOC |
| workers with little education or vocational training and a long history of unemployment | hard core unemployed |
| a joint business government program to train the hard core unemployed | National Alliance of Business NAB |
| the contamination of water, air, or land through the actions of people in an industrialized society | pollution |
| a comprehensive report of what an organization has done and is doing with regard to social issues that affect it | social audit |
| a business that is owned and usually operated by one person | sole proprietorship |
| a legal concept tht holds a business owner personally responsible for all the debts of the business | unlimited liability |
| a voluntary association of 2 or more persons to act as co-owners of a business for profit | partnership |
| a person who assumes full or shared responsibility for operating a business | general partner |
| a business co-owned by 2 or more general partners who are liable for everything the business does | general partnership |
| a person who contributes capital to a business but has no management responsibility or liability for losses beyoun the amount he or she invested in the partnership | limited partner |
| a business co-owned by one or more general partners who manage the business and limited partners who invest money in it | limited partnership |
| a business partnership that is owned and managed like a corporation but often taxed like a partnership | master limited partnership MLP |
| an artificial person created by law with most of the legal rights of a real person including the rights to start and operate a business, to buy or sell property, to borrow money, to sue or be sued, and to enter into binding contracts | corporation |
| a share of ownership in a corporation | stock |
| a person who owns a corporation's stock | stockholder |
| a corporation whose stock is owned by relatively few people and is not sold to the general public | closed corporation |
| a corporation whose stock can be bought and sold by any individual | open corporation |
| a corporation in the state in which it is incorporated | domestic corporation |
| a corporation in any state in which it does business except the one in which it is incorporated | foreign corporation |
| a corporation chartered by a foreign government and conducting business in the US | alien corporation |
| stock owned by individuals or firms who may vote on corporate matters but whose claims on profit and assets are subordinate to the claims of others | common stock |
| stock owned by individuals or firms who usually do not have voting rights buy whose claims on dividends are paid before those of common stock holders | preferred stock |
| a distribution of earning to the stockholders of a corporation | dividend |
| a legal form listing issues to be decided at a stockholder's meeting and enabling stockholders to transfer their voting rights to some other individual or individuals | proxy |
| a $700 billion bailout plan created to stabilize the nation's economy and restore confidence in the banking and financial industries | Economic Stabilization Act |
| the system of buiness in which individuals are free to decide what to produce, how to produce it, and at what price to sell it | free enterprise |
| differences among people in a work force owing to race, ethnicity, and gender | cultural (or workplace) diversity |
| the organized effort of individuals to produce and sell, for a profit, the products and services that satisfy society's needs | business |
| what remains after all business expenses have been deducted from sales revenue | profit |
| all the different people or groups of people who are affected by the policies and decisions made by an organization | stakeholders |
| the study of how wealth is created and distributed | economics |
| the study of the decisions made by individuals and businesses | microeconomics |
| the study of the national economy and the global economy | macroeconomics |
| the way in which people deal with the creation and distribution of wealth | economy |
| resources used to produce goods and services | factors of production |
| a person who risks time, effort, and money to start and operate a business | entrepreneur |
| an economic system in which individuals own and operate the majority of businesses that provide goods and services | capitalism |
| a term created by Adam Smith to describe how an individual's own personal gain benefits others and a nation's economy | invisible hand |
| an economic system in which businesses and individuals decide what to produce and buy, and the market determines quantities sold and prices | market economy |
| an economy that exhibits elements of both capitalism and socialism | mixed economy |
| goods and services purchased by individuals for personal consumption | consumer products |
| an economic system in which the goverment decides what goods and servies will be produced, for whom available goods and services will be produced, and who owns and controls the major factors of production. | command economy |
| the average level of output per worker per hour | productivity |
| the total dollar value of all goods and services produced by all people within the boundaries of a country during a one year period | gross domestic product (gdp) |
| a general rise in the level of prices | inflation |
| a general decrease in the level of prices | deflation |
| a monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area | consumer price indes (CPI) |
| an index that measures prices at the wholesale level | producer price index (PPI) |
| the recurrance of periods of growth and recession in a nation's economic activity | business cycle |
| two or more consecutive 3 month periods of decline in a countries GDP | recession |
| a severe recession that lasts longer than a recession | depression |
| Federal Reserve decisions that determine the size of the supply of money in the nation and the level of interest rates | monetary policies |
| goverment influence on the amount of savings and expenditures; accomplished by altering the tax structure and by changing the levels of government spending | fiscal policy |
| a shortfall created when the federal government spends more in a fiscal year than it receives | federal deficit |
| the total of all federal deficits | national debt |
| rivalry among businesses for sale to potential customers | competition |
| the market situation in which there are many buyers and sellars of a product, and no single buyer or sellar is powerful enough to affect the price of that product | perfect (pure) competition |
| the quantity of a product that producers are willing to sell at each of various products | supply |
| the quantity of a product that buyers are willing to purchase at each of various products | demand |
| the price at which the quantity demanded is exactly equal to the quantity supplied | market price |
| a market situation in which there are many buyers along with a relatively large number of sellars who differentiate their products from the products of competitors | monopolistic competition |
| the process of developing and promoting differences between one's products and all similar products | product differentiation |
| a market (or industry) in which there are fewer sellars | oligopoly |
| a market (or industry) with only one sellar | monopoly |
| an industry requiring huge investments in capital and within which any duplication of facilities would be wasteful and thus not in the public interest | natural monopoly |
| a loose, subjective measure of how well off an individual or society is mainly in terms of want satisfaction through goods and services | standard of living |
| a system of exchange in which goods or services are traded directly for other goods and/or services without using money | barter |
| a method of manufacturing in which an entrepreneur distributes raw materials to various homes, where families process them into finished goods to be offered for sale by the merchant entrepreneur | domestic system |
| a system of manufacturing in which all the materials, machinery, and workers required to manufacture a product are assembles in one place | factory systemn |
| the separation of a manufacturing process into distinct tasks and the assignments of the different tasks to different individuals | specialization |
| the organized effort of individuals to produce and sell through the internet for a profit, the products and services that satisfy society's needs | e-business |
| meeting the needs of the present without compromising the ability of future generations to meet their own needs | sustainability |
| the top governing body of a corporation, the members of which are elected by the stockholders | board of directors |
| the chairman of the board, president, executive vice presidents, corporate secretary, treasurer and any other top executive appointed by the board of directors | corporate officers |
| a feature of corporate ownership that limits each owner's financial liability to the amount of money that he or she has paid for the corporation's stock | limited liability |
| a corporation that is taxed as though it were a partnership | S-corporation |
| a form of business ownership that combines the benefits of a corporation and a partnership while avoiding some of the restrictions and disadvantages of those forms of ownership | limited-liability company LLC |
| a corporation owned and operated by a local, state, or federal government | government owned corporation |
| a corporation organized to provide a social, educational, religious, or other service rather than to earn a profit | not for profit corporation |
| an association of individuals or firms whose purpose is to perform some business function for its members | cooperative |
| an agreement between 2 or more groups to form a business entity in order to achieve a specific goal or to operate for a specific period of time | joint venture |
| a temporary association of individuals or firms organized to perform a specific task that requires a large amount of capital | syndicate |
| the purchase of 1 corporation by another | merger |
| a situation in which the management and board of directors of a firm targeted for acquisition disapprove of the measure | hostile takeover |
| an offer to purchase the stock of a firm targeted for acquisition at a price just high enough to tempt stockhoders to sell their shares | tender offer |
| a technique used to gather enough stockholder votes to control a targeted population | proxy fight |
| a purchase arrangement that allows a firm's managers and employees or a group of investors to purchase the company | leveraged buyout LBO |
| a business that is independently owned and operated for profit and is not dominant in its field | small business |
| a carefully constructed guide for the person starting a business | business plan |
| a government agency that assists, counsels, and protects the interests of small businesses in the U.S. | Small Business Administration SBA |
| a group of retired business people who volunteer their services to small businesses through the SBA | Service Corps of Retired Executives SCORE |
| groups of senior and graduate students in business administration who provide management counseling to small businesses | Small Business Institutes SBI's |
| university based groups that provide individual counseling and practical training to owners of small businesses | small business development centers SBDC's |
| money that is invested in small and sometimes struggling firms that have the potential to become very successful | venture capital |
| privately owned firms that provide venture capital to small enterprises that meet their investment standards | small business investment companies SBIC's |
| a license to operate an individually owned business as though it were part of a chain of outlets or stores | franchise |
| the actual granting of a franchise | franchising |
| an individual or organization granting a franchise | granchisor |
| a person or organization purchasing a franchise | franchisee |
Created by:
cdobbs74
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