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128 Cards in this Set

  • Front
  • Back
ABC METHOD
A method of classifying inventory items with categories which are of
high-value, less costly, and/or low-cost items.
ADVERTISING
The art of making the public aware of the services or commodities
that the business has for sale.
AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967
Federal legislation that
requires employer to treat applicants and employees equally regardless of age.
AGING SCHEDULE
A grouping of accounts receivable into age categories based
upon the length of time they have been outstanding on the company record.
AMERICANS WITH DISABILITIES ACT (ADA)
Legislation that guarantees
disabled people equal access to employment, as well as access to public places.
ANGELS
Private investors who are willing to supply financing for new and/or risky
small venture start-ups.
ARTICLES OF PARTNERSHIP
A written document that states explicitly the rights and duties of partners in a partnership.
AVERAGE COLLECTION PERIOD
A measure of the accounts receivable turnover.
BETTER BUSINESS BUREAU
Association of business firms that promotes ethical conduct by all business firms in a community.
BOARD OF DIRECTORS
The governing body that is elected by the stockholders of a corporation.
BONA FIDE OCCUPATIONAL QUALIFICATION (BFOQ)
A qualification that is absolutely necessary for the job; it is an allowed and approved reason for discrimination.
BOOK VALUE
The cost of a fixed asset less accumulated depreciation.
BRAND
The identification for a product.
BREAK-EVEN ANALYSIS
The point at which total sales revenue equals total operating costs; determined by formula or chart.
BURGLARY
The forcible breaking and entering of premises closed for business
with the subsequent removal of cash or merchandise.
BUSINESS
An organization that combines inputs of raw materials, capital, labor, and management skills to produce useful outputs of goods and services so as to earn a profit.
BUSINESS INTERRUPTION INSURANCE
Insurance that protects companies
during the period necessary to restore property damaged by an insured peril. Coverage pays for lost income and other expenses related to recovery.
BUSINESS PLAN (NEW VENTURE PLAN)
A written description of a new idea that
projects marketing, operational, and financial aspects of a proposed business.
BUSINESS POLICIES
Fundamental statements that serve as guides to management practice.
CASUALTY INSURANCE
Insurance that provides monetary benefits to a business that has experienced an unforeseen peril such as flood, fire, etc.
CENSUS OF BUSINESS
Source of market data that explains where certain businesses are located.
CENSUS OF HOUSING
Source of market data that keeps track of new home sales by region and/or the construction of new houses by region and specific area.
CENSUS OF MANUFACTURING
Source of market data that explains where certain manufacturers are located.
CENSUS OF POPULATION
A source of market data that compiles population statistics with regard to distribution of population by region, area, etc.
CHAIN OF COMMAND
The superior-subordinate relationship that serves as a channel for two-way communication.
CHAMBER OF COMMERCE
An association of business people who attempt to protect and promote the commercial interests in a community.
CIRCULATING CAPITAL
The current asset items consisting of cash, inventories, and accounts receivable.
CIVIL RIGHTS ACT OF 1964
Federal legislation that prohibits discrimination on the basis of race, color, religion, sex, pregnancy, or national origin.
COINSURANCE CLAUSE
A clause in an insurance policy under which the insured agrees to maintain insurance equal to some specified percentage of the property
value or otherwise to assume a portion of any loss.
COMPETITION
The practice of trying to obtain something that is being sought by
others under similar circumstances at the same time.
CONSUMER CREDIT
A type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants.
CONSUMERISM
The emphasis placed on providing to customers products and services that are safe, reliable, and honestly advertised; also, a social movement
that seeks to strengthen the rights of consumers relative to sellers.
CONTROLLING
SEE EVALUATING
COPYRIGHT
The registered right of a creator to reproduce, publish, and sell the
work which is the product of the intelligence and skill of that person.
CORPORATE REFUGEES
Those individuals who flee the bureaucratic environment of big business by going into business for themselves.
CORPORATION
An artificial being, invisible, intangible, and existing only in
contemplation of law; an entity that is something that has a distinct existence separate and apart from the existence of its individual members.
CORPORATION CHARTER
The written application for permission to incorporate that is approved by a state official.
CREDIT
An agreement that payment for a product or service will be made at some later date.
CREDIT BUREAU
An organization of retailers and other firms in a given community
that serves its members by summarizing their credit experience with particular individuals.
CREDIT INSURANCE
Insurance that protects non-retailing businesses from abnormal bad-debt losses.
CURRENT RATIO
The current assets divided by the current liabilities and a measure of the liquidity of the business.
DEBT EQUITY (DEBT CAPITAL, BORROWED CAPITAL)
Any borrowed or loaned capital invested in the business that must be repaid to creditors.
DEDUCTIBLE CLAUSE
Insurance policy provision that makes the insurer liable only for losses in excess of the stated deductible.
DELEGATION OF AUTHORITY
A superior's act of granting to subordinates, on the basis of competence, the right to act or decide.
DEMOGRAPHICS
The statistical study of human populations with respect to their size, density, distribution, composition, and income.
DIRECTING (ACTUATING)
Regulating the activities of an organization; to guide and/or supervise the activities of an organization.
EARNINGS VALUATION APPROACH
A business valuation approach which centers on estimating the amount of potential income that may be produced by the business in the next year.
ECONOMIC BASE
The wealth produced in or near a community that provides employment and income to the local population.
ECONOMIC ORDER QUANTITY (EOQ)
The quantity to be purchased which
minimizes total costs.
EMPLOYMENT APPLICATION
A record of statements made at the time the applicant first seeks employment.
EMPLOYMENT INTERVIEW
The primary way of judging the job applicant's appearance, poise, speech, etc.
ENDOWMENT LIFE INSURANCE
Life insurance that allows the insured, rather than the beneficiary, to collect the face value of the policy upon maturity or to
collect that value in annual payments.
ENTREPRENEUR
One who organizes, manages, and assumes the risk of a business firm or venture.
EQUAL EMPLOYMENT OPPORTUNITY ACT
The absence of employment
discrimination based on race, color, religion, sex, or national origin.
EQUAL PAY ACT
Outlaws discrimination in pay against those who are over forty years old.
EVALUATING (CONTROLLING)
A management function which compares organizational and individual performance with predetermined standards or
expected results.
FACTORING
Obtaining cash before payments are received from customers by selling off one's accounts receivable to a third party.
FAIR LABOR STANDARDS ACT (WAGE AND HOUR)
Outlaws discriminatory practices in pay; requires employers to pay a minimum wage to employees, and
to pay a minimum of one and one-half times the regular rate for any hours beyond forty worked in a week.
FINANCE
The business function of effectively obtaining and using funds.
FIXED CAPITAL
Long-term capital that is invested in the small business; also, funds invested in such long-term assets as: land, building, machinery, furniture, fixtures, and other equipment.
FIXED EXPENSES
A cost that, for a given period of time and range of activity called the relevant range, does not change in total, but becomes progressively
smaller on a per unit basis as volume increases; these expenses do not increase with increased business, nor do they decrease with declining business activity.
GENERAL LIABILITY INSURANCE
Insurance covering business liability to
customers who might be injured on or off premises or from the product sold to them.
GOODWILL
An intangible asset such as the name of a funeral home; also, an
intangible asset which enables a business to earn a profit in excess of the normal rate of profit earned by other businesses of the same kind.
HUMAN RESOURCE FORECAST
Determining personnel needs in terms of numbers of individuals and their required skills.
HUMAN RESOURCE MANAGEMENT
Process of acquiring, training, developing, motivating, and appraising a sufficient quantity of qualified employees to perform
necessary activities; developing activities and an organizational climate conducive to maximum efficiency and worker satisfaction.
HUMAN RESOURCE PLANNING
Developing a comprehensive strategy for meeting future human resource needs.
IMMIGRATION REFORM ACT
Federal legislation requiring employers to check job applicants' papers to be sure they are either U.S. citizens or aliens authorized to
work in the U.S.
INNOVATION
The introduction of something new; a new idea, method, or device.
INSTALLMENT CREDIT (CLOSED END CREDIT)
Balance of costly goods paid for
in small monthly (fractional) payments over a period of time.
INSURANCE
Uneventful protection for the small business or small business owner
in regards to monetary ompensation in the event that a business and/or
personal peril is experienced.
INTANGIBLE ASSETS
Those assets that cannot be touched or grasped
INTERDEPENDENCE
The dependency of businesses on one another.
INTERVIEWING
A job-analysis technique in which individuals currently holding a
particular job are asked questions concerning the requirements of the job.
INVENTORY
Those goods or stock of goods which are held for resale.
INVENTORY TURNOVER
The number of times the average inventory has been
sold or used up during a period.
JOB ANALYSIS
The process of determining the critical components of a job for purposes of selecting, training, and rewarding personnel.
JOB DESCRIPTION
A document that lists the major responsibilities and tasks of the job.
JOB SPECIFICATION
A document that lists the knowledge, skills, abilities, and personal characteristics a job holder must possess to perform effectively.
KEY-PERSON LIFE INSURANCE
Life insurance that protects a firm against losses due to the death of a key employee.
LIABILITY INSURANCE
Insurance that covers business liability to customers of others who might be injured from the product sold to them.
LIFE INSURANCE
Insurance that provides death benefits to the survivors of the insured.
LIMITED LIABILITY COMPANY (Not Corporation)
New form of business ownership (approved in most states since approximately 1994); combines
aspects of partnerships with the limited liability of a corporation; owners known as members.
LINE OF CREDIT
An understanding between a bank and the business indicating the maximum amount the bank is willing to loan the borrower.
LIQUIDATION VALUE (MARKET VALUE) APPROACH
The anticipated value of an asset that would be realized in case of liquidation of the business.
MANAGEMENT
The art and science of motivating people toward the achievement
of a goal.
MANUFACTURING BUSINESS
A business that makes finished goods from raw materials by hand or machinery.
MARKDOWN
A reduction of selling price below the original selling price.
MARKET
A group of potential customers possessing purchasing power and
unsatisfied needs.
MARKETING
The process of planning and executing the development, pricing, promotion, and distribution of an organization's goods or services.
MARKET SURVEY
A study that is used by a business to determine where the potential customers are located.
MARKET VALUE APPROACH
An approach used in business valuation which determines value based upon previous sales of similar businesses.
MARKUP
The difference between merchandise cost and selling price (i.e., gross
margin).
MERCHANDISING BUSINESS
A business that purchases finished goods for resale.
MORTGAGE
A claim given by the borrower to the lender against the borrower's property in return for a loan.
MORTGAGE LOAN
A loan secured by a mortgage on property.
OCCUPATIONAL SAFETY AND HEALTH ACT (OSHA)
A governmental agency with the responsibility for regulatory and enforcement safety and health matters for most United States employees; an individual state OSHA agency may supersede the U. S. Department of Labor OSHA regulations.
OPEN-END CREDIT (REVOLVING CREDIT)
A line of credit that may be used over
and over again up to a certain borrowing limit.
OPERATING RATIOS
A comparison of profit and each item of expense in the income statement expressed as a percentage of sales income; the operating ratios can be compared to the industry standards in regard to measuring the possible growth of the business.
OVERHEAD
Expenses incurred in the normal operation of a business.
PARTNERSHIP
The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.
PATENT
The registered right of an inventor to make, use, and sell an invention.
PERSONAL CAPITAL (EQUITY CAPITAL)
Capital that is invested in the business
by the owner(s).
PLANNING
That function of determining in dvance what needs to be accomplished in order to achieve a particular goal.
PRICING POLICY
Factors which influence prices.
PRODUCT LIABILITY INSURANCE
Insurance that protects a firm against claims that its product caused bodily injury or property damage to the user.
PROPRIETORSHIP
SEE SOLE PROPRIETORSHIP
RECRUITMENT
The process of forming a pool of qualified applicants for tasks that
need to be filled.
REPLACEMENT VALUE APPROACH
The fair market price to purchase similar products in similar condition.
RESUME
Written summary of one's personal, educational, and professional
achievements.
RISK
A condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for.
RISK MANAGEMENT
All efforts designed to preserve assets and earning power associated with a business.
SALES PROMOTION
A plan which provides inducements to potential purchasers of products and/or services.
SELF-INSURANCE
A form of risk management whereby a part of the firm's earnings is earmarked as a contingency fund for possible future losses, specifically for individual loss categories such as property, medical, or worker's compensation.
SERVICE BUSINESS
A business that provides a service as opposed to a product.
SMALL BUSINESS
A business which is independently owned and operated and is not dominant in its field of operations.
SMALL BUSINESS ADMINISTRATION (SBA)
The principal government agency
concerned with the financing, operation, and management of small businesses.
SOLE PROPRIETORSHIP (PROPRIETORSHIP)
A business owned by one person
who is subject to claims of creditors.
STAFFING
A management function dealing with the recruitment, selection, placement, training, development, and appraisal of the employees of the firm.
TANGIBLE ASSETS
Those assets that can be appraised by value or seen or touched.
TERM LIFE INSURANCE
Life insurance that has no cash value whenever the policy expires.
TRADE CREDIT
A form of credit that is extended by one business to another business to help finance distribution of producer's goods.
TRADEMARK
An intangible asset that is a distinct name, sign, or symbol that the
federal government grants exclusive rights to use for a specified period of time.
UNIVERSAL LIFE INSURANCE
A combination of whole life insurance and term life insurance.
VARIABLE EXPENSE
A cost which is uniform per unit, but fluctuates in direct proportion to change in the related total activity or volume.
VENTURE CAPITALIST
Anyone that invests in, or financially sponsors, a new business.
VIETNAM ERA VETERANS READJUSTMENT ACT
Outlaws discrimination in employment against Vietnam Era veterans.
WHOLE LIFE INSURANCE
Life insurance that gives lifetime protection to the insured person.
WORKING CAPITAL (CIRCULATING CAPITAL)
The difference between current
assets and current liabilities.