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24 Cards in this Set
- Front
- Back
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Appreciation |
An upward adjustment of the value of an asset held on a company's accounting books. Can occur for a number of reasons such as increased demand or weakening supply, changes in inflation or interest rates. (Investopedia) |
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Bankruptcy
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A legal proceeding involving a person or business that is unable to pay outstanding debts. Begins with a petition filed by the debtor(usually) or on behalf of creditors. All of the debtors assets are measured and evaluated, whereby they are used to pay off a portion of the outstanding debt. (Investopedia) |
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Default |
The failure to promptly pay interest or principle when due. Occurs when a debtor is unable to meet the legal obligation of debt repayment. (Investopedia) |
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Delinquency
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Occurs the day after the loan borrower fails to make his due date payment. (Investopedia) |
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Integer Value |
An integer is a whole number(not a fractional number) that can be positive, negative, or zero. (Google) |
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Discrete Variable |
Could be any integer value(whole number) between 0 and positive infinity, but not any number between 0 and positive infinity.(StatTrek) |
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Continuous Variable |
Could be any number between 0 and positive infinity or between two specified values. (StatTrek) |
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Frequency Distribution |
Shows what values have occurred and how often they occurred. (MT) |
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Business Unit |
A logical element or segment of a company(such as accounting, production, marketing) , representing a specific business function and a definite place on the organizational chart under the domain of a manager. (Business Dictionary) |
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Business Function |
A process or operation that is carried out routinely to carry out a part of the mission of an organization. (Business Dictionary) |
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Process |
Sequence of interdependent and linked procedures at every stage, consume one or more resources(employee time, energy, machines, money) to convert inputs(data, materials, parts, etc.) into outputs. Outputs then serve as inputs for the next stage until a known goal or end result is reached. (Business Dictionary) |
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Dignitary |
A person considered to be important because of high rank(VIP). |
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Administrative Agency |
A federal, state, or local government agency created by the legislature to perform a specific function, such as to make and enforce rules pertaining to the environment |
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Executive agencies |
Exist within the cabinet department of the executive branch and are subject to the authority of the president who has the authority to appoint and remove their officers. |
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Independent regulatory agencies |
Presidents power is less pronounced in regards to these agencies(such as the SEC), since the officers serve for a fixed term and cannot be removed without just cause. |
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Enabling legislation |
A statute enacted by Congress that authorizes the creation of an administrative agency and specifies the name, composition, purpose, and powers of the agency being created. |
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Adjudicate |
To render a judicial decision; Adjudication is the trial-like proceeding in which an administrative law judge hears and resolves disputes involving an administrative agency's regulations |
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Administrative Process |
The procedure used by administrative agencies in administering the law; the incorporation of legislative(rulemaking), executive(investigation and enforcement), and judicial branch(adjudication) functions . |
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Rulemaking |
The process by which an administrative agency formally adopts a new regulation or amends an old one. |
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Legislative Rule |
An administrative agency's rule that carries the same weight as a congressionally enacted statute. |
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3 Steps to Legislative rulemaking |
1. Agency must give public notice 2. Agency must give ample time to interest parties to comment in writing on proposed rule 3. Agency must draft and publish the final rule in the Federal Register. |
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Interpretive rules |
A nonbinding rule or policy statement issued by an administrative agency that explains how it interprets and intends to apply the statutes it enforces. |
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Legal Controversy |
An actual dispute between individuals who seek judicial resolution of their grievances that have arisen from a conflict of their alleged legal rights. (legaldict) |
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Economies of scale |
Related to the output of goods in which the more goods produced allow for a lower fixed cost per unit. There's an inverse relationship between the amount of goods produced and the fixed cost per unit. This greater output may allow for more operational efficiency, which could also lower the variable costs per unit. |
