Business Management 1010

  1. an organization that provides goods or services to earn profits
  2. the difference between a business's revenues and its expenses
  3. nations system for allocating its resources among its citizens
    economic system
  4. resources used int the production of goods and services, labor, capital, entrepreneurs, physical and information resources
    factors of production
  5. funds needed to create and operate a business
  6. individuals who create and operate new busniess ventures
  7. economy that relies on a centralized government to control all or most factors of production
    planned economy
  8. political system in which the government owns and operates all factors of production
  9. economy in which individuals control production and allocation decisions through supply and demand
    market economy
  10. mechanism for exchange between buyers and sellers of a particular good or service
  11. system that sanctions private ownership and encourages entrepreneurship through profits
  12. economic system featuring characteristics of both planned and market economies
    mixed market economy
  13. process of converting government enterprises into privately owned companies
  14. planned economic system in which the government owns and operates only selected major sources of production
  15. willingness and ability of buyers to purchase a good or service
  16. willingness and ability of producers to offer a good or service for sale
  17. a situation in which quantity supplied exceeds quantity demanded
  18. situation in which quantity demanded exceeds quantity supplied
  19. vying among businesses for the same resources or customers
  20. market/industry where there is only one producer that can therefore set prices of its products
  21. total value of all goods and services produced by a national economy through domestic factors of production
    gross domestic product
  22. total value of all goods and services produced by a national economy regardless of where the factors of production are located
    gross national product
  23. economic value of all the products that a country exports minus the econmic value of all the products it imports
    balance of trade
  24. amount of money the government owes its creditors
    national debt
  25. situation that occurs when widespread price increases occur throughout an economic system
  26. period during which aggregate output, as measured by GDP, declines
  27. a prolonged and deep recession
  28. policies that a government uses to direct how it collects and spends revenue
    fiscal policies
  29. policies that a government uses to control the size of its money supply
    monetary policies
  30. beliefs about what is right or wrong and good or bad in actions the affect others
  31. groups, individuals, and organizations that are directly affected by the practices of an organization
    organizational stakeholders
  32. illegal agreement between 2 or more companies
  33. employee who detects and tries to put an end to unethical, illegal, or irresponsible actions by publicizing them
  34. illegal practice of using special knowledge about a firm for profit or gain
    insider trading
  35. independently owned business that has relatively little influence in its market is
  36. document which summarizes business strategy and how it will be implemented is
    business plan
  37. arrangement in which a buyer purchases the right to sell the good or service of the seller
  38. group of small investors who invest money in companies with rapid growth potential
    venture capital company
  39. business owned/operated by one person who is responsible for all debts
    sole proprietorship
  40. legal principle that holds owners responible for paying off all debts of a busniness
    unlimited liability
  41. business with 2 or more owners who share both operation and financial responsibility for a firm
    general partnership
  42. business that is legally considered an entity separate from its owners and is liable for its own debts
  43. corporation whose stock is widely held and available for sale to the general public
    publicly held corporation
  44. hybrid of a publicly held coporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
    limited liability corporation
  45. roles of shareholders, directors, and other managers in corporate decision making and accountability
    corporate governance
  46. the governing body of a corporation
    board of directors
  47. top manager who is responsible for the overall performance of a corporation
  48. strategy in which 2 or more organizations collaborate on a project for mutual gain
    strategic alliance
  49. strategic alliance in which the collaboration involves joint ownership of the new venture is
    joint venture
  50. product made or grown domestically but shipped and sold abroad
  51. economic value of all products a country exports minus all the products it imports
    balance of trade
  52. situation in which a countrys imports exceed its exports, creating a negative balance of trade
    trade deficit
  53. situation in which a countrys exports exceed its imports, creating a positive balance of tade
    trade surplus
  54. the flow of all money into and out of a country
    balance of payments
  55. pratice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
  56. practice of outsourcing to foreign countries
  57. government order banning exportation and or importation of products from a particular country
  58. tax levied on imported goods
  59. process of planning, organizing, leading, and controlling an organization's resources to achieve its goals
  60. manager responsible for supervising the work of employees
    first line manager
  61. broad set of plans for implementing decisions for achieving goals
  62. the process of scanning the business enviroment for threats and opportunities
    environmental analysis
  63. situations that require a change in strategy
    contingency plan
  64. shared experiences, stories, beliefs, and norms that characterize an organization
    corporate culture
  65. diagram depicting a company's structure and showing employees where they fit into its operations
    organizational chart
  66. reporting relationsships within a company
    chain of command
  67. this is where most decision making authority is held by upper level management
    centralized organization
  68. this is where most decision making authority is delegated to levels of management below the top
    decentralized organization
  69. number of people supervised by one person is called
    span of control
  70. process through which a manager allocates work to subordinates
  71. power to make decisions necessary to complete a task
  72. obligation employees have to management for successful completion of tasks
  73. advisers who help line depts in making decisions but do not have final decision making authority
    staff members
  74. groups of operating employees empowered to organize their own work and perform with minimal supervision
    work teams
  75. network, unrelated to the firms formal authority structure, of everyday social interactions among company employees
    informal organization
  76. an employees not showing up for work
  77. annual percentage of an organizations workforce that leaves and must be replaced
  78. personal attributes that vary from one person to another
    individual differences
  79. relatively stable set of psychological attributes that distinguish one person from another
  80. five fundamental personality traits especially relevant to organizations
    big five personality traits
  81. extent to which people are self aware, can manage their emotions, can motivate themselves, express empathy for others, and possess social skills
    emotional intelligence (emotional quotient, EQ)
  82. persons beliefs and feelings about specific ideas, situations, or people
  83. degree of enjoyment that people derive from performing their jobs
    job satisfaction
  84. individuals identification with the organization and its mission
    organizational commitment
  85. set of expectations held by an employee concerning what he or she will contribute to an organization and what the organization will in return provide the employee
    psychological contract
  86. extent to which a persons contributions and the organizations inducements match one another
    person-job fit
  87. set of forces that cause people to behave in certain ways
  88. theory holding that workers are motivated solely by money
    classical theory of motivation
  89. reward that follows desired behaviors
    positive reinforcment
  90. unplesant consequences of an undesirable behavior
  91. set of procedures involving both managers and subordinates in setting goals and evaluating progress
    management by objectives (MB0)
  92. method of increasing job satisfaction by giving employees a voice in the managment of their jobs and the company
    participative managment and empowerment
  93. method of increasing job satisfaction by adding one or more motivating factors to job activites
    job enrichment
  94. the processes and behaviors used by someone, such as a manager, to motivate, inspire, and influence the behaviors of others.
  95. leader behavior focusing on satisfaction, motivation, and well being of employees
    employee focused leader behavior
  96. approach that assumes that appropriate leader behavior varies from one situation to another
    situational approach to leadership
  97. set of abilites that allows a leader to recognize the need for change, to create a vision to guide that change, and to execute the change effectively
    transformational leadership
  98. comparable to management, leadership that involes routine, regimented activites
    transactional leadership
  99. type of influence based on a leaders personal charisma
    charismatic leadership
  100. individual, task, and organizational characteristics that tend to outweigh the need for a leader to initiate or direct employee performance
    leadership substitutes
  101. factors that may render leader behaviors ineffective
    leadership neutralizers
  102. informal alliance of individuals or groups formed to achieve a comman goal
  103. innate belief about something, often without conscious consideration
  104. condition in which a decision maker becomes so committed to a course of action that she or he stays with it even when it appears to have been wrong
    escalastion of commitment
  105. extent to which a decision maker is willing to gamble when making a decision
    risk propensity
  106. set of organizational activites directed at attracting,developing, and maintaining an effective workforce
    human resource management (HRM)
  107. systematic analysis of jobs within an organization
    Job analysis
  108. description of the duties and responsibilities of a job, its working conditions, and the tools, materials, equipment, and information used to perform it
    job description
  109. description of the skills, abilities, and other credentials and qualifications required by a job
    job specification
  110. list of each management position, who occupies it, how long that person will likely stay in the job, and who is qualified as a replacement
    replacement chart
  111. computerized system containing information on each employees education, skills, work experiences, and career aspirations
    employee information system (skills inventory)
  112. process of attracting qualified persons to apply for jobs an organization is seeking to fill
  113. process of considering present employees as candidates for openings
    internal recruting
  114. process of attracting persons outside the organization to apply for jobs
    external recruiting
  115. off the job traing conduted in a simulated enviroment
    vestibule training
  116. training, sometimes informal, conducted while an employee is at work
    on the job training
  117. training conducted in a controlled enviroment away from the work site
    off the job training
  118. evaluation of an employees job performance in order to determine the degree to which the employee is peforming effectively
    performance appraisal
  119. total package of rewards that organizations provide to individuals in return for their labor
    compensation system
  120. compensation in the form of money paid for time worked
  121. compensation in the form on money paid for discharging the responsibilites of a job
  122. special compensation program designed to motivate high performance
    incentive program
  123. individual perfromance incentive in the form of a special payment made over and above the emplyees salary
  124. individual incentive linking compensation to performance in nonsales jobs
    merit salary system
  125. benefit plan that sets limits on benefits per employee, each of whom may choose from a variety of alternative benefits
    cafeteria benefits plan
  126. legally mandated nondiscrimination in employment on the basis of race, creed, sex, or national origin
    equal employment opportunity
  127. set of individuals who by nature of one or more common characteristics is protected under the law from discrimination on the basis of that characteristic
    protected class
  128. federal agency enforcing several discrimination related laws
    equal employment opportunity commission (EEOC)
  129. federal law setting and enforcing guidelines for protecting workers from unsafe conditions and potential health hazards in the workplace
    occupational safety and health act of 1970
  130. unwelcome sexual advances in the workplace
    sexual harassment
  131. form of sexual harassment in which sexual favors are requested in return for job related benefits
    quid pro quo harassment
  132. form of sexual harassment deriving from off color jokes lewd comments, and so forth
    hostile work enviroment
  133. principle, increasingly modified by legislation and judicial decision, that organizations should be able to retain or dismiss employees at their discretion
    employment at will
  134. group of individuals working together to achieve shared job related goals, such as higher pay, shorter working hours, more job security, greater benefits, or better working conditions
    labor union
  135. process of dealing with employees who are represented by a union
    labor relations
  136. labor action in which employees temporaily walk off the job and refuse to work
  137. labor action in which workers publicize their grievances at the entrance to an employers facility
  138. labor action in which workers refuse to buy the products of a targeted employer
  139. labor action in which workers perform jobs at a slower than normal rate
    work slowdown
  140. management tactic whereby workers are denied access to the employers workplace
  141. worker hired as a permanent or temporary replacement for a striking employee
  142. method of resolving a labor dispute in which a third party suggests, but does not impose, a settlement
  143. method of resolving a labor dispute in which both parites agree to submit to the judgment of a neutral party
Card Set
Business Management 1010
Final Exam