Business Administration Core

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1. proprietorship: A business owned by one person
2. partnership: a business owned by two or more people
3. types of partnerships: general and limited
4. general partnership: unlimited liability for each partner
5. limited partnership: limited liability for each partner
6. 4 types if corporation: private, S, public, nonpro
7. 3 ways corporations can grow: 1. merger with another company
2. consolidation
3. expansion
8. Franchising: a method of distributing recognized goods and services through a
legal agreement
between two parties
9. 2 types of franchises: business format and product distribution
10. Licensing: an owner's authorization or permission for another entity to use
trademarked,
copyrighted, or patented material for a specific activity, during a specific time period,
for the profit of
both parties
11. Joint ventures: occur when two or more businesses enter into a relationship by
combining complementary resources such as technology, skills, capital, or distribu-
tion channels for
the benefit of all parties
12. corporate culture: a business's environment is the way employees and cus-
tomers feel when they interact with the organization
13. FAQ: Frequently Asked Questions
14. credit limit: the maximum amount of money that the credit user
can owe
15. emotional intelligence: described as being aware of your own emotions, re-
sponding to them appropriately, and then doing the same with the emotions of other
people
16. cognitive ability: ability to learn and understand
17. EQ: a person's level of emotional
intelligence
18. Awareness of emotions: refers to how well you know your own emotions,
including your moods and behavior tendencies
19. Accurate self-assessment: you are aware of your strengths, weaknesses, and
limitations
20. Self-confidence: Your awareness and assessment of these emotions gives you
the confidence you need to deal with them
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21. Self-control: the ability to control impulses and delay short-term gratification for
greater long-term rewards
22. Transparency: means being who you say you are
23. Achievement: They often set high standards for themselves so
that whatever they do is evaluated in terms of their goals
24. A positive attitude: see their circumstances as a "glass half-full" instead of as
a "glass half-empty.
25. Empathy: means understanding the feelings, thoughts, and experiences of
another person
26. Service: means being willing to help others, whether in everyday situations
27. Organizational awareness: person's ability to see the larger picture in an
organization
28. Effective communication: able to listen carefully and use words and body
language that accurately reflect your thoughts and feelings
29. Recognition of others: is acknowledging the significance of other people
30. A sense of teamwork: means that you are cooperative, willing to share infor-
mation and plans, and able to draw others in
31. Negotiation skills: they help you to settle disagreements
32. A change catalyst: someone who recognizes the need to improve a situation
and who works to make it happen
33. Communicating needs effectively: are aware of your own emotions, you can
speak about your needs and wants in a way that is more exact
34. Responding to criticism: recognize and understand that becoming defensive
is a natural first response, you can move beyond it and face the issue in a mature
and productive manner
35. Solving problems: easier to solve problems when you acknowledge and sepa-
rate negative feelings from the positive action you can take to find a solution
36. Initiative: the willingness to act without having to be told to
do so
37. interdependent: dependent on one another
38. Adaptability: flexible and able to adjust to changes that occur
39. Alertness: being aware all the time
40. Assertiveness: being able to stand up for one's rights without taking away the
rights of others
41. Cooperativeness: being able to work well with others
42. Creativity: the ability to produce novel and valuable ideas
43. Industriousness: to work hard
44. proactive: people who act on opportunities when they see them and solve
problems before they occur
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45. reactive: hesitant to take action until a problem occurs or someone asks them
to help
46. attitude: your basic outlook on life
47. optimists: they are looking on the bright side of things
48. pessimists: those with negative atitudes
49. functional conflict: occurs when people disagree about something tangible or
concrete
50. emotional conflict: arises when people have different personal beliefs, values,
or experiences
51. yielding: giving into something
52. Achievement orientation: a drive to accomplish one's goals and to meet or
exceed a high standard of success
53. status quo: Existing state or condition
54. achievement behavior: considered one of the four main types of leadership
behaviors or styles.
55. ethnocentrism: The belief that your own culture is naturally better than other
cultures
56. Credit: arrangement by which businesses or individuals can
purchase a good or service now and pay for it later
57. Revolving credit accounts: the maximum amount of money that the credit user
can owe (also known as the credit limit) is set at the time the credit account is opened
58. Installment credit accounts: are designed to handle one total amount of credit,
which is paid in installments within a certain time period
59. title: or legal ownership document, for an item purchased on installment credit
is made out in the name of the credit user
60. Secured loans: secured, or collateral, loan, the borrower pledges to the lender
some valuable possession as collateral
61. Unsecured loans: known as a signature loan, is an amount of money borrowed
by an individual or a business simply by signing a promissory note
62. promissory note: a written promise to repay the loan
63. Commercial banks: Full-service banks offer a variety of credit services, includ-
ing secured and unsecured loans, installment
credit, and bank credit cards
64. Savings and loan associations: they make loans similar to those made by
commercial banks, but many of their loans are still for real-estate purchases
65. Credit unions: -are cooperative financial institutions that are owned by their
members
-they provide savings accounts and credit services. They usually offer their members
small loans, installment credit, and low interest rates
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66. Sales finance companies: offer credit through retailers such as car dealerships
67. APR: Annual Percentage Rate
68. finance charges: fees charged for buying on credit
69. earnings statement: The document given to an employee by an employer
showing wages and payroll deductions.
70. operating statement: Another name for an income statement
71. profit and loss statement: income statement
72. Gross profit: Gross profit is determined by subtracting the cost of goods sold
from revenue
73. "gross": a total sum of money
74. Net income: the difference between total revenue and total expenses when total
revenue is greater
75. assets: anything of value that a business owns
76. Owner equity: assets minus liabilities
77. Loan payments: Loans are a source of cash flowing into and out of a business
78. accounting: the process of keeping and interpreting financial records
79. Financing: process of funding a business venture
80. risk-averse: People who face risk with a negative attitude
81. Investment Risk Pyramid:

82. securities: the legal lending or owning agreements between individuals, busi-
nesses, or governments
83. bond: A financial security that represents a promise to repay a fixed amount of
funds
84. stock: A share of ownership in a corporation.
85. mutual fund: fund that pools the savings of many individuals and invests this
money in a variety of stocks, bonds, and other financial assets
86. stock mutual fund: A mutual fund that has more risks and more potential
rewards
87. depreciation: a lessening in value
88. real estate: property consisting of land or buildings
89. endowment fund: income derived from donations that is set aside for a specific
purpose
90. net worth: assets minus liabilities
91. creditors: people who owe money
92. accrual accounting method: A method of accounting that records transactions
at the time they occur even if no money changes hands at the time
93. ledger: an accounting record for a specific department or area of the business

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94. trial balance: a listing of the business's different accounts and their current
balances, found in the different ledgers
95. accounting standards: rules for preparing financial statements
96. balance sheet: A financial statement that reports assets, liabilities, and owner's
equity on a specific date.
97. liabilities: debts that you owe
98. income statement: A financial statement showing the revenue and expenses
for a fiscal period.
99. cash flow statement: financial summary estimating when, where, and how
much money will flow into and out of a business during a specific period of time
100. cash flow: the movement of funds into and out of a business
101. cash surplus: income exceeds expenses
102. fixed expenses: Costs that do not change from month to month
103. variable expenses: expenses that change from month to month
104. Variences: inconsistencies between what was predicted and what actually
happened
105. fixed budget: stay the same, also known as a static or master budget
106. flexible budget: can be adjusted with changes in activity and used
to compare to the fixed budget to see how the company is doing, also know as
variable or dynamic budget
107. rolling budget: Also known as a continuous budget, a rolling budget is con-
stantly being updated—usually by perpetually
adding one more month to the end of the budget period
108. Incremental budgeting: managers make adjustments to the upcoming budget
based on results from the previous budgeting period
109. Zero-based budgeting: but it ensures that each new budget is as updated and
accurate as possible
110. discrepancies: disagreement
111. reconciliation: is a comparison of a business's internal accounting records to
external records of some kind
112. Conformity: the tendency to behave in the same way that everyone else does,
rather than exercising one's own judgment
113. SWOT: strengths, weaknesses, opportunities, threats
114. environmental scanning: Collecting information about the environment sur-
rounding your business
115. marketing-information management system (MkIS): An organized way of
continuously gathering, sorting, analyzing, evaluating, and distributing marketing
information

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116. market share: the portion of a market controlled by a particular company or
product.
117. test marketing: the process of introducing a new product to a limited market
to determine what its acceptance will be
118. sales invoice: itemized statement of money owed for a good or service
119. trade journals: industry-specific publications
120. SMART: Specific, Measurable, Attainable, Realistic, Timely
121. Internal data: information or records from within an organization
122. External data: data that already exist outside the organization
123. Qualitative data: descriptive data
124. secondary research: collecting data that already exist in some form
125. Primary Research: research done firsthand for the first time
126. target population: the whole group you want to study or describe
127. probability design: random selection of participants that guarantees that each
member of the population has an equal chance of being selected
128. Simple random sampling: a probability sampling procedure in which every
sampling unit has a known and equal chance of being selected
129. Systematic random sampling: similar to simple random sampling but the
defined target population is ordered in some way
130. stratified random sampling: separation of the target population into different
groups, called strata, and the selection of samples from each stratum
131. stratum: a level or layer
132. proportionately stratified sampling: each stratum is dependent on its size
relative to the population
133. disproportionately stratified sampling: size of each stratum is independent
of its relative size in the population
134. Cluster sampling: similar to stratified random sampling, but it requires mar-
keters to divide the target population into non-overlapping sub populations (called
clusters) that are determined by geography.
135. non-probability design: the probability of selecting each sampling unit is not
known, and the selection process is not random
136. Convenience sampling: choosing individuals who are easiest to reach
137. judgment sampling: A non-probability sampling method in which participants
are selected according to an experienced individual's belief that they will meet the
requirements of the study
138. demographics: the distribution of human population groups
139. quota sampling: demographics of the sample coincide with those of the whole
population

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140. Snowball sampling: participants are asked to recommend a few acquain-
tances for the study
141. multi-stage sampling: a sampling plan that combines two or more sampling
procedures
142. qualitative data: descriptive data
143. sales volume analysis: allows a company to measure its actual sales against
a number of different criteria
144. decision problem: the basic issue the business's managers are facing
145. situation analysis: exploratory research, conducted with the purpose of pro-
viding a more complete understanding of the research problem and the total busi-
ness environment in which it exists
146. Inventiveness: the ability to create something original
147. imagination: the ability to see something that's not there
148. Innovation: the ability to make relevant changes or improvements
149. Concept mapping: a visual means of exploring connections between a subject
and related ideas
150. Accounting: record, classify, summarize, analyze, and communicate a busi-
ness's financial information
151. small businesses: employ fewer than 500 people
152. angel investors: wealthy individuals who seek high returns through private
investments
153. Deductions: Amounts subtracted from your gross pay
154. code of conduct: a statement that guides the ethical behavior of a company
and its employees
155. Order of Consequences: verbal warning, written warning, reduced responsi-
bilities and/or privileges, suspension, termination, criminal charges

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