Absolute advantage - answer✔✔a monopoly that exists when a country is the only source of an
item, the only producer of an item, or the most efficient producer of an item
Accountability - answer✔✔the principle that employees who accept an assignment and the
authority to carry it out are answerable to a superior for the outcome
Accounting - answer✔✔the recording, measurement, and interpretation of financial information
Accounting Cycle - answer✔✔the four-step procedure of an accounting system: examining
source documents, recording transactions in an accounting journal, posting recorded transactions,
and preparing financial statements
Accounting Equation - answer✔✔assets equal liabilities plus owners' equity
Accounts Payable - answer✔✔the amount a company owes to suppliers for good and services
purchased with credit
Accounts Receivable - answer✔✔money owed a company by its clients or customers who have
promised to pay for the products at a later date
accured expenses - answer✔✔all unpaid financial obligations incurred by an organization
Personal Financial Planning - answer✔✔the purchase of one company by another, usually by
buying its stock
Administrative Managers - answer✔✔those who manage an entire business or a major segment
of a business; they are not specialists but coordinate the activities of specialized managers
Advertising - answer✔✔a paid form of nonpersonal communication transmitted through a mass
medium, such as television commercials or magazine advertisements
advertising campaign - answer✔✔designing a series of advertisements and placing them in
various media to reach a particular target market
Affirmative Action Programs - answer✔✔legally mandated plans that try to increase job
opportunities for minority groups by analyzing the current pool of workers, identifying areas
where women and minorities are underrepresented, and establishing specific hiring and
promotion goals, with target dates, for addressing the discrepancy
agenda - answer✔✔a calendar, containing both specific and vague items, that covers short-term
goals and long-term objectives
analytical skills - answer✔✔the ability to identify relevant issues, recognize their importance,
understand the relationships between them, and perceive the underlying causes of a situation
annual report - answer✔✔summary of a firm's financial information, products, and growth plans
for owners and potential investors
Arbitration - answer✔✔settlement of a labor/ management dispute by a third party whose
solution is legally binding and enforceable
personal net worth - answer✔✔legal documents that set forth the basic agreement between
partners
Asia-Pacific Economic Cooperation (APEC) - answer✔✔an international trade alliance that
promotes open trade and economic and technical cooperation among member nations
asset utilization ratios - answer✔✔ratios that measure how well a firm uses its assets to generate
each $1 of sales
Assets - answer✔✔a firm's economic resources, or items of value that it owns, such as cash,
inventory, land, equipment, buildings, and other tangible and intangible things
Association of Southeast Asian Nations (ASEAN) - answer✔✔a trade alliance that promotes
trade and economic integration among member nations in Southeast Asia
attitude - answer✔✔knowledge and positive or negative feelings about something
automated clearinghouses (ACHs) - answer✔✔a system that permits payments such as deposits
or withdrawals to be made to and from a bank account by magnetic computer tape
Automated Teller Machine (ATM) - answer✔✔the most familiar form of electronic banking,
which dispenses cash, accepts deposits, and allows balance inquiries and cash transfers from one
account to another
Balance of payments - answer✔✔the difference between the flow of money into and out of a
country
balance of trade - answer✔✔the difference in value between a nation's exports and its imports
Balance Sheet - answer✔✔a "snapshot" of an organization's financial position at a given moment
behavior modification - answer✔✔changing behavior and encouraging appropriate actions by
relating the consequences of behavior to the behavior itself
Benefits - answer✔✔nonfinancial forms of compensation provided to employees, such as
pension plans, health insurance, paid vacation and holidays, and the like
Blogs - answer✔✔web-based journals in which writers editorialize and interact with other
internet users
board of directors - answer✔✔a group of individuals, elected by the stockholders to oversee the
general operation of the corporation, who set the corporation's long-range objectives
Bonds - answer✔✔debt instruments that larger companies sell to raise long-term funds
Bonuses - answer✔✔monetary rewards offered by companies for exceptional performance as
incentives to further increase productivity
Boycott - answer✔✔an attempt to keep people from purchasing the products of a company
Branding - answer✔✔the process of naming and identifying products
Bribes - answer✔✔payments, gifts, or special favors intended to influence the outcome of a
decision
Brokerage Firms - answer✔✔firms that buy and sell stocks, bonds, and other securities for their
customers and provide other financial services
Budget - answer✔✔an internal financial plan that forecasts expenses and income over a set
period of time
Budget Deficit - answer✔✔The condition in which a nation spends more than it takes in from
taxes
Business - answer✔✔individuals or organizations who try to earn a profit by providing products
that satisfy people's needs
buisness ethics - answer✔✔Principles and standards that determine acceptable conduct in
business
buisness plan - answer✔✔A precise statement of the rationale for a business and a step-by-step
explanation of how it will achieve its goals
business products - answer✔✔products that are used directly or indirectly in the operation or
manufacturing processes of businesses
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