Business Final

_____ is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals.

Human Resource Management

The Financial Accounting Standards Board (FASB) is currently:

A private, non for profit organization standard setting body whose primary purpose is to establish and improve generally accepted accounting principles within the United States in the public's interest.

A(n) _____ is a summary of the money flowing into and out of a firm.

Statement of Cash Flow

_____ planning is the creation of long-range, comprehensive objectives and the development of long-term courses of action.

Strategic

Steps in the new product development process

1. Idea Generation 2. Screening 3. Business Analysis 4. Development 5. Test Marketing 6. Commercialization

Stages of Product Life Cycle

1. Introduction 2. Growth 3. Maturity 4. Decline

The four functions of management?

1. Planning 2. Organizing 3. Leading 4. Controlling

Managerial accounting provides information that would probably be most beneficial to:

A manager of the Company

_____ involves creating a unique marketing mix for every consumer.

One-to-One Marketing

Which of the following calculations is a formal expression of the accounting equation?

assets = liabilities + owners' equity

The first step in controlling is to

find out how the organization went about its business

To ensure accuracy and consistency in the way financial information is reported, accountants follow rules known as:

generally accepted accounting principles

Ethan Djuna is a territorial salesperson for Lennox heating and air conditioning systems. Every six months Djuna's sales manager gives him feedback by showing Djuna a comparison between his actual sales figures and his sales objectives. This feedback is called a _____ appraisal.

performance

A _____ union is a branch union that represents a specified area or even a specific plant.

task-oriented

An organization's _____ is its general purpose or reason for existence.

Mission

Current assets, such as marketable securities and inventory, usually are expected to be turned into cash within:

One Year

_____ is the process of arranging the structures and relationships of human and material resources to carry out an organization's plans.

Organizing

The three basic roles of management are:

Planning, Organizing, Controlling

Things of value owned by a firm are called its:

Assets

_____ is the process of negotiating labor agreements between union members and management.

Bargaining Agreement

_____ is the system used to record a firm's financial transactions in a routine and clerical process.

Bookkeeping

Which of the following is a consumer nondurable?

Breakfast Cereal

Price is:

Capturing value and is everything a buyer gives up in exchange for the product

_____ is the set of values, ideas, attitudes, and symbols created to shape human behavior.

Culture

There are numerous office supplies manufacturers. U.S.-based Esselte concentrates on selling filing products and desktop products such as staplers and pen sets. Because the Esselte brand is recognized as an innovative leader in the development of filing products and desktop items, the company can be said to have a(n):

Differential competitive advantage

_____ deals with reporting to outsiders. _____ accounting deals with the internal operations of the firm.

Financial Accounting and Managerial Accounting

A ______ is a formal complaint, by an employee or by the union that management has violated some part of the contract.

Grievance

A(n) _____ is a summary of what a company has earned and spent over a given period.

Income Statement

The _____ role of a manager consists of relationships with other people as figurehead, leader, and liaison.

Interpersonal

_____ is the process of guiding and motivating others toward the achievement of organizational goals.

Leadership

The ratios that are of special interest to the firm's creditors and measure the firm's ability to pay short-term debts as they come due are called _____ ratios.

Liquidity

_____ is the process of guiding the development, maintenance, and allocation of resources needed to attain organizational goals.

Management

Human resource management is the process of _____ people in order to achieve organizational goals.

Managing

_____ is the division of markets into different groups

Market Segmentation

The _____ is based on the five P's.

Marketing

_____ is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

Marketing

Reisner, Inc., is a small company that manufacturers egg cartons. It has a sales force of fifteen who sell all over the U.S. Last year the company exceeded its predicted sales by almost $25,000. Forty percent of these added sales were divided equally among Reisner's salespeople. Reisner used a(n) _____ to reward its salespeople.

Profit Sharing Plan

_____ involves calculating and interpreting financial ratios taken from the firm's financial statements in order to assess its condition and performance.

Ratio Analysis

_____ is the attempt to find and attract qualified job applicants in the external labor market.

Recruitment

On a statement of cash flows for a pizza restaurant, the cash flows from investment activities section would include:

The recipes used by the restaurant

_____ is the action that people take in buying and using goods and services.

Trade

A falling box injured Beatrice Hix while she was helping to unload a truckload of aquariums for her employer, a pet store operator. She is receiving pay for lost work time due to the work-related injury. _____ paid her for her lost work time.

Workman's Comp

How has the Sarbanes-Oxley Act affected accountants?

a creation of additional responsibility to the accountants.

An apprenticeship:

a program that trains a worker to become skilled in a particular trade.

The first step in performance planning and appraisal is to:

determine the reasons your organization wants to evaluate employee performance.

The Occupational Safety and Health Act requires:

employers to comply with safety and health standards and regulations promulgated by OSHA or by a state with an OSHA-approved state plan.

_____ is the process of ensuring that the organization's objectives are being met and of correcting deviations from the plan.

Control

Aldi is a no-frills grocery chain. It sells grocery staples right out of crates and boxes. By controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to Kroger customers. The supermarket chain's emphasis on maintaining its cost competitive advantage means the company's top management is often concentrating on its _____ strategy.

Cost competitive Advantage

_____ is the ratio of benefits to the sacrifice necessary to obtain those benefits.

Customer Value

A basic form of market segmentation that uses such variables as age, education, and income is called:

Demographic Shenshen Zhongxing Telecom (ZTE)

_____ is the process of distributing the original cost of a long-term asset over the years of its useful life.

Depreciation

A (n) _____ is any good or service that satisfies wants, along with its perceived attributes and benefits.

Product

_____ involves presenting an accurate and positive image of the firm to those it is recruiting for jobs.

Recruitment Branding

_____ skills refer to a manager's ability to operate in diverse cultural environments.

Relations

When your boss gives you a raise, he or she is using _____ power.

Reward

In new-product development, _____ is the stage at which products that do not meet new-product goals are rejected.

Screening

Topik is a product that is sprayed on thinning hair and makes the hair appear thicker. The manufacturer considers its potential market to be blue-collar workers who earn less than $30,000 per year, are divorced, and who like to think of themselves as weekend athletes. The manufacturer of Topik considers this group to be its:

Target Market

The specialized knowledge and ability that a person brings to a job, such as computer programming, is called a(n) ______ skill.

Technical

The tool most widely used in making hiring decisions is the:

Selection Interview

A strategy of charging a high introductory price for a new product that invites eventual competition is called price:

Skimming

Accounting involves the _____ of the financial activities for firms.

Summarizing

The lowest level of management, which usually has the most people to manage, is called _____ management.

Supervisory

The Sarbanes-Oxley Act:

The Act contains provisions affecting corporate governance, risk management, auditing, and financial reporting of public companies, including provisions intended to deter and punish corporate accounting fraud and corruption.

The process that products go through as they pass through their introduction, growth, maturity, and decline stages is called the:

Product Life Cycle

_____ is the process of determining which persons in the applicant pool possess the qualifications necessary to be successful on the job.

Selection