Peregrine
Data for a particular subdivision near downtown Houston indicate that the average price per square foot for a home is $100 with a standard deviation of $5 (normally distributed). What is the probability that the average price per square foot for a home is greater than $90?
0.977
Hyperlink
A link from a hypertext file or document to another location or file, typically activated by clicking on a highlighted word or image on the screen
the demand curve faced by a monopolistically competitive firm is downward sloping, while the demand curve faced by a perfectly competitive firm is horizontal
A monopolistically competitive firm differs from a perfectly competitive firm in the long run in that: A. the demand curve faced by a monopolistically competitive firm is downward sloping, while the demand curve faced by a perfectly competitive firm is horizontal. B. profits are positive for a monopolistically competitive firm and zero for a perfectly competitive firm. C. profits are zero for a monopolistically competitive firm and positive for a perfectly competitive firm. D. marginal cost equals the market price for a monopolistically competitive firm but not for a perfectly competitive firm.
penalty
A sum inserted into a contract, not as a measure of compensation for its breach but rather as punishment for a default. The agreement as to the amount will not be enforced, and recovery will be limited to actual damages.
Exponential Smoothing
A weighted-moving-average forecasting technique in which data points are weighted by an exponential function. Quantitive Forcasting Model
The market supply and market demand for labor
Absent government interference, the wage rate for labor in a competitive market is established: solely by the firm's demand for labor. by the market supply and market demand for labor. by both the demand for and supply of labor at each individual firm. solely by the market supply of labor.
process costing system
An accounting system that accumulates costs by process. Used by companies that manufacture identical units through a series of uniform production steps or processes.
Phishing
An attack that sends an email or displays a Web announcement that falsely claims to be from a legitimate enterprise in an attempt to trick the user into surrendering private information
Markerts want to increase the share they got of customers purchasing in the product catagories.
Apart from retaining good customers, most marketers want to constantly increase their "share of customer." What does this mean in marketing terms
minimize the total cost (cost of maintenance plus cost of downtime).
Assume that we are using a waiting line model to analyze the number of service technicians required to maintain machines in a factory. Our goal should be to:
unrelated to the market portfolio
Beta coefficient of 0
investment grade bonds
Bonds rated triple-B or higher; many banks and other institutional investors are permitted by law to hold only investment-grade bonds
derived demand
Business demand that ultimately comes from the demand for consumer goods.
1,100
Canine Company produces and sells dog treats for discriminating pet owners. The unit selling price is $10, unit variable costs are $7, and total fixed costs are $3,300. How many dog treats must Canine Company sell to breakeven?
competition
Casey has finally finished his Saturday chores and is preparing for a little "me time" away from the house and family. He and his wife have agreed on a budget of $50 for his weekly Saturday outings with his buddies. They are debating whether to play golf, watch the game at the local sports bar, or visit the car show as they only have funds for one of these. What environmental force are Casey and his friends experiencing
Customer Attributes
Characteristics that allow customers to be categorized according to demographic, psychographic, or firmographic information
Negative Demand
Consumers dislike the product and may even pay to avoid it.
1.33
Customers enter the waiting line at a cafeteria on a first-come, first-served basis. The arrival rate follows a Poisson distribution, while service times follow an exponential distribution. If the average number of arrivals is four per minute and the average service rate of a single server is seven per minute, what is the average number of customers in the system?
Total liablities / total assets
Debt ratio
Composite demand
Demand for a good which has more than one use
DNS
Domain Name System
command and control
Economic system that relies on one central authority to make economic decisions.
democratic
Ensuring that all people have the same rights
Financial Accounting Standards Board
FASB
Fredrick Taylor
Father of scientific management
market development strategy
FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ____________ strategy.
Breakeven Formula
Fixed costs / selling price - variable costs
higher profits
Formal planning typically leads to which of the following? Higher sales but lower profits Tension between different management levels Lower productivity Higher profits
6
Given an activity's optimistic, most likely, and pessimistic time estimates of 2, 5, and 14 days respectively, comp
Laissez-faire
Idea that government should play as small a role as possible in economic affairs.
highly elastic
If a sharp increase in prices results in marked decrease in demand, what is true of the demand for the product?
7,143
If the exchange rate between the U.S. dollar and the Euro is $1.40 per Euro, how many Euros will be needed to purchase a $10,000 asset?
the increases in wheat harvested will get smaller and smaller.
If we add successive laborers to work a given amount of land on a wheat farm, eventually:
Delphi Method (Qualitative)
Internal and external experts are surveyed about future events and long-term forecasts of demand. Multiple survey rounds until there is a consensus
ISP
Internet Service Provider
MIS
Management Information System. Helps managers gain operational effciency, competitivness, and market niche
rational appeal
Marketing appeals that are directed at the consumer's practical, functional need for the product or service. Ex. quality economy value or performance
1,200
R. C. Barker makes purchasing decisions for his company. One product that he buys costs $50 per unit when the order quantity is less than 500. When the quantity ordered is 500 or more, the price per unit drops to $48. The ordering cost is $30 per order and the annual demand is 7,500 units. The holding cost is 10 percent of the purchase cost. If R. C. orders 500 units each time he places an order, what would the total annual holding cost be?
Pharming
Reroutes requests for legitimate websites to false websites
Parole Evidence Rule (PER)
Rule: PER Keeps out evidence of prior or contemporaneous agreements that contradicts the later written K, EXCEPT: (1) To correct a clerical error; (2) To establish a defense against formation (e.g., formation was conditioned on some event but its meaning is not mentioned anywhere in the K) (3) To interpret a vague/ambiguous term --> but PER CANNOT be used to "interpret" plain meaning bc we give words their plain meanings (4) To supplement/add to a partially-integrated writing -NOTE: Merger Clauses defeat this possibility (but in CA persuasive, but NOT conclusive) (5) Subsequent Developments --> PER does not prevent extraneous evidence of what was promised/said AFTER lease has been made BUT will have to consider these as modification
Formal Planning
Specific goals covering a specific time period Written and shared with organizational members
Generally Accepted Accounting Principles
Standards, rules, and procedures that are generally accepted for accounting purposes. Established by FASB
Unliquidated damages
The amount of valuable consideration awarded by a court to an injured party as a result of default. (See also Damages.)
English Common Law
The centuries-old body of legal rules and procedures that protected the lives and property of the British monarch's subjects. Basis for law system in U.S.
psychographics or lifestyle
The firm that makes Betty Sue's Down Home Pork Rinds found that their best customers enjoy NASCAR, pro wrestling, family gatherings, and are politically conservative. These are considered to be the ____________ of the market segment
Systems Development Life Cycle (SDLC)
The overall process for developing information systems from planning and analysis through implementation and maintenance
Liquidity Risk
The risk that an asset cannot be sold on short notice without incurring a loss
$ 500 unfavorable
The standard variable overhead rate for Unbeatable Toys is $5. Budgeted fixed overhead is $20,000. Unbeatable Toys' budgeted production was 2,000 units for the current period and actual production was 1,950. What is the production volume variance?
Statute of Limitations
The time within which a case must be commenced. Applies to both crimanal and civil wrongs.
Situational Leadership Theory
This theory focused on a follower's competence and commitment, or development level (DL) in completing a specific task and the use of four different leadership styles to influence the follower's development. These styles are directive, coaching, supporting, or delegating.
Supply Chain Management (SCM)
Through ____________, companies today are strengthening their connections with all partners, from providers of raw materials and components to those involved in the delivery of final goods and services.
natural variation
Variations that usually occur in a process.
2.5 years
What is the payback period of a $10,000 investment with cash inflows of $3,000 in one year, $5,000 in two years, and $4,000 in three years?
Lowers liquidity risks
What will an increase in net working capital do?
surplus; capital
When a Chinese company builds an auto plant in the United States, the immediate result of this Chinese investment in the United States is a __________ item in the U.S. __________ account.
there is a contract, but the conflicting terms cancel out
When it is clear that the parties intended to enter into contract, but a term in the acceptance conflicts with a term in the offer, then:
When variable costs are less than sales revenue, there is a positive contribution margin.
Which of the following is a characteristic of a contribution margin income statement?
It saves the company money in product development costs by going ahead with only the product ideas that are likely to be profitable.
Which of the following statements best explains why idea screening may be the most important step of new-product development? I
The long-run curve is vertical, and there is no short-run curve since all adjustments occur quickly.
Which of the following statements is true about the long-run and short-run aggregate supply curve in the classical model? The long-run aggregate supply curve is vertical, and the short-run curve is horizontal. The long-run aggregate supply curve is not defined, and the short run curve is vertical. The long-run and short-run curves start out horizontal and eventually become vertical. The long-run curve is vertical, and there is no short-run curve since all adjustments occur quickly.
Job Order Costing
a costing system used in situations where many different products, jobs, or services are produced each period
aggregate demand curve
a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level. Downward slope effected by:the availability of foreign substitute goods. changes in the stock of real wealth held by individuals. the effect of changing interest rates on the quantity demanded of interest-ratesensitive goods.
jury of executive opinion
a forecasting technique that uses the opinion of a small group of high-level managers to form a group estimate of demand. Qualitive
server farm
a network of several servers together in a single location
staff managers
a position created to provide support, advice, and expertise within an organization. Have authority over special support employees only.
Enterprise Resource Planning (ERP)
a suite of applications called modules, a database, and a set of inherent processes for consolidating business operations into a single, consistent, computing platform
Spoofing
a technique intruders use to make their network or internet transmission appear legitimate to a victim computer or network
tort
a wrongful act or an infringement of a right (other than under contract) leading to civil legal liability.
autocratic
absolute in power or authority.... centralized
product costing system
accumulates the costs incurred in a production process and assigns those costs to the organization's final products
Activity Based Costing
allocation of overhead to specific jobs based on their percentage of activities. Createz homogeneous cost pools that are activity based. Determines a cause and effect relationship with respect to cost and cost drivers. Improves the accuracy of the costs allocated to the various products.
2/10, net 30
allows a 2 percent discount off the face value of the invoice if the invoice is paid within 10 days, otherwise pay in 30 days
Cost of good available formula
beginning inventory + purchases
firm offer
contractual proposal in writing by a merchant stating how long the offer is to stay open
decision variables
controllable inputs; decision alternatives specified by the decision maker, such as the number of units of a product to produce
immediate corrective action
corrective action that corrects problems at once to get performance back on track
basic corrective action
corrective action that looks at how and why performance deviated before correcting the source of deviation. Requires forethought and anlysis
Net Working Capital
current assets - current liabilities
inelastic demand
demand in which changes in price have little or no effect on the amount demanded
True
f these is true? The future value of a 10-year, $100 annuity due is always greater than the future value of a 10-year, $100 ordinary annuity with identical risk. True or False
Pooled resources
many different organizations use the same physical hardware; they share that hardware through virtualization. Cloud resources
marginal revenue equals marginal cost.
profit maximizing level of output
Unilateral Contract
promise in exchange for an act
Beaurocratic
relating to a system of government in which most of the important decisions are taken by state officials rather than by elected representatives.
Statue of Frauds
requires certain contracts to be in writing
risk adverse
requiring compensation to bear risk (higher percentage rate)
Operating Income (EBIT)
sales revenue - operating costs
Demographics
statistical data relating to the population and particular groups within it.
marginal revenue
the additional income from selling one more unit of a good; sometimes equal to price
beta coefficient
the amount of systematic risk present in a particular risky asset relative to that in an average risky asset
Business Process Reengineering
the analysis and redesign of workflow within and between enterprises
Uniform Commercial Code
the body of laws governing commercial transactions in the US.
marginal cost
the cost of producing one more unit of a good
Production Volume Variance
the difference between budgeted fixed overhead and fixed overhead allocated on the basis of actual output produced
Forming Stage of Group Development
the first stage in group development, characterized by much uncertainty
Performing Stage of Group Development
the fourth stage in group development, during which the group is fully functional
Discount rate
the minimum interest rate set by the Federal Reserve for lending to other banks.
opportunity cost
the most desirable alternative given up as the result of a decision
Hardware
the physical parts of a computer
compensating balance
the portion of an unsecured loan that is kept on deposit at a lending institution to protect the lender and increase the lender's return. Raises the effective interest rate.
Job Analysis
the process of getting detailed information about jobs
software
the programs and other operating information used by a computer.
cost of capital
the rate of return a company must earn in order to meet the demands of its lenders and expectations of its equity holders
Storming Stage of Group Development
the second stage in group development, characterized by intragroup conflict
Norming Stage of Group Development
the third stage in group development, characterized by close relationships and cohesiveness
Foregin exchange risk
transactions and assets using foreign currencies will lose value because of changes in currency exchange rate
emotional appeal
tries to persuade the reader by using words that appeal to the reader's emotions instead of to logic or reason
