BMA Glossary of Terms


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BUSINESS MANAGEMENT GLOSSARY OF TERMS 360-degree feedback— a method of performance evaluation where information is gathered from people inside and outside the company with whom the employee has contacts. Accountability —the obligation to accept responsibility for the outcomes of assigned tasks. Accounting equation —total assets equals total liabilities plus capital. Accounting records—— financial records of the transactions of the business. Accounts payable record —money owed for credit purchases. Accounts receivable —the amount owed by customers. Active listening —absorbing what another person is saying and responding to the person’s concerns. Adjourning— the fifth stage of team development when the team is preparing for disbandment. Advertising budget —a plan of the amount of money a firm should spend for advertising based on estimated sales. Advertising —any form of paid promotion that delivers a message to many people at the same time. Age Discrimination in Employment Act— companies cannot discriminate against employees because of their age in hiring, promotions, or retirement. Americans with Disabilities Act— companies cannot discriminate against persons with disabilities. They cannot fire or refuse to hire people because of certain disabilities and illnesses. Companies must also accommodate a worker’s disabilities. Application for employment— a form provided by the employer upon which applicant lists qualifications, experience, and personal information. Application software —programs that perform specific tasks; word processing, spreadsheet, database, etc. Applied research —research that studies existing product problems or possible design improvements for current products. Apprenticeship (on-the-job training) —an experienced worker teaches skills to an assistant. Glossary of Terms 254 Business Management and Applications BE 6225 Summer 2003
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Aptitude test —employment test commonly used to measure mental and verbal skills. Arbitration system —appeal system called “corporate court”; the terminated employee and the company present their cases to a board who makes a decision on the appeal. Assets —things owned, such as cash and buildings. At-fault terminations —employee terminations that are justified because of unsatisfactory performance or misconduct. Attitude —predisposed ideas on numerous topics; how we feel about them. Audit— a systematic process of objectively obtaining and evaluating evidence regarding important aspects of the firm’s performance, judging the accuracy and validity of the data, and communicating the results to interested users. Authority —the right to make decisions about assigned work and to make assignments to others concerning that work. Autocratic—
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