business vocab Flashcards

Terms Definitions
assets are...
resources owned by the business
the statement that reports the financial position of the company for a certain day in time is the...
balance sheet
ending balance of the following account
accounts payable
pay 1,877                                         beg bal 4,355
                                                       purch    1,345
3,823 credit
during the month, merchandise is sold for $23,500 cash and for $34,000 on account.  the cost of merchandise sold is $41,500.  what is th amount of gross profit?
assume the following sales data for a company:
2010   600,000
2009  450,000
what is the percentage increase in sales from 2009 to 2010? (nearest percent)
company that is leveragesd is one that...
contains debt financing
which account will be closed with a debit
fees earned
once the adjusted trial balance is balanced, it can be used to prepare
all financial statements
second closing entry for a merchandising business will include
sales returns and allowances
difference between a service and a merchandising company's income statement is that the merchandising companny includes...
cost of merchandisse sold
good news company sold merchandise to the magazine stand on account, $3,450, terms 2/10, n/30.  the cost of merchadise was $1,850.  good news company issued a credit memo to magazie stand for $900, cost of merchandise sold $600, which o the folowing wil
sales discount $51 debit
when a transaction is journalized, which account is listed first
the account to be debited
not be closed at the end of the acounting cycle
real accounts
flow of accounting information
is from the unadjusted trail balance to the adjusted trail balance to the income statement and balance sheet columns
all adjustin entries affect
at least one income statement account and one balance sheet account
if an adjustment for salaries worked but not recorded in the amount of $85,000 were to be omitted, how would this affect the financial information?
liabilities would be understatedby $85,000
Which best represents the accounting equations
assets + liabilities = owner's equity
Finanncial accounting is best defined as...
the recording and reporting of economic data and activities of a business
under the periodic inventory system, merchandise inventory is adjusted to the physical inventory
during the time closing entries are prepared
not an error that would cause the trail balance to become unequal
an entry is posted twice
gain or loss from extraordinary items are reported...
on the income statement after discontinued operations
inventory records of good news company indicates that $76,800 of merchandise shold be on hand at the end of the month.  the physical inventory indicates that $74,900 is actualy on hand.  the journal entry to adjust inventory shrinkage will include:
cost of merchandise sold $1,900 debit
not true about accrual basis accounting
revenues and expenses are reported in the period in which cash is received
This is not accurate when it pertains to managerial accounting
primarily provides relevant and timely unformation for the decision_making needs of users outside of the buisness
the order of the expenses listed in the income statement is done by
listing the expenses in order of size, beginning with the larger items and the miscellaneous expense as the last item
fees earned                                                       18,944
rent expense                                            4,500
wages expense                                    
debit to income summary for $10,518
risk assumption
Cornelius Vanderbilt
high innitial price
Resources flow towards...?
define socialism
1. Increased Government involvement2. Goal – keep prices low/employment high3. Many government run industries4. More social services5. People & Businesses pay much higher taxesExamples – Canada, Germany, Great Britain, Sweden and Australia
Expected future MPK
IS Right
having an acceptable credit rating
Examples of Decisional roles
Disturbance Handler
Resource Allocator
eclectic paradigm
Argument that combining location-specific assets or resource endowments and the firm’s own unique assets often requires FDI; it requires the firm to establish production facilities where those foreign assets or resource endowments are located.
process of converting government enterprises into privately owned companies
The making of identical interchangeable components or products.
Interest equals principal times rate times time
the quantities of products businesses are willing to sell at different prices
venture capital
financing obtained from venture capitalists, investment firms that specialize in small, high growth companies interest and a voice in managment in return for their money.
certificates of ownership of a business

Risk-takers have a propensity towards entrepreneurship.
economic profit
total revenue - economic cost
when contract is assigned, the assignor gives the assignee an implied warranty that the contract is valid
Centers that offer new businesses low-cost offices with basic business services.
expert skill or knowledge; expertness; know-how:
a temporary or complete stopping; discontinuance
Sole Proprietorship
A business owned by one person
bank center
a license to operate a bank
An individual who is willed your property. 
In Figure 5-5, the Previous Record button can be used to display the values from the record just before the current one in the data source.
(Man vs. Man) Laws written or unwritten, that specify the duties that exist between and among people, as opposed to criminal matters; Fined for $$, no jail time
Four basic principles on which GAAP standards are based
Cost of general administration such as legal services, accounting, and human resources.
Formal contract
particular form, has legal attributes. (check, deal)
What term means, a designed change that increases the usefulness of a product, service, or process?
enabled by selecting expression calculation on the HTML tab of Harness>flow action
Dynamic expression calculation
A contract issued by the insurance company for coverage of the policyholder
Businesses provides...?
Goods and and services to households
inplied-in-fact contract
contract that arises from factual circumstances and professional circumstance.
variation of larceny. occurs when one enters a building without permission with the intent to commit a crime
Any tools - especially computers, telecommunications, and other digital products - that businesses can use to become more efficient and effective
Business Technology
off-balance sheet financing
when financing transactions and accounting methods are chosen so debt need not be reported on the balance sheet
to mention in support, proof, or confirmation; refer to as an example:
The activities and processes used in making tangible products, also called manufacturing
all hands meeting
meeting that everyone must attend
The part of the profits that each shareholder receives
the higher the price the lower the quantity demanded
401k Plan
A tax deferred retirement savings plan in which employees of private corporations may contribute a portion of their wages up to a maximum amount set by law ( of $15,500 in 2008 and thereafter these limits will rise with inflation in $500 increments). Employers may contribute a full or partially matching amount, and may limit the proportion of the annual salary contributed (typically to 15%).
The AddressBlock merge field contains____.
zip code, city, suffix
Functional requirement
What functions (tasks) the system must be able to do.
private accountants
accountants who are employed to serve one particular organization
the price at which the quantity demanded and the quantity supplied are equal
Equilibrium Price
Who typically owns a corporation?
Many people or organizations.
an increase in the general level of prices.
Inflation comes about when there is a sustained increase in the supply of money.
What term means, a written description of the business idea and how it will be carried out, including all major business activities?
Business Plan
market penetration
a strategy for company growth by increasing sales of current products to current market segments without changing the product
Graphically shows the data from a demand schedule.
Demand Curve
Insurance that covers damage or loss to your vehicle from fire, theft, vandalism, and other causes.
Comprehensive Damage
Small squares and circles at each corner and middle of an object
Sizing handles
small section of tect or source code that can be inserted into a code of a program or web page
T or F common stocks are a conservative investment.
informal organization
The system of relationships and lines of authority that develops spontaneously as employees meet and form power centers; that is, the human side of the organization that does not appear on any organization chart.
one of a series of small, open compartments, as in a desk, cabinet, or the like, used for filing or sorting papers, letters, etc.
Marketing strategy
A plan or action for developing, pricing, distributing, and promoting products that meet the needs of specific customers.
Odd Pricing
setting a price at $9.98 instead of $10 cuz it seems less & stops theft
What will bring a state into decline
loss of legitimacy
contract of adhesion
Contract in which the more powerful party dictates all the important terms.
Common Law
created by decisions on court cases. Law isn’t dictated, but must be interpreted from the decisions written over time.
What document is used for permanent decertification of a PRP member when the certifying official must document the specific circumstances surrounding the decision to decertify the individual?
AF Form 286A
Merger Mania
Coined in the 1980s and 1990s because of the explosion of mergers, acquisitions and leveraged buyouts.
Sticky-price theory
many prices are sticky in the short run due to menu costs. Firms set prices in advance according to expected price level. If MS increases unexpectedly, firms with menu costs have relatively low prices, increasing demand for their products.
backward vertical FDI
Investing in an industry abroad that provides inputs for a firm’s domestic processes.
an attempt to avoid or lessen a loss by taking some counterbalancing action
Income Statememt; period
For the Month Ended December, 31, 2011
Customer Relationship Management
An enterprise wide effort to acquire and retain customers, often supported by IT
With the technology boom in the 1990's business have begun to look beyond the immediate transcation, aiming to build a competitive edge through long-term customer relationships
Relationship Era
a person who upon his or her own petition or that of his or her creditors is adjudged insolvent by a court and whose property is administered for and divided among his or her creditors under a bankruptcy law.
Place utility
the value added to a good, service or idea by having it where ppl want to buy it
quality at the source vs quality at the finished product
japan vs us
A Poison Pill
Taking on debt to scare a Corporate Raider.
Real-time systems procide what?
real time information in response to query requests
What is a small business?
An independent business with fewer than 500 employees
The basic unit of length in the metric system.
Meter (m)
What is macroeconomics?
The study of the national economy and the global economy.
open market operations
the purchase or sale of U.S gov bonds by the federal reserve to stimulate or slow down the economy
What is not required for all PRP certifications?
An S-4 physical profile.
Why the slope of SRAS matters
If AS is vertical (long-run), fluctuations in AD do not cause fluctuations in output or employment. If AS slopes up (short-run), shifts in AD do affect output and unemployment.
What act helps to protect North Carolina from uncontrollable and unregulated harmful wastes?
North Carolina Inactive Hazardous Sites Response Act
This act signed by President George W. Bush will assist the United States in International Trade.
Trade Act of 2002
Which of the following media will Air Force use to provide AFSC revisions and conversion instruction to MPFs?
Change summary and conversion guide.
What does a screen flow do?
sequences the collection of end user data, each screen is a flow action (not the connector)
What is the Sarbanes-Oxley Act of 2002?
Provides sweeping lew legal protection for those who report corporation misconduct.
Job analysis can be stressful for managers and employees because
it may pinpoint that current job incumbents are not doing all the job tasks that should be done
What is the benefit of a business plan?
Provides an orderly statement of a company's goals, the methods by which it intends to achieve these goals, and the standards by which it will measure achievements.
If the demand curve is more elastic than the supply curve THEN
the producers will shoulder the burden of the tax.
Resolution of the class structure is patterned...
first all the way up, then back to the direct inheritance where started until base class reached
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