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50 Cards in this Set
- Front
- Back
accountability
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The obligation to accept responsibility for the outcomes of assigned tasks
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accounting equation
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assets=liabilities+capital
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accounting records
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financial records of the transactions of the business
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accounts payable
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money owed for credit purchases
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accounts payable record
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a record showing money owed and payments made by the business
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accounts receivable
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the amount owed by customers
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accounts receivable record
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a record showing what each customer owes and pays
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achievement need
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take personal reponsibility for work; set personal goals; want immediate feedback on work
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actuaries
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persons who calculate insurance rates
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administered channel
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a channel in which one organization takes a leadership position to benefit all channel members
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advertising
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all forms of paid promotion that deliver a message to many people at the same time
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advertising budget
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a plan of the amount of money a firm should spend for advertising based on estimated sales
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advertising media
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the methods of delivering the promotional message to the intended audience
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affiliation need
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concerned about relationships with others; work to get along well and fit in with a group
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applied research
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studies of existing product problems or design improvements for current products
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assessed valuation
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the value of property determined by tax officials
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asset book value
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original cost less accumulated depreciation of an asset
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assets
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things owned
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authority
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the right to make decisions about work assignments and to require other employees to perform assigned tasks
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autocratic leader
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one who gives direct, clear, and precise orders with detailed instructions as to what, when, and how work is to be done
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balance of payments
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an accounting statement containing the current account and the capital account
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balance sheet
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a financial statement that lists the assets, liabilities, and capital of a business
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bank discount
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interest deducted in advance from a loan
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bankruptcy
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a legal process that allows selling assets to pay off debts
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basic product
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the physical product in its simplest form
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beneficiaries
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persons who receive a life insurance payment on the death of an insured person
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board of directors
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ruling body of a corporation
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bond
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a long-term written promise to pay a definite sum of money at a specified time
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bonding
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provides payment of damages to people who have losses resulting from the negligence or dishonesty of an employee or from the failure of the business to complete a contract
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bonus
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money paid at the end of a specific period of time for performance that exceeds the expected standard
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book value
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the value of a share of stoc that is found by dividing the net worth (assets minus liabilities) of the corporation by the total number of shares outstanding
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brand
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a name, symbol, word, or design that identifies a product, service, or company
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bricks-and-mortar businesses
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businesses that complete most of their business activites at a physical location rather than through the internet
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budget
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a financial plan extending usually for one year
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building codes
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codes that regulate physical features of structures
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business cycles
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a pattern of irregular but repeated expansion and contraction of the GDP
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business plan
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1. a written description of the business and its operations with an analysis of the opportunites and risks it faces. 2. a written guide that helps the entrepreneur during the design and start-up phases of the business
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buying motives
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the reasons people buy
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cafeteria plan
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a benefit program in which employees can select the benefits that meet their personal needs
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capacity
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earning power
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capital account
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an account that records investment funds coming into and going out of a country
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capital budget
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a financial plan for replacing fixed assets or acquiring new ones
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capital formation
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the production of capital goods
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capital goods
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buildings, tools, machines, and other equipment that are used to produce other goods but do not directly satisfy human wants
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capital stock
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the general term applied to the shares of ownership of a corporation
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career centers
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facilities where career development activites are managed
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career development program
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provides a long term focus on a company's employment needs combined with support for employees so they can perpare for future jobs in the company
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career path
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a progression of related jobs with increasing skill requirements and responsibility
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career plan
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identifes the jobs that are a part of the employee's career path, the training and development needed to advance along the career path, and a tentative schedule for the plan's activities
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cash budget
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an estimate of cash received and paid out
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