question

Effective, Efficient, and Ethical are the 3 E's of a good plan.

answer

3 E's

question

The subordinates manager has the right to expect the subordinate to perform the job delegated to him or her and that the manager has the right to take corrective action if the subordinate fails to do so.

answer

Accountability

question

Another name for the Quick Ratio

answer

Acid Test

question

A common business strategy focused on growth through the purchase of other businesses. Smuckers is a good example.

answer

Acquisition

question

After the job is done the team can dissolve-contrast with department.

answer

Adjourning

question

A concept advocated by Henri Fayol (1841-1925) suggesting that there are common principles of management that apply to all types of businesses.

answer

Administrative Management

question

Taking positive steps to correct previous injustices and prejudices especially toward qualified minorities, women, persons with disabilities, and verterans.

answer

Affirmative Action

question

A manager with authority to act for the organization or some part of it.

answer

Agent

question

When planners do so much analysis that they fail to make a timely decision.

answer

Analysis Paralyses

question

Typically a wealth investor worth over $1 million who is willing to invest money to help a startup business. Some, such as a family member, may do it for free but most expect a share of the ownership and eventually a higher rate of return than the stock market provides.

answer

Angel Investor

question

An organization of 21 Pacific Rim countries seeking free trade and economic cooperation.

answer

Asia-Pacific Economic Cooperation (APEC)

question

An agreement among several nations in Southeast Asia aimed at promoting peace and free trade among nations, such as Vietnam, Indonesia, Thailand, etc.

answer

Association of Southeast Asian Nations (ASEAN)

question

Those who lead best derive their power from the consent of their followers.

answer

Authentic Leadership Theory

question

A person with authority has the power and right to make decisions, give orders, draw on resources, and do whatever is necessary to fulfill the responsibility of his or her managerial position.

answer

Authority

question

A financial report summarizing a company's assets, liabilities, and stockholders' equity at a specific point in time using the formula: Assets = Liabilities + Stockholders' Equity.

answer

Balance Sheet

question

A concept advocated by Elton Mayo (1880-1949) and others focusing on the psychological and sociological aspects of human behavior with regard to worker productivity and job satisfaction.

answer

Behavioral Approach to Management

question

Having compassion for others.

answer

Benevolence

question

Person who swindled his clients out of $65 billion

answer

Bernie Madoff

question

Describes huge retail stores, such as, Walmart and Costco that typically have very large but plain looking stores and compete on price.

answer

Big Box Store

question

The Boston Consulting Group (BCG) matrix classifies all units of a large business into the categories of cows, dogs, question marks, and stars.

answer

Boston Consulting Group Matrix

question

The Big Four in terms of newly advanced economic development.

answer

Brazil, Russia, India, and China (BRIC)

question

A concept advocated by Max Weber (1864-1920) suggesting organizations should be run by formal rules and procedures and that workers should advance based upon their performance instead of family connections.

answer

Bureaucracy

question

The use of rules, regulations, and formal authority to guide the performance of employees.

answer

Bureaucratic Control

question

A hierarchical organization delineated by clear lines of authority, written rules, and administrator who strictly enforced the rules.

answer

Bureaucratic Structure

question

A subset of the field of ethics focused on the ethical issues facing business leaders.

answer

Business Ethics

question

Where your passion, talent, and cause greater than yourself intersect.

answer

Calling

question

Planned Costs to build or buy large items such as buildings or large equipment that would not be a part of the ordinary costs of doing business.

answer

Capital Budget

question

Report providing summary of cash flowing in and out of the business during a specific period such as a quarter (three months) or year.

answer

Cash Flow Statement

question

An agreement between the U.S. and several Central American countries to promote free trade.

answer

Central America Free Trade Agreement (CAFTA)

question

Important decisions are made at the top of the organization with little or no input from below.

answer

Centralized Organization

question

In The Shannon & Weaver Communication Model the vehicle that carries the message from the transmitter to the receiver.

answer

Channel

question

Leaders use their charm to lead others.

answer

Charismatic Leadership Theory

question

Control employees impose on themselves based upon agreed-upon norms, values, shared goals, and trust.

answer

Clan Control

question

Former Chairman of Enron who committed suicide in 2002.

answer

Cliff Baxter

question

A common business strategy focused on doing one thing (or few things) exceptionally well. Starbucks is a good example.

answer

Concentrate

question

Chinese philosopher who lived around 550 B.C. and defined moral courage.

answer

Confucius

question

A common business strategy focused on the purchase of other unrelated businesses. General Electric is a good example.

answer

Conglomerate Diversification

question

Which leadership approach to use is contingent (depends upon) elements of the leader's personality, the task, workers, and the level of power of the leader.

answer

Contingency Theory of Leadership

question

A person who typically thinks and acts contrary to popular or accepted opinion.

answer

Contrarian

question

Any process that directs the activities of individuals toward the achievement of the organizations goals.

answer

Control

question

One firm signs a legal contract with a business in another country to make their products there.

answer

Cooperative Contracts

question

The procedures that link the various parts of an organization to achieve the organizations overall mission.

answer

Coordination

question

The expectation that a corporation in return for privileges grated by the state government and lows that encourage business investment, will exhibit good citizenship and support charities and the arts.

answer

Corporate Social Responsibility

question

In business a Cow is a business unit with low potential for market growth but your company maintains a large share of the market for the product.

answer

Cow

question

Current Ratio = current assets divided by current liabilities

answer

Current Ratio

question

Total Liabilities divided by Shareholders' Equity.

answer

Debt-To-Equity Ratio

question

many decisions are made at lower levels and people further down the organizational hierarchy feel empowered.

answer

Decentralized Organization

question

Assignment of responsibilities to a subordinate.

answer

Delegation

question

In The Shannon & Weaver Communication Model the person who receives the transmitted message.

answer

Destination

question

A common business strategy focused on setting your product apart from the competition, typically the basis of quality instead of price. Cadillac is an example.

answer

Differentiate

question

Where a large organization is composed of many different units that work on different tasks using diverse skills and work methods.

answer

Differentiation

question

The condition of being different, not all alike, and includes differences as to color, religion, age, disability status, military experience, sexual orientation, economic class, educational level, gender, race, ethnicity, and nationality.

answer

Diversity

question

Basing your ethics and choices of behavior on God's commandments.

answer

Divine Command

question

Belief that kings and queens derive their right to rule from the will of God.

answer

Divine Right of Kings

question

The assignment of different tasks to different people or group.

answer

Division of Labor

question

An organizational structure organized such divisions as product type, customer type, or geographic region.

answer

Divisional Organizational Structure

question

In business a Dog is a business unit whose product has little or no potential for growth and your firm maintains a low percentage of the market.

answer

Dog

question

Exporting products at a price below cost to establish a market in another country. Dumping is considered illegal in many countries.

answer

Dumping

question

Net Income divided by Shares Outstanding

answer

Earnings Per Share (EPS)

question

A problem regarding how well your message resulted in the desired behavior.

answer

Effectiveness Communication Problem

question

An inappropriate way of dealing with job loss or disappointments where the focus is largely on damaging emotional reactions such as excessive drinking, abusing drugs, or other escape mechanisms.

answer

Emotion-focused behavior

question

In 2000, the seventh largest corporation in the U.S. with "reported" earnings of $101 Billion and 21,000 employees that was bankrupt by the end of 2001.

answer

Enron

question

A person who pursues lucrative new business opportunities.

answer

Entrepreneur

question

A new business having rapid growth and high profitability as its primary objective.

answer

Entrepreneurial Venture

question

People expect their rewards for their input and abilities will be equal to the rewards of others with similar input and abilities.

answer

Equity Theory

question

Limiting your behavior to what is ethical as opposed to doing anything as long as there is no low specifically prohibiting it.

answer

Ethical Boundary

question

Someone who is ethical, teaches followers what is right and wrong is this setting, and rewards ethical behavior and punishes unethical action.

answer

Ethical Leader

question

A category of wisdom focused on the study of what a society considers right or wrong.

answer

Ethics

question

An approach to ethical decision-making that takes into consideration the rights of others as human beings.

answer

Ethics of Conscience

question

Leaders are to make choices in light of their duty to protect and benefit others.

answer

Ethics of Duty

question

An approach to ethical decision-making based upon the concept of fairness, the facts, and equal treatment for all.

answer

Ethics of Justice

question

An approach to ethical decision-making that acknowledge that all human beings, regardless of their station in life, deserve respect as we respect ourselves.

answer

Ethics of Respect

question

the idea that all human beings are born with certain rights and managers should not violate those rights

answer

Ethics of Rights

question

An approach to ethical decision-making based on what a good person would do.

answer

Ethics of Virtue

question

People who are convinced their native culture is superior to all others.

answer

Ethnocentric

question

An economic and political union of over two dozen European nations with the goal of preventing future wars among European nations.

answer

European Union (EU)

question

The employees' perception of the likelihood that their efforts will result in their goal attainment.

answer

Expectancy

question

Focuses on the expectations of employees.

answer

Expectancy Theory

question

Selling goods made in the home country in another country.

answer

Exporting

question

A belief that things external to the individual such as chance, fate, God, or other outside forces determine life's events.

answer

External Loves of Control

question

Rewards given by someone else such as a raise or a promotion.

answer

Extrinsic Rewards

question

Something that costs the same regardless of how many you make or sell.

answer

Fixed Cost

question

Costs that remain the same regardless of how many units are produced this month.

answer

Fixed Costs

question

Makes it illegal for any U.S. citizen anywhere in the world to bribe a foreign official.

answer

Foreign Corrupt Practices Act of 1977

question

Deciding who is on the team.

answer

Forming

question

A legal contract between a successful business and an individual business manager seeking to start the same business in a new location.

answer

Franchise

question

One company makes a legal agreement with another organization to make and sell the first organizations product or service exactly as the first company demands.

answer

Franchise

question

Professor and author of a Theory of Leadership describing the Contingency Theory of Leadership.

answer

Fred Fiedler

question

An organizational structure organized around the basic business functions such as manufacturing, marketing, finance, information technology, and human resources.

answer

Functional Organizational Structure

question

A multilateral agreement signed by nearly 150 countries following WWII aimed at reducing conflicts that start as business disagreement but could lead to armed conflicts between nations.

answer

General Agreement on Tariffs and Trade (GATT)

question

Metaphor for an invisible barrier that makes it difficult for women and minorities to rise above a certain level in many organizations.

answer

Glass Ceiling

question

A business that views the whole world as one market and itself as a global citizen.

answer

Global Business

question

A company that starts out as a global company.

answer

Global New Venture

question

A common business strategy focused on growth through overseas expansion. Avon is a good example.

answer

Globalization

question

People have conscious goals that energize them and direct their behavior toward a particular end.

answer

Goal Setting Theory

question

The theory that leaders are born leaders or sent by God to lead.

answer

Great Man Theory of Leadership

question

(Revenue - Cost of Goods Sold)/Revenue is the formula for the Gross Margin, sometimes just called Margin.

answer

Gross Margin

question

A concept stemming from Elton Mayo's experiments at the Hawthorne Electric Company showing worker productivity went up when management showed more interest in the worker's and their working conditions.

answer

Hawthorne Effect

question

A workplace where an employee is made to feel threatened or is offended.

answer

Hostile Environment

question

A concept advocated by Mary Parker Follett (1868-1933) stressing the importance of management working with workers in a cooperative mode rather than ruling over them in a command mode.

answer

Human Relations Approach to Management

question

Report that measures a company's revenues and expenses over a specific accounting period such as a quarter (three months) or a year.

answer

Income Statement

question

The everyday unwritten relationships among the employees working together within the organization.

answer

Informal Organizational Structure

question

In The Shannon & Weaver Communication Model what produces the message.

answer

Information Source

question

to breathe life into.

answer

Inspire

question

The perceived likelihood that performance will be followed by a particular outcome.

answer

Instrumentality

question

Putting the differentiated units together so that work is coordinated into an overall product.

answer

Integration

question

A belief that the individual is in charge of the things that occur in life, or at least our reaction to them.

answer

Internal Loves of Control

question

A business that is primarily located in its home country, such as the United States, but has branch offices, and perhaps factories, in several overseas locations.

answer

International Business

question

An organization of 187 nations working to foster global monetary cooperation and stabilization around the world.

answer

International Monetary Fund (IMF)

question

A person who works to create new business ventures while working inside an existing large company.

answer

Intrepreneur

question

Rewards derived from the satisfaction of performing the job well.

answer

Intrinsic Rewards

question

Former CEO of Enron who is currently serving a prison term for fraud.

answer

Jeff Skilling

question

Giving employees extra tasks to do to relieve boredom and encourage employee growth and opportunities for advancement.

answer

Job Enlargement

question

Changing a job to make it more challenging and therefore more rewarding, satisfying, and motivating.

answer

Job Enrichment

question

Allowing employees to move through a series of jobs so they do not get bored and so they are qualified for more than one job.

answer

Job Rotation

question

Two or more companies sign a legal agreement to form a third company to work together to make and sell a product or products.

answer

Joint Venture

question

Former CEO of Enron who died of an apparent heart attack before going to prison for fraud.

answer

Ken Lay

question

A classification of levels of moral reasoning defined by Lawrence Kohlberg (1927-1987) beginning with obedience to avoid punishment, through fitting into the norms of society and ending with the voluntary following of principles.

answer

Kohlberg's Levels of Moral Reasoning

question

Leaders lead by drawing key followers into their inner circle.

answer

Leader-Member Exchange Theory of Leadership

question

In Fiedler's Contingency Theory of Leadership the degree of confidence, trust, and respect employees have in their leader.

answer

Leader-Member Relations

question

The art and science of ethically and effectively guiding others toward a positive goal.

answer

Leadership

question

The theory that potential leaders can be identified early by certain traits.

answer

Leadership Trait Theory

question

Focus on manufacturing that eliminates waste by making labor-related activities more efficient, repeatable, and impactful.

answer

Lean Manufacturing

question

In Fiedler's Contingency Theory of Leadership an indirect way of determining whether a leader is people-oriented by asking him or her to describe the employee they would least prefer to work with.

answer

Least Preferred Co-worker

question

One company signs a legal agreement with another country to manufacture and sell the first company's product with the first company getting a small fee or royalty per item sold.

answer

License

question

The natural progression of power from its birth or beginning through growth, maturation, and eventually decline and the death or end of a leader's power.

answer

Life Cycle of Power

question

Work by Lillian Gilbreth (1876-1972) extended the scientific method advocated earlier by Frederick W. Taylor. She became famous for raising 12 children while continuing her engineering work, which resulted in a 1950 movie entitled Cheaper by the Dozen.

answer

Lillian Gilbreth

question

Position where the manager has the direct responsibility for a principal activity of the firm.

answer

Line

question

Looking far beyond the quarterly (every 3 months) effects when making decisions.

answer

Long-Term Focus

question

A common business strategy focused on reducing costs so the price charged to customers will be lower than competitors' prices. Walmart is an example.

answer

Low-Cost Provider

question

The factors in the economy, government, and general business climate that could greatly affect the organizations competitive status.

answer

Macro Environment

question

Control based on pricing mechanism; if something gets too costly, then the market will show purchases that the same product or service is available elsewhere at a lower cost.

answer

Market Control

question

Lower-level needs such as the need for food and water must first be satisfied before higher level needs such as esteem and self-actualization become motivators.

answer

Maslow's Hierarchy of Needs Theory

question

Budget of budgets where all the other budgets are combined.

answer

Master Budget

question

An organizational structure that is a combination of functional and divisional where some employees report to two managers, a functional manager plus a divisional manager.

answer

Matrix Organizational Structure

question

An organizational structure that is rigid and inflexible.

answer

Mechanistic Organizational Structure

question

Major factors within the organizations industry that could greatly affect its competitive status.

answer

Micro Environment

question

An organization that employs few, if any, women, minorities, or other groups that differ from the majority and thus has a highly homogeneous employee population.

answer

Monolithic Organization

question

The performance of good ethics.

answer

Morality

question

An organization that highly values cultural diversity and actively seeks to utilize and encourage diversity.

answer

Multicultural Organization

question

People have varying levels of need for achievement (advancing in your career), affiliation (having strong friendships), and power (influence).

answer

Need for Achievement, Affiliation, and Power

question

A collection of organizations that work together to produce a good or service and looks more like a web than a pyramid.

answer

Network Organizational Structure

question

In The Shannon & Weaver Communication Model any interference resulting in the signal being received incorrectly.

answer

Noise

question

An agreed-upon behavior within a group.

answer

Norm

question

Agreeing on shared team goals and processes.

answer

Norming

question

An agreement between the U.S., Canada, and Mexico aimed at eliminating all trade barriers.

answer

North American Free Trade Agreement (NAFTA)

question

Research conducted over 50 years ago at Ohio State with mixed results regarding whether concern for people was better than concern for the task.

answer

Ohio State Leadership Studies

question

The budget that lists the revenues and expenses related to the regular and ongoing operations of the organization.

answer

Operating Budget

question

Something the organization could build or buy that would give it a future competitive advantage.

answer

Opportunity

question

A flexible organizational structure that uses teamwork and managers are more like coaches than bosses.

answer

Organic Organizational Structure

question

Leaders lead best by helping their followers align their personal goals with the goals of the organization.

answer

Path-Goal Theory of Leadership

question

Getting the job done as a team.

answer

Performing

question

Drucher (1909-2005) wrote the famous textbook The Practice of Management (1954) used by many colleges of business for decades, thereby influencing management thought for thousands of future managers. He especially emphasized the importance of customer satisfaction.

answer

Peter Drucher

question

The love of wisdom.

answer

Philosophy

question

Determining where an organization is now, where it could be with a few years, and what it would take to get there.

answer

Planning

question

An organization that has a relatively diverse employee population as the result of a proactive effort to involve employees from different gender, racial, and cultural backgrounds.

answer

Pluralistic Organization

question

In Fiedler's Contingency Theory of Leadership the amount of power the leader has over variables such as hiring, firing, discipline, promotions, and salary increases.

answer

Position Power

question

The study of what makes for a healthy psychological approach to life.

answer

Positive Psychology

question

The ability to implement change despite resistance.

answer

Power

question

Judging someone in advance, before an objective, fact-based review.

answer

Prejudice

question

Price per share divided by earnings per share.

answer

Price-Earnings Ratio (P-ER Ratio)

question

An appropriate way of dealing with job loss focused on defining the problem, generating alternative solutions, and acting to solve the problem in a non-emotional manner.

answer

Problem-focused behavior

question

Forecasts units to be produced each month per product.

answer

Production Budget

question

Another name for the Income Statement that lists the revenues and expenses for a specific time period, also called P&L Statement.

answer

Profit and Loss Statement

question

The basis for an understanding between workers and management.

answer

Psychological Contract

question

Concept advocated by Ford W. Harris and others suggesting how mathematics can improved business decision-making.

answer

Quantitative Management

question

In business a Question Mark is a business unit where your company has a low percentage of the market but the potential for growth is high.

answer

Question Mark

question

(current assets - inventory) divided by current liabilities

answer

Quick Ratio

question

A situation where one person, typically a manager, offers something to another, typically an employee, in exchange for a sexual favor.

answer

Quid Pro Quo

question

In The Shannon & Weaver Communication Model what decodes the message from the channel.

answer

Receiver

question

A person assigned a task is supposed to carry it out.

answer

Responsibility

question

(Net Income - Preferred Dividends) divided by Common Shareholders' Equity.

answer

Return on Equity (ROE)

question

Professor, author and advocate of the Path-Goal Theory of Leadership.

answer

Robert House

question

Former AT&T executive and college lecturer who authored the book Servant Leadership and founder of the Servant Leadership movement.

answer

Robert K. Greenleaf

question

Contains forecasts of sales by month, sales area, and product.

answer

Sales Budget

question

Concept advocated by Frederick W. Taylor (1856-1915) involving breaking complex tasks down into a series of small movements and then analyzing each movement for efficiency and speed to save time and money.

answer

Scientific Management

question

Belief that you are in control of your life and that your decisions and actions shape that life.

answer

Self-efficacy

question

A problem regarding how accurately the meaning of your message was conveyed.

answer

Semantic Communication Problem

question

Each worker in a factory stays at his or her work station doing a specialized task while the product being made moves along a belt.

answer

Separation of Labor

question

The leader considers himself or herself to be a servant to all and leads out of a desire to serve rather than out of a need for money, power, and prestige.

answer

Servant Leadership Theory

question

An organization of retired executives who volunteer to help others start or grow their small businesses.

answer

Service Corps of Retired Executives (SCORE)

question

Any unwanted and offensive action of a sexual nature.

answer

Sexual Harassment

question

Authors of famous model of communication.

answer

Shannon & Weaver

question

Few layers of managers between the workers and the CEO so each manager has a broader span of control with more workers reporting to him or her.

answer

Short, Fat Organizational Chart

question

In management a silo is when workers in one department work in isolation on their part of the project-contrast with teamwork.

answer

Silo

question

A concept borrowed from statistics referring to less than 3.4 defective parts per million.

answer

Six Sigma

question

A control standard of less than 3.4 defects per million.

answer

Six Sigma

question

Making small infractions to ethics that gradually lead to making larger ones.

answer

Slippery Slope

question

One with less than 100 employees and independently owned and operated.

answer

Small Business

question

Division of the U.S. government dedicated to helping anyone start or grow a small business.

answer

Small Business Administration (SBA)

question

Goals or targets that are specific, measurable, attainable, relevant, and timely.

answer

SMART Goals

question

Team member who fails to do his or her fair share of the work but expects to reap the team's reward.

answer

Social Loafer

question

Greek philosopher who lived around 470 B.C. and defined ethics as how we ought to live.

answer

Socrates

question

The number of subordinates who report directly to a manager or supervisor.

answer

Span of Control

question

The process in which different individuals and units perform different tasks and develop high skills.

answer

Specialization

question

Position where the person provides specialized or professional skill and advice in support of the line departments.

answer

Staff

question

Forming, Storming, Norming, Performing, and Adjourning.

answer

Stages in Team Building

question

An expected performance level.

answer

Standard

question

In business a Star is a business unit whose product has a high potential for market growth and your company maintains a large share of the market.

answer

Stars

question

A frame of mind where the person is concentrating so completely on what they are doing that other thoughts are temporarily set aside.

answer

State of Flow

question

Ironing out differences about team goals and individual roles.

answer

Storming

question

Two companies sign a legal agreement to work together, often in a joint venture, to make and sell a product or products.

answer

Strategic Alliance

question

Something the organization does exceptionally well.

answer

Strength

question

Money a business has already spent and can't get back.

answer

Sunk Cost

question

A tool of analysis where the organizations strengths, weaknesses, opportunities, and threats are identified.

answer

SWOT

question

Many layers of managers between the workers and the Chief Executive Officer.

answer

Tall Organizational Chart

question

A tax on fees a country charges to a business importing products into that country.

answer

Tariff

question

In Fiedler's Contingency Theory of Leadership the degree to which the job assignments of workers are structured (well-defined) or unstructured.

answer

Task Structure

question

A process of cooperative work that most organizations use to increase productivity, reduce costs, improve quality, enhance speed, and capture the creativity and innovation of their employees.

answer

Teamwork

question

A problem regarding how accurately your message was conveyed.

answer

Technical Communication Problem

question

Book written by Sun Tzu over 2,500 years ago containing words of wisdom about leadership.

answer

The Art of War

question

Book written by Niccolo Machiavelli 500 years ago describing the leaders responsibility to defend his followers.

answer

The Prince

question

Book written by Adam Smith in 1759 admonishing business leaders to operate with high morals and not greed.

answer

The Theory of Moral Sentiments

question

Book written by Adam Smith in 1776 describing how supply and demand work to establish a fair price.

answer

The Wealth of Nations

question

Managers perceive employees as lazy and unmotivated to do good work.

answer

Theory X

question

Managers see employees as naturally motivated to do a good job.

answer

Theory Y

question

Concept advocated by William Ouchi suggesting American business leaders should learn from the success of Japanese businesses and build long-lasting relationships with their workers.

answer

Theory Z

question

A behavior that is followed by positive consequences (a reward) will likely be repeated.

answer

Thorndike's Law of Effect

question

Something that could substantially reduce the organizations revenues or increase its expenses.

answer

Threat

question

Optimistic, Pessimistic, and Most Likely are the three planning scenarios most successful planners consider.

answer

Three Planning Scenarios

question

Leaders use pay and other rewards to trade off with followers to get them to do what the leader wants done.

answer

Transactional Theory of Leadership

question

A psychological tendency to transfer our feelings for one person onto another.

answer

Transference

question

Leaders inspire their followers to implement major organization shifts or sea changes.

answer

Transformational Theory of Leadership

question

In The Shannon & Weaver Communication Model what encodes the message into signals.

answer

Transmitter

question

Some factors such as company policies, working conditions, pay, etc. are likely to cause employee dissatisfaction while other factors such as the nature of the work itself and feelings of achievement are likely to cause satisfaction on the job.

answer

Two-Factor Theory

question

A concept of ethics based primarily upon the notion that choices should be made that result in the greatest good for the greatest number of people.

answer

Utilitarianism

question

The value or importance a particular outcome holds for an employee.

answer

Valence

question

Any action or process that a customer would be willing to pay for.

answer

Value

question

An expense that increases with volume, for example, raw material that goes into each item produced.

answer

Variable Cost

question

Costs, such as raw materials used, that go up as the level of production goes up.

answer

Variable Costs

question

Money provided by a group of wealthy investors, investment banks, or other financial institutions representing groups of individual investors who pool their funds and seek to invest those funds into small businesses with perceived long-term growth potential.

answer

Venture Capital

question

Person or group that invests money in startup companies in return for a share of the ownership and high returns.

answer

Venture Capitalist

question

American statistician (1906-1993) who helped Japan's industrial efforts to recover from World War II by advocating statistical quality control, a concept later accepted in America.

answer

W. Edwards Deming

question

Something the organization lacks or does poorly.

answer

Weakness

question

A contractual agreement between two companies where one company called the parent, wholly owns the other company, for example Honda Motors of America is owned by Honda Motors of Japan.

answer

Wholly Owned Affiliate

question

Another name for the Current Ratio.

answer

Working Capital Ratio

question

A collection of people carefully chosen for their complementary skills who trust one another and are committed to a common goal, a common approach, and have agreed to hold each other mutually accountable.

answer

Working Group

question

An organization first formed near the end of WWII to rebuild France and other nations devastated by WWII but more recently to provide loans to poor and developing nations.

answer

World Bank

question

A global international organization formed in 1995 involving over 150 nations to administer trade agreements.

answer

World Trade Organization (WTO)

Principles of Management Leadership – Flashcards

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