Introduction to Business DSST
Absolute advantage - ✔✔A monopoly on producing a product at a lesser price.
absolute liability - ✔✔Responsibility of a producer of any harm that is caused by s product (regardless if
it was foreseeable).
accountability - ✔✔Accepting consequences of actions.
accounting - ✔✔The occupation of maintaining and auditing records and preparing financial reports for
a business and the interpretation thereof.
accounting system - ✔✔Computer program for accounting.
accounts payable - ✔✔Bills due as part of a normal course of a business.
accounts receivable - ✔✔Debts owed to a business.
accrual-based accounting - ✔✔Business accounting, assuming accounts payable.
accumulated depreciation - ✔✔Reduces the accounting value of assets.
acquisition costs - ✔✔Incremental costs involved in a new customer.
activity based costing - ✔✔An accounting framework based on determining the cost of activities and
allocating these costs to products using activity rates.
actuaries - ✔✔Mathematicians predicting future losses based on history.
,adaptive firm - ✔✔Ability to respond to and address changes in their market, environment, and history.
adventure capital - ✔✔Money needed at the earliest stages of the creation before a product or service
is available.
advertising - ✔✔Paid communication in selling a product.
affirmative action - ✔✔Favored employment for minorities.
agency shop agreement - ✔✔Employee must pay union dues.
agent - ✔✔One who negotiates, purchases, an/or sells, but no title to goods.
alternative dispute resolution - ✔✔Resolving disputes through mediation and arbitration.
American Federation of Labor (AFL) - ✔✔A national organization of labor unions founded in 1886 by
Samuel Gompers.
analytics - ✔✔Process of making decisions based on evidence.
arbitrator - ✔✔A neutral third party chosen to judge and decide a disputed issue.
area of job freedom - ✔✔area of discretion over job
articles of incorporation - ✔✔Legal document with name and address of corporation and purpose of
company.
artificial intelligence - ✔✔Computers mimicking human thought.
,asset turnover - ✔✔Sales divided by total assets.
assets - ✔✔Property owned by a business.
assimilation - ✔✔Minority members must learn ways of majority.
assumed similarity - ✔✔The assumption that others are like oneself.
at-risk pay - ✔✔Pay not received if employee does not meet targets.
attitude - ✔✔A frame of mind that predisposes a reaction. (three components: thoughts, feelings,
behavior)
attribution - ✔✔Judgments on behavior.
attribution theory - ✔✔The theory that we explain someone's behavior by crediting either the situation
or the person's disposition.
attrition - ✔✔Gradual and natural reductions.
augmented skills - ✔✔Skills helpful to expatriate managers.
authoritarianism - ✔✔Power and status exist in an organization.
authority - ✔✔The right to tell people what to do.
authorization card - ✔✔Statement signed by employee empowering union to negotiate on their behalf.
autonomy - ✔✔Degree to which a job gives freedom, independence, scheduling and procedures.
, back end - ✔✔Development section of website.
balance of payments - ✔✔Difference of value in exports/imports.
balance sheet - ✔✔Reports financial position at specific date.
baseline information - ✔✔Existing operation levels used to compare.
bases of power - ✔✔Sources of power leaders use (personal, legitimate, expert, reward, and coercive)
benchmarking - ✔✔Measures products/services/practices against competitors.
blog - ✔✔Online journal.
blue chip stocks - ✔✔High quality company stock.
boiled frog phenomenon - ✔✔Small changes that are unnoticed.
bond - ✔✔Indebtedness contract issued by a corporation or government that promises future payment.
boundary spanners - ✔✔Employees with strong communication skills within and outside their group.
bounded rationality - ✔✔People only have time to process a certain amount of information.
brainstorming - ✔✔Group encouraging creative and quick thinking without judgment or evaluation of
ideas.
Absolute advantage - ✔✔A monopoly on producing a product at a lesser price.
absolute liability - ✔✔Responsibility of a producer of any harm that is caused by s product (regardless if
it was foreseeable).
accountability - ✔✔Accepting consequences of actions.
accounting - ✔✔The occupation of maintaining and auditing records and preparing financial reports for
a business and the interpretation thereof.
accounting system - ✔✔Computer program for accounting.
accounts payable - ✔✔Bills due as part of a normal course of a business.
accounts receivable - ✔✔Debts owed to a business.
accrual-based accounting - ✔✔Business accounting, assuming accounts payable.
accumulated depreciation - ✔✔Reduces the accounting value of assets.
acquisition costs - ✔✔Incremental costs involved in a new customer.
activity based costing - ✔✔An accounting framework based on determining the cost of activities and
allocating these costs to products using activity rates.
actuaries - ✔✔Mathematicians predicting future losses based on history.
,adaptive firm - ✔✔Ability to respond to and address changes in their market, environment, and history.
adventure capital - ✔✔Money needed at the earliest stages of the creation before a product or service
is available.
advertising - ✔✔Paid communication in selling a product.
affirmative action - ✔✔Favored employment for minorities.
agency shop agreement - ✔✔Employee must pay union dues.
agent - ✔✔One who negotiates, purchases, an/or sells, but no title to goods.
alternative dispute resolution - ✔✔Resolving disputes through mediation and arbitration.
American Federation of Labor (AFL) - ✔✔A national organization of labor unions founded in 1886 by
Samuel Gompers.
analytics - ✔✔Process of making decisions based on evidence.
arbitrator - ✔✔A neutral third party chosen to judge and decide a disputed issue.
area of job freedom - ✔✔area of discretion over job
articles of incorporation - ✔✔Legal document with name and address of corporation and purpose of
company.
artificial intelligence - ✔✔Computers mimicking human thought.
,asset turnover - ✔✔Sales divided by total assets.
assets - ✔✔Property owned by a business.
assimilation - ✔✔Minority members must learn ways of majority.
assumed similarity - ✔✔The assumption that others are like oneself.
at-risk pay - ✔✔Pay not received if employee does not meet targets.
attitude - ✔✔A frame of mind that predisposes a reaction. (three components: thoughts, feelings,
behavior)
attribution - ✔✔Judgments on behavior.
attribution theory - ✔✔The theory that we explain someone's behavior by crediting either the situation
or the person's disposition.
attrition - ✔✔Gradual and natural reductions.
augmented skills - ✔✔Skills helpful to expatriate managers.
authoritarianism - ✔✔Power and status exist in an organization.
authority - ✔✔The right to tell people what to do.
authorization card - ✔✔Statement signed by employee empowering union to negotiate on their behalf.
autonomy - ✔✔Degree to which a job gives freedom, independence, scheduling and procedures.
, back end - ✔✔Development section of website.
balance of payments - ✔✔Difference of value in exports/imports.
balance sheet - ✔✔Reports financial position at specific date.
baseline information - ✔✔Existing operation levels used to compare.
bases of power - ✔✔Sources of power leaders use (personal, legitimate, expert, reward, and coercive)
benchmarking - ✔✔Measures products/services/practices against competitors.
blog - ✔✔Online journal.
blue chip stocks - ✔✔High quality company stock.
boiled frog phenomenon - ✔✔Small changes that are unnoticed.
bond - ✔✔Indebtedness contract issued by a corporation or government that promises future payment.
boundary spanners - ✔✔Employees with strong communication skills within and outside their group.
bounded rationality - ✔✔People only have time to process a certain amount of information.
brainstorming - ✔✔Group encouraging creative and quick thinking without judgment or evaluation of
ideas.
