SBM 1 Glossary I-Z

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SBM 1 Glossary I-Z
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2012-10-27 22:33:45
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SBM 1 Glossary I-Z
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  1. Immigration Reform Act
    Federal legislation requiring employers to check job applicants' papers to be sure they are either U.S. citizens or aliens authorized to work in the U.S.
  2. Impact Printer
    A device that prints one or more characters at a time by physically impacting or hitting the ribbon to the paper.
  3. Innovation
    The introduction of something new; a new idea, method, or device.
  4. Input
    The information which is entered into a computer from an outside source. Data entered into a computer system for processing.
  5. Input Device
    A mechanical unit designed to bring data to be processed into a computer.
  6. Installment Credit (Closed End Credit)
    Balance of costly goods paid for in small monthly (fractional) payments over a period of time.
  7. Insurance
    Uneventful protection for the small business or small business owner in regards to monetary compensation in the event that a business and/or personal peril is experienced.
  8. Intangible Asset
    A type of asset that is not able to be physically touched but is retained by a small business because of its genuine value appeal.
  9. Integrated Software
    A set of several different applications that have been programmed together, permitting data from one application program to be transferred directly to another.
  10. Interdependence
    The dependency of businesses on one another.
  11. Interviewing
    A job-analysis technique in which individuals currently holding a particular job are asked questions concerning the requirements of the job.
  12. Inventory
    Those goods or stock of goods which are held for resale.
  13. Inventory Turnover
    The number of times the average inventory has been sold or used up during a period.
  14. I/O
    An abbreviation for input/output.
  15. Job Analysis
    A process for determining the critical components of a job for purposes of selecting, training, and rewarding Personnel
  16. Job Description
    A document that lists the major responsibilities and tasks of the job.
  17. Job Specification
    A document that lists the knowledge, skills, abilities, and personal characteristics a job holder must possess to perform effectively.
  18. Keyboard
    A set of labeled keys (such as a typewriter) to permit the entry of data into the computer system.
  19. Key-Person Life lnsurance
    Life insurance that protects a firm against losses due to the death of a key employee.
  20. Kilobyte
    K/KB; a measure of storage equal to 1,024 bytes or characters.
  21. Language
    Instructions consisting of a series of numbers or a coded pattern of digits which convey information between people and machines.
  22. Last-ln, First-Out (LIFO)
    the most recently purchased goods are the first sold.
  23. Liability lnsurance
    Insurance that covers business liability to customers or others who might be injured from the product sold to them.
  24. Life lnsurance
    Insurance that provides death benefits to the survivors of the insured.
  25. Limited Liability Company (not corporation)
    a new form of business ownership that combines the aspects of partnerships with the limited liability of a corporation; owners are known as members.
  26. Line of Credit
    An understanding between a bank and the business indicating the maximum amount the bank is willing to loan the borrower.
  27. Liquidation Value Approach
    The anticipated value of an asset that would be realized in case of liquidation of the business.
  28. Local Area Network
    LAN; a way of linking a number of computers (such as in an office) through communication lines so that they can share l/O devices and data.
  29. Machine Language
    A program written in the basic, simple instructions that the computer understands directly.
  30. Mainframe
    A central computer, usually applies to medium and/or large scale computer systems.
  31. Management
    The art and science of motivating people toward the achievement of a goal.
  32. Manufacturing Business
    A business that makes finished goods from raw materials by hand or machinery.
  33. Markdown
    A reduction of selling price below the original selling price.
  34. Market
    A group of potential customers possessing purchasing power and unsatisfied needs.
  35. Marketing/Marketing Management
    The process of planning and executing the development, pricing, promotion, and distribution of an organization's goods or services.
  36. Market Survey
    A study that is used by a business to determine where the potentiai customers are located.
  37. Market Value Approach
    An approach used in business valuation that determines value based upon previous sales of similar businesses.
  38. Markup
    The difference between merchandise cost and selling price, i.e., gross margin.
  39. Megabyte
    MB; refers to a memory size of 1,048,576 bytes.
  40. Memory/Memory Unit
    An area for storage of data inside the computer. lt contains the programs and data being used by the computer. The primary storage or most accessible storage of the computer.
  41. Merchandising Business
    A business that purchases finished goods for resale.
  42. Modem
    A device which converts the electrical impulses (digital) produced by the computer into sound impulses (wave-like) and vice-versa which can be transmitted over telephone lines. An acronym for Modulate/Demodulate.
  43. Monitor
    A device for displaying video images; see cathode ray tube and video display terminal.
  44. Mortgage
    A claim given by the borrower to the lender against the borrower's property in return for a loan.
  45. Mortgage Loan
    A loan secured by a mortgage on property.
  46. Motivating
    Energizing, channeling and sustaining people's behavior.
  47. Mouse
    A device for interacting with a monitor.
  48. Network
    Networking; a group of two or more computers linked together electronically that can communicate with each other.
  49. New Venture Plan
    Business Plan
    A written description of a new idea that projects marketing, operational,  and financial aspects of proposed business.
  50. Non-impact Printer
    A printing device which places marks on paper without any mechanical device coming into contact with the paper.
  51. Occupational Safety and Health Act (OSHA)
    A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most United States employees; an individual state OSHA Agency may supersede the U.S. Department of Labor OSHA regulations.
  52. Office Management
    The administration and supervision of office duties and functions.
  53. Open End Credit (Revolving Credit)
    A line of credit that may be used over and over again up to a certain borrowing limit.
  54. Operating Ratios
    A comparison of profit and each item of expense in the income statement expressed as a percentage of sales income; the operating ratios can be compared to the industry standards in regard to measuring the possible growth of the business.
  55. Operating System
    A program that helps to overcome the problems involved in running a computer. lt makes sure that the proper programs are in the right place in memory at the right time, handles l/O operations, and allows the computer to work for long periods without the direct intervention of the operator.
  56. Organizing
    To arrange or constitute in interdependent parts, each having a specific ftrnction or relation with respect to the whole; the way in which work is arranged and distributed among members of the firm.
  57. Output
    The act of transferring data from a primary or internal storage device to a second or external storage device.
  58. Overhead
    Any cost not specifically associated with production of identifiable products and services; expenses incurred in the normal operation of a business.
  59. Partnership
    A form of legal organization in which a business association made up of two or more persons is formed for the purpose of carrying on as co-owners.
  60. Patent
    The registered right of an inventor to make, use, and sell an invention.
  61. Personal Capital (Equity Capital)
    Capital that is invested in the business by the owner(s).
  62. Planning
    That function of determining in advance what needs to be accomplished in order to achieve a particular goal.
  63. Post-Need Service (Aftercare; Follow-Up Services)
    Services provided by a funeral service organization that occur after final disposition.
  64. Pre-Packaged/Horizontal Market Software
    Software that is designed to be used by anyone who might benefit.
  65. Pricing Policy
    factors which influence prices.
  66. Primary/lnternal Storage
    The memory that is built into a computer.
  67. Printer
    A device that makes computer output visible on paper.
  68. Processing
    Handling or manipulating data.
  69. Product Liability lnsurance
    Insurance that protects a firm against claims that its product caused bodily injury or property damage to the user.
  70. Program
    A set of instructions arranged in proper sequence which can direct the computer to perform a desired task.
  71. Programming
    The task of writing a series of instructions that will cause the computer to do something useful.
  72. Random Access Memory (RAM)
    The working memory of the computer. lt is the usable memory, which data or programs may be written to or read from.
  73. Read-Only Memory (ROM)
    Memory which has been manufactured with predetermined information or programs. Usually used to store the control program of the computer.
  74. Recruitment
    The process of forming a pool of qualified applicants for tasks that need to be filled.
  75. Replacement Value Approach
    The fair market price to purchase similar products in similar condition.
  76. Resume
    Written summary of one's personal, educational, and professional achievements.
  77. Risk
    a condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for.
  78. Risk Management
    All efforts designed to preserve assets and earning power associated with a business.
  79. Sales Promotion
    A plan which provides inducements to potential purchasers of products and/or services.
  80. Secondary/External Storage
    Data storage that is outside the main memory of the computer, such as disks or tape units.
  81. Self Insurance
    A form of risk management whereby a part of the firm's earnings is earmarked as a contingency fund for possible future losses, specifically for individual loss categories such as property, medical, or worker's compensation.
  82. Service Business
    A business that provides a service as opposed to a product.
  83. Small Business
    A business which is independently owned and operated and is not dominant in its field of operations.
  84. Small Business Administration (SBA)
    The principal government agency concerned with the financing, operation, and management of small businesses.
  85. Software
    A computer's programs.
  86. Sole Proprietorship (Proprietorship)
    A legal form of organization whereby the business is owned and operated by one person.
  87. Spreadsheet
    A program for manipulating numbers in tabular form. A grid, somewhat like a ledger sheet, is displayed.
  88. Statistical Program
    A program designed specifically for statistical calculations.
  89. Storage Device
    A device into which data can be entered and from which it can be retrieved at a later time.
  90. Supercomputer
    Designed to be markedly larger and/or faster than an ordinary mainframe computer.
  91. System/Computer System
    An organization of hardware and software designed to accomplish a data processing function.
  92. Tangible Assets
    A physical asset that possesses genuine value.
  93. Terabyte
    1,000 gigabytes.
  94. Term Life Insurance
    Life insurance that has no cash value whenever the policy expires.
  95. Total Quality Management (TQM)
    the efforts of all members of an organization directed to ensure that quality in the production of goods and services is achieved.
  96. Trade Credit
    A form of credit that is extended by one business to another business to help finance distribution of producer's goods.
  97. Trademark
    An intangible asset that is a distinct name, sign, or symbol that the federal government grants exclusive rights to use for specified period of time.
  98. Universal Life lnsurance
    A combination of whole life insurance and term life insurance.
  99. Utility Program
    A program to do often needed tasks in managing the computer, but not an application for which the user bought the computer.
  100. Variable Expense
    A cost which is uniform per unit, but fluctuates in total in direct proportion to change in the related total activity or volume.
  101. Venture Capitalist
    Anyone that invests in, or financially sponsors, a new business.
  102. Vertical Market Software
    Software designed and marketed (sold) to a particular industry or profession, such as funeral service.
  103. Video Display Terminal
    VDT; see Monitor
  104. Vietnam Era Veterans Readjustment Act
    outlaws discrimination in employment against Vietnam Era veterans.
  105. Wage and Hour Law
    Fair Labor Standards Act (FLSA)
    Outlaws discriminatory practices in pay; requires employers to pay a minimum wage to employees, and to pay a minimum of one and one-half tinres the regular rate for any hours beyond forty worked in a week.
  106. Whole Life lnsurance
    Life insurance that gives lifetime protection to the insured person.
  107. Word processing
    The use of computerized equipment to create, store, recall, correct, and produce written documents.
  108. Working Capital
    The difference between current assets and current liabilities; the current asset items consisting of cash, inventories, and accounts receivable.

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