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P.O.B
TERMS AND CONCEPTS
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Matthew Hurst
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Cards (163)
What is acceptance in contract law?
The
agreement
to accept an offer
What does acquisition refer to in business?
A larger
company
absorbing a smaller one
What is advertising?
Paid
communication
about goods and services
What is agro-processing?
Manufacturing goods from
agricultural
raw materials
What is an airway bill?
An important document for
air transportation
What is arbitration in dispute resolution?
A
third party
settles disputes legally
What is assurance in risk management?
Transferring risk for a
payment
What does authority refer to in an organization?
The right to make
decisions
What characterizes autocratic leadership?
The leader makes all
decisions
What is backward linkage in industry?
Linkage with
industry suppliers
What is the balance of payments?
Record of
transactions
with the world
How is the balance of trade calculated?
Visible exports
minus
visible imports
What is a bank draft?
A
guaranteed
payment instrument
What is bank money?
Money held
electronically
in accounts
What is barter?
Exchange
of goods without money
What is a bill of lading?
A document for
sea transportation
What is a border tax?
A tax on
imported
or
exported
goods
What is a bounced cheque?
A cheque with
insufficient funds
What is brand awareness?
Customer
identification of a product
What is branding?
Creating
a
name
or
symbol
for
distinction
What is a budget?
An established target for
expenditure
What is the Bureau of Standards?
A
government
office protecting consumers
What does business encompass?
Production
and distribution of
goods and services
What is buying power?
Ability to purchase
goods
and services
What is capacity in contract law?
Understanding of
agreement
consequences
What does capital refer to?
Money and assets for
production
What is a capital account?
Record of
investment flows
in a country
What is capital-intensive production?
Production
using
more
machines
than
humans
What does CARICOM stand for?
The
Caribbean Community
organization
What is a central bank?
Government institution
regulating
financial sector
What is the chain of command?
The flow of authority in an
organization
What is a channel of communication?
The
means
of sending a
message
What characterizes charismatic leadership?
Leadership based on
personality
and disposition
What is a cheque?
A
payment instrument
directing
bank payment
What is cheque clearance?
Process of
banks
settling cheque payments
What is collateral in lending?
Value used to secure a
loan
What is collective bargaining?
Negotiation between
unions
and
employers
What is a commodity?
A product traded to satisfy
needs
What does communicating involve in an organization?
Keeping
employees
informed of plans
What is communication?
Transmission of a
message
to a receiver
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