Glossary of Business terms

(Common business terms)

A
Above-the-line:In Marketing, relating to marketing expenditure on advertising in media such as press, radio, television, cinema, and the World Wide Web, on which a commission is usually paid to an agency. Absorbed Account:An account that has lost its separate identity by being combined with related accounts in the preparation of a financial statement. Absorbed Business:A company that has been merged into another company. Absorbed costs:The indirect costs associated with manufacturing, for example, insurance or property taxes. Absorption costing: An accounting practice in which fixed and variable costs of production are absorbed by different cost centers. Abusive tax shelter: A tax shelter that somebody claims illegally to avoid or minimize tax. Accelerated cost recovery system:A system used in computing the depreciation of some assets acquired before 1986 in a way that reduces taxes. Accelerated depreciation:A system used for computing the depreciation of some assets in a way that assumes that they depreciate faster in the early years of their acquisition. Access bond:A type of mortgage that permits borrowers to take out loans against extra capital paid into the account, home-loan interest rates being lower than interest rates on other forms of credit. Account:A record of a business transaction. A contract arrangement, written or unwritten, to purchase and take delivery with payment to be made later as arranged. Accounting cost: the cost of maintaining and checking the business records of a person or organization and the preparation of forms and reports for financial purposes. Accounting insolvency:A the condition that a company is in when its liabilities to its creditors exceeds its assets. Account balance:The difference between the debit and the credit sides of an account. Accountant: One who is skilled at keeping business records. Usually, a highly trained professional rather than one who keeps books. An accountant can set up the books needed for a business to operate and help the owner understand them. Accounting period: A time interval at the end of which an analysis is made of the information contained in the bookkeeping records. Also the period of time covered by the profit and loss statement. Accounts payable: Money which you owe to an individual or business for goods or services that have

been received but not yet paid for. Accounting rate of return: the ratio of profit before interest and taxation to the percentage of capital employed at the end of a period. Variations include using profit after interest and taxation, equity capital employed, and average capital for the period. Accounts receivable: Money owed to your business for goods or services that have been delivered but not yet paid for. Accounts receivable factoring: the buying of accounts receivable at a discount with the aim of making a profit from collecting them. Accrual basis: A method of keeping accounts that shows expenses incurred and income earned for a given fiscal period, even though such expenses and income have not been actually paid or received in cash. Actuary: A professional expert in pension and life insurance matters, particularly trained in mathematical, statistical, and accounting methods and procedures, and in insurance probabilities. Added value: The difference between the selling price of a product or service and the cost of inputs such as materials and components. Administrative expense: Expenses chargeable to the managerial, general administrative and policy phases of a business in contrast to sales, manufacturing, or cost of goods expense. Advertising: The practice of bringing to the public's notice the good qualities of something in order to induce the public to buy or invest in it. Agent: A person who is authorized to act for or represent another person in dealing with a third party. Amortization: To liquidate on an installment basis; the process of gradually paying off a liability over a period of time. Analysis:Breaking an idea or problem down into its parts; a thorough examination of the parts of anything. Annual general meeting (AGM): A legal requirement for all companies; all shareholders may attend. They vote on who they want to be on the board of directors for the coming year and on other issues raised by the board or themselves. Annual report: The yearly report made by a company at the close of the fiscal year, stating the company's receipts and disbursements, assets and liabilities. Appraisal: Evaluation of a specific piece of personal or real property. The value placed on the property evaluated. Appreciation: The increase in the value of an asset in excess of its depreciable cost due to economic and other conditions, as distinguished from increases in value due to improvements or additions made to it. Appropriation account: The part of the profit and loss account which shows how the profit after tax is distributed either as dividends or kept in the company as retained profit. Arbitrator: A person who listens to both sides in an industrial dispute (trade union and management) and

the gives a ruling on what the arbitrator thinks is fair to both sides. Arrears: Amounts past due and unpaid. Articles of Incorporation: A legal document filed with the state that sets forth the purposes and regulations for a corporation. Each state has different regulations. Assets: Anything of worth that is owned. Accounts receivable are an asset. Audiotaping: The act of recording onto an audiotape. Audit:An examination of accounting documents and of supporting evidence for the purpose of reaching an informed opinion concerning their propriety. Autocratic leader ship: Instructions and strategies are issued from above with little opportunity for contributors to decision-making from less senior employees. Average cost per unit: The total cost of production divided by total output. __________________ P.R.

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B
Back-to-back loan: an arrangement in which two companies in different countries borrow offsetting amounts in each other's currency and each repays it at a specified future date in its domestic currency. Such a loan, often between a company and its foreign subsidiary, eliminates the risk of loss from exchange rate fluctuations. Back office: the administrative staff of a company who do not have face-to-face contact

with the company's customers. Back pay: pay that is owed to an employee for work carried out before the current payment period and is either overdue or results from a backdated pay increase. Backup: a period in which bond yields rise and prices fall, or a sudden reversal in a stock market trend. Bad debts: Money owed to you that cannot be collected. Balance: The amount of money remaining in an account. Balanced budget: a budget in which planned expenditure on goods and services and debt income can be met by current income from taxation and other central government receipts. Balanced investment strategy: a strategy of investing in a variety of types of companies and financial instruments to reduce the risk of loss through poor performance of any one type. Balance of payments: a list of a country's credit and debit transactions with international financial institutions and foreign countries in a specific period. Balance of trade: the difference between a country's exports and imports of goods and services. Balance sheet: An itemized statement that lists the total assets and total liabilities of a given business to portray its net worth at a given moment in time. Ballpark: an informal term for a rough, estimated figure. The term was derived from the approximate assessment of the number of spectators that might be made on the basis of a glance around at a sporting event. Bank card: a plastic card issued by a bank and accepted by merchants in payment for transactions. The most common types are credit cards and debit cards, although smart cards have been introduced. Bank cards are governed by an internationally recognized set of rules for the authorization of their use and the clearing and settlement of transactions. Banker's draft: a bill of exchange payable on demand and drawn by one bank on another. Regarded as being equivalent to cash, the draft cannot be returned unpaid. Bank guarantee: a commitment made by a bank to a foreign buyer that the bank will pay an exporter for goods shipped if the buyer defaults. Bank statement: A monthly statement of account which a bank renders to each of its depositors. Bankruptcy: the condition of being unable to pay debts, with liabilities greater than assets. Barren money: money that is unproductive because it is not invested. Batch production: Products are made in batches of a certain quantity, usually as orders come in.

Benchmarking: Rating your company's products, services and practices against those of the front-runners in the industry. Bill of entry: A statement of the nature and value of goods to be imported or exported, prepared by the shipper and presented to a customhouse. Bill of lading: A statement of the nature and value of goods being transported, especially by ship, along with the conditions applying to their transportation. Drawn up by the carrier, this document serves as a contract between the owner of the goods and the carrier. Bill of sale: Formal legal document that conveys title to or interest in specific property from the seller to the buyer. Black market: an illegal market, usually for goods that are in short supply. Black market trading breaks government regulations or legislation and is particularly prevalent during times of shortage, such as rationing, or in industries that are very highly regulated, such as pharmaceuticals or armaments. Board of directors: Those individuals selected to sit on an authoritative standing committee or governing body, taking responsibility for the management of an organization. Members of the board of directors are officially chosen by the shareholders, but in practice they are usually selected on the basis of the current board's recommendations. The board usually includes major shareholders as well as directors of the company. Board of Trustees: a committee or governing body that takes responsibility for managing, and holds in trust, funds, assets, or property belonging to others, for example, charitable or pension funds or assets. Bonus: An additional amount of payment above normal pay as a reward for good work. Bookkeeping: The process of recording business transactions into the accounting records. The "books" are the documents in which the records of transactions are kept. Bottom line: The figure that reflects company profitability on the income statement. The bottom line is the profit after all expenses and taxes have been paid. Brand: A design, mark, symbol or other device that distinguishes one line or type of goods from those of a competitor. Brand image: Where a product is given an image or identity to distinguish it from its competitors brands. Brand loyalty: When consumers keep buying the same brand again and again instead of choosing a competitors brand. Brand name: A term, symbol, design or combination thereof that identifies and differentiates a seller's products or service. Break-even charts: Graphs showing how costs and revenues of a business change with sales; they show the level of sales of business must make in order to break even. Break-even: The point of business activity when total revenue equals total expenses. Above the break-even point, the business is making a profit. Below the break-even point,

the business is incurring a loss. Budget: An estimate of the income and expenditures for a future period of time, usually one year. Business decisions: These include strategic decisions (very important ones which can affect the overall success of the business), tactical decision (those which are taken more frequently and which are less important), and operational decisions (day-to-day decisions which will be taken by lower-level managers). Business venture: Taking financial risks in a commercial enterprise. __________________ P.R.

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C
Capital: Money available to invest or the total of accumulated assets available for production. Capital account: the sum of a company's capital at a particular time. Capital allowance: the tax advantage that a company is granted for money that it spends on fixed assets. Capital appreciation: the increase in a company's or individual's wealth. Capital asset: an asset that is difficult to sell quickly. for example, real estate. Capital budget: a budget for the use of a company's money. Capital controls: regulations placed by a government on the amount of capital residents

may hold. Capital equipment: Equipment that you use to manufacture a product, provide a service or use to sell, store and deliver merchandise. Such equipment will not be sold in the normal course of business, but will be used and worn out or consumed in the course of business. Capital expenditure: Money spend on fixed assets which will last for more than one year. Cash flow: The cash inflows and outflows over a period of time. Capital gains (and losses): The financial gain made upon the disposal of an asset. The gain is the difference between the cost of its acquisition and net proceeds upon its sale. Capital goods: Stocks of physical or financial assets that are capable of generating income. Capital inflow: The amount of capital that flows into an economy from services rendered abroad. Capitalism: An economic and social system in which individuals can maximize profits because they own the means of production. Capitalist: An investor of capital in a business. Capitalization: The amount of money invested in a company or the worth of the bonds and stocks of a company. Cash: Money in hand or readily available. Cash discount: A deduction that is given for prompt payment of a bill. Cash flow: The actual movement of cash within a business; the analysis of how much cash is needed and when that money is required by a business within a period of time. Cash flow cycle: A means of showing the stages between paying out cash for labour, materials, etc. and receiving cash from the sales of goods. Cash flow forecast: An estimate of future cash inflows and cash outflows of a business, usually on a monthly basis. Cash inflows: The sum of money received by a business during a period of time. Cash outflows: The sum of money paid out by a business during a period of time. Cash receipts: The money received by a business from customers. Centralization: the gathering together, at a corporate headquarters, of specialist functions such as finance, personnel and information technology. Centralization is usually undertaken in order to effect economies of scale and to standardize operating procedures throughout the organization. Centralized management can become cumbersome and inefficient and may produce communication problems. Some organizations have shifted toward decentralization to try to avoid this.

Certificate: A document representing partial ownership of a company that states the number of shares that the document is worth and the names of the company and the owner of the shares. Certified Public Accountant: An accountant to whom a state has given a certificate showing that he has met prescribed requirements designed to insure competence on the part of the public practitioner in accounting and that he is permitted to use the designation Certified Public Accountant, commonly abbreviated as CPA. Chain of command: A structure within an organisation which allows instructions to be passed down from senior management to the lower levels of management. Chamber of Commerce: An organization of business people designed to advance the interests of its members. There are three levels: national, state and local. Channel of distribution: The means by which a product is passed from the place of production to the customer or retailer. Chief Executive: the person with overall responsibility for ensuring that the daily operations of an organization run efficiently and for carrying out strategic plans. The chief executive of an organization normally sits on the board of directors. In a limited company, the chief executive is usually known as a managing director. Chief Executive Officer: the highest ranking executive officer within a company or corporation, who has responsibility for over-all management of its day-to-day affairs under the supervision of the board of directors. Abbr. CEO Chief financial officer: the officer of the organization responsible for handling finds, signing checks, the keeping of financial records, and financial planning of the company. Choice: A decision to purchase that is based on an evaluation of alternatives. Clicks and brick: A business strategy that involves combining the traditional retail outlets with online commerce. Close corporation: A public corporation in which all of the voting stock is held by a few shareholders, for example, management or family members. Although it is a public company, shares would not normally be available for trading because of a lack of liquidity. Close-end credit: A loan, plus any interest and finance charges, that is to be repaid in full by a specified future date. Loans that have real estate or motor vehicles as collateral are usually closed-end. Closed shop: It is where all employees must be a member of the same trade union. Closing cash (or bank) balance: The amount of cash held by the business at the end of each month. This becomes next months opening cash balance. Collateral: property or goods used as security against a loan and forfeited to the lender if the borrower defaults. Collective bargaining: Negotiation between one or more trade unions and one or more employers on pay and conditions of employment.

Co-signers: Joint signers of a loan agreement who pledge to meet the obligations of a business in case of default. Commercial paper: Uncollateralized loans obtained by companies, usually on a short-term basis. Commission: A percentage of the principal or of the income that an agent receives as compensation for services. Common currency: An agreement between countries to use the same currency for all business and other transactions, such as euro in the European Union. Communication: The transferring of a message from the sender to the receiver, who understands the message. Communication nets: The ways in which members of a group communicate with each other. Competitive pricing: A pricing strategy where the product is priced in line with, or just below, competitors prices to try to capture more of the market. Conglomerate integration: A firm merges with or takes over another firm in a completely different industry. Also known as diversification. Consumer panels: Groups of people who agree to provide information about a specific product or general spending patterns over a period of time. Contract: An agreement regarding mutual responsibilities between two or more parties. Contract of employment: A legal agreement between employer and employee listing the rights and responsibilities of workers. Contribution: The selling price of a product less its variable cost. Controllable expenses: Those expenses that can be controlled or restrained by the business person. Corporation: A voluntary organization of persons, either actual individuals or legal entities, legally bound together to form a business enterprise; an artificial legal entity created by government grant and treated by law as an individual entity. Corporation tax: The tax paid by limited companies on their profits. Cost-benefit analysis: The valuation by a government agency of all social and private costs and benefits resulting from a decision. Cost of goods sold: The direct cost to the business owner of those items which will be sold to customers. Cost-plus pricing: The cost of manufacturing the product plus a profit mark-up. Craft union: A trade union which represents a particular type of skilled worker.

Credit: Another word for debt. Credit is given to customers when they are allowed to make a purchase with the promise to pay later. A bank gives credit when it lends money. Credit line: The maximum amount of credit or money a financial institution or trade firm will extend to a customer. Currency appreciation: Occurs when the value of a currency rises it buys more of another currency than before. Currency depreciation: Occurs when the value of a currency falls it buys less of another currency than before. Current assets: Valuable resources or property owned by a company that will be turned into cash within one year or used up in the operations of the company within one year. Generally includes cash, accounts receivable, inventory and prepaid expenses. Current liabilities: Amounts owned that will ordinarily be paid by a company within one year. Generally includes accounts payable, current portion of long-term debt, interest and dividends payable. __________________ P.R.

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D
Debt: That which is owed. Debt refers to borrowed funds and is generally secured by collateral or a co-signer. Debtors: Customers who owe money to the business. Debt capital: The part of the investment capital that must be borrowed.

Default: The failure to pay a debt or meet an obligation. Decentralised: A management structure in which many decisions are not taken at the centre of the business but are delegated to lower levels of management. De-industrialisation: Occurs when there is a decline in the importance of the secondary (or manufacturing) sector of industry in a country. Deficit: The excess of liabilities over assets; a negative net worth. Deficit financing: The borrowing of money because expenditures will exceed receipts. Deficit spending: Government spending financed by borrowing rather than taxation. Deflation: A reduction in the general level of prices sustained over several months, usually accompanied by declining employment and output. Delegation: Giving a subordinate the authority to perform particular tasks (NB it is the authority to perform a task which is being delegated not the final responsibility) Democratic leadership: Senior employees consult with junior ones in policy-making. Depreciation: A decrease in value through age, wear or deterioration. Depreciation is a normal expense of doing business that must be taken into account. There are laws and regulations governing the manner and time periods that may be used for depreciation. Desktop publishing: Commonly used term for computer-generated printed materials such as newsletters and brochures. Devaluation: A reduction in the official fixed rate at which one currency exchanges for another under a fixed-rate regime, usually to correct a balance of payments deficit. Development area: A region of a country where businesses will receive financial support to establish themselves (often regions of high employment) Development capital: Finance for the expansion of an established company. Differentiated marketing: Selecting and developing a number of offerings to meet the needs of a number of specific market segments. Direct cost: Ma variable cost directly attributable to production. Items that are classed as direct cost include materials used, labor deployed, and marketing budget, and amounts spent will vary with output. Direct mail: Marketing goods or services directly to the consumer through the mall. Direct mail is one tool that can be used as part of a marketing strategy. The use of direct mail is often administered by third-party companies that own databases containing not only names and addresses, but also social, economic, and lifestyle information. It is sometimes seen as an invasion of personal privacy, and there is some public resentment of this form of advertising. This is particularly true of e-mailed direct mail, known derogatively as SPAM. Direct selling: The process whereby the producer sells to the user, ultimate consumer or retailer without intervening middlemen such as wholesalers, retailers, or brokers. Direct

selling offers many advantages to the customer, including lower prices and shopping from home. Potential disadvantages include the lack of after-sales service, an inability to inspect products prior to purchase, lack of specialist advice, and difficulties in returning or exchanging goods. Direct tax: Taxes paid directly from incomes, such as income tax or profit tax. Dirty price: The price of a debt instrument that includes the amount of accrued interest that has not yet been paid. Discount: A deduction from the stated or list price of a product or service in relation to the standard price. A discount is a selling technique to encourage customers to buy and is offered for a variety of reasons: for buying in quantity or for repeat buying; as a special offer to move a slow-moving line or for paying by cash, etc. Diseconomies of scale: The factors that lead to an increase in average costs as a business grows beyond a certain size. Disposable income: The level of income a taxpayer has after paying income tax. Distribution channel: All of the individuals and organizations involved in the process of moving products from producer to consumer. The route a product follows as it moves from the original grower, producer or importer to the ultimate consumer. Distributor: Middleman, wholesaler, agent or company distributing goods to dealers or companies. Diversification: same as conglomerate integration. Dividends: Payments made to shareholders from the profits of a company after it has paid corporation tax. Division of labour: When the production process is split up into different tasks and each worker performs one of these tasks. Also known as specialisation. Downsize: Term currently used to indicate employee reassignment, layoffs and restructuring in order to make a business more competitive, efficient, and/or cost-effective. __________________ P.R.

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E
Earnings: A sum of money gained from employment, usually quoted before tax, including extra reward such as fringe benefits, allowances, or incentives. In business, income or profit from a business, quoted gross or net of tax, which may be retained and distributed in part to the shareholders. e-business: The conduct of business on the Internet, including the electronic purchasing and selling of goods and services, servicing customers, and communications with business partners. e-commerce: The exchange of goods, information products, or services via an electronic medium such as the Internet. Economic growth: When a countrys gross domestic product (GDP) more goods and services are produced than in the previous year. Economic problem: The fact that there are unlimited wants but limited resources to produce the goods and services to satisfy those wants. This creates scarcity. Economies of scale: The factors that lead to a reduction in average costs as a business increases in size. Employers association: A group of employers join together to give benefits to their members. Also called employer federations and trade association. Enterprise: A venture characterized by innovation, creativity, dynamism, and risk. An enterprise can consist of one project, or may refer to an entire organization. Entrepreneur: An innovator of business enterprise who recognizes opportunities to introduce a new product, a new process or an improved organization, and who raises the necessary money, assembles the factors for production and organizes an operation to exploit the opportunity. Equal opportunities: The granting of equal rights. privileges, and status regardless of gender, age, race, religion, disability, or sexual orientation. Equality in employment is regulated by law in most Western countries.

Equipment: Physical property of a more or less permanent nature ordinarily useful in carrying on operations, other than land, buildings or improvements to either of them. Examples are machinery, tools, tracks, cars, ships, furniture and furnishings. Equity: A financial investment in a business. An equity investment carries with it a share of ownership of the business, a stake in the profits and a say in how it is managed. Equity is calculated by subtracting the liabilities of the business from the assets of the business. Equity capital: Money furnished by owners of the business. Ergonomics: The study of workplace design and the physical and psychological impact it has on workers. Ergonomics is about the fit between people, their work activities, equipment, work systems, and environment to ensure that workplaces are safe, comfortable, efficient, and that productivity is not compromised. Ethical decision: A decision taken by a manager or company because of the moral code observed in that firm. Euro: The currency of 12 member nations of the European Union. The Euro was introduced in 1999, when the first 11 countries to adopt it joined together in an Economic and Monetary Union and fixed their currencies' exchange rate to the Euro. Notes and coins were brought into general circulation in January 2002, although banks and other financial institutions had before that time carried out transactions in Euros. Exchange: The process by which two or more parties give something of value to one another to satisfy needs and wants. Exchange controls: The regulations by which a country's banking system controls its residents' or resident companies' dealings in foreign currencies and gold. Exchange rate appreciation: When the value of a countrys currency rises compared with other currencies. Exchange rate depreciation: When the value of a countrys currency falls compared with other currencies. Exchange rate: The rate at which one country's currency can be exchanged for that of another. Excise duty: A tax on goods such as alcohol or tobacco produced and sold within a particular country. Expense account: amount of money that an employee or group of employees can draw on to reclaim personal expenses incurred in carrying out activities for an organization. Expenses: personal costs incurred by an employee in carrying out activities for an organization that are reimbursed by the employer. Export agent: an intermediary who acts on behalf of a company to open up or develop a market in a foreign country. Export agents are often paid a commission on all sales and may have exclusive rights in a particular geographic area. Exporting: the process of selling goods to other countries.

External growth: Occurs when a business takes over or merges with another business. Often called integration as one firm is integrated into another one. External recruitment: The vacancy is filled by someone who is not an existing employee and will be new to the business. External sources: Sources of information outside the company used to compile market research as a basis for marketing decisions. __________________ P.R.

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F
Facsimile machine (FAX): Machine capable of transmitting written input via telephone lines. Factor: A variable investigated in a statistical study. Factors of production: Resources needed to produce goods or services. Feasibility study: An investigation into a proposed plan or project to determine whether and how it can be successfully and profitably carried out. Federal funds: An deposits held in reserve by the Federal Reserve System. Feedback: The communication of responses and reactions to proposals and changes or to the findings of performance appraisals with the aim of enabling improvements to be made. FIFO: FIRST IN FIRST OUT, a method of inventory control where the stock of a given product first placed in store is used before more recently produced or acquired goods or

materials. Finance: The money needed by an individual or company to pay for something, for example, a project or stocks. Final accounts: Accounts produced at the end of the year giving details of the profit or loss made over the year and the worth of the business. Financial statements: Documents that show your financial situation. Fiscal: Relating to financial matters, especially in respect to government collection, use. and regulation of money through taxation. Fixed asset: A long term asset of a business such as a machine or building that will not usually be traded. Fixed expenses: Those costs which don't vary from one period to the next. Generally, these expenses are not affected by the volume of business. Fixed costs: Costs which do not vary with the number of items sold or produced in the short term. Float: The period between the presentation of a check as payment and the actual payment to the payee. Floating rate: An interest rate that is not fixed and which changes according to fluctuations in the market Floor: A lower limit on an interest rate, price, or the value of an asset. Flow chart: A graphic representation of the stages in a process or system or the steps required to solve a problem. Flow production: Large quantities of a product are produced in a continuous process. Also called mass production because of the large quantity of a standardised product that is produced. Forecast: A prediction of the value of a variable in a statistical study. Formal group: A group designated to carry out specific tasks within a business. Forward pricing: The establishment of the price of a share in a mutual fund based on the next asset valuation. Forward rate: An estimate of what an interest rate will be at a specified future time. Franchise: An agreement enabling a third party to sell or provide products or services owned by a manufacturer or supplier. The franchise is regulated by a franchise contract, or franchise agreement, that specifies the terms and conditions of the franchise. Franchise chain: A number of retail outlets operating the same franchise. A franchise chain may vary in size from a few to many thousands of outlets and in coverage from a small local area to worldwide.

Fraud: The use of dishonesty, deception. or false representation in order to gain a material advantage or to injure the interest of others. Freebie: A product or service that is given away, often as a business promotion. Free enterprise: he trade carried on in a free-market economy, where resources are allocated on the basis of supply and demand. Free market: A market in which supply and demand are unregulated except by the country's competition policy, and rights in physical and intellectual property are upheld. Freight: A term used to describe bulk goods or products while they are being transported. Fringe benefits: Non-monetary rewards given to employees. Fulfillment: The process of responding to customer inquiries, orders, or sales promotion offers. Future: A contract to deliver a commodity at a future date. Futures market: A market for buying and selling securities, commodities, or currencies that tend to fluctuate in price over a period of time. The market's aim is to reduce the risk of uncertainty about future prices. Fundraising: Events staged to raise revenue. __________________ P.R.

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Gap analysis: a marketing technique used to identify gaps in market or product coverage. In gap analysis, consumer information or requirements are tabulated and matched to product categories in order to identify product or service opportunities or gaps in product planning. Gateway: E-Commerce: a point where two or more computer networks meet and can exchange data. GDP: Gross domestic product, the total flow of services and goods produced by an economy over a quarter or a year, measured by the aggregate value of services and goods at market prices. General partner: A partner who has unlimited liability for the obligations of the partnership. General partnership: A partnership in which all partners are general partners. General union: A trade union which represents workers (often unskilled but also including semi-skilled) from a variety of traders. Globalization: The process of tailoring products or services to different local markets around the world. GNP: Gross National Product, GDP plus domestic resident's income from investment abroad less income earned in the domestic market accruing to noncitizens abroad. Goodwill: Excess of the purchase price over the fair market value of the net assets acquired under purchase accounting. Gross profit: The difference between the selling price and the cost of an item. Gross profit is calculated by subtracting cost of goods sold from net sales. Gross profit margin: Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. Growth capital: Funding that allows a company to accelerate its growth. For new startup companies, growth capital is the second stage of funding after seed money. Growth phase: A phase of development in which a company experiences rapid earnings growth as it produces new products and expands market share. Growth rate: The rate of an economy's growth as measured by its technical progress, the growth of its labor, and the increase in its capital stock. Growth stock: Common stock of a company that has an opportunity to invest money and earn more than the opportunity cost of capital. Guarantee: A pledge by a third party to repay a loan in the event that the borrower defaults. Guarantor: A person or organization that guarantees repayment of a loan if the borrower defaults or is unable to pay.

Guerilla marketing: A marketing technique, the aim of which is to damage the market share of competitors.

H
Hard sell: a heavily persuasive and highly pressured approach used to sell a product or service. Haulage: The transport of bulk goods or products; usually refers to road transport but can also refer to rail transport. Hedge fund: a mutual fund that takes considerable risks, including heavy investment in unconventional instruments, in the hope of generating great profits. High end: Relating to the most expensive, most advanced, or most powerful in a range of things, for example, computers. High-pressure: a selling technique in which the sales representative attempts to persuade a buyer very forcefully and persistently. Holding company: A parent organization that owns and controls other companies or A corporation that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors. Home page: The "table of contents" to a Web site, detailing what pages are on a particular site. The first page one sees when accessing a Web site. Horizontal integration: The merging of functions or organizations that operate on a similar level. Horizontal integration involves the union of companies producing the same kinds of goods or operating at the same stage of the supply chain. Hyperinflation: Very rapid growth in the rate of inflation so that money loses value and physical goods replace currency as a medium of exchange. __________________ P.R.

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I
IMF: International Monetary Fund, the organization that industrialized nations have established to reduce trade barriers and stabilize currencies, especially those of less industrialized nations. Impaired capital: a company's capital that is worth less than the par value of its stock. Import: a product or service brought into another country from its country of origin either for sale or for use in manufacturing. Incentive program: an award or reward scheme designed to improve sales force or retail performance. Income redistribution: a government policy that seeks to restrain increases in wages or prices by regulating the permitted level of increase. Income statement: A financial document that shows how much money (revenue) came in and how much money (expense) was paid out. Income tax: a tax levied directly on the income of a person or a company and paid to the local, state, or federal government. Income statement: A financial document that shows how much money (revenue) came in and how much money (expense) was paid out. Indirect channel: the selling and distribution of products to customers through intermediaries such as wholesalers, distributors, agents, dealers, or retailers. Indirect cost: a fixed or overhead cost that cannot be attributed directly to the production of a particular item and is incurred even when there is no output. Indirect taxes: Taxes added to the prices of goods. Tax payers pay tax as they produce the goods, e.g. value added tax (VAT). Induction training: Introduction given to a new employee, explaining the firms organisational structures, activites and procedures.

Industrial action: Steps taken by trade unions to decrease or halt production. Industrial tribunal: A legal meeting which considers workers complaints of unfair dismissal or discrimination at work. Industrial union: A trade union which represents all types of workers in a particular industry. Industry: The category describing a company's primary business activity. This category is usually determined by the largest portion of revenue. Inflation: a sustained increase in a country's general level of prices that devalues its currency, often caused by excess demand in the economy. Informal group: Group of people who form independently of any official groups because they have interests or aims in common. Informative advertising: Advertising where the emphasis of advertising or sales promotion is to give full information about the product. Infomercial: a television or cinema commercial that includes helpful information about a product as well as advertising content. Initial public offering: the first instance of making particular shares available for sale to the public. Insolvency: the inability to pay debts when they become due. Insolvency will apply even if total assets exceed total liabilities, if those assets cannot be readily converted into cash to meet debts as they mature. Even then, insolvency may not necessarily mean business failure. Bankruptcy may be avoided through debt rescheduling or turnaround management. Income statement: A financial document that shows how much money (revenue) came in and how much money (expense) was paid out. Insurance: an arrangement in which individuals or companies pay another company to guarantee them compensation if they suffer loss resulting from risks such as fire, theft, or accidental damage. Intellectual property: the ownership of rights to ideas, designs, and inventions, including copyrights, patents, and trademarks. Intellectual property is protected by law in most countries, and the World Intellectual Property Organization is responsible for harmonizing the law across different countries and promoting protection of intellectual property rights. Integration: It is when a business takes over or merges with another business, i.e. integrates with another one. Interest: the rate that a lender charges for the use of money that is a loan. Interest rate: the amount of interest charged for borrowing a particular sum of money over a specified period of time. Internal communication: Messages between people working in the same organisation.

Internal finance: Finance generated within a firm by retained earnings and depreciation. Internal growth: Occurs when a business expands its existing operations. Internal recruitment: The vacancy is filled by someone who is existing employee of the business. Internal sources: Sources of information within the company, used to compile market research as a basis for marketing decisions. Income statement: A financial document that shows how much money (revenue) came in and how much money (expense) was paid out. Internet: The vast collection in inter-connected networks that provide electronic mail and access to the World Wide Web. Inventory: A list of assets being held for sale, The stock of finished goods, raw materials, and work in progress held by a company. Invest: To lay out money for any purpose from which a profit is expected. Investment: The spending money on stocks, shares, and other securities, or on assets such as plant and machinery. Invisible exports: the profits, dividends, interest, and royalties received from selling a country's services abroad. Invoice: a document that a supplier sends to a customer detailing the cost of products or services supplied and requesting payment. __________________ P.R.

The Following User Says Thank You to Princess Royal For This Useful Post: ShahanIshaq (Monday, October 19, 2009)
#9 Wednesday, February 13, 2008 Join Date: Sep 2007 Posts: 2,165 Thanks: 860 Thanked 1,623 Times in 815 Posts

Princess Royal
Senior Member

J
Job analysis: The responsibilities and tasks relating to a job are identified and recorded. Job description: Document which outline the responsibilities and duties expected to be carried out by someone employed to do a specific job. Job enlargement: Where extra tasks of a similar level of work are added to a workers job description. Job enrichment: Involves looking at jobs and adding tasks that require more skill and/or responsibility. Job production: A single product is made at a time, usually to the customers exact specification. Job rotation: Involves the workers doing each specific task for only a limited time and then changing round on a regular basis. Job satisfaction: Enjoyment derived from feeling that you have done a good job. Job specification: Documents which outlines the requirements, qualifications and expertise required from a person to do a specific job. Joint account: An account, for example, one held at a bank or by a broker, that two or more people own in common and have access to. Joint ownership: Ownership by more than one party, each with equal rights in the item owned. Joint ownership is often applied to property or other assets. Junk bond: A bond with high return and high risk.

K
Keystone: Setting a retail price at twice the wholesale price. Kaizen production: Kaizen is a Japanese term meaning continuous improvement, through the elimination of waste.

Labor force: People of working age who are available for paid employment, including the unemployed looking for work, but excluding categories such as full-time students, careers, and the long-term sick and disabled. Lapse: The termination of an option without trade in the underlying security or commodity. Law of diminishing returns: A rule stating that as one factor of production is increased while others remain constant, the extra output generated by the additional input will eventually fall. The law of diminishing returns therefore means that extra workers, extra capital, extra machinery, or extra land may not necessarily raise output as much as expected. Lead time: The margin of time between the date when stock is obtained and the date when it is sold on. Leadership styles: Approaches to dealing with people when in a position of authority. Lean production: Techniques used by business to cut down on any waste and therefore increase efficiency, for example, by reducing the time it takes for the product to be developed and made available for sale. Leasing: Leasing an asset allows the firm to use an asset but it does not have to purchase it. Lemon: A product, especially a car, that is defective in some way. Letter of agreement: A document that constitutes a simple form of contract. Letter of Credit: A letter issued by a bank that can be presented to another bank to authorize the issue of credit or money. Leverage: A method of corporate funding in which a higher proportion of funds is raised through borrowing than share issue. Liability: A debt that has no claim on a debtor's assets or less claim than another debt. Liability insurance: Risk protection for actions for which a business is liable. License: A contractual arrangement, or a document representing this, in which one organization gives another the rights to produce, sell, or use something in return for payment. Lifestyle: A pattern of living that comprises an individual's activities, interests and opinions. Limited liability: Where the owners of a company cannot be held responsible for the debts of the company they own. Limited partnership: A legal partnership where some owners are allowed to assume responsibility only up to the amount invested. Line managers: Managers with direct authority over subordinates in their departments; they are able to take decisions in their departmental area.

Line of best fit: A line drawn through a series of points, e.g. sales data, which best shows the trend of that data. Liquid assets: Financial assets that can be quickly converted to cash. Liquidity: The ability of a business to meet its financial responsibilities. The degree of readiness with which assets can be converted into cash without loss. Loan agreement: A document that states what a business can and cannot do as long as it owes money to the lender. Loan: Money lent with interest. Long-term liabilities: The liabilities (expenses) that will not mature within the next year. __________________ P.R.

The Following User Says Thank You to Princess Royal For This Useful Post: ShahanIshaq (Monday, October 19, 2009)
#10 Thursday, February 14, 2008 Join Date: Sep 2007 Posts: 2,165 Thanks: 860 Thanked 1,623 Times in 815 Posts

Princess Royal
Senior Member

M
Ma and Pa shop: A small family-run business. Macro economics: The branch of economics that studies national income and the economic systems of national economies. Mail order: A form of retailing in which consumers order products from a catalogue for delivery to their home. Management: The use of professional skills for identifying and achieving organizational objectives through the deployment of appropriate resources. The art conducting and supervising a business.

Marginal costs: Extra costs a business will incur by producing one more unit of output. Market: A set of potential or real buyers or a place in which there is a demand for products or services. Actual or potential buyers of a product or service. Marketable: Possessing the potential to be commercially viable. Market analysis: The study of a market to identify and quantify business opportunities. Market development: Marketing activities designed to increase the overall size of a market through education and awareness. Market demand: Total volume purchased in a specific geographic area by a specific customer group in a specified time period under a specified marketing program. Market forecast: An anticipated demand that results from a planned marketing expenditure. Marketing: One of the main management disciplines, encompassing all the strategic planning, operations, activities, and processes involved in achieving organizational objectives by delivering value to customers. Marketing management focuses on satisfying customer requirements by identifying needs and wants. Marketing budget: A financial plan for the marketing of a product or product range for a specific period of time. Market niche: A well-defined group of customers for which what you have to offer is particularly suitable. Market-orientated: A description applied to a business in which market research is carried out to find out consumer wants before a product is developed and produced. Market positioning: Finding a marketing niche that emphasizes the strength of a product or service in relation to the weakness of the competition. Market research: Finds out consumers wants before a product is developed and produced. Market segmentation: The market is divided up into groups of consumers who have similar needs. Market share: A companys percentage share of total sales within a given market. Market targeting: Choosing a marketing strategy in terms of competitive strengths and marketplace realities. Marketing mix: The set of product, place, promotion, price and packaging variables, which a marketing manager controls and orchestrates to bring a product or service into the marketplace. Marketing research: The systematic design, collection, analysis and reporting of data regarding a specific marketing situation.

Markup: The difference between the cost of a product or service and its selling price. Mass marketing: Selecting and developing a single offering for an entire market. Maas production: see flow production. Medium of communication: The method used to send a message. Merchandise: Goods bought and sold in a business. Merchandise or stock is a part of inventory. Merger: When the owner of two businesses agree to joins there firms together to make one business. Message: The information or instruction being passed by the sender to the receiver. Micro business: An owner-operated business with few employees and less than $250,000 in annual sales. Micro economics: The study of economic activity as it applies to individual firms or well defined small groups of individuals or economic sectors. Micro marketing: Marketing to individuals or very small groups. Middleman: A person or company that performs functions or renders services involved in the purchase and/or sale of goods in their flow from producer to consumer. Monopoly: A business which controls all of the market for a product. Motivation: Why employees want to work effectively for the business. Multilevel sales: Also known as network marketing. Rather than hiring sales staff, multilevel sales companies sell their products through thousands of independent distributors. Multilevel sales companies offer distributors commissions on both retail sales and the sales of their down-line (The network of other distributors they sponsor). Multinational business: Those with factories, production or service operations in more than one country. There headoffice is in one country only. Also known as transnational business. __________________ P.R.

NASDAQ: National Association of Security Dealers Automated Quotation system, a screenbased quotation system supporting market making in registered equities. Needs: Goods or services essential for living. Negotiation: A discussion with the aim of resolving a difference of opinion, or dispute, or to settle the terms of an agreement or transaction.

Net assets: The amount by which the value of a companys assets not exceeds its liabilities. Net capital: The amount by which assets exceed the value of assets not easily converted to cash. Net cash balance: The amount of cash that is on hand. Net cash flow: The difference, each month, between cash inflows and cash outflows. Net errors and omissions: The net amount of the discrepancies that arise in calculations of balances of payments. Net fixed assets: The value of fixed assets after depreciation. Net margin: The percentage of revenues that is profit. Net operating income: The amount by which income exceeds expenses, before considering taxes and interest. Net proceeds: The amount realized from a transaction minus the cost of making it. Net profit: Profits made by a business after all costs have been deducted from sales revenue; it is calculated by subtracting overhead costs from gross profit. Net worth: The total value of a business in financial terms. Net worth is calculated by subtracting total liabilities from total assets Niche: A well-defined group of customers for which what you have to offer is particularly suitable. No-load fund: A mutual fund that does not charge a fee for purchase or sale of shares. Non-cooperation: A form of industrial action when employees agree to have pay disputes settled by an independent arbitrator instead of taking strike action. Nondisclosure agreement: A legally enforceable agreement preventing present or past employees from disclosing commercially sensitive information belonging to the employer to any other party. Nonrecurring: One time, not repeating. Nonrecurring expenses are those involved in starting a business, and which only have to be paid once and will not occur again. No-strike agreement: When trade unions and management agree to have pay disputes settled by an independent arbitrator instead of taking strike action. Note: A document that is recognized as legal evidence of a debt. __________________ P.R.

#12 Thursday, February 21, 2008 Join Date: Sep 2007 Posts: 2,165 Thanks: 860 Thanked 1,623 Times in 815 Posts

Princess Royal
Senior Member

O
Objective: An end toward which effort is directed and on which resources are focused, usually to achieve an organizations strategy. Obsolescence: The decline of products in a market due to the introduction of better competitor products or rapid technology developments. Off-the job training: Being trained away from the workplace, usually by specialist trainers. One-way communication: Transmission of a message which does not call for or require a response. On-the job training: Watching a more experienced worker doing the job and learning skills under their supervision. Open-end credit: A form of credit that does not have a upper limit on the amount that can be borrowed or a time limit before repayment is due. Opening cash (or bank) balance: The amount of cash held by the business at the start of the month. Open market: A market that is widely available. Operating cash flow: The amount used to represent the money moving through a company as a result of its operations, as distinct form its purely financial transactions. Operating costs: Expenditures arising out of current business activities. The costs incurred to do business such as salaries, electricity, rental. Also may be called overhead. Operational decisions: see business decisions. Opportunity cost: The next best alternative give up by choosing another item. Optimize: To allocate such things as resources or capital as efficiently as possible.

Option: A contract for the right to buy or sell an asset, typically a commodity, under certain terms. Order: A contract made between a customer and a supplier for the supply of a range of goods or services in a determined quantity and quality, at an agreed price, and for delivery at or by a specified time. Organizational market: A marketplace made up of producers, trade industries, governments and institutions. Organizational structure: The levels of management and division of responsibilities within an organisazation. Outsourcing: Term used in business to identify the process of subcontracting work to outside vendors. The transfer of the provision of services previously carried out by in-house personnel to an external organization, usually under a contract with agreed standards, costs, and conditions. Overdraft: The amount by which the money withdrawn from a bank account exceeds its balance. Overhead: A general term for costs of materials and services not directly adding to or readily identifiable with the product or service being sold. Overprice: To set the price of a product or service too high, with the result that it is unacceptable to the market. Overtime ban: A form of industrial action when employees refuse to work longer than their normal working hours. __________________ P.R.

#13 Thursday, February 21, 2008 Join Date: Sep 2007 Posts: 2,165 Thanks: 860 Thanked 1,623 Times in 815 Posts

Princess Royal
Senior Member

Packaging: The physical container or wrapping for a product , also used for promotional purposes. Partnership: A legal business relationship of two or more people who share responsibilities, resources, profits and liabilities. Partnership agreement: The written and legal agreement between business partners. Passive investment management: The managing of a mutual fund or other investment portfolio by relying on automatic adjustments such as indexation instead of making personal judgments. Patent: A type of copyright granted as a fixed-term monopoly to an inventor by the state to prevent others copying an invention, or improvement of a product or process. Payable: Ready to be paid. One of the standard accounts kept by a bookkeeper is "accounts payable." This is a list of those bills that are current and due to be paid. Payment gateway: A company or organization that provides an interface between merchant's point-of-sale system, acquirer payment systems, and issuer payment systems. Payment-in-kind: An alternative form of pay given to employees in place of monetary reward but considered to be of equivalent value. A payment in kind take the form of a car, purchase of goods at cost price, or other nonfinancial exchange that benefits an employee. Pay Pal: A Web based service that enables Internet users to send and receive payments electronically. To open a Pay Pal account, users register and provide their credit card details. When they decide to make a transaction via Pay Pal, their card is charged for the transfer. Penetration pricing: A pricing strategy where price is set lower than the competitors prices in order to be able to enter a new market. Perception: The process of selecting, organizing and interpreting information received through the senses. Performance appraisal: A face-to-face discussion in which one employee's work is discussed, reviewed, and appraised by another, using an agreed and understood framework. Performance-related pay: Pay related to the effectiveness of the employee. Persuasive advertising: Advertising or promotion which is trying to persuade the consumer that they really need the product and should try it. Petty cash: A small store of cash used for minor business expenses. Phantom income: Income that is subject to tax even though the recipient never actually gets control of it, for example, income from a limited partnership. Picketing: A form of industrial action; employees who are taking action stand outside their workplace to prevent or protest at the delivery of goods, arrival and departure of other employees, etc. Pictogram: A means of showing data, in which pictorial symbols are used to represent fixed

numbers of items. Pie chart: A circular graph used to show what proportion of the collected data comes into each of the chosen categories. Pink slip: Get your pink slip to be dismissed from employment. Piracy: illegal copying of a product such as software or music. Placement fee: A fee that a stockbroker receives for a sale of shares. Planning: The process of setting objectives, or goals, and formulating policies, strategies, and procedures to meet them. Planning permission: When a government body allows a business to build a factory or office in a particular location. Poaching: The practice of recruiting people from other companies by offering inducements. Point of purchase: The place at which a product is purchased by the customer. The point of sale can be a retail outlet, a display case, or even a legal business relationship of two or more people who share responsibilities, resources, profits and liabilities. Point of sales: The place where the product is being sold, usually a shop. Postdate: To put a later date on a document or check than the date when it is signed, with the effect that it is not valid until the later date. Prebilling: The practice of submitting a bill for a product or service before it has actually been delivered. Prepaid expenses: Expenditures that are paid in advance for items not yet received. Prepaid interest: Interest paid in advance of its due date. Prepayment penalty: A charge that may be levied against somebody who makes a payment before its due date. The penalty compensates the lender or seller for potential lost interest. Pressure groups: Groups formed by people who share a common interest and who will take action to achieve the changes they are seeking. Price: The exchange value of a product or service from the perspective of both the buyer and the seller. Price ceiling: The highest amount a customer will pay for a product or a service based upon perceived value. Price control: Government regulations that set maximum prices for commodities or control price levels by credit controls. Price discrimination: The practice of selling of the same product to different buyers at different prices.

Price floor: The lowest amount a business owner can charge for a product or service and still meet all expenses. Price planning: The systematic process for establishing pricing objectives and policies. Price skimming: A pricing strategy where a high price is set for a new product on the market. Price war: A situation in which two or more companies each try to increase their own share of the market by lowering prices. Primary research: The collection and collation of original data via direct contact with potential or existing customers. Also known as field research. Principal: The amount of money borrowed in a debt agreement and the amount upon which interest is calculated. Private benefits: The financial gains made by a business as s result of a business decision. Private costs: The costs of a business decision actually paid for by the business. Probability: The quantitative measure of the likelihood that a given event will occur. Probation: A trial period in the first months of employment when the employer checks the suitability and capability of a person in a certain role, and takes any corrective action. Producers: The components of the organizational market that acquire products, services that enter into the production of products and services that are sold or supplied to others. Product: Anything capable of satisfying needs, including tangible items, services and ideas. Production: is the provision of a product or a service to satisfy consumer wants and needs. Productivity: The output measured against the inputs used to create it. Productivity agreement: Workers and management agree an increase in benefits, in return for an increase in productivity. Product life cycle (PLC): The stages of development and decline through which a successful product typically moves. Product line: A group of products related to each other by marketing, technical or end-use considerations. Product mix: All of the products in a seller's total product line. Product oriented: A description applied to a business whose main focus of activity is on the product itself. Profit and Loss Statement: A list of the total amount of sales (revenues) and total costs (expenses). The difference between revenues and expenses is your profit or loss.

Profit: Financial gain, returns over expenditures. Profit margin: The difference between your selling price and all of your costs. Profit-sharing: A proportion of the profits is paid out to employees. Pro-forma: A projection or estimate of what may result in the future from actions in the present. A pro forma financial statement is one that shows how the actual operations of the business will turn out if certain assumptions are achieved.; a document issued before all relevant details are known, usually followed by a final version. Pro-forma invoice: An invoice that does not include all the details of a transaction, often sent before goods are supplied and followed by a final detailed invoice. Promotion: The communication of information by a seller to influence the attitudes and behavior of potential buyers. Promotional pricing: Temporarily pricing a product or service below list price or below cost in order to attract customers. Prospectus: A detailed document issued by the directors of a company when they are converting it to public limited company status. It is an invitation to the general public to buy shares in the newly formed plc. Psychographics: The system of explaining market behaviour in terms of attitudes and life styles. Psychological pricing: A pricing strategy where particular attention is paid to the effect that the price of a product will have upon consumers perceptions of the product. Publicity: Any non-paid, news-oriented presentation of a product, service or business entity in a mass media format. Public relation: Policies, strategies or measures taken to promote a good image for a company and/or its products. __________________ P.R.

#14 Saturday, February 23, 2008 Join Date: Sep 2007 Posts: 2,165 Thanks: 860 Thanked 1,623 Times in 815 Posts

Princess Royal
Senior Member

Q
Qualification payment: An additional payment sometimes made to employees of New Zealand companies, who have gained an academic qualification relevant to their jobs. Qualified lead: A sales prospect whose potential value has been carefully evaluated through research Qualitative marketing research: Marketing research techniques that use small samples of respondents to gain an impression of their benefits, motivations, perceptions, and opinions. Quality: All the features and characteristics of a product or service that affect its ability to meet stated or implied needs. Quality assurance: The design and implementation of systematic activities aimed at preventing quality problems. Quality circle: A technique that brings together members of a workforce to solve problems and to put forward ideas for improving a process or product. Quality control: The activities and techniques used to achieve and maintain a high standard of quality in a transformation process. Quantitative forecasting techniques: Techniques used to forecast future trends, e.g. the demand for a poduct, based on manipulation of historical data. Quantitative marketing research: Marketing research techniques that use large samples of respondents to quantify behaviour and reactions to marketing activities. Questionnaire: A data-gathering form used to collect information by a personal interview, with a telephone survey or through the mail. Quota: A limit on the import or export of a particular product imposed by a government. Quota sampling: People selected on the basis of certain characteristics (e.g. age, gender, income) as a source of information for market research. Quoted price: The last price at which a security or commodity was traded.

R
Random sampling: An unbiased sampling technique in which every member of the population has an equal chance of being included in the sample. Based on probability theory,

random sampling is the process of selecting and canvassing a representative group of individuals from a particular population in order to identify the attributes or attitudes of the population as a whole. Rate of interest: A percentage charged on a loan or paid on an investment for the use of the money. Rate of return: An accounting ratio of the income from investment to the amount of investment, used to measure financial performance. Ratio: The relationship of one thing to another. A "ratio" is a short-cut way of comparing things, which can be expressed as numbers or degrees. Real income: When an employee loses his job. Real income: The value of income in the context of current price levels. Rebating: A sales promotion technique in which the customer is offered a rebate for reaching volume targets. Receivable: Ready for payment. When you sell on credit, you keep an "accounts receivable" ledger as a record of what is owed to you and who owes it. In accounting, a receivable is an asset. Receiver: In communication, the person who receives a message. Recession: A stage of the business cycle in which economic activity is in slow decline. Recession usually follows a boom, and precedes a depression. It is characterized by rising unemployment and falling levels of output and investment. Recurring payments: An electronic payment facility that permits a merchant to process multiple authorizations by the same customer either as multiple payments for a fixed amount or recurring billings for varying amounts. Redemption: The purchase by a company of its own shares from shareholders. Redundancy: Dismissal from work because a job ceases to exist. Redundancy occurs most frequently when an employer goes out of business necessitating a cutback in the workforce, or relocates part, or all, of the company. Refinance: To replace one loan with another, especially at a lower rate of interest. Refund: The reimbursement of the purchase price of a good or service, for reasons such as faults in manufacturing or dissatisfaction with the service provided. Reinsurance: A method of reducing risk by transferring all or part of an insurance policy to another insurer. Representative (union): Person with responsibilities to communicate trade union information between members and regional offices and to represent the union members to management. Resources: Anything that is available to an organization to help it achieve its purpose.

Response marketing: In e-marketing, the process of managing responses or leads from the time they are received through to conversion to sale. Response rate: The proportion of subjects in a statistical study who respond to a researcher's questionnaire. Retail: Selling directly to the consumer. Retailing: Businesses and individuals engaged in the activity of selling products to final consumers. Retrenchment: see redundancy. Revenue: The income during a period of time from the sale of goods and services. Revenue expenditure: Money spent on day to day expenses which do not involve the purchase of a long-term asset, e.g. wages and rent. Revolving fund: A fund the resources of which are replenished from the revenue of the projects that it finances. __________________ P.R.

#15 Saturday, February 23, 2008 Join Date: Sep 2007 Posts: 2,165 Thanks: 860 Thanked 1,623 Times in 815 Posts

Princess Royal
Senior Member

S
Salary: A form of pay given to employees at regular intervals in exchange of the work they have done. Sales: The activity of selling a company's products or services, the income generated by this, or the department that deals with selling. Sales channel: A means of distributing products to the marketplace, either directly to the end costumer, or indirectly through intermediaries such as retailers or dealers.

Sales force: A group of sales people or sales representatives responsible for the sales of either a single product or the entire range of an organization's products. Sales forecast: A prediction of future sales, based on past sales performance. Sales forecasting takes into account the economic climate, current sales trends, company capacity for production, company policy, and market research. Sales network: The distribution network by which goods and services are sold. Sales outlet: Acompany's office that deals with customers in a particular region or country Sales promotion: Activities, usually short-term, designed to attract attention to a particular product and to increase its sales using advertising and publicity. Sales quota: A target set for the sales force stating the number and range of products or services that should be sold. Sales representative: A salesperson selling the products or services of a particular organization or manufacturer. Sales representatives are sometimes employed directly by a company as part of the sales force or they may work independently and be employed by contract. Sales reps often represent more than one product line from more than one company and usually work on commission. Sales revenue: The income to a business during a period of time from the sale of goods or services. Sample: A limited portion of the whole of a group. Scarcity: The lack of sufficient products to fulfil the total wants of the population. Security: Collateral that is promised to a lender as protection in case the borrower defaults on a loan. Seasonal business: Trade that is affected by seasonal factors, for example, trade in goods such as suntan products or Christmas tress. Secondary research: The use of information that has already been collected and is available for use by others. Also called desk research. Secondary sector: Industry which manufactures goods using raw materials provided by the primary sector. Seed money: A usually modest amount of money used to convert an idea into a viable business. Seed money is a form of venture capital. Segment: A specific group of customers or potential customers or potential customers. Self-employment: Being in business on one's own account, either on a freelance basis, or by reason of owning a business. and not being engaged as an employee under a contract of employment. Self-liquidating: Providing enough income to pay off the amount borrowed for financing.

Sender: see transmitter. Service business: A retail business that deals in activities for the benefit of others. Service charge: A gratuity usually paid in restaurants and hotels; a fee for any service provided, or additional fee for any enhancements to an existing service. Settlement: The payment of a debt or charge. Setup costs: The costs associated with making a workstation or equipment available for use. Share: One of the equal parts into which the ownership of a corporation is divided. A "share" represents part ownership in a corporation. Shareholders: The owners of a limited company; they have bought shares which represent part ownership of a company. Short-term notes: Loans that come due in one year or less. Single-union agreement: A firm will deal only with one particular trade union and no others. Social benefits: The costs paid by the rest of society, rather than the business, as a result of a business decision. Also known as external costs because they are costs paid by the rest of society outside the business. Sole proprietorship: Business legal structure in which one individual owns the business. Span of control: The number of subordinates working directly under a manager. Specialisation: see division of labour. Staff member: Specialist advisers who provide support to line managers and to the board of directors. Stakeholders: Groups in society who have a direct interest in the performance and activities of business. Start-up capital: The finance needed by a new business to pay for essential fixed and current assets before it can begin trading. Stock: An ownership share in a corporation; another name for a share. Another definition would be accumulated merchandise. Strategic decisions: see business decisions Strike: A form of industrial action where employees refuse to work. Suppliers: Individuals or businesses that provide resources needed by a company in order to produce goods and services. Survey: A research method in which people are asked questions.

__________________ P.R.

#16 Sunday, February 24, 2008 Join Date: Sep 2007 Posts: 2,165 Thanks: 860 Thanked 1,623 Times in 815 Posts

Princess Royal
Senior Member

T
Tactical decisions: see business decisions. Take-home pay: The amount of pay an employee receives after all the deductions, such as income tax, social security, or pension, contributions. Takeover: The acquisition of one company by another. Talent: People with exceptional abilities, especially a company's most valued employees. Target audience: People who are potential buyers of a product or service. Target market: The specific individuals, distinguished by socio-economic, demographic and interest characteristics, who are the most likely potential customers for the goods and services of a business. Target marketing: Selecting and developing a number of offerings to meet the needs of a number of specific market segments. Tariff: A government duty imposed on imports or exports to stimulate or dampen economic activity. Tax: A governmental charge that is not a price for a good or service Taxable: Subject to tax. Tax bracket: A range of income levels subject to marginal tax at the same rate. Tax incentive: A tax reduction afforded to people for particular purposes, for example, sending their children to college

Tax refund: An amount that a government gives back to a taxpayer who has paid more taxes than were due. Tax return: An official form on which a company or individual enters details of income and expenses, used to assess tax liability. Tax shelter: A financial arrangement designed to reduce tax liability. Tax subsidy: A tax reduction that a government gives a business for a particular purpose, usually to create jobs. T-Bill: A debt instrument of the U.S. government. (Treasury Bill) Team player: Somebody who works well within a team. Teamwork: Collaboration by a group of people to achieve a common purpose. Telebanking: Electronic banking carried out by using a telephone line to communicate with a bank. Telecommute: To work without leaving your home by using telephone lines to carry data between your home and your employer's place of business. Telemarketing: Marketing goods or services directly to the consumer via the telephone. Telephone survey: A research technique in which members of the public are asked a series of questions on the telephone. Tender: To make or submit a bid to undertake work or supply goods at a stated price. A tender is usually submitted in response to an invitation to bid for a work contract in competition with other suppliers. Terms of sale: The conditions concerning payment for a purchase. Terms of trade: A ratio to determine whether the conditions under which a country conducts its trade are favorable or unfavourable Tertiary sector: Industry which provides services to consumers and the other sectors of industry. Test marketing: The use of a small-scale version of a marketing plan, usually in a restricted area or with a small group, to test marketing strategy for a new product. Think tank: An organization or group of experts researching and advising on issues of society, science, technology, industry, or business. Total costs: The combined total of fixed costs and variable costs. Total quality management (TQM): The continuous improvement of products and processes by focusing on quality at each stage of production. Trade association: see employers association.

Trade barrier: A condition imposed by a government to limit free exchange of goods internationally. Trade credit: Permission to buy from suppliers on open account. Trade-fair: A commercial exhibition designed to bring together buyers and sellers from a particular market sector. Trademark: An identifiable mark on a product that may be a symbol, words, or both, that connects the product to the trader or producer of that product. Trade union: A group of workers join together to ensure their interests are protected. Trading account: Shows how the gross profit of a business is calculated. Transmitter: The sender of a message, the person starting off the process by sending the message. Transnational businesses: see multinational businesses. Trend: The underlying movement or direction of data overtime. Turnkey contract: Immediately. an agreement in which a contractor designs, constructs, and manages a project until it is ready to be handed over to the client and operation can begin he conditions concerning payment for a purchase. Two-way communication: When a receiver gives a response to a message and there is a discussion about it. __________________ P.R.
Last edited by Princess Royal; Sunday, February 24, 2008 at 12:11 AM.

#17 Monday, February 25, 2008 Join Date: Sep 2007 Posts: 2,165 Thanks: 860 Thanked 1,623 Times in 815 Posts

Princess Royal
Senior Member

U
Unbalanced growth: The result when not all sectors of an economy can grow at the same rate. Unbundling: Dividing a company into separate constituent companies, often to sell all or some of them after a takeover. Uncertainty analysis: A study designed to assess the extent to which the variability in an outcome variable is caused by uncertainty at the time of estimating the input parameters of the study. Undervalued: Used to describe an asset that is available for purchase at a price lower than it is worth. Underwrite: To assume risk, especially for a new issue or an insurance policy Underwriter: A person or organization that buys an issue from a corporation and sells it to investors Unearned income: Income received from sources other than employment Unemployement: When people who are willing and able to work cannot find a job. Unincorporated business: One which does not have a separate legal identity. Unit: A collection of securities traded together as one item Unit cost: The cost of producing one item, i.e. total costs or production divided by total output. Unit of trade: The smallest amount that can be bought or sold of a share of stock, or a contract included in an option Unlimited liability: Full responsibility for the obligations of a general partnership Unsecured debt: Money borrowed without supplying collateral Upsell: To sell customers a higher-priced version of a product they have bought previously Used credit: The portion of a line of credit that is no longer available

V
Value added: Originally, the difference between the cost of bought-in materials and the

eventual selling price of the finished product Value-added tax: A tax added at each stage in the manufacture of a product. It acts as a replacement for a sales tax in almost every industrialized country outside North America. Variable: An element of data whose changes are the object of a statistical study Variable annuity: An annuity whose payments depend either on the success of investments that underlie it, or on the value of the index Variable cost: A cost of production that is directly proportional to the number of units produced Variable interest rate: An interest rate that changes, usually in relation to a standard index, during the period of the loan Variance: The square of a standard deviation; a measure of the difference between actual performance and forecast, or standard, performance. Venture capital: Money used to finance new companies or projects, especially those with high earning potential and high risk. Venture funding: The round of funding for a new company that follows seed funding provided by venture capitalists. Venture management: The collaboration of various sections within an organization to encourage entrepreneurial spirit, increase innovation, and produce successful new products more quickly Verbal contract: An agreement that is oral and not written down. It remains legally enforceable by the parties who have agreed to it. Vertical integration: When one firm merges with or takes over another one in the same industry but at a different stage of production. Vertical integration can be forward (a firm integrates with another firm which is at a later stage of production, i.e. closer to the consumer) or backward (a firm integrates with another firm at an earlier stage of production, i.e. closer to the raw material supplies.) Vertical market: A market that is oriented to one particular specialty, for example, plastics manufacturing or transportation engineering Viral marketing: The rapid spread of a message about a new product or service in a similar way to the spread of a virus Virtual organization: A temporary network of companies, suppliers, customers, or employees, linked by information and communications technologies, with the purpose of delivering a service or product. Virus: A computer program designed to damage or destroy computer systems and the information contained within them Vision statement: A statement giving a broad, aspirational image of the future that an organization is aiming to achieve.

Voting rights: The rights that shareholders have to vote on matters affecting a corporation Volume: An amount or quantity of business; the volume of a business is the total it sells over a period of time. Vulture capitalist: A venture capitalist who structures deals on behalf of an entrepreneur in such a way that the investors benefit rather than the entrepreneur

W
Wages: A form of pay given to employees in exchange for the work they have done Wants: Goods and services which people wpould like to have but which are not essential for living. Waiver of premium: A provision of an insurance policy that suspends payment of premiums, for example, if the insured suffers disabling injury Walk: To resign from a job Wallet technology: A software package providing digital wallets or purses on the computers of merchants and customers to facilitate payment by digital cash Wall Street: The U.S. financial industry, or the area of New York City where much of its business is done Waste management: A sustainable process for reducing the environmental impact of the disposal of all types of materials used by businesses. Wealth: Physical assets such as a house or financial assets such as stocks and shares that can yield an income for their holder Web marketing: The process of creating, developing, and enhancing a Web site in order to increase the number of visits by potential customers Weighted average: An average of quantities that have been adjusted by the addition of a statistical value to allow for their relative importance in a data set White-collar union: A trade union which represents non-manual workers (office workers, management and professional staff). Whistleblowing: Speaking out to the media or the public on malpractice, misconduct, corruption, or mismanagement witnessed in an organization Wholesale price: A price charged to customers who buy large quantities of an item for resale in smaller quantities to others

Wholesaler: A wholesaler buys in bulk (large quantities) from the manufacuturer and sells on smaller quantities eiter to retailers or occasionally, directly to customers. Wholesaling: Businesses and individuals engaged in the activity of selling products to retailers, organizational users or other wholesalers. Selling for resale. Withholding tax: The money that an employer pays directly to the U.S. government as a payment of the income tax on the employee Word of mouse: Word-of-mouth publicity on the Internet. Owing to the fast-paced and interactive nature of online markets, word of mouse can spread much faster than its offline counterpart Worker participation: The employees contribute to decision-making in the business. Working capital: The excess of current assets over current liabilities. The cash needed to keep the business running from day to day. Working councils: Committees, made up of workers, who are consulted or informed on matters that affect employees. Work to rule: A form of industrial action when rules are strictly obeyed so that work is slowed down. __________________ P.R.

#18 Monday, February 25, 2008 Join Date: Sep 2007 Posts: 2,165 Thanks: 860 Thanked 1,623 Times in 815 Posts

Princess Royal
Senior Member

Y
Year-end: Relating to the end of a financial or fiscal (tax) year. Yield: A percentage of the amount invested that is the annual income from an investment. Yield curve: A curve on a graph in which the yield of fixed-interest securities is plotted against the length of time they have to run to maturity.

Z
Zero-balance account: A bank account that does not hold funds continuously, but has money automatically transferred into it from another account when claims arise against it. Zero defects: A component of total quality management aimed at changing worker's attitudes to quality by stressing the goal of error-free performance. Zero-fund: To assign no money to a business project without actually cancelling it. Zero-rated goods and services: Goods and services that are taxable for value added tax purposes but are certainly subject to a tax rate of zero. Zone pricing: A pricing strategy in which a company delineates two or more zones. All the cusomers within a zone pay the same price for a product.

The business terms are taken from the website link below and some books: http://www.powerhomebiz.com/Glossary/glossary-A.htm __________________ P.R.

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#1 Thursday, September 03, 2009

floydian
39th CTP (PSP)

Join Date: May 2009 Location: Lahore Posts: 434 Thanks: 447 Thanked 434 Times in 226 Posts

Solved MCQs 2000-2009

Corrections are welcome Business Administration Paper 2000 (1) Public Accountants generally perform these services:

(a) Income tax services, Management Advisory services, and independent auditing services (b) Internal auditing, Income tax services and management controlling. (c) Public accounting, private accounting and budgeting. (d) None of the above is correct. (2) Identify the organization created by Congress to regulate security markets including flow of information from companies to public: (a) TVM (b) NPV (c) IRR (d) SEC (3) Select the term that describes a cash distribution to a Corporations Stockholders: (a) Paid out Capital (b) Cash Management (c) A dividend (d) None of these (e) All of the above are correct (4) Frederick Winslow Taylor work/book entitled the principles of Scientific Management is published, in: (a) 1875 (b) 1901 (c) 1911 (d) None of these (5) One of the most successful Industrialists and the father of Modern Personnel Management is: (a) F.W. Taylor (b) James Watt (c) C. Babbage (d) Robert Owen (6) Who has the major Contributions in the Theory of Bureaucracy: (a) Henry Gantt (b) Hanri Fayal (c) W.D. Scatt (d) Max Weber (e) None of these (7) Which one, of the following MNCs (Multinational Co.) has the higher revenues during mid. 1990s: (a) General Motor (b) IBM (c) AT &T (d) General Electric (e) None of the above (8) Give the, name of the author who has the major contributions in the field of

marketing: (a) H. Koontz (b) W.J. Stanton (c) P.B. Miller (d) Gitt Man (e) All of these (9) The profit margin is a ratio between the corporations net income and: (a) Total expense (b) Total assets (c) Cost (d) Total revenues (e) None of the above (10) MNCs are responsible for the majority of Foreign Direct Investment (FDIs) and have a higher revenues than the national income of some of the countries they serve: (a) Fully agreed (b) Not agreed (c) It is not possible (d) None of these (11) Earned but uncollected revenues, that are recording the adjusted process, recorded with a credit to the revenues and debit to the expense is called: (a) Adjusted Trail balance (b) Expenses (c) Accrued revenues (d) None of these (12) Which one of the following is not a part/variable of the marketing Mix (4Ps): (a) Product (b) Price (c) Place (d) Person (e) None of these (13) The major steps in the accounting cycle are the following: (a) The procedure used in worksheet (b) Begin with Trail Balance (c) Completed only once in business life (d) None of the above (e) All of these (14) Which of the following items is not unique to the financial statements of merchandising Companies? (a) Cost of good sold (b) Gross profit (c) Account receivable (d) Net sales (e) All of the above (f) None

(15) The repairs made to keep a plant/asset in normal and good operating condition are called: (a) Plant Management (b) Operation Management (c) Ordinary repairs (16) A company that owns more than 50s of another company and controls that corporation is known as: (a) Subsidizing (b) Consolidated CO. (c) None of these (17) The process of individual growth in the full utilization of a persons managerial capabilities is called management development: (a) True (b) False (18) Promotion is not a part of marketing: (a) Agreed (b) Not agreed (c) None of these (19) A way of analyzing leadership style where leaders are classified on a grid with TWO dimensions is called: (a) Managerial grid (b) Two way theory (c) None (20) Robert Owen is known as the Father of Modern Personnel Management: (a) Yes (b) No (c) May be Taylor __________________ Police Service of Pakistan (PSP) 39th Common Training Program

#2 Thursday, September 03, 2009

floydian
39th CTP (PSP)

Join Date: May 2009 Location: Lahore Posts: 434 Thanks: 447 Thanked 434 Times in 226 Posts

Business Administration Paper 2001 (1)Most preferred stock pays a fixed dividend at regular intervals. (a) True (b) False (2) Any increase in an asset item is a source of funds. (a) True (b) False (3) Depreciation is a book-keeping entry that allocates the cost of assets against income but does not involve any movement of capital. (a) True (b) False (4) The maturity of a security relates to the owners ability to convert it into cash on short notice: (a) True (b) False (5) The credit period represents the period of time during which a cash discount can be taken on short notice. (a) True (b) False (6) Which ratio is computed with the help of the following? Cost of goods sold/Inventory (a) Receivable turnover (b) Times interest earned (c) Inventory Turnover (d) None of these (7) ________ is the right that is delegated to an individual or a department to control specific processes, practices, policies and other matters relating to activities undertaken by person in other departments. (a) Line authority (b) Functional Authority (c) Line and Staff Authority (d) None of these (delegated authority) (8) Decentralization is the tendency to disperse decision making in an organized structure:

(a) True (b) False (9) Programmes are plans which are general statements or understandings that guide or channel thinking in decision making: (a) True (b) False (10) _______ is that part of managing that involves establishing an international structure of roles for people to fill in an organization: (a) Leading (b) Controlling (c) Planning (d) None of these (staffing) (11) Henri Fayol applied the principle of Division of Work to all kinds of work, managerial as well as technical. (a) True (b) False (12) ________ spell out specific required actions or non-actions, allowing no discretion: (a) Procedures (b) Budgets (c) Rules (d) None of these (13) Business buyers are as geographically dispersed as final consumers. (a) True (b) False (14) The distribution between a consumer good and an industrial good is based on the purpose for which product is purchased: (a) True (b) False (15) Intensive distribution occurs when the product is stocked in as many outlets as possible. (a) True (b) False (16) Merchant wholesalers are independently owned business that do not own (take title to) the goods they sell: (a) True (b) False (merchant wholesalers take legal ownership of the goods they sell)

(17) Which of the following elements in a compensation package provides the greatest amount of incentive for salespersons? (a) Salary (b) Fringe Benefits (c) Commissions (d) Use of Company Vehicle (18) The process whereby the seller distinguishes between market segments, selects one or more of these segments, and develops products and marketing-mixes tailored to each segment is called _______ marketing. (a) Mass (b) Target (c) Product Variety (d) Service (19) Goods that the consumer, in the process of selection and purchase, characteristically compares on such bases as suitability, quality, price and style are called _______ goods. (a) Shopping (b) Specialty (c) Unsought (d) Convenience (20) Product ______ is a period of rapid market acceptance and increasing profits. (a) Development (b) Introduction (c) Growth (d) Maturity __________________ Police Service of Pakistan (PSP) 39th Common Training Program

#3 Thursday, September 03, 2009

floydian
39th CTP (PSP)

Join Date: May 2009 Location: Lahore Posts: 434 Thanks: 447 Thanked 434 Times in 226 Posts

I could not find 2002 paper. Let me skip it. Business Administration Paper 2003

Write only True or False in the Answer Book. Do not reproduce the questions. (1)Business risk is influenced by the firms decision to use debt in its financial structure. False (2) The most important function of management is controlling. False (3) A short term creditor would consider liquidity ratios to be more important than efficiency ratios. True (4) According to Maslow, when a need is satisfied, it tends to lose its ability to motivate. True (5) The term marketing mix refers to the degree of advertising Vs personal selling used to market product. False (6) The difference between an agent and a merchant wholesaler is that an agent always takes title but a merchant wholesaler does not. False (7) The management of working capital is required because of a lack of short term synchronization between demand and supply. True (8) A manager who believes that people inherently dislike work probably accepts McGregors Theory X. True (9) Inventory carrying costs can be minimized by carrying fewer units in inventory. True (10) A balance sheet is an accounting report used solely for the corporate form of business. False (B) Write only correct answer in the Answer Book. Do not reproduce the questions. (11) For management, budgeting is perhaps the most powerful_____. (a) Forecasting tool (b) Control device (c) Hiring tool (d) Accounting measure (12) The income statement is a summary of: (a) Revenue and expenses (b) Assets, liabilities and capital (c) Increases and decreases in capital (d) None of these (13) One benefit of using ratio analysis when interpreting financial statements is that: (a) Ratios facilitate comparisons between different companies.

(b) All ratios have exact standard values with which performance can be compared. (c) Ratios take into account all the specific factors affecting particular companies and industries. (d) None of these (14) Planting and policy making are primarily functions of: (a) Top management (b) Middle management (c) Operating management (d) None of these (15) An informal organization often exists within a business because: (a) Not all relationships can be specifically defined. (b) Small organizations do not necessarily emphasize strict adherence to line authority. (c) Human behavior naturally crosses established authority lines. (d) All of these (16) In marketing, selling and buying would be called the: (a) Primary functions (b) Exchange functions (c) Profit functions (d) Critical functions (not confirmed) (17) Institutional advertising is: (a) Aimed only at people in institutions (b) Run only by institutions (c) Designed to promote a type of product rather than a particular brand. (d) Designed simply to show that the firm is a good place to do business. (18) The current ratio of a firm having Rs. 25,000 of current assets, Rs. 30,000 of fixed assets, Rs. 5000 of current liabilities and Rs. 10,000 of fixed liabilities would be: (a) 5:1 (b) 7:1 (c) 10:1 (d) None of these (19) The organizational form that replaces individual authority at all levels with group representation is: (a) Line (b) Line and staff (c) Functional (d) Committee (20) Working Capital may be expressed as: (a) Current assets minus current liabilities

(b) Current and fixed assets minus current and fixed liabilities (c) Current assets over current liabilities (d) Current and fixed assets over current and fixed liabilities __________________ Police Service of Pakistan (PSP) 39th Common Training Program

#4 Thursday, September 03, 2009

floydian

39th CTP (PSP)

Join Date: May 2009 Location: Lahore Posts: 434 Thanks: 447 Thanked 434 Times in 226 Posts

Business Administration Paper 2004 Write only True or False in the Answer Book. Do not reproduce the questions. (1) In a large corporation, the firms owners are usually its top managers. False (stockholders) (2) The basic information needed to construct a flow of funds statement is found on the income statement. True (not confirmed) (3) The operating break-even point is the point at which operating profits equal revenues minus operating costs. False (4) A sinking fund is a poorly performing mutual fund whose net asset value is declining. True (5) Penetration Pricing is used when a marketer introduces a new product at a relatively high price. False (6) The most common channel for consumer products is manufacturer-retailerconsumer. True (7) In the classification of consumer products, convenience products are usually more expensive than shopping products. False (8) During the maturity stage of the PLC, sales increase at faster rate than during any other stage. False (9) A wide span of management results in few organizational levels, and a narrow span results in many levels. True (10) The LINE relationship involves making decisions and acting on them. True

(11) Data is defined as formal system of gathering, integrating, comparing, analyzing, and dispersing information internal and external to the enterprise in a timely, effective and efficient manner. True (12) A manager who believes that people inherently dislike work probably accepts McGregors Theory X. True (B) Write only the correct answer in the Answer Book. Do not reproduce the questions. (13) If a manufacturer gives a 30 percent discount to retailers and a 10 percent discount to wholesalers, which type of discount is being given? (a) Quantity (b) Cash (c) Functional (also called trade discount) (d) Seasonal (14) Publicity differs from advertising in as much as: (a) It is directed at large numbers of consumers. (b) Its message is of a non personal nature. (c) It is carried by the mass media. (d) It is a non paid Form of reaching the public. (15) In which stage of the PLC are promotion expenses per product item usually highest? (a) Introduction (b) Growth (c) Maturity (d) Decline (16) Which of the following is not a disadvantage of using a Committee? (a) High cost in time and money (b) Splitting responsibility (c) Group deliberation and judgment (d) Compromise decisions (17) Identify the Organization established by our Federal government to regulate security markets: (a) SBP (b) SEC (c) NAB (d) NFC (18) If the credit terms are 2/10, net 30 and the amount of invoice is Rs. 4000, how much is the discount if the invoice is paid in 20 days? (for example, the term 2/10, net 30 allows a customer to deduct 2% of the net amount owed if the customer pays within 10 days of the invoice date. If a customer

does not pay within the discount period of 10 days, the net purchase amount (without the discount) is due 30 days after the invoice date.) (a) Zero (b) Rs. 30 (c) Rs. 60 (d) Rs. 120 (19) Which of the following is not part of the promotion-mix? (a) Public relations (b) Product planning (c) Personal selling (d) Advertising (20) Selling activities include: (a) Sales presentations (b) Demonstrations (c) Handling objections (d) Closing the sale (e) None of these __________________ Police Service of Pakistan (PSP) 39th Common Training Program

The Following User Says Thank You to floydian For This Useful Post: Amz 101 (Sunday, March 06, 2011)
#5 Thursday, September 03, 2009

floydian
39th CTP (PSP)

Join Date: May 2009 Location: Lahore Posts: 434 Thanks: 447 Thanked 434 Times in 226 Posts

Mcqs

Business Administration Paper 2005 Write only True or False in the Answer Book. Do not reproduce the questions. (1)Planning initiates other functions of management. True (2) Managements make things to happen. True (3) The ultimate criterion of control is the extent that activities are complete in ways that lead to more profits. False (4) Computer Technology helps the management but does not replace the

management. True (5) Promotional mix is also known as communication mix. True (6) Marketing environment is made up of micro-environment and macro-environment. True (7) Promotional mix is the part of marketing mix. True (8) Marketing strategy consists of specific strategy for target markets, positioning, the marketing mix and marketing expenditure levels. True (9) A Financial manager has a full control over its firms stock price. False (10) Liquidity ratios measure a firms ability to meet short term obligations.True (11) The internal rate of return method is the most widely used capital budgeting techniques. False (not confirmed) (12) Stock exchange facilitates investment in real assets by providing secondary market to the financial securities. True (B) Write only correct answer in the Answer Book. Do not reproduce the questions. (13) The organizing function of management includes: (a) How tasks to be grouped. (b) Conflict resolution among sub-ordinates. (c) Comparison of actual results with a budget. (d) Definition of organizations goals. (14) The key to motivating todays diversified work force lies in: (a) Creativity (b) Goal setting (c) Support (d) Flexibility (15) Control should be placed: (a) Where they are cost-effective (b) On all activities (c) Where there are problem areas (d) On the single most important (16) The marketing logic by which the business unit hopes to achieve its marketing objective is called: (a) Business strategy (b) Marketing strategy (c) Production & distribution strategy (d) All of these

(17) Strategic planning is the process of developing a formal strategy for: (a) Identifying clear objectives (b) Long run survival & growth (c) Continuity & Consistency (d) All of these (18) Who are the true owners of Corporation? (a) Debt holder (b) Common stock holders (c) Managers of the firm (d) Board of directors (19) What does an efficient port folio provide? (a) Highest return for a given amount of risk (b) Least rick for a given level of return (c) Highest possible return and least amount of risk (d) Both a and b (20) The economic order quaintly (ECQ) increases when which of the following increases? (a) Sales (b) Ordering costs (c) Carrying costs (d) Both a and b __________________ Police Service of Pakistan (PSP) 39th Common Training Program

The Following 2 Users Say Thank You to floydian For This Useful Post: Abeera (Friday, September 02, 2011), Muhammad humayun (Tuesday, March 16, 2010)
#6 Friday, September 04, 2009

Raz
Senior Member

Join Date: Sep 2007 Location: Karachi Posts: 1,800 Thanks: 1,957 Thanked 3,090 Times in 1,258 Posts

Please re-think over following answers.

Quote:

Originally Posted by floydian

Business Administration Paper 2003

(11) For management, budgeting is perhaps the most powerful_____. (a) Forecasting tool (b) Control device (c) Hiring tool (d) Accounting measure (12) The income statement is a summary of: (a) Revenue and expenses (b) Assets, liabilities and capital (c) Increases and decreases in capital (d) None of these

@floydian I appreciate your initiative and its your greatness that you have started a best practice. Apart from these two highlighted answers there are some other wrong answers in these solutions. Can you please go through your all responses in the light of some best books and come up with relevant modifications? Once again, thank you for your efforts and initiative.

Regards Raz
Last edited by marwatone; Tuesday, March 16, 2010 at 06:55 AM. Reason: Avoid using red color.

The Following 3 Users Say Thank You to Raz For This Useful Post: Abeera (Friday, September 02, 2011), floydian (Friday, September 04, 2009), kinzacss (Sunday, April 04, 2010)
#7 Friday, September 04, 2009

floydian

39th CTP (PSP)

Join Date: May 2009 Location: Lahore Posts: 434 Thanks: 447 Thanked 434 Times in 226 Posts

BA a neglected subject

@ Raz and those who have opted BA Thanks for the appreciation. Your contribution is most welcome. I started this thread to facilitate all those aspirants who are opting for Business Aministration. And I found almost no useful data on this subject that could be helpful for the aspirants like me. I know there are wrong answers but the purpose behind this initiative was to create interest in this important subject and boost participation. Thank heavens that you have come up with these corrections. However, I'll try to be more careful next time. Keep the corrections coming please instead of making a one time donation. I am hopeful that we will be able to come up with the perfect solution. thanks and regards, floydian __________________ Police Service of Pakistan (PSP) 39th Common Training Program

The Following 2 Users Say Thank You to floydian For This Useful Post: Abeera (Friday, September 02, 2011), leadsmalik98 (Sunday, April 15, 2012)
#8 Tuesday, March 16, 2010 Join Date: Nov 2009 Location: Islamabad Posts: 49 Thanks: 120 Thanked 24 Times in 15 Posts

sumaira85
Member

i think correct answers are:

Quote:

B.A Paper 2003 (20) Working Capital may be expressed as: (a) Current assets minus current liabilities (b) Current and fixed assets minus current and fixed liabilities (c) Current assets over current liabilities (d) Current and fixed assets over current and fixed liabilities
Quote:

B.A Paper 2003 (12) The income statement is a summary of: (a) Revenue and expenses b) Assets, liabilities and capital (c) Increases and decreases in capital (d) None of these
Last edited by marwatone; Tuesday, March 16, 2010 at 07:09 AM. Reason: Merged.

The Following 3 Users Say Thank You to sumaira85 For This Useful Post: Abeera (Friday, September 02, 2011), leadsmalik98 (Sunday, April 15, 2012), NASSEEM (Thursday, November 04, 2010)
#9 Friday, March 02, 2012 Join Date: Nov 2011 Location: ISB Posts: 110 Thanks: 52 Thanked 96 Times in 54 Posts

Wali Ahad
Senior Member

Quote:

Originally Posted by floydian Corrections are welcome (5) One of the most successful Industrialists and the father of Modern Personnel Management is: (a) F.W. Taylor (b) James Watt (c) C. Babbage (d) Robert Owen

(20) Robert Owen is known as the Father of Modern Personnel Management: (a) Yes (b) No (c) May be Taylor correct answer of 5th one is option d......and consequently the correct option of 20th one is a... FW Taylor is father of scientific management nice effort though

#10 Saturday, March 03, 2012 Join Date: Sep 2010 Location: Punjab Posts: 184 Thanks: 48 Thanked 86 Times in 64 Posts

hafizask
Senior Member

Business Administration Paper 2009 Select the best option/answer and fill in the appropriate box on the Answer Sheet. (20) (i) The key inputs into Discounted Cash Flow analysis are projected future cash flows. a) True b) False (ii) Market demand for a product is the total volume that would be sold by a defined customer group. a. True b. False (iii) Operational plans apply to the entire organization and establish the organizations overall goals. a. True b. False (iv) Preferred stock has a fixed divided paid every period forever so preferred stock is essentially a perpetuity. a. True b. False (v) The cost of debt is the return that the firms debtors demand on new borrowing. a. True b. False (vi) With the Internal Rate of Return, we try to find a single rate of return that

summarizes the merits of a project. a. True b. False (vii) IBM is example of a manufacturer brand. a. True b. False (viii) Modifying job responsibilities is an example of structural change. a. True b. False (ix) ---------- is a statement reporting the effects of a firms operating, investing and financing activities on cash flows over an accounting period. a. Income statement b. Annual report c. Cash flow statement d. Balance sheet e. None of these (x) ---------- studied five chief executives at work and identified ten managerial roles. a. Max weber b. Henry fayol c. Henry mintzberg d. Fredrick taylor e. Michael porter (xi) A product life cycle -----------------. a. Shows how a product sales or profits may rise or fall over its life b. Tells you how long a product will sell for and make a profit c. Is divided into three stages d. Show how profitable a product will e. None of these (xii) All of the following are fixed assets except a. Building b. Stocks c. Production plant d. Vehicles e. None of these (xiii) What is the influencing environmental factor when interest rates increase and firms find it difficult to borrow funds a. Political factor b. Social factor c. Economic factor d. Technological factor e. Competitive factor (xiv) Which of the following is not a market entry strategy a. Licensing b. Indirect exporting c. Joint venture

d. International marketing e. None of these (xv) ------------ is information about physical working conditions, work schedule and the organizational and social context of the job. a. Job specification b. Job context c. Work activities d. HR policy manual e. None of these (xvi) The liquidity of a firm is a measure of --------------a. Its ability to pay bills b. Its ability to respond to changes in demand c. How flexible it is in its production plannning d. How quickly and easily a firm could relocate to another site e. None of these (xvii) Market share means --------------a. How well a firm is doing b. How much power affirm has in the market c. How many firms are there in the market d. How big a market is e. None of these (xviii) -------------- refers to a management philosophy that requires employers to continuously set and relentlessly meet ever high quality, cost , delivery and availability goals. a. Performance management b. Performance appraisal c. Continuous improvement d. Management by objective e. None of these (xix) Beta ------------. a. Is a measure of firm specific risk b. Is a measure of market risk c. Is a measure of total risk d. All of these e. None of these (xx) What is the price of a stock that is expected to pay a 1.00 divided next year if the cost of capital is 14% and the growth rate is zero a. 7.14 b. 6.75 c. 11.9 d. 6.13 e. None of these this paper has solved by Asif yousufzai __________________ The simple definition of success is "When ur Signature becomes ur Autograph".

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Similar Threads Thread Solved MCQs of Mercantile Law Past Papers since 2000. Most repeated questions of EDS Drone War (Pakistan History) Thread Starter Raz Forum Mercantile Law Replies 12 Last Post Wednesday, February 22, 2012 04:12 AM Sunday, May 29, 2011 06:35 PM Wednesday, June 16, 2010 12:03 PM

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Disclaimer: This is not the official website of Federal Public Service Commission Pakistan. This is a non-commercial website helping individuals who intend to join civil service of Pakistan. The material on this website is provided for informational purposes only. We do not claim that the site is an exhaustive compilation of information about Civil Service of Pakistan neither represent or endorse the accuracy or reliability of any information, content contained on, or linked, downloaded or accessed from any page of this website. These materials are intended, but not promised or guaranteed to be current, complete or up to date. However, honest efforts have been made to provide comprehensive information for the benefit of users. The documents and material displayed or mentioned on this site

are not official copies. Please contact FPSC for updated rules and regulations governing CSS examination. Sponsors: ArgusVision vBulletin, Copyright 2000 - 2012, Jelsoft Enterprises Ltd.

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#11 Saturday, March 03, 2012 Join Date: Sep 2010 Location: Punjab Posts: 184 Thanks: 48 Thanked 86 Times in 64 Posts

hafizask
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2010 MCQs i) You wish to borrow $ 8000 to be repaid in 24 monthly installments at an annual interest rate of 8%. What is your monthly payment? a) $ 262.82 b) $ 361.82 c) $ 150.5 d) $ 325.00 e) none ii)If you invest $ 600 every six months at 8% compounded semi annually, how much would you accumulate at the end of 10 years? a) $15,883.20 b) $ 16,926.82 c)$ 17, 866.85 d) $ 18,233.45 e) None iii) A commercial bank will loan you $ 12,250 for three years to by a car. The loan must be repaid in 36 equal monthly payments. The annual interest rate on the loan is 12% of the unpaid balance. How large are the monthly payments? a) $425.00 b) $350.67 c) $375.09 d) $406.88 e)none iv) What is the future value of $500 investment, with a stated rate of 6%

compounded monthly for 7 years. a) 700 b) 730 c)760 d)790 e) none v) You are considering investing in a preferred stock that has a dividend of $ 3.25 per share. The market price of this stock is $ 48.625. What is the rate of return you would expect to make on this perpetuity? a) 6.68% b) 6.24% c) 6.05% d) 6.28% e) none vi) What is not a disadvantage of traditional file processing system? a) Program-data dependence b) Reduce data redundancy c) Limited data sharing d) Lengthy development time e)none vii) An enterprise data model is a (n) _______ model. a) numerical b) mathematical c) narrative d) graphical e)none viii) Which is not a component of relational database? a) Entity b) Table c) Attribute d)hierarchy e) none ix) Data base application can be divided into 5 categories. which is NOT a database application category? a) Personal b) Department c) Enterprise d) Relational e) none x) A data base that supports organization wide operations and decision making is a (n) ________ database. a) department b) enterprise c) work group d) extra-net e) none xi) As small companies begin to achieve success, they ten to adopt some of the tools used in professionally run marketing commas. This is a sign that the firm is in the ________ stage of marketing practice. a) Entrepreneurial marketing b) formulated marketing c) intrapreneurial marketing d) effective marketing e) none xii)The concept of a _______ is used to describe a cluster of complementary products that are closely related in the minds of the consumers but are spread across a diverse set of industries. a) Metamarket b)Metamediary c) Market place d) Marketspace e) none xiii) Marketers can increase the value of customers offering by: a) raising benefits and reducing cost b) raising benefits by more than raising the cost c) lowering benefits by less than the reduction in cost d) All of the above can increase the customers value

xiv) When a firm sees its competitors as all companies that compete for the same consumer dollars, they are concerned with the ________ level of competition. a) brand b) industry c) form d) generic e) none xv) The number of channel levels from raw material to final product which a company will participate defines the firm's _________ scope. a) industry b) geographical c) vertical d) competence e) none xvi) Which of the following best describes the organizational members who integrate and coordinate the work of others? a) Managers b) Operatives c) Subordinates d) Customers e) all of these xvii)_________ represent the lowest level of management a) Team leaders b) First line managers c) Operatives d) Laborers e) none xviii) Which of the following roles is more important for lower-level managers than for either middle or top-level managers? a) Negotiator b) Leader c) Coordinator d) Entrepreneur e)none xix) Which of the following skills involve working well with other people? a) Technical b) Human c) Computer d) Empirical e) none xx) The phrase most associated with scientific management is ________? a)Management Relations b) one of the best c) supply and demand d) quality control e) none corrections are welcome __________________ The simple definition of success is "When ur Signature becomes ur Autograph".

#12 Monday, March 05, 2012 Join Date: Oct 2010 Location: Karachi Posts: 54 Thanks: 13 Thanked 54 Times in 32 Posts

Agha Zuhaib
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Quote:

Originally Posted by floydian Business Administration Paper 2001

(3) Depreciation is a book-keeping entry that allocates the cost of assets against income but does not involve any movement of capital. (a) True (b) False It is True, Depreciation is noncash expense and it does not involve any kind of real movement of capital __________________ Yes We Can Do It!

#13 Monday, March 05, 2012 Join Date: Oct 2010 Location: Karachi Posts: 54 Thanks: 13 Thanked 54 Times in 32 Posts

Agha Zuhaib
Member

Quote:

Originally Posted by floydian Business Administration Paper 2001 (4) The maturity of a security relates to the owners ability to convert it into cash on short notice: (a) True (b) False It is false, Its not maturity its marketability or (liquidity) of a security relates to the owners ability to convert it into cash on short notice. __________________ Yes We Can Do It!

#14 Monday, March 05, 2012

Agha Zuhaib
Member

Join Date: Oct 2010 Location: Karachi Posts: 54 Thanks: 13 Thanked 54 Times in 32 Posts

Quote:

Originally Posted by floydian Business Administration Paper 2001

(7) ________ is the right that is delegated to an individual or a department to control specific processes, practices, policies and other matters relating to activities undertaken by person in other departments. (a) Line authority (b) Functional Authority (c) Line and Staff Authority (d) None of these (delegated authority) (10) _______ is that part of managing that involves establishing an international structure of roles for people to fill in an organization: (a) Leading (b) Controlling (c) Planning (d) None of these (staffing) (12) ________ spell out specific required actions or non-actions, allowing no discretion: (a) Procedures (b) Budgets (c) Rules (d) None of these Q.7 Correct answer is (b) Functional Authority Q.10 Correct Answer is (d) None of These but it is not staffing it is organizing, because staffing by definition "Staffing means filling and keeping filled, positions in the organisation structure." here it says "involves establishing an international structure of roles for people" so in organizing we organized people according to their roles in organization. Q.12 Correct Answer is (c) Rules __________________

Yes We Can Do It!

#15 Monday, March 05, 2012 Join Date: Oct 2010 Location: Karachi Posts: 54 Thanks: 13 Thanked 54 Times in 32 Posts

Agha Zuhaib
Member

Quote:

Originally Posted by floydian Business Administration Paper 2003 (16) In marketing, selling and buying would be called the: (a) Primary functions (b) Exchange functions (c) Profit functions (d) Critical functions (not confirmed) (20) Working Capital may be expressed as: (a) Current assets minus current liabilities (b) Current and fixed assets minus current and fixed liabilities (c) Current assets over current liabilities (d) Current and fixed assets over current and fixed liabilities Q.16 Option (c) profit Functions is correct Q.20 Option (a) Current assets minus current liabilities is Correct __________________ Yes We Can Do It!

#16 Monday, March 05, 2012 Join Date: Nov 2011 Location: ISB Posts: 110 Thanks: 52 Thanked 96 Times in 54 Posts

Wali Ahad
Senior Member

Quote:

Originally Posted by Agha Zuhaib Q.16 Option (c) profit Functions is correct Q.20 Option (a) Current assets minus current liabilities is Correct actually, buying and selling constitute exchange function verify here

#17 Monday, March 05, 2012 Join Date: Feb 2012 Location: Quetta Posts: 113 Thanks: 50 Thanked 37 Times in 28 Posts

Ahmed Faisal
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Business Administration Paper 2000 (14) Which of the following items is not unique to the financial statements of merchandising Companies? (a) Cost of good sold (b) Gross profit (c) Account receivable (d) Net sales (e) All of the above (f) None

The correct answer should b option (e) __________________ "Great minds discuss ideas. Average minds discuss events. Small minds discuss people". Eleanor Roosevelt

#18 Monday, March 05, 2012

Ahmed Faisal
Senior Member

Join Date: Feb 2012 Location: Quetta Posts: 113 Thanks: 50 Thanked 37 Times in 28 Posts

Quote:

Originally Posted by Agha Zuhaib It is false, Its not maturity its marketability or (liquidity) of a security relates to the owners ability to convert it into cash on short notice. you are right dude... __________________ "Great minds discuss ideas. Average minds discuss events. Small minds discuss people". Eleanor Roosevelt

#19 Monday, March 05, 2012 Join Date: Feb 2012 Location: Quetta Posts: 113 Thanks: 50 Thanked 37 Times in 28 Posts

Ahmed Faisal
Senior Member

Quote:

Originally Posted by Agha Zuhaib Q.7 Correct answer is (b) Functional Authority Q.10 Correct Answer is (d) None of These but it is not staffing it is organizing, because staffing by definition "Staffing means filling and keeping filled, positions in the organisation structure." here it says "involves establishing an international structure of roles for people" so in organizing we organized people according to their roles in organization. Q.12 Correct Answer is (c) Rules your correction of 2001 is further confirmed. good job __________________ "Great minds discuss ideas. Average minds discuss events. Small minds discuss people". Eleanor Roosevelt

#20 Monday, March 05, 2012

Ahmed Faisal
Senior Member

Join Date: Feb 2012 Location: Quetta Posts: 113 Thanks: 50 Thanked 37 Times in 28 Posts

paper 2003... 11. b 12. A 14. a 15 d 18. a 20. a these are right answers. __________________ "Great minds discuss ideas. Average minds discuss events. Small minds discuss people". Eleanor Roosevelt

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Thread Solved MCQs of Mercantile Law Past Papers since 2000. Most repeated questions of EDS Drone War (Pakistan History)

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Forum Mercantile Law

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Last Post Wednesday, February 22, 2012 04:12 AM Sunday, May 29, 2011 06:35 PM Wednesday, June 16, 2010 12:03 PM

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Disclaimer: This is not the official website of Federal Public Service Commission Pakistan. This is a non-commercial website helping individuals who intend to join civil service of Pakistan. The material on this website is provided for informational purposes only. We do not claim that the site is an exhaustive compilation of information about Civil Service of Pakistan neither represent or endorse the accuracy or reliability of any information, content contained on, or linked, downloaded or accessed from any page of this website. These materials are intended, but not promised or guaranteed to be current, complete or up to date. However, honest efforts have been made to provide comprehensive information for the benefit of users. The documents and material displayed or mentioned on this site are not official copies. Please contact FPSC for updated rules and regulations governing CSS examination. Sponsors: ArgusVision vBulletin, Copyright 2000 - 2012, Jelsoft Enterprises Ltd.

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#21 Tuesday, March 06, 2012 Join Date: Feb 2012 Location: Quetta Posts: 113 Thanks: 50 Thanked 37 Times in 28 Posts

Ahmed Faisal
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Quote:

Originally Posted by hafizask Business Administration Paper 2009 Select the best option/answer and fill in the appropriate box on the Answer Sheet. (20) (xv) ------------ is information about physical working conditions, work schedule and the organizational and social context of the job. a. Job specification b. Job context c. Work activities d. HR policy manual e. None of these (xix) Beta ------------. a. Is a measure of firm specific risk b. Is a measure of market risk c. Is a measure of total risk d. All of these e. None of these this paper has solved by Asif yousufzai 15...a 19...d these are the right answers
Quote:

Originally Posted by hafizask 2010 MCQs iv) What is the future value of $500 investment, with a stated rate of 6% compounded monthly for 7 years. a) 700 b) 730 c)760 d)790 e) none corrections are welcome the answer is e...the real answer is 751, which is not present. __________________ "Great minds discuss ideas. Average minds discuss events. Small minds discuss people". Eleanor Roosevelt
Last edited by Umer; Saturday, April 14, 2012 at 08:36 PM. Reason: chain posts

#22 Saturday, April 14, 2012 Join Date: Oct 2010 Location: Karachi Posts: 54 Thanks: 13 Thanked 54 Times in 32 Posts

Agha Zuhaib
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Quote:

Originally Posted by floydian Business Administration Paper 2001 (2) Any increase in an asset item is a source of funds. (a) True (b) False Correct Answer is Option (b) FALSE because any decrease in an asset item is a source of funds or any Increase in claim item for instance Liability or Shareholder's equity is a source of funds. __________________ Yes We Can Do It!

#23 Saturday, April 14, 2012 Join Date: Sep 2011 Location: sadiq abad,south punjab Posts: 19 Thanks: 16 Thanked 3 Times in 3 Posts

Khadijha Arib
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can anybody tell me abt mba subjects or whatever relevent m planning to deal with this too through virtual uni.. __________________ IF YOU RUN FAST;YOU CANNOT RUN FAR

#24 Sunday, April 15, 2012 Join Date: Oct 2010 Location: Karachi Posts: 54 Thanks: 13 Thanked 54 Times in 32 Posts

Agha Zuhaib
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Quote:

Originally Posted by Khadijha Arib can anybody tell me abt mba subjects or whatever relevent m planning to deal with this too through virtual uni.. I think Virtual University Notes Plus MBA Books relevant to (Marketing, Finance and Management) would be sufficient enough to deal with Business Administration. __________________ Yes We Can Do It!

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Similar Threads Thread Solved MCQs of Mercantile Law Past Papers since 2000. Most repeated questions of EDS Drone War (Pakistan History) Thread Starter Raz Forum Mercantile Law Replies 12 Last Post Wednesday, February 22, 2012 04:12 AM Sunday, May 29, 2011 06:35 PM Wednesday, June 16, 2010 12:03 PM

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Disclaimer: This is not the official website of Federal Public Service Commission Pakistan. This is a non-commercial website helping individuals who intend to join civil service of Pakistan. The material on this website is provided for informational purposes only. We do not claim that the site is an exhaustive compilation of information about Civil Service of Pakistan neither represent or endorse the accuracy or reliability of any information, content contained on, or linked, downloaded or accessed from any page of this website. These materials are intended, but not promised or guaranteed to be current, complete or up to date. However, honest efforts have been made to provide comprehensive information for the benefit of users. The documents and material displayed or mentioned on this site are not official copies. Please contact FPSC for updated rules and regulations governing CSS examination. Sponsors: ArgusVision vBulletin, Copyright 2000 - 2012, Jelsoft Enterprises Ltd.

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#1 Thursday, January 27, 2011 Join Date: Aug 2010 Location: Faisal Abad-Lahore Posts: 245 Thanks: 140 Thanked 475 Times in 138 Posts

shrd
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HR Terms

360 Survey: An employee feedback program whereby an employee is rated by surveys distributed to his or her co-workers, customers, and managers. HR departments may use this feedback to help develop an individual's skill or they may integrate it into performance management programs. 401(k) Plan: An employer-sponsored retirement plan that has become an expected benefit and is therefore important in attracting and retaining employees. A 401(k) plan allows employees to defer taxes as they save for retirement by placing beforetax dollars directly into an investment account. Employers also contribute to the plan

tax-free, for instance by matching contributions. Some plans enable employees to direct their own investments. These plans can be expensive and complex to manage. It is common for companies to outsource all or part of their plan. A Absenteeism Policy: A policy about attendance requirements, scheduled and unscheduled time off, and measures for dealing with workplace absenteeism. Repeated absenteeism can lead to termination. Scheduled time off: Excused absences from regular work hours scheduled in advance by an employee for such things as vacation, medical appointments, military service, jury duty, etc. Unscheduled time off: Absence from work during regular work hours that was not scheduled in advance by the employee (e.g. sickness). Absences are generally accepted and sometimes compensated if their frequency and rationale fall within an organization's attendance policy. Administrative Services Only (ASO): The hiring of a firm (usually a health care vendor) to handle certain administrative tasks. The firm does not assume any risk but merely carries out the specialized functions that the employer cannot or does not want to do. For example, an employer funds its own dental insurance claim payments but pays the ASO firm to process the claims. Affirmative action: Proactive policies aimed at increasing the employment opportunities of certain groups (typically, minority men and/or women of all racial groups). Title 5, Section 503 of the Rehabilitation Act requires that affirmative action be taken in employment of persons with disabilities by Federal contractors. Affirmative action was designed to rectify past discrimination but has been controversial since its inception. Agent (Insurance): An employee who sells the products owned by the company, in contrast to a broker, who sells the insurance products of several companies. See Broker. Alternate Dispute Resolution (ADR): An informal process to resolve disputes. Involved parties meet with a trained third party who assists in resolving the problem by arbitration, mediation, judicial settlement conferences, conciliation or other methods. Though usually voluntary, ADR is sometimes mandated by a judge as a first step before going to court. Americans With Disabilities Act (ADA): Title I of the Americans with Disabilities Act of 1990 is part of a federal law that prohibits discrimination against someone with a disability, defined as a physical or mental impairment that substantially limits a major life activity." Disability is decided on a case-by-case basis and does not include conditions such as substance abuse. This law applies to the whole employment cycle, from application through advancement and termination. Application Service Provider (ASP): Other common terms are SaaS (software as a service), on-demand or Web-based services. A business that provides computerbased services to customers over a network, as opposed to installing the software on a company server (hosted). This is a cost-effective solution for small and mediumsized businesses, who may find it hard to keep up with the increasing costs of specialized software, distribution and upgrades. Smaller, periodic payments replace one-time lump sum pricing. The ASP can be accessed from any location via the Internet. HRmarketer.com is an example.

Applicant Tracking System (ATS): A software application that began as a way to electronically handle recruitment needs but has since expanded to the entire employment life cycle. Onboarding, training and succession planning capabilities now exist, for example. An ATS can be implemented on an enterprise level or small business level, depending on the size and needs of the company. Applicant Tracking Systems may also be referred to as Talent Management Systems. An ATS saves time and increases efficiency and compliance for those tasked with managing human capital. Attrition: A gradual voluntary reduction of employees (through resignation and retirement) who are not then replaced, decreasing the size of the workforce. B Background Screening / Pre-employment Screening: Testing to ensure that employers are hiring qualified and honest employees and that a prospective employee is capable of performing the functions required by the job. The screening can involve criminal background checks, verification of Social Security numbers, past addresses, age or year of birth, corporate affiliations, bankruptcies, liens, drug screening, skills assessment and behavioral assessments. If an employer outsources pre-employment screening, the federal Fair Credit Reporting Act requires that there must be a consent and disclosure form separate from an employment application. Base Wage Rate (or base rate): The monthly salary or hourly wage paid for a job, irrespective of benefits, bonuses or overtime. Balanced Scorecard: A strategic planning and management system that is used to tie business activities to the vision and strategy of the organization, improve internal and external communications, and monitor performance against goals. Developed in the early 1990's by Drs. Robert Kaplan and David Norton, the balanced scorecard measure four areas of business: internal business processes, financial performance, customer knowledge, and learning and growth. Benchmark Job: A job commonly found in the workforce for which pay and other relevant data are readily available. Benchmark jobs are used to make pay comparisons and job evaluations. Benchmarking: A technique using specific standards to make comparisons between different organizations or different segments of the organizations, with the intent of improving a product or service. Benefits Administration: Software that helps companies manage and track employee participation in benefits programs such as healthcare, flexible spending accounts, pension plans, etc. This software helps automate and streamline the complex and otherwise time-consuming tasks of benefits administration. Behavioral-based interview: An interview technique used to determine whether a candidate is qualified for a position based on their past behavior. The interviewer asks the candidate for specific examples from past work experience when certain behaviors were exhibited. Behavioral competency: The behavior qualities and character traits of a person. These act as markers that can predict how successful a person will be at the position he/she

is applying for. Employers should determine in advance what behavioral competencies fit the position and create interview questions to find out if the candidate possesses them. Bereavement leave: Paid or unpaid time off following the death of an employees relative or friend. This time, generally ranging from one to three days, is given so that the employee can make arrangements, attend the funeral and attend to other matters related to the deceased. Many organizations are flexible in terms of how much time an employee takes off. Blog: A Web log written for and posted to the Internet using such software as www.blogger.com. Readers access the blog through the Web (e.g., HRmarketer.com Blog) or subscribe to the blogs RSS (Really Simple Syndication) feed and receive alerts when there is a new posting. Blogs are becoming increasingly important to HR suppliers in order to increase their companys visibility, communicate with customers, and promote their products or services to establish themselves as thought leaders. Branding: Promoting a product or service by identifying and then marketing its key differentiators from competitors. The differentiator/s often inspire the name, phrase or logo for which the product or service becomes known. Broadbanding: A pay structure that exchanges a large number of narrow salary ranges for a smaller number of broader salary ranges. This type of pay structure encourages the development of broad employee skills and growth while reducing the opportunity for promotion. Broker: An individual who acts as an agent for a buyer and a seller and charges a commission for his/her services. An example of a large brokerage firm is Marsh. An example of a state firm is ABD in California. Bumping: Giving long-standing employees whose positions are to be eliminated the option of taking other positions within the company that they are qualified for and that are currently held by employees with less seniority. Business Process Outsourcing (BPO): The managing of an organizations business applications by a technology vendor. Buzz Marketing: A viral marketing technique that attempts to make each encounter with a "prospect" appear to be a personal, spontaneous interaction instead of an obvious marketing pitch. For example, the advertiser reveals information about their new product to a few opinion leaders within their target audience. In theory, these opinion leaders then talk about your product with their peers, thus beginning a wordof-mouth campaign where other buyers are flattered to be included in the group of those "in the know". A typical buzz marketing campaigns is initiated in chat rooms, where marketing representatives assume an identity appropriate to their target audience and pitch their product. Blogs are another popular media for buzz marketing. C Cafeteria Plan: A plan in which an employer offers employees a variety of different benefits. The employee is able to choose which benefits would fit their individual needs. Examples of benefits offered in the cafeteria include group-term life insurance, dental insurance, disability and accident insurance, and reimbursement of healthcare

expenses. CAN-SPAM Act (Controlling the Assault of Non-Solicited Pornography and Marketing Act): Congressional legislation that regulates commercial emails (i.e. commercial advertisement or promotion) and sets clearly defined opt-out standards. Any billing, warranties, product updates or customer service information is not included in this act. E-mail newsletters that are not considered advertisements are also exempt. Capitated Pricing: Vendors deliver contracted services for a set amount of money per employee per month. This can be a risky strategy for vendors whose profitability is directly tied to how much the services are or are not used (e.g., EAPs). Carrier: A vendor in the employee benefits space. More commonly used in reference to health care. Carriers (e.g., Met Life, Blue Cross, Aetna, etc.) sell their products through Brokers & Consultants, but may also sell to an employer directly. Carve-Out: The elimination of coverage of a specific category of benefit services (e.g. vision care, mental health/psychological services, or prescription drugs). The employer opts out of certain services with one vendor and contracts another to deliver them. Change management: A deliberate approach for transitioning individuals or organizations from one state to another in order to manage and monitor the change. Change management can be conducted on a continuous basis, on a regular schedule (such as an annual review), or when deemed necessary on a program-by-program basis. Coaching: A method of training an individual or group in order to develop skills or overcome a performance problem. Coaching can be between a manager and a subordinate or an outside professional coach and one or more individuals. There are many coaching methods and models, but close observation, accountability and feedback on progress and performance are usually included. COBRA: Consolidated Omnibus Budget Reconciliation Act. 1985 Federal law that requires employers to offer continued health insurance coverage to terminated employees and their beneficiaries. The coverage may continue for the following cases: termination of employment, change in working hours, change in dependent status or age limitation, separation, divorce, or death. Collective Bargaining: One or more unions meeting with representatives from an organization to negotiate labor contracts. Compensation: Pay structures within an organization. It can be linked to employee appraisal. Compensation is effectively managed if performance is measured adequately. Competency-based pay: Competency-based pay, alternately known as skill-based and knowledge-based pay, determines compensation by the type, breadth and depth of skills that employees gain and use in their positions. Competency Modeling: A set of descriptions that identify the skills, knowledge, and behaviors needed to effectively perform in an organization. Competency models assist in clarifying job and work expectations, maximizing productivity, and aligning

behavior with organizational strategy. Competitive advantage: In the context of Human Resources, competitive advantage refers to the quality of the employees, as a competing organizations systems and processes can be copied but not its people. All other things being equal among competing companies, it is the company with better employees that has the competitive advantage. Confidentiality agreement: An agreement between an employer and employee in which the employee may not disclose proprietary or confidential information. Constructive dismissal: An employers behavior (either one serious incident or a pattern of incidents) creates a negative work environment, leading to an employees resigning. Such behavior is considered a breach of contract and gives the employee the right to seek compensation in court. Consultants: An outside individual who supplies professional advice or services to companies for a fee. Large HR consulting firms include Aon, Mercer, Hewitt and Watson Wyatt. Large HR consulting firms typically work with companies who have more than 1,500 employees. Contingency Recruiting (Search): Contingency recruiters conduct frontline talent searches and represent either employers or individuals seeking placement. Contingency firms are not paid unless a candidate is successfully placed. Contingent Staff: Temporary staff that supplements a companys workforce. Contingent staff may be hired through a staffing firm. Businesses that have fluctuating seasonal staff demands or are in need of temporary call center representatives often use contingent workers. Contract for services: An agreement with a self-employed person for a specific job. Contract of service: Another term for employment agreement. Conversion Rate: A conversion rate is defined as the relationship between visitors to a web site and actions considered to be a conversion, such as a sale or request to receive more information. A 2006 study by WebSideStory showed the following conversion stats for these major search engines: AOL traffic 6.17%, MSN traffic 6.03%, Yahoo traffic 4.07% and Google traffic 3.83%. Search optimization (SEO) is far less expensive than an aggressive paid search campaign and gets you the same amount of traffic. Plus, the effects are longer lasting, and conversions are frequently in the same range (or even higher) than paid ads on engines. Core competencies: The particular set of strengths, experience, knowledge and abilities that differentiate a company from its competitors and provide competitive advantage. Employees should possess these qualities in order to advance business goals. Cost-Benefit Analysis: The ability to measure the costs associated with a specific program, project, or benefit. The cost is then compared to the total benefit or value derived. Cost-Per-Hire: The costs linked to recruiting talent. These costs can include

advertising, agency fees, relocation costs, and training costs. D Defined Benefit Plan: A retirement plan that pays participants a lump-sum amount that has been calculated using formulas that can include age, earnings and length of service. Defined Contribution: A pension plan that clearly defines the amount of contributions, which is usually a percentage of an employees salary. The benefits payable at retirement depend on several factors including future investment return and annuity rate at retirement. Deregulation: The removal or revision of laws that regulate the supply of goods and services. Direct Marketing: Direct marketing is a sales method by which advertisers approach buyers directly with products or services. The most common forms of direct marketing are telephone sales, emails and print (e.g., catalogs, brochures). Successful direct marketing also involves renting or compiling / maintaining a database of qualified buyers. According to the Direct Marketing Association, average response rates for print direct mail (flat mail) are 2.73%), catalogs are 2.45% and E-mail is 1.12%. HRmarketer.com research shows emails that offer a compelling offer in the form of a free downloadable white paper or research report (on a topic that resonates with your buyer) are significantly more likely to generate a response than promotional offers. In all industries, marketers are shifting their spending from brand building tactics like print advertising to direct response-oriented promotional channels such as direct marketing and interactive marketing (online advertising). The HRmarketer.com research report Trends in HR Marketing (The HRmarketer.com Content Library) verifies this trend in the HR marketplace. Disability: The inability to perform all or part of one's occupational duties because of an accident or illness. This can be due to a sickness, injury or mental condition and does not necessarily have to have been caused by the job itself. Disability Income Insurance: Health insurance that is paid to a policyholder who experiences a loss of income due to an injury or an illness. Disability insurance plans pay a portion of the salary of a disabled worker until his/her retirement age. Disciplinary procedure: A standardized process that an organization commits to when dealing with an employee who has breached the terms of employment in some way. If this procedure is not standardized and fair, the organization may face discrimination or other legal charges. Discrimination: The favoring of one group of people, resulting in unfair treatment of other groups. Disease Management: An information-based process involving the continuous improvement of care (prevention, treatment and management) throughout the delivery of health care. Effective disease management can mean decreased health care costs. Distance Learning: Educational programs using instruction via video or audio tapes,

computers etc. instead of attending a class in one centralized location. Distributive bargaining: A negotiation between competing parties that involves the distribution of resources. One party prevails, to the detriment of the other. Dual Labor Markets: a situation in an organization where a smaller Core Labor Force and a Peripheral Labor Force co-exist. Due diligence: In mergers and acquisitions, the process of carefully investigating the details of an investment or purchase to assess risk and potential value and reward. E EAP: An employer-sponsored program that is designed to assist employees whose job performance is being adversely affected by such personal stresses as substance abuse, addictions, marital problems, family troubles, and domestic violence. For every dollar invested in an EAP, employers save approximately $5 to $16. The average annual cost for an EAP ranges from $12 to $20 per employee. Source: US Department of Labor. E-Recruitment: Web-based software that handles the various processes included in recruiting and onboarding job candidates. These may include workforce planning, requisitioning, candidate acquisition, applicant tracking and reporting (regulatory or company analytics). E-Learning: E-learning is a method of education via the Internet or other computer related resources. It presents just-in-time information in a flexible learning plan. Elearning can be combined with face-to-face courses for a blended learning approach. Emotional Intelligence: Based on the book of the same name by Daniel Goleman, Emotional Intelligence is the ability to recognize, assess and manage their own and others emotions. Employee Assessments: Tests used to help employers in pre-hire situations to select candidates best suited for open positions. These tests can sometimes be taken via the Internet and can provide employees with effective training, assist managers in becoming more effective, and promote people into appropriate positions. Types of assessments include those to determine personality, aptitude and skills. Employee Relations: Developing, maintaining, and improving the relationship between employer and employee by effectively and proactively communicating with employees, processing grievances/disputes, etc. Employee retention: Practices and policies designed to create a work environment that makes employees want to stay with the organization, thus reducing turnover. Employee Self-Service: A program that allows employees to handle many job-related tasks normally conducted by HR departments including benefits enrollment, and updating personal information. Employees can access the information through the company's intranet, kiosks, or other Web-based applications. Employment Branding: A strategy designed to make an organization appealing as a good place to work. This targeted marketing effort utilizes both print and Internet tactics and attempts to shape the perceptions of potential employees, current

employees and the public / investment community. Empowerment: Giving employees the resources, skills and authority necessary to share power with management and make decisions. Employees are then held accountable for their decisions and rewarded if appropriate. Enterprise Compensation Management (ECM): The automation of the compensation process to assist organizations in the acquisition, management and optimization of its workforce. ERISA (Employment Retirement Income Security Act): A federal law that governs pension and welfare employee benefit plans. ERISA requires plans to provide participants with plan information including plan features and funding. It also requires that plans provide fiduciary responsibilities for those who manage and control assets. It gives participants the right to sue for benefits and breaches of fiduciary duty. ERP: Short for enterprise resource planning, a business management system that integrates all facets of the business, including manufacturing, sales, marketing, finance and human resources. This is slightly different than best-of-breed HRIS applications and the industry continues to debate the merits of one versus the other. With the growing popularity of web-based applications (ease of use, lower costs) ERP seems to be losing out, especially in the mid-market. Equity theory: The idea that people desire to be treated fairly and thus compare their own contributions to the workplaceand resulting rewardsagainst those of their coworkers, to determine if they are being treated fairly. Executive Coaching: Executive coaching is a professional relationship between a Coach and an Executive, or an Executive Team. The goal is to assist executives with positive leadership development. It can be provided in one-on-one sessions or via the Internet. Executive Search: An agency or organization used by employers to assist them with the selection and placement of candidates for senior-level managerial or professional positions. Exempt Versus Non-Exempt Employees: The difference between exempt and nonexempt employees is who gets paid overtime and who doesn't. The U.S. Department of Labor specifically designates certain classes of workers as exempt, including executives, administrative personnel, outside salespeople, highly skilled computer-related employees, doctors, lawyers, engineers, etc. Managers who hire and fire employees and who spend less than half their time performing the same duties as their employees are typically also exempt employees. In general, the more responsibility and independence or discretion an employee has, the more likely the employee is to be considered exempt. Generally, any worker performing repetitive tasks is most likely nonexempt and must be paid overtime. Exit Interview: The final meeting between management, usually someone in the HR department, and an employee leaving the company. Information on why the employee is leaving is gathered to gain insight into work conditions and possible changes or solutions. Expatriate: An employee who is transferred to work abroad on a long-term job

assignment. F Fixed Term Employment: An employee agrees to work for a fixed termuntil a certain date, at the completion of a project, etc. Flexible Spending Accounts (FSA): FSAs allow employees to set aside a portion of their earnings on a pre-tax basis into separate spending accounts to fund allowable health care and/or dependent day care expenses. The funds must be segregated as per IRS regulations. Flexible Work Arrangements: Schedules that allow employees to structure their work hours around their personal responsibilities. Examples include flextime, job sharing, telecommuting and a compressed workweek. Home sourcing has become a popular flexible work concept in recent years. In this arrangement, employees work full-time from their homes. Forced Ranking: Also known as a vitality curve, this is a system of work performance evaluation in which employees are compared against each other instead of against fixed standards. Based on the 20/80 Rule idea, that 20 percent of employees do 80 percent of the meaningful, productive work, the top 20 percent of workers are rewarded and, oftentimes, the bottom 10 percent are fired. Freedom of association: The right of workers to join a union and to bargain collectively. This right is protected by the Universal Declaration of Human Rights and the Human Rights Act of 1993. Functional job analysis: Developed by the U.S. Department of Labor, functional job analysis is a method of gathering specific and detailed job information. This information can be used to write job descriptions. G General Agents: General agents are middleman for carriers and brokers and usually focus on the 250 employee market. Usually an individual appointed by a life or health insurer to administer its business in a given territory. GAs are important for companies who sell to small employers or brokers e.g., benefits administration software providers. Goal Setting: Assigning specific, attainable goals to a person, team or organization. Goal setting is a motivational technique, as workers often rise to the challenges given them. Good faith bargaining: A requirement of the Employment Relations Act of 2000 that all parties to a contract conduct negotiations with a willingness to reach an agreement on new contract terms. Grievance: a complaint by an employee due to an alleged violation of law or collective bargaining or dissatisfaction with work conditions. Gross misconduct: An action so serious that it calls for the immediate dismissal of an employee. Examples include fighting, drunkenness, harassment of others and theft. Group dynamics: The way that people interact within a group that determines how it

functions and how effective the group is. H Hawthorne Effect: The theory that organizations can motivate their employees as much or more by expressing concern for problems as by actually improving their work conditions. This personal interest results in increased performance, according to the observations of productivity researcher George Elton Mayo. Hierarchy of needs: A theory created by psychologist Abraham Maslow that states humans constantly strive to meet a series of needs, going from physical (food and shelter) all the way to spiritual (self-actualization). HR Audit: A periodic measurement of human resources effectiveness, conducted by internal staff or with the use of an HR audit system. HR Generalist: An individual who is able to perform more than one diversified human resources function, rather then specializing in one specific function. Human Capital: The collective skills, knowledge and competencies of an organizations people that enables them to create economic value. Human Capital Management: The challenge of recruiting and retaining qualified candidates, and helping new employees fit into an organization. The goal is to keep employees contributing to the organizations intellectual capital by offering competitive salary, benefits and development opportunities. The major functions of human capital management include Recruitment, Compensation, Benefits and Training. Human Resource Information System (HRIS): Business software systems that assist in the management of human resource data (e.g. payroll, job title, candidate contact information). Some of the larger HRIS platforms include SAP and Peoplesoft. Human Resource Outsourcing (HRO): A contractual agreement between an employer and an external third-party provider whereby the employer transfers responsibility and management for certain HR, benefit or training-related functions or services to the external provider. I Incentive pay: Additional compensation used as a motivational tool to exceed specified work goals. Independent contractor: A self-employed person who works for another person or organization on a contract basis. Individual employment agreement: A written document that describes the legal relationship between an employer and employee. Industrial relations: A field of study that examines the relationship between employer and employees, particularly groups of workers in unions. Intangible rewards: A subjective benefit that has no monetary value, such as praise for excellent performance. ISO 9000: A set of internationally-accepted standards, created by the International

Organization for Standardization, for quality management and quality assurance. These standards apply uniformly across all industries and company size. Companies can receive ISO 9000 certification for meeting these standards. J Job analysis: The process of gathering information about the requirements and necessary skills of a job in order to create a job description. Job Board: An online location that provides an up-to-date listing of current job vacancies in various industries. Applicants are able to apply for employment through the job board itself. Many job boards have a variety of additional services to help job seekers manage their careers and their ongoing job search processes. Job Description: A written statement that explains the responsibilities and qualifications of a given job, based on a job analysis. The job description usually includes specific required tasks as well as an overview of the position and whom the employee reports to. Job evaluation: A comparison of one job with other jobs in a company for the purpose of assessing fair compensation. K Key Performance Indicators (KPIs): Tasks that are central to the success of a business and show, when measured, whether the business is advancing toward its strategic goals. KSAs: The Knowledge, Skills and Abilities an employee needs to meet the requirements of a job. L Labor force participation rate: The ratio between the labor force (all those currently employed or seeking work) and the nations total working-age population. Labor Market: A geographical region (local, national or international) in which labor transactions occuremployers find workers and workers find work. Leadership Development: Activities, whether formal or informal, that enhance leadership qualities LIFO (Last In, First Out): A method of determining who should be laid off in which the most recent hires are laid off first. Lump sum payment: A single large payment given to an employee, usually instead of more and smaller pay increases. M Managed Care: A health care system in which the provider manages the care of the individual for a fixed fee. The opposite of this preventive intervention (or, populationbased) approach is fee-for-service. Managed care emphasizes wellness and prevention. Marketing PR: Marketing PR is the combining of what are traditionally two separate

departments, public relations and marketing, to one integrated front whereby all marketing and PR activities focus on reaching buyers directly. Marketing PR incorporates both traditional marketing and PR tactics with social media and other Internet-based initiatives that support the measurable goals of online publicity, increased web site traffic, search-optimization (SEO) and, lead generation. A key difference between traditional PR and Marketing PR is the use of a press release. Traditional PR writes and distributes a press release for the sole purpose of securing media placements. Marketing PR does this as well but also uses the press release to enhance website SEO, increase web site traffic and generate qualified sales leads. Matrix organization: Used primarily in the management of large projects, a horizontal authority structure in which teams are created from various departments and report to more than one boss. Mediation Services: The use of a trained third party to settle an employment dispute. The third party has no legal authority and so must use persuasion to settle the dispute. Mentoring: An informal training process between a more experienced person and a junior employee. Minimum wage: The lowest amount an employer can pay an hourly employee. This rate is set by the federal government Mission Statement: A description of an organizations purpose: what it does, what markets it serves and what direction it is going in. Motivational Theories: Psychological models that attempt to explain what motivates people. These theories can help employers design incentive strategies. Myers-Briggs Type Indicator (MBTI): A well-known personality type assessment designed to measure peoples psychological preferences. The personality is divided into four dichotomies, with 16 personality types possible. The system is partly based on the theories of psychologist Carl Jung. N Negotiation: Bargaining between two or more parties with the goal of reaching consensus or resolving a problem. Nepotism: Preferential hiring of relatives and friends, even though others might be more qualified for those positions. "Non-Traditional" versus "Traditional" Employee Benefits: Traditional benefits include life, retirement, health, and disability benefits. Non-traditional benefits include various types of life management benefits such as EAPs, child and elder care counseling and referral, etc. (see life management benefits). According to the US Chamber of Commerce, health insurance is the most expensive single benefit cost, accounting for about 20% of total benefits, or about $2,666 per employee on average. (as per a 1999 study.) O Observation interview: A method of assessing job requirements and skills by observing the employee at work, followed by an interview with the employee for

further assessment and insight. Offshoring: The act of moving work to an overseas location to take advantage of lower labor costs. Offshoring usually involves manufacturing; information technology and back-office services like call centers and bill processing. Companies can build its own work center abroad, establish a foreign division, or create a subsidiary in remote locations. Onboarding: The process of moving a new hire from applicant to employee status ensuring that paperwork is done, benefits administration is underway, and orientation is completed. Organic Search Results: Search results returned by search engines that are based purely on the content of the pages and page popularity. Organic search results are not categorized directory results, or pay-per-click advertising results. According to MarketingSherpa.com, total money spent on search engine optimization represents only 12% of what is spent on pay-for-click advertising (PPC). What makes this statistic so startling is that it is that organic search engine results (those that show up in natural "free" listings) are better noticed, read, and clicked on than the paid listings. Organizational Culture: The values, attitudes, beliefs and behaviors that characterize an organization. It is the unwritten workplace ethos that is picked up by new employees. Organizational Development: A planned organization-wide effort to improve and increase the organizations effectiveness, productivity, return on investment and overall employee job satisfaction through planned interventions in the organization's processes. Orientation: Introducing new hires to the organization and its policies, benefits and culture. Training and familiarization with each department are sometimes included. OSHA: The Occupation Safety and Health Administration, an agency of the U.S. Department of Labor. The agencys goal is to promote health and reduce accidents, injury and death in the workplace. Outplacement: A benefit offered by a downsizing employer to assist former employees in re-entering the job market. Assistance can include job training, resume workshops, interview practice and career counseling. Outsourcing: Contracting out non-core functions, such as payroll, benefits administration or manufacturing, to save money and focus on what the company does best. P Pareto chart: A quality assurance tool that ranks information, like reasons for certain problems, in descending order. The goal is to identify the most serious problems so improvements can be made. Pay-Per-Click (PPC): Online advertising payment model in which payment is based on qualifying click-throughs. A typical PPC agreement has the advertiser paying for clicks to the destination site based on a prearranged per-click rate. Popular PPC advertising

options include search engines (right sidebar on Google). Paying per click is different than paying per impression which generates lower-quality traffic/leads. Pay-Per-Impression: Online advertising payment mode in which payment is based on how often the "publisher" (e.g., web site where you purchase a banner ad) shows your banner ad on their web site (e.g., an "impression"). Typically, prices are set per one thousand exposures. Payroll: Documentation created and maintained by the employer containing such information as hours worked, salaries, wages, commissions, bonuses, vacation/sick pay, contributions to qualified health and pension plans, net pay and deductions. Peer appraisal: A performance assessment given by an employees peers who have observed the employees job performance. Performance Appraisal: A periodic review and evaluation of an individual's job performance. Performance Improvement: A plan to improve an employees performance in which the performance problem is identified, modified and monitored. Performance Management: The process of maintaining or improving employee job performance through the use of performance assessment tools, coaching and counseling. The ultimate goal is to better meet organizational objectives. Performance Planning: An organization-wide plan to manage employees and their performance wherein goals are set for employees, departments and the organization as a whole. Plan Sponsor: An entity that has adopted and has maintained an employee-benefit plan. The plan sponsor is often an employer, but may be a union or a professional association. The Plan Sponsor is responsible for determining employee participation and the amount of benefits involved. Probationary Arrangement: An agreement between an employer and employee that the employee will work for a set amount of time on a trial or probationary period. Professional Employer Organization (PEO): A staffing service that is contracted to assume the employers responsibilities and risk for his/her workforce. Employees are legally co-employed by the PEO. The PEO is responsible for such actions as the preparation of accurate payroll checks, the remittance of payroll taxes to federal and state jurisdictions and the preparation of various tax information. Q Quality management: A system to make sure that a product or service meets standards of excellence, and that the process by which the product or service is created is efficient and effective as well. The three key components of this system are quality control, quality assurance and quality improvement. R Random Testing: Employer-administered drug and alchohol tests conducted at random intervals.

Recruitment: The process of finding and hiring the best-qualified candidate for a position. Recruitment Process Outsourcing (RPO): The outsourcing of the recruiting process to a third party. Redundancy: Eliminating jobs or job categories as they become unnecessary to the functioning of an organization. Replacement charts: A tool in succession planning in which current and future job vacancies, as well as the number of employees in currently filled jobs, are visually summarized. Request for proposal (RFP): A request sent by a company to a vendor to submit a bid for a product or service. The bid includes a timeline, a description of the good or service, the type of contract, cost and other specifics. Restrictive covenant: Also known as a negative covenant; a provision in a contract excluding key employees from working for competitors in a certain geographic area and for a certain length of time. Return on investment (ROI): The percentage of profit on an investment compared to the cost of that investment. Also called the rate of return or yield. Right to manage: The right of management to conduct business without having to answer to internal or external forces for their decisions. Risk Management: The use of insurance and other strategies to minimize an organizations exposure to liability in the event a loss or injury occurs. RSS (Real Simple Syndication): A commonly used protocol for delivering web-based content such as blogs. RSS is an XML-based format that allows webmasters to provide fresh web content in a succinct manner. It is fast becoming an easy and affordable way to spread content. S SEO (Search Engine Optimization): The process of optimizing a web site (e.g., identifying and placing targeted keywords on web pages) to ensure the site places well when queried on search engines. It is important for corporate web sites to optimize their visibility on search engines. See HRmarketer.com Blog: The SEO Industry Gold Rush or Fools Gold? . Self-Funded (Self-Insured) Plan: A health care insurance program in which employers (usually larger companies) pay the specified health care costs of their employees rather than insuring them. Self-funded plans may be self-administered, or the employer may contract a third party administrator (TPA) for administrative services only (ASO). Social Media: Internet sites and services that allows users to generate and exchange content and interact with each other in a variety of ways. Forums, podcasts, bookmarking, blogs and social networking sites are types of social media. These types of interaction can be used for collaboration, communication and entertainment. HR professionals use social media to source candidates and create peer networks.

Social Networking: The building of online communities of people who have common interests. LinkedIn, Facebook and MySpace facilitate these interconnected systems. HR departments have begun to incorporate social networking into the recruiting process as a means to attract and evaluate candidates. Sourcing: The developing of lists of potential candidates. Also relates to the task of requisitioning, or creating job descriptions, approval workflows and actual job postings. Most e-recruitment software providers include modules for requisitioning. Staffing: A method of finding, evaluating, and establishing a working relationship with future employees. They may be current employees or future employees. Strategic HRM: Aligning human resource management (HRM) with the strategic goals of an organization. Strategic Planning: The process of considering an organizations future, usually three to five years ahead, and then working backward to create strategic plans and allot resources to realize this desired future state. This includes a hiring strategy. Succession Planning: The process of identifying long-range needs and cultivating a supply of internal talent to meet those future needs. Used to anticipate the future needs of the organization and assist in finding, assessing and developing the human capital necessary to the strategy of the organization. Summary dismissal: The immediate firing of an employee, usually due to an act of gross misconduct. Suspension: An employee is sent home for a period of time, usually without pay, as a disciplinary measure. T Talent Management: Also called Human Capital Management, the process of recruiting, managing, assessing, developing and maintaining employees. Tangible rewards: Gifts in the form of merchandise, gift certificates, etc. that can be physically held or touched. Third-Party Administrator (TPA): An organization that is responsible for the administration of insurance for a self-insured group. It does not have any responsibility for paying claims. The self-insured group is financially responsible. (See self-insured group) Total Remuneration: An employees complete annual pay package, including benefit and pension plans, bonuses, incentives, and paychecks. Training and development: Providing information and instruction that equips employees to better perform specific tasks or attain a higher level of knowledge. Training Needs Analysis: An assessment to determine the training needs of a group of employees, taking into account the employees prior education and skills and the desired outcome once training is completed.

Turnover: The number of employees lost and gained over a given time period. U Underwriter: A person or organization that ensures money will be available to pay for losses that are insured. An insurance company can be considered an underwriter. Union: Workers who organize a united group, usually related to the kind of work they do, to collectively bargain for better work conditions, pay or benefit increases, etc. Unjustifiable dismissal: Firing an employee in a way that the courts do not find justifiable (i.e. unfairly or in violation of the employment contract). V Viral Marketing: Any marketing technique that induces people (or web sites) to pass on a marketing message to other people or sites, creating a growth in the message's visibility and effect. A classic example of this concept was Hotmail whereby each email sent via Hotmail included Hotmail's own advertisement in the footer (Get your Free Email...."). Virtual HR: The use of various types of technology to provide employees with selfserve options. Voice response systems, employee kiosks are common methods. Voluntary Benefits: Benefits that are paid for by the employee through payroll deductions. The employer pays for administration. Examples of these benefits include life insurance, dental, vision, disability income, auto insurance, long-term care coverage, medical supplement plans and homeowners insurance. W Wage drift: The difference between basic pay and total earnings, due to a variety of possible factors such as overtime, bonuses, gender, age and performance. Whistle blower: An employee who publicly reveals wrongdoing taking place within his/her company. Whistle blowers are protected from retaliation by the Protected Disclosures Act of 2000. Work-life Balance: The attempt to balance work and personal life in order to have a better quality of life. A person with a balanced life is an asset to his or her business, as he or she experiences greater fulfillment at work and at home. Work/Life Employee Benefits: Work/Life benefits are "non-traditional" employee benefits that assist employees in managing their lives. Employers purchase these services from vendors and they are offered to employees as benefits. These services can make the difference in attracting and retaining employees. Common life management benefits include: child and elder care referral services, employee assistance program (EAP), concierge, legal assistance, and emergency back-up childcare. Workforce Planning: The assessment of the current workforce in order to predict future needs. This can consist of both demand planning and supply planning. Many erecruitment software providers include modules for workforce planning. X XML and HR-XML: Extensible Markup Language. A common system used for defining

data. Unlike HTML, XML is not a fixed set of elements. XML allows information creators to apply descriptive markup (or "tags") around each discrete element of data. The HR-XML Consortium strives to spare employers and vendors the risk and expense of having to negotiate and agree upon data interchange mechanisms on an ad-hoc basis. By using XML, the Consortium provides the means for any company to transact with other companies without having to establish, engineer, and implement many separate interchange mechanisms. __________________ Main ne Allah Ko apney iraadon ke totney se pehchana hay...!! Hazrat Ali (R.A)

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Management is a Process of carrying POLCA functions to achieve organizational Goals Good Mangers Perform these functions with Efficiency and Effectiveness Efficiency:Getting the most output from the least amount of input Effectiveness:Completing activities so that organizational goals are attained People/Manager achieve goals by using management Process (POLCA) Management Functions:-

1) Planning 2) Organizing 3) Leading 4) Controlling 5) Assurance Planning:The process of setting goals and deciding how best to achieve them Organizing:The process of allocating human and non-human resources so that plans can be carried out successfully Leading:The process of influencing others to engage in the work behaviors necessary to reach organizational goals Controlling:The process of regulating organizational activities so that actual performance conforms to expected organizational standards and goals. Assurance:Assurance /Quality assurance refers to planned and systematic production processes that provideconfidence in a product's suitability for its intended purpose. Refer to the definition. It is a set of activities intended to ensure that products (goods and/or services) satisfy customer requirements in a systematic, reliable fashion. QA cannot absolutely guarantee the production of quality products,unfortunately, but makes this more likely Management:Henri Fayol: (POLCA) Roles by Henri Fayol Peter Drucker:(Efficiency & Effectiveness) Roles by Peter Druker Edward Deming:Quality Roles by Edward Deming Henry Mintzberg:Roles of Management by Henry Mintzberg Characteristics of Entrepreneurs Key Personal Attributes + Technical Proficiency + Managerial Competencies = Successful Entrepreneurs Business Plan? Questions: Should I start a business? What and where is the market for my product or service? How much will it cost to own the business, where will I get money? Can I get help from relatives or friends? Should my company be domestic or global? Key Management Skills! Technical Skills Human Skills Conceptual Skills Technical Skills: Knowledge of and proficiency in a certain specialized field Human Skills: Ability to work well with other people both individually and in a group Conceptual Skills: Ability to think and do conceptualize about abstract and complex situations see organization

as a whole understand the relationships among subunits visualize, how the organization fits into its boarder environment. Kinds of Managers (Managerial Titles) Top Managers Middle Managers First-Line Managers First-Line Managers: Manage the work of non-managerial individuals who are directly involved with the production or creation of the organizations products. Middle Managers: All managers between the First-Line level and the top level of the organization manage the First-Line managers. Top Managers: Responsible for making organization-wide decisions and establishing the plans and goals that affect the entire organization Management Today & Yesterday Management Economics Sociology Psychology Political Science Math and Stats Management Theories Pre-Classical Contributors Classical Viewpoint Scientific Management Administrative Management Bureaucratic Management Behavior Viewpoint Early Behaviorists Hawthome Studies Human Relation Movement Behavioral Science Approach Quantitative Viewpoint Operation Research Operation Management Management Information Science Contemporary Viewpoint System Theory Contingency Theory Emerging Views Pre Classical Adam Smith(1776)

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#1 Tuesday, April 26, 2011

Miss khoso
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Hello members, can someone guide me about Taylor's concept of scientific management? And please compare it with Fayol's principles of management...

#2 Wednesday, April 27, 2011

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Scientific Management: Scientific management is defined as the use of the scientific method to define the one best way for a job to be done. Important Contributions: Frederick W. Taylor is known as the father of scientific management. Taylors work at the Bethlehem Steel companies motivated his interest in improving efficiency. 1. Taylor sought to create a mental revolution among both workers and managers by defining clear guidelines for improving production efficiency. He defined four principles of management. 2. His pig iron experiment is probably the most widely cited example of scientific management. 3. Using his principles of scientific management, Taylor was able to define the one best way for doing each job. 4. Overall, Taylor achieved consistent improvements in productivity in the range of 200 percent. He affirmed the role of managers to plan and control and of workers to perform as they were instructed. Frederick Winslow Taylor (1856-1915) was the first nationally known management thinker. His Taylorism or scientific management was a major contribution to business operations as we know them today. The overview of his studies is given below: a Taylor developed scientific management to counter the problem of soldiering by workersdeliberately working below full capacity. b Taylor pioneered the time-and-motion study, where by a work task is broken down into its various motions, is improved by eliminating unnecessary motions, and then the motions timed to determine optimal daily production. c Through his four principles of scientific management, Taylor advocated scientific study of the task to find the best work method rather than relying on traditional methods handed down from one worker to another. d Taylor successfully implemented his theory at Bethlehem Steel in two famous

studies involving shoveling and pig-iron handling. e Although real and imagined abuses or misuses of scientific management occurred (leading in one instance to a congressional investigationand thereby adding to Taylors notoriety), Taylors strong support of science and his redefining the role of managers remains his primary contribution to management theory. Taylors Four Principles of Scientific Management: 1. Study each part of the task scientifically, and develop a best method to perform it. 2. Carefully select workers and train them to perform a task using the scientifically developed method. 3. Cooperate fully with workers to ensure they use the proper method. 4. Divide work and responsibility so management is responsible for planning work methods using scientific principles and workers are responsible for executing the work accordingly. Henri Fayol (1841-1925) a successful French industrialist, developed theories about management he thought could be taught to those individuals with administrative responsibilities. a. Fayols lasting contribution is the functional approach to management which is still used today. Themajor managerial functions, according to Fayol, were planning, organizing, commanding,coordinating, and controlling. The functions have been slightly modified several times since Fayol.In the main, though, they still provide the basic framework for studying management as witnessed by the organization of this and most other principles of management texts used today. Like Weber,Fayols works were not translated into English for a couple of decades after his death. b. Fayol gives us 14 principles of management which are still being used nowadays. These principlesare given below: Fayols 14 Principles of Management 1. Division of work Specialization increases output by making employees more efficient. 2. Authority. Managers must be able to give order. Authority gives them this right. Along with authority,however, goes responsibility. 3. Discipline. Employees must obey and respect the rules that govern the organization. 4. Unity of Command An employee should receive orders from one superior only. 5. Unity of direction. The organization should have a single plan of action to guide managers and workers. 6. Subordination of individual interests to the general interest. The interests of any one employee or group of employees should not take precedence over the interests of the organization as a whole. 7. Remuneration. Workers must be paid a fair wage for their services. 8. Centralization. This term refers to the degree to which subordinates are involved in decision making. 9. Scalar Chain. The line term refers to the degree to which subordinates are involved in decision making.

10. Order. People and materials should be in the right place at the right time. 11. Equity. Managers should be kind and fair to their subordinates. 12. Stability of tenure of personnel Management should provide orderly personnel planning and ensure that replacements are available to fill vacancies. 13. Initiative. Employees who are allowed to originate and carry out plans will exert high levels of effort. 14. Esprit de corps Promoting team spirit will build harmony and unity within the organization. __________________ When Problems are so Big & Your Strength is no Longer enough to CaRRy them, Don't Give uP; Because where your Strength Ends the Grace of Almighty ALLAH Begins

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#1 Friday, February 22, 2008 Join Date: Feb 2008 Location: Lahore Posts: 83 Thanks: 0 Thanked 36 Times in 24 Posts

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HR Important Terms

Absolute ratings A rating method where the rater assigns a specific value on a fixed scale to the behavior or performance of an individual instead of assigning ratings based on comparisons between other individuals.

Affirmative action Also : Positive discrimination. Carried out on behalf of women and disadvantaged groups and members of such groups are placed in dominant positions. Appraisal See Performance planning. Attrition A term used to describe voluntary and involuntary terminations, deaths, and employee retirements that result in a reduction to the employer's physical workforce. Autocratic leadership Leader determines policy of the organization, instructs members what to do/make, subjective in approach, aloof and impersonal. Balanced Scorecard A popular strategic management concept developed in the early 1990's by Drs. Robert Kaplan and David Norton, the balanced scorecard is a management and measurement system which enables organizations to clarify their vision and strategy and translate them into action. The goal of the balanced scorecard is to tie business performance to organizational strategy by measuring results in four areas: financial performance, customer knowledge, internal business processes, and learning and growth. Behaviorally anchored rating scale (BARS) An appraisal that requires raters list important dimensions of a particular job and collect information regarding the critical behaviors that distinguish between successful and unsuccessful performance. These critical behaviors are then categorized and appointed a numerical value which is used as the basis for rating performance. Behavioral based interview An interview technique which focuses on a candidates past experiences, behaviors, knowledge, skills and abilities by asking the candidate to provide specific examples of when they have demonstrated certain behaviors or skills as a means of predicting future behavior and performance. Behavioral competency The behavior of the employee which is the subject of measurement and appraisal in terms of whether or not the behaviors shown by an employee are those identified by job analysis/competency profiling as those contributing to team and/or organizational success. Benchmarking A technique using quantitative or qualitative data to make comparisons between different organizations or different sections of the organizations. Bereavement leave Paid days off following the death of an employees spouse, parent, child grandparent or in-law so that the employee may attend funeral proceedings, etc. Branding The process of identifying and differentiating an organizations products, processes or services from another organization by giving it a name, phrase or other mark.

Broadbanding A pay structure that consolidates a large number of narrower pay grades into fewer broad bands with wider salary ranges. Bumping The practice of allowing more senior level employees whose positions have been slotted for elimination or downsizing the option of accepting an alternative position within the organization, for which they may be qualified to perform and which is currently occupied by another employee with less seniority. Change management The deliberate effort of an organization to anticipate change and to manage its introduction, implementation, and consequences. Clean Slate The Criminal Records (Clean Slate) Act 2004 establishes a clean slate scheme to limit the effect of an individual's convictions in most circumstances (subject to certain exceptions set out in Section 19) if the individual satisfies the relevant eligibility criteria. Coaching A one-to-one process between a manager and subordinate, whereby the former will train the latter. See also Mentoring. Collective Bargaining The process by which [an] employer[s] will negotiate employment contracts with [a] union[s]. Competency-based pay Competency based pay is a compensation system that recognizes employees for the depth, breadth, and types of skills they obtain and apply in their work. Also known as skill based and knowledge based pay. Competenciesan underlying characteristic of a person motive, trait, skill, aspect of ones self-image or social role, or a body of knowledge. Competitive advantagePeople are the source of competitive advantage. Other systems in an organization can be copied but not the people in the organization. Confidentiality agreement An agreement restricting an employee from disclosing confidential or proprietary information. Constructive dismissal 1. Coercion by threats to act or promises to refrain and includes a resignation given as an alternative to be dismissed. 2. A breach of duty by the employer leading a worker to resign. Contingent workers Employees who may be: casual labor, part-timers, freelancers, subcontractors, independent professionals and consultants.

Contract for services An agreement with an independent contractor. Contract of service An employment agreement. Core competencies The skills, knowledge and abilities which employees must possess in order to successfully perform job functions which are essential to business operations. Core Labor Force A small group of permanent workers, for example, strategists, planners. Corporate mission The aims and objectives of an organization. Cost leadership A strategy of becoming the lowest-cost producer in its industry. Cyclical unemployment A form of unemployment rises in times of economic recession and falls in times of prosperity. Now shows signs of being able to withstand increased prosperity. Decision Tree Model One of the Contingency theories of leadership developed by Vroom and Yettor (1973). Deregulation The removal of entities such as financial markets, road and transport from governmental control. Distance Learning The process of delivering educational or instructional programs to locations away from a classroom or site to another location by varying technology such as video or audioconferencing, computers, web-based applications or other multimedia communications. Disciplinary procedure A procedure carried out in the workplace in the event of an employee committing some act contrary to terms of the employment agreement. If the act is regarded as Gross Misconduct this may lead to Summary Dismissal. Discrimination The favoring of one group of people to the detriment of others. Distributive bargaining Related to the process of Negotiation. Known also as Competitive bargaining The parties are concerned with their respective shares of the benefits available and compete and conflict with each other until one side wins an increased share at the expense of the other. Dual Labor Markets

organizations will operate with a small Core Labor Force and a Peripheral Labor Force Due diligence A critical component of mergers and acquisitions, it is the process by investigation and evaluation is conducted to examine the details of a particular investment or purchase by obtaining sufficient and accurate information or documents which may influence the outcome of the transaction. Emotional Intelligence Describes the mental ability an individual possess enabling him/her to be sensitive and understanding to the emotions of others as well as being able to manage their own emotions and impulses. Employee Relations A broad term used to refer to the general management and planning of activities related to developing, maintaining, and improving employee relationships by communicating with employees, processing grievances/disputes, etc. Employee retention organizational policies and practices designed to meet the diverse needs of employees, and create an environment that encourages employees to remain employed. Empowerment The process of enabling or authorizing an individual to think, behave, take action, and control work and decision-making in autonomous ways. Equity theory Based on the notion that people are motivated by a desire for fairness, that is, to be treated fairly and will compare their own efforts and the rewards of others in the organization with a view to judging the fairness of their treatment. Exit Interview An interview between a member of staff of the organization that an employee is leaving to ascertain the reasons for the employee leaving the organization. Should not be carried out by employees immediate superior. Used for possible changes. Fixed Term Employment An employee and an employer may agree that the employment of the employee will end at the close of a specified date or period or on the occurrence of a specified event or at the conclusion of a specified project. Forced Ranking Forced ranking systems direct managers to evaluate their employees' performance against other employees, rather than the more common (and often grade inflated) measure of evaluating performance against pre-determined standards. The result of such a process is often brutally blunt: The top 20 percent of performers are amply rewarded, and the bottom 10 percent are shown the door. Freedom of association The right to belong to a union. As protected by the Human Rights Act 1993. Functional job analysis

The preparation required for the construction of a job description. It is necessary to collect data on the job to be advertised. Goal Setting The process of setting and assigning a set of specific and attainable goals to be met by an individual, group or organization. Good faith bargaining A duty under Section 4 of the Employment Relations Act 2000 to conduct negotiations where two parties meet and confer at reasonable times with open minds and the intention of reaching an agreement. Grievance A complaint brought by one party to an employment contract against another party. Group dynamics The social manner in which people interact with each other within a group. Gross misconduct An act committed by any personnel likely to lead to Summary Dismissal. Examples may be: HR Audit A method by which human resources effectiveness can be assessed. Can be carried out internally or HR audit systems are available. Hawthorne Effect A term produced as a result of an experiment conducted by Elton Mayo whereby he concluded that expressing concern for employees and treating them in a manner which fulfills their basic human needs and wants will ultimately result in better performance. Hierarchy of needs A psychology theory ascribed to Abraham H. Maslow in which he proposed that people will constantly seek to have their basic needs (sleep, food, water, shelter, etc.) fulfilled and that such needs ultimately determine behavior Human Capital The collective knowledge, skills and abilities of an organizations employees. Incentive pay Additional compensation used to motivate and to reward employees for exceeding performance or productivity goals. Independent contractor A person who works for him/herself but has a contract for services with another person/organization. Individual employment agreement The legal relationship between an employee and employer. See Part 6 of the Employment Relations Act 2000 Induction

The process of introducing a new employee into the organization. Industrial relations The study of theories and practices in the workplace relationship. Intangible rewards Non-monetary re-enforcers such as praise given to an employee in recognition of a job well done, or a particular achievement. ISO 9000 Developed by the International organization for Standardization (ISO), it is a set of standards for quality management systems that is accepted around the world. organizations that conform to these standards can receive ISO 9000 certification. The standard intended for quality management system assessment and registration is ISO 9001. The standards apply uniformly to organizations of any size or description. Job analysis The preparatory stage for writing job descriptions. Job Description A written description of a job which includes information regarding the general nature of the work to be performed, specific responsibilities and duties, and the employee characteristics required to perform the job. Job evaluation Used for compensation planning purposes, it is the process of comparing a job with other jobs in an organization to determine an appropriate pay rate for the job. KPIs Knowledge, Skills and Abilities - Key Performance Indicators. Tasks that have been agreed between an employee and line manager/HR with an expectation that they will be completed satisfactorily in the time agreed or as an ongoing task. KSAs Knowledge, skills and abilities the personal attributes that a person has to have to perform the job requirements. Labor Market A geographical or occupational area in which factors of supply and demand interact. Labor force participation A rate at which the number of people in the labor force is divided by the number of people of working age x 100. Leadership Development Formal and informal training and professional development programs designed for all management and executive level employees to assist them in developing the leadership skills and styles required to deal with a variety of situations. Legislation Law emanating from Parliament in the form of Acts. LIFO

In the event of a redundancy situation occurring, the system of last in first out is regarded as the most equitable method of choosing those who should be made redundant. Lump sum payment A fixed negotiated payment which is not typically included in an employees annual salary. Often times given in lieu of pay increases. Matrix organization An organizational structure where employees report to more then one manager or supervisor. Mediation Services The process of intervention by a specialist in an employment dispute. Provided under the Employment Relations Act 2000. Mentoring A one-to-one process between an outside trainer and an employee, whereby the former will train the latter. See also Coaching. Minimum wages The lowest level of earnings of employees set by Government. Mission Statement A statement illustrating who the company is, what the company does, and where the company is headed. Motivation The reason(s) why a person works at a particular job and for a particular organization. Subject to various theories relating to the way they do things. Motivational theories An attempt to explain how people are motivated, in the form of work behavior and performance. Myers-Briggs Type Indicator A psychological test used to assess an individuals personality type. Negotiation The process of discussion with a view to mutual settlement usually by the means of a conference. Nepotism Favoritism shown to relatives by individuals in a position of authority such as CEOs, managers or supervisors. Observation interview The process of observing employees while performing their respective jobs or tasks used to collect data regarding specific jobs or tasks. Onboarding A relatively new term, it is more far reaching than historical orientation programs It links new employees with team members very early in the employment process and

continuing after the traditional orientation program ends. OSH Occupational health and safety the law relating to the health and safety of personnel at work. organizational Culture A pattern that emerges from the interlocking system of the beliefs, values and Behavioral expectations of all the members of an organization. Orientation The introduction of employees to their jobs, co-workers, and the organization by providing them with information regarding such items as policies, procedures, company history, goals, culture, and work rules. Similar to Induction. Outplacement A benefit offered by the employer to displaced employees which may consist of such services as job counseling, training, and job-finding assistance. Outsourcing A contractual agreement between an employer and an external third party provider whereby the employer transfers responsibility and management for certain HR, benefit or training related functions or services to the external provider. Pareto chart A bar graph used to rank in order of importance information such as causes or reasons for specific problems so that measures for process improvement can be established. Peer appraisal A performance appraisal strategy whereby an employee is reviewed by his/her peers who have sufficient opportunity to examine the individuals job performance. Performance Management This is a process of identifying, evaluating and developing the work performance of employees in an organization, in order that organizational objectives are more effectively achieved and understood by employees. Performance Improvement Performance Improvement Plan when you have identified a performance problem and are looking for ways to improve the performance of an employee. The Performance Improvement Plan plays an integral role in correcting performance discrepancies. It is a tool to monitor and measure the deficient work products, processes and/or behaviors of a particular employee in an effort to improve performance or modify behavior. Performance planning A total approach to managing people and performance. Involving setting performance aims and expectations for the organization, departments and individuals employees. Personal grievance A complaint brought by one party to an employment contract against another party. See Part 9 of the Employment Relations Act 2000.

Probationary Arrangements Where the parties to an employment agreement agree as part of the agreement that an employee will serve a period of probation or trial after the commencement of the employment. See Section 66 Employment Relations Act 2000 Quality management The process or system of ensuring that a product or service should do what the user needs or wants and has a right to expect. There are five dimensions to quality, design, conformance, availability, safety and field use. Random Testing Drug and alcohol tests administered by an employer which selects employees to be tested on a random basis. Recruitment The process of bringing into an organization personnel who will possess the appropriate education, qualifications, skills and experience for the post offered. Redundancy The act of dismissing an employee when that employee is surplus to the requirements of the organization. Replacement charts A summarization in visual form the numbers of incumbents in each job or family of jobs, the number of current vacancies per job and the projected future vacancies. See Succession planning. Request for proposal (RFP) A document an organization sends to a vendor inviting the vendor to submit a bid for a product or, service. Restrictive covenant A contract clause requiring executives or other highly skilled employees to refrain from seeking and obtaining employment with competitor organizations in a specific geographical region and for a specified period of time. Return on investment (ROI) A ratio of the benefit or profit derived from a specific investment compared to the cost of the investment itself. Right to manage The right of management to make decisions and to run an organization without interference from external or internal forces. Risk management The use of insurance and other strategies in an effort to minimize an organizations exposure to liability in the event a loss or injury occurs. Strategic HRM The process of aligning human resources more closely to the strategic and operating objectives of the organization.

Strategic Planning The process of identifying an organization's long-term goals and objectives and then determining the best approach for achieving those goals and objectives. Succession planning Involving identifying a potential candidate to replace core individual employees either known t be leaving the firm at some point in the future and/or whose sudden departure would pose a risk to the operation of the firm. Summary dismissal The act of dismissing personnel immediately, usually because the person has committed some act of Gross Misconduct. Suspension A form of disciplinary action resulting in an employee being sent home without pay for a specified period of time. Talent Management Talent Management, often times referred to as Human Capital Management, is the process recruiting, managing, assessing, developing and maintaining an organizations most important resourceits people! Tangible rewards Rewards which can be physically touched or held (i.e. a gift certificate, gifts in the form of merchandise, or a savings bond.) 360-degree feedback An appraisal process whereby an individual is rated on their performance by people who know something about their work. This can include direct reports, peers, managers, customers or clients; in fact anybody who is credible to the individual and is familiar with their work can be included in the feedback process. The individual usually completes a self-assessment exercise on their performance, which is also used in the process. Total Remuneration The complete pay package awarded employees on an annual basis, including all forms of money, benefits, services, and in-kind payments. Training and development A process dealing primarily with transferring or obtaining knowledge, attitudes and skills needed to carry out a specific activity or task. Training Needs Analysis A method of analyzing how employee skill deficits can be addressed through current or future training and professional development programs, as well as determining the types of training/development programs required, and how to prioritize training/development. Turnover Describes changes in the work force resulting from voluntary or involuntary resignations. Unions

Groups of workers who have formed incorporated associations relating to the type of work that they perform. Unjustifiable dismissal The act of terminating an employees employment agreement for a reason that the Employment Relations Authority or Employment Court regards as unjustifiable. Wage curve Depicts pay rates currently being paid for each job within a pay grade in relation with the rankings awarded to each job during the job evaluation process. Wage drift The gap between the Collective Agreement rate and the rate actually paid. Evidence of geographical variations in wage levels. Whistle blower Whistle blower protection is contained in the Protected Disclosures Act 2000. The Act provides protection to employees against retaliation for reporting illegal acts of employers. An employer may not rightfully retaliate in any way, such as discharging, demoting, suspending or harassing the whistle blower. Employer retaliation of any kind may result in the whistle blower bringing a personal grievance against the employer. Work-life Balance Having a measure of control over when, where and how an individuals works, leading to their being able to enjoy an optimal quality of life. Work-life balance is achieved when an individuals right to a fulfilled life inside and outside paid work is accepted and respected as the norm, to the mutual benefit of the individual, business and society.

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