Management Review

Terms 1

100

This type of legal protection gives inventors exclusive rights to their inventions or processes.

Patent

200

This form of demand is when consumers continue buying a product even when its price changes significantly. (Such as gas or insulin)

Inelastic Demand

300

This government-imposed tax is applied to goods brought into a country from abroad.

Tariff

400

Job specific terminology that should only be used in business writing when the audience is familiar with the field.

Technical Language

500

This type of management involves collecting, organizing, and analyzing data to support better decision-making.

Information Management 

Terms 2

100

This term refers to the act of taking small amounts of money or low-value items, often without being immediately noticed.

Pilfering

200

This workplace behavior involves staying productive and taking action—like organizing or restocking—without being told.

Initiative

300

This is a business’s financial reputation and improves when it consistently pays suppliers and lenders on time.

Credit (Rating) 

400

This term describes the physical and social characteristics of a population, such as age, income, race, and language.

Demographics 

500

This type of workplace conflict focuses on tasks or processes and can occur between people who share the same goal but have different ideas.

Functional Conflict 

Terms 3

100

This term describes a general agreement or shared opinion reached by a group.

Consensus 

200

This marketing function is responsible for communicating information about products, services, or ideas to influence consumers.

Promotion 

300

This tracking method records when equipment is taken, who has it, and when it is returned.

Check-in, Check-out System

400

These financial professionals verify that a company’s financial records are accurate rather than analyzing patterns or trends.

Auditors 

500

This form of management focuses on planning, controlling, and improving daily processes to increase efficiency and reduce waste.

Operations Management

Terms 4

100

This is the set of accounting standards that ensures financial reports are consistent, transparent, and reliable across organizations. (Acronym or full name)

Generally Accepted Accounting Principles (GAAP)

200

These are assets a business expects to convert into cash or use up within ONE year, such as inventory or accounts receivable.

Current Assets 

300

This term describes how quickly an asset can be converted into cash. It also sounds like a way to describe water. 

Liquidity

400

The balance sheet equation states that Assets - Liabilities = _______

(Owners) Equity 

500

This government policy uses changes in spending and taxation to either stimulate or slow down the economy. (Hint: It's not monetary) 

Fiscal Policy 

Terms 5

100

This document is typically sent with a resume and introduces an applicant while explaining why they are a strong fit for a job.

Cover Letter

200

This term describes a “gut feeling” allowing someone to understand or respond to a situation without conscious logical reasoning.

Intuition

300

There are the 4 management functions (Yes, name all 4) 

Planning
Leading
Organizing
Controlling 

400

This visual (idea formation) technique organizes ideas around a central concept using a non-linear diagram of related branches

Mind Mapping

500

This business activity involves buying goods in large quantities from producers and reselling them to other businesses.

Wholesaling (Wholeselling)