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Career Development Business Terms
Terms associated with the employment process
37
Business
12th Grade
01/25/2013

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Term
business
Definition
the exchange of goods and/or services in order to make a profit
Term
barter
Definition
the trading of goods and/or services / no money changing hands
Term
profits
Definition
(revenues - expenses) - taxes =
Term
capital
Definition
money / financial resources / wealth
Term
capital goods
Definition
the things a business owns in order to operate and function / physical assets
Term
entrepreneur
Definition
risk taker, uses own money and ideas to start or revitalize a business
Term
promotion from within
Definition
business policy that informs and promotes qualified employees concerning positions / opportunities within the organization
Term
fringe benefits
Definition
non-monetary payments to the employee / insurance
Term
job description
Definition
written statement identifying the responsibilities, duties, and/or tasks associated with a specific position
Term
performance evaluation
Definition
annual feedback from immediate supervisor / organization regarding your performance on-the-job / reward system
Term
job rotation
Definition
employees rotate through various positions to promote cross-training, understanding the entire organization and to combat burnout, mostly used for training nowadays / used for training mostly
Term
flextime
Definition
variable 8 hour work schedule regarding start / stop times
Term
compressed work week
Definition
40 hour work week in less than five days working for 10 hour days...4/40
Term
wages
Definition
financial compensation usually expressed in dollar per hour amount
Term
salary
Definition
financial compensation usually expressed in annual amount
Term
exempt
Definition
position does not require over-time be paid after 40 hrs. of work
Term
non-exempt
Definition
position requires over-time pay after 40 hrs. of work
Term
comp time
Definition
employee is paid in time rather than in money / compensation
Term
per diem
Definition
dollar amount allocated per day for business expenses / travel
Term
return on investments
Definition
ROI
Term
performance management systems (PMS)
Definition
how employees are evaluated
Term
management by objectives (MBO)
Definition
collective goal-setting
Term
employee stock option (ownership) plan
Definition
ESOP
Term
mentor
Definition
established employee who acts as a guide / counselor to a new hire
Term
autonomy
Definition
self-managed / little supervision/independent decision making
Term
onboarding
Definition
online orientation programs and document completion, etc.
Term
merit pay system
Definition
reward system where raises are merited and connected to employee's performance evaluation
Term
mission statement
Definition
company's purpose, values, direction, costumers, and marketplace / goals and philosophy of organization / employees' focal point
Term
affirmative action programs
Definition
organizational programs whose purpose is to eliminate barriers against and increase employment opportunities for underutilized or disadvantage individuals
Term
assessment centers
Definition
mock work environments that require role playing as part of the participant's employment screening and evaluation
Term
equal employment opportunity commission (EEOC)
Definition
agency established to enforce federal laws regulating employment practices
Term
downsizing
Definition
trend to redesign organizations to include fewer middle managers, reducing the organizational structure to an appropriate size
Term
re-engineering
Definition
making significant improvements, breaking away from out-dated rules and assumptions, a complete rethinking of operations...to integrate computerized production and information systems
Term
outsourcing
Definition
contracting out a function or task to be performed by another organization/business, cost effective for smaller organizations
Term
employment at will
Definition
organizational policy that states the employment arrangement can/or could be terminated by either party at any time
Term
mandatory benefits
Definition
social security/retirement, unemployment, workers' compensation, FMLA
Term
cobra benefits
Definition
requires employers to provide certain employees, and family members with continues health insurance at group rates
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