AP®︎ Business with Personal Finance: Topic 4.1 Flashcards

The process of planning, organizing, leading, and evaluating a business’s use of resources to meet its goals and objectives

Determining the goals to pursue and the actions, responsibilities, constraints, and resources needed to achieve them

Assigning responsibilities and arranging human, financial, and physical resources to carry out a plan

Communicating direction, motivating people, building teams, and resolving conflict so employees can perform effectively

Comparing actual performance and resource use with expectations, diagnosing gaps, and using the results to improve future plans

A manager who establishes overall direction, makes major resource decisions, and coordinates the business as a whole

A manager who translates broad goals into plans for a specialized area and coordinates its work with the rest of the business

A manager who oversees day-to-day work by assigning tasks, coaching employees, addressing problems, and communicating standards

Influencing, guiding, and motivating people to work toward shared business goals

Explaining how employees’ decisions, roles, and standards contribute to the business’s future direction and fundamental purpose

Combining needed competencies, clarifying roles, coordinating interdependent work, and focusing members on a common result

Identifying parties’ interests and constraints, developing feasible alternatives, and reaching a clear agreement that supports shared goals

The willingness to direct effort toward a result

Accurate, audience-appropriate expression, listening, interpretation, and feedback that allow a recipient to understand and respond appropriately

Stating the purpose, relevant information, requested action, responsibility, and timing in audience-appropriate language without avoidable ambiguity

Making a claim or recommendation supported by audience-relevant reasons and evidence while addressing major costs, risks, or objections

Seeking to understand both a message’s substance and the speaker’s perspective by attending, clarifying, and checking understanding before responding

Separating feedback’s factual content from its tone, seeking needed clarification, and responding constructively through action or explanation

An ability, skill, or body of knowledge that enables a person to perform work effectively

A capability the business performs especially well that contributes to its value or competitive advantage

Building employees’ capabilities after hiring to prepare them for changing work, new technology, or advancement

Learning that develops the knowledge and skills employees need to perform their work effectively

Training that combines structured instruction with supervised practical experience

Training conducted while an employee performs or observes actual work

Education or training that updates or expands an employee’s skills and knowledge over time

Obtaining work from an outside provider rather than performing it with the business’s own employees

A business’s ability to continue operating and competing successfully

An employee who works the business’s regular full-time schedule, usually on continuing and predictable responsibilities

An employee who works fewer hours than the business’s full-time schedule

An employee hired for a limited period or purpose, such as seasonal demand, a short project, or absence coverage

A worker engaged under a contract to provide specified work or services, often for a specialized or project-based need

What employees receive in exchange for their work, including direct pay and possible benefits

Pay based on time worked, calculated as hours worked × wage rate

A stated amount of pay for a year, commonly distributed across regular pay periods

Pay based on sales or another transaction measure, calculated as the qualifying amount × commission rate

Pay based on the number of qualifying units completed, calculated as units × rate per unit

A plan that distributes part of the business’s profit to eligible employees

Nonwage compensation such as employer health-insurance or retirement contributions, disability insurance, educational reimbursement, and paid time off

The combined value of an employee’s direct pay and benefits

A link between a desired behavior or result and a reward

An increase in an employee’s ongoing rate of pay

Movement into a role with greater responsibility, status, or opportunity, often with higher compensation

Additional compensation tied to a result, milestone, or performance period that does not necessarily become part of regular base pay

A business’s ability to keep capable, productive employees