Category: O

Organic organizations consist of employees of similar status without formal job titles or responsibilities, so individuals can perform the tasks to which they are best suited. Decision making is informal without resort

Costs incurred when an organization is first set up.

1. The arrangement of several entities into a logical pattern or structure. 2. Pulling together the resources necessary to achieve shared objectives.

A transaction that has resulted in the exchange of goods or services, but has not yet been paid for.

Any treatment an insurance policy holder receives that is outside of the usual service area.

1. Accounting: The sum of all costs that are incurred during the acquisition of an asset or property. Includes taxes, the retail price and additional charges for installation and delivery. 2. Economics:

A quantifiable result of an activity or process.

When production capacity exceeds the demand for a product.

Situation in which an economy’s production capacity fails to meet the demands of the market, which can cause or exacerbate inflation.

Occurs when a salesman continues trying to sell a product even after a consumer has agreed to buy it.

Occurs when assets are created that benefit individuals at the expense of the company.

A standard that is based on factual measurements, in the absence of a biased judgement or analysis. TLD Example: The use of a reasonable person standard to determine whether someone acted negligently

The requisite that the number of assumptions be kept to a minimum. The simpler of two assumptions is usually assumed in the event that both of them are equally valid.

Failure to meet the prescribed specifications or standards.

An executive department under the U.S government that handles matter related to the international trade policy. The USTR recommends trade policies and takes part in trade negotiations by working closely with the

Cards that have a slight delay in the processing of the seller’s transactions and as such the seller’s account is only credited with the amount after two days. In comparison, funds are

Accomplishment of tasks by a third party service provider or manufacturer that saves the company on monetary and labor costs.

A market in which a small number of businesses compete almost exclusively with each other.

An interview, meeting or courtroom session of which a written, audio or video record is kept as permanent evidence.

A service that enables users to access their bank accounts, conduct transactions and view their transaction history via the Internet (rather than over the telephone or in person).