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Buisness > Buisness test 2 > Flashcards

Buisness test 2 Flashcards

1
Q

What are ethics?

A

rules that help us tell the difference between right and wrong

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2
Q

What are ethical behaviours?

A

Behaviour that is in line with ethics: “do the right thing”

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3
Q

what are values

A

what we think is important ex: respect

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4
Q

what are morals

A

rules we use to decide what is good or bad ex: stealing

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5
Q

What is culture

A

The sum of a country’s way of life, beliefs and customs

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6
Q

How does culture impact business

A

Dealing with people, punctuality, greetings, nonverbal communication, manners and decision making.

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7
Q

What is domestic transaction?

A

Selling of items produced in the same country.

selling g/s made in the home country

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8
Q

What is international transaction?

A
  • Selling of items g/s produced in other countries

- involves creating, shipping, & selling G/S across the borders.

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9
Q

What are the benefits of international buisnesses?

A
  1. Access to markets- markets are 200 times larger than those at home.
  2. Cheaper labour- lower prices, 1# reason
  3. Increased quality of goods-countries may be experts
  4. Increased quantity- can produce more
  5. Access to natural, human, and capital resources.
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10
Q

What are standardised global products (GP)

A

items that are offered in the same format in all countries ex. soccer balls and pencils.
its also brand name with worldwide recognition like apple or macdonals.

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11
Q

What are the 5 major reasons for doing international business (5p’s)

A
  1. product-more variety
  2. price- may cost less depending on foreign wages, taxes
  3. proximity- neighbouring countries-easy to trade
  4. preference- based on reputation and specialisation
  5. promotion- technology has made international promotion easier,
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12
Q

what is international/foreign trade?

A

Involves exchanges across national borders.

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13
Q

What is global economy

A
  • worldwide economic activity between two various countries.
  • can affect countries positively or negatively
  • expressed in monetary units of accounts. (money)
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14
Q

what are the costs of international trading

A
  • offshore/outsourcing
  • human rights-abuse
  • environmental degradation -natures resources.
  • sustainable development
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15
Q

What are tariffs

A

tax on certain types of imports, A tariff is a tax imposed by a government on imports or exports of goods

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16
Q

what are non-tariffs

A

Non-tariff barriers to trade are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs.

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17
Q

what are the costs of importing and exports

A

landed costs
The actual cost of an imported purchased item (vendor cost, transport cost, duties, taxes, broker fees and any other changes)

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18
Q

What are excise taxes

A

tax on manufacture, sale, or consumption of good within a country.

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19
Q

what are currency fluctuations?

A

rates fluctuate daily- money changes its price

influencing factors: the strength of the economy, supply and demand, political/ economic events.

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20
Q

what are 5 barriers to international business

A
  1. tariffs
  2. non tariffs
  3. costs of importing and exporting
  4. excise taxes
  5. currency fluctuations
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21
Q

what are imports

A

the flow of g/s into Canada

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22
Q

what are exports

A

the flow of g/s out of Canada

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23
Q

What is the balance of trade

A

value of imports=value of exports

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24
Q

what is the trade deficit & trade surplus

A

Trade deficit= imports bigger than exports

trade surplus= exports bigger than imports

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25
Q

why is us the number 1 trading partner with Canada

A
  1. low cost shipping
  2. similar culture and language
  3. a market that is 10x bigger than Canada
26
Q

top 3 trading countries

A
  1. the US
  2. China
  3. the UK
27
Q

What are the 2 main advantages of reducing trade barriers?

A
  1. Canadian businesses can sell g/s @ e prices

2. Consumers have access to new foreign g/s

28
Q

What do trade agreements do

A

Trade agreements between countries allow g/s to flow more freely across borders.

29
Q

what is a bilateral agreement?

A

involve Canada & 1 other country/group

30
Q

what is a trading bloc

A

group of countries that share trade interests

31
Q

what is a joint venture

A

A joint venture is a business entity created by two or more parties,

32
Q

what is a strategic alliance

A

agreement between business (mutual benefit)

33
Q

What are mergers

A

2/ more companies join together control over another and combine interests

34
Q

what is offshoring

A

relocation of some operation to another country

35
Q

what is a multinational corporation

A

conducts business in 1/more countries

very powerful: controls over 80% of the world supply

36
Q

what is the code of ethics

A

documents that explain specifically what employees should do in different situations

37
Q

what is an ethical dilemma?

A

A moral problem with potential right or wrong answer

38
Q

Ask questions

A

who will be helped
who will be hurt
Benefits and problem of the decision
will the decision stand the test of time?

39
Q

What is a whistleblowing

A

An employee informs officials/the public about a legalethical violation

40
Q

What is fraud

A

a crime of lying or pretending

41
Q

what is an accounting scandal

A

accounting records are altered for personal benefits

42
Q

what do forensic accountants do?

A

examine legal & financial documents.

43
Q

what is insider trading?

A

buying or selling shares based on confidential information.

44
Q

What does CSR stand for and what is it?

A

CSR= cooperate social responsibility
CSR is a business vs environment approach to ethics.
CSR achieved through values, ethics, & contributions made to communities
there are 3 aspects
-protect customers
-employees
-owners/shareholders

45
Q

what are CSR principles

A
  • safe and healthy work environment
  • fair labour policies
  • environmental protection
  • truthful in advertising
  • no price discrimination
  • charitable donations
46
Q

CSR laws

A
  1. workplace safety
  2. anti-discrimination
  3. harassment
  4. actability issues
  5. environmental responsibility
47
Q

What is CSR business laws

A
  • financial goals
  • environmental goals
  • social gals
48
Q

what are CSR fair trade and ethical trading?

A
  1. helping producers bypass middelmen=s sell goods in other for a fair profit. (they have a logo)
  2. using trade to ensure basic labour rights of employees in other countries are respected/
49
Q

What is management

A
  • get things done by directing individuals & teams
  • develop & responsible for employees
  • achieving goals by deciding on the best use of humans, financial, & material performances
  • performs 4 major functions
50
Q

What are the 4 functions of management

A
  1. planning
  2. organising
  3. leading
  4. contorlling
51
Q

Explain each of the 4 functions of management

A
  1. planning-setting goals short terms (sales) long terms (max profitability)
  2. organising- Arranging people and tasks 3 levels of management upper- CEO. Middle-plant manager lower- assistant mgr
  3. leading- involves motivating, communication & participation.
  4. controlling includes…discipline, performance appraisal, budgeting and resource allocation
52
Q

5 things about managing resources?

A
  1. purchasing
  2. prodiuction
  3. marketing & distrubution
  4. R & D
  5. finance.
53
Q

leadership styles and what are they

A

influenced by personality & situation

types: autocratic, laisse-fair and democratic.

54
Q

what is team

A

group of people with different skills

55
Q

what is teamwork

A

the ability of people to work together towards a common goal

56
Q

what is social loafing

A

a member who does less work/nothing

57
Q

6 types of team teams

A
  1. committee
  2. task force
  3. cross-functional
  4. self- managed
  5. virtual
  6. informal
58
Q

What is committee

A

different areas
ongoing
specific task

59
Q

what is a task force

A

accomplish a specific task, disband after work is done.

60
Q

what is cross-functional

A

different functional areas
diversity of input
quick decision making

61
Q

what is self-managed

A

no official leader

responsible for all work

62
Q

What is virtual

A

operate via computer technology over a long distance.

saves time and travel costs.

Buisness (7 decks)

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