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BUS 101 > BUS 101 Test 2 Study Guide > Flashcards

BUS 101 Test 2 Study Guide Flashcards

1
Q

A set of beliefs about right and wrong, good and bad

A

Ethics

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2
Q

Ethical norms that apply to all people across a broad spectrum of situations

A

Universal Ethical Standards

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3
Q

The application of right and wrong, good and bad, in a business setting

A

Business Ethics

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4
Q

A situation in which a difficult choice has to be made between two courses of action, either or which entails transgressing a moral principle

A

Ethical Dilemma

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5
Q

A formal, written document that defines the ethical standards of an organization and gives employee the information they need to make ethical decisions across a range of situations

A

Code of Ethics

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6
Q

Employees who report their employer’s illegal or unethical behavior to either the authorities or the media

A

Whistle-blowers

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7
Q

The obligation of a business to contribute to society

A

Social Responsibility

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8
Q

Any groups that have a stake—or a personal interest—in the performance and actions of an organization

A

Stakeholders

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9
Q

A social movement that focuses on four key consumer rights: (1) the right to be safe, (2) the right to be informed, (3) the right to choose, and (4) the right to be heard

A

Consumerism

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10
Q

All business donations to nonprofit groups, including money, products, and employee time

A

Corporate Philanthropy

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11
Q

Marketing partnerships between businesses and nonprofit organizations, designed to spike sales for the company and raise money for the nonprofit

A

Cause-related Marketing

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12
Q

Business contributions to the community through the actions of the business itself rather than donations of money and time

A

Corporate Responsibility

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13
Q

Economic development that is conducted without depletion of natural resources

A

Sustainable Development

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14
Q

A systematic evaluation of how well a firm is meeting its ethics and social responsibility goals

A

Social Audit

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15
Q

The transmission of relevant information between a sender and a recipient

A

Communication

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16
Q

Any interference that causes the message you send to be different from the message your audience understands

A

Noise*

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17
Q

Obstacles to effective communication, typically defined in terms of physical, language, body language, cultural, perceptual, and organizational barriers

A

Communication Barriers

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18
Q

Communication among people with differing cultural backgrounds

A

Intercultural Communication

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19
Q

Physical appearance of documents, room temperature, or seating

A

Physical

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20
Q

Different languages, slang, or jargon, or accents

A

Language

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21
Q

Eye contact, crossed arms, or facial ticks

A

Body Language

22
Q

Point of view or influence of agenda

A

Perceptual

23
Q

Unspoken rules, hierarchy, or location

A

Organizational

24
Q

Interaction behaviors, dress, gender or socioeconomic hierarchy traditions, or food

A

Cultural

25
Q

Indicates integrity, trust, and respectful attention

A

Eye contact

26
Q

May indicate mood and contribute to effectiveness through variation

A

Tone of Voice

27
Q

Conveys various emotions, level of agreement, as well as comprehension

A

Facial Expression

28
Q

Conveys level of authority, confidence, and coherence

A

Gesture/posture

29
Q

Communication Channels

A

The various ways in which a message can be sent, ranging from one-on-one in-person meetings to internet message boards

30
Q

Texting, Memos/Reports, Email, Voice Mail, Telephone Conversation, Video-conferencing, In-person Presentation, Face-to-Face meeting

A

Types of Communication Channels

31
Q

Vibrant, compelling presentation delivery style that grabs and holds the attention of the audience

A

Dynamic Delivery

32
Q

The business is owned by a single individual

A

Sole Proprietorship

33
Q

Two or more people serve as co-owners of the business

A

Partnership

34
Q

The business is a separate legal entity

A

Corporation

35
Q

A hybrid with characteristics of both a corporation and partnership

A

Limited Liability Company

36
Q

Ease of formation
Retention of control
Pride of ownership
Retention of profits
Possible tax advantage

A

Advantages of Sole Proprietorships

37
Q

Limited financial resources
Unlimited liability
Limited ability to attract and maintain talented employees
Heavy workload and responsibilities
Lack of permanence

A

Disadvantages of Sole Proprietorships

38
Q

Ability to pool financial resources
Ability to share responsibilities and capitalize on complementary skills
Ease of formation
Possible tax advantages

A

Partnership Advantages

39
Q

Unlimited liability
Potential for disagreements
Lack of continuity
Difficulty in withdrawing from a partnership

A

Partnership Disadvantages

40
Q

Represented by shares of stock

A

Ownership

41
Q

An owner of a corporation

A

Stockholder

42
Q

The individuals who are elected by stockholders of a corporation to represent their interests

A

Board of Directors

43
Q

Limited liability
Permanence
Ease of transfer of ownership
Ability to raise financial capital
Ability to make use of specialized management

A

Corporation Advantages

44
Q

Expanse and complexity of formation and operation
Complications when operating in multiple states
Double taxation of earnings and additional taxes
More paperwork and regulation and less secrecy
Possible conflicts of interest

A

Corporation Disadvantages

45
Q

One firm buys another firm

A

Acquisition

46
Q

Two formerly independent business entities combine to form a new organisation

A

Merger

47
Q

Combination of firms in the same industry (Airlines or Pharmacies)

A

Horizontal Merger

48
Q

Combination of firms that are at different stages in the production of good or service, creating a buyer-seller relationship (IKEA)

A

Vertical Merger

49
Q

Combination of firms in unrelated industries (Clorox)

A

Conglomerate Merger

50
Q

A licensing arrangement under which a franchisor allows franchises to use its name, trademark, products, business methods, and other property in exchange for monetary payments and other considerations

A

Franchise

51
Q

Less risk
Training and support
Brand recognition
Easier access to funding

A

Franchising Advantages

52
Q

Costs
Lack of control
Negative halo effect
Growth challenges
Rstrictions on sale
Poor execution

A

Franchising Disadvantages

BUS 101 (2 decks)

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