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GR 12 > BUSETH MIDTERM > Flashcards

BUSETH MIDTERM Flashcards

1
Q

Involves significant operations such as buying assembling, distributing, advertising, selling, and accounting

A

Business

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2
Q

-Term used in businesses

-Primary goal of business owners in establishing a business

A

Profit

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3
Q

3 Types of Business Organizations

A

Service Businesses
Merchandising Businesses
Manufacturing Businesses

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4
Q

Provides services than products

A

Service Businesses

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5
Q

-Resellers
-Buy-and-sell

A

Merchandising Businesses

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6
Q

-Produces the products sold
-Turns basic inputs into products

A

Manufacturing Businesses

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7
Q

-One-person business
-Owner has full control over the finances and

A

Sole Proprietorship

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8
Q

When a business needs help from persons who can fund the equipment/stores needed

A

Partnership

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9
Q
  • Double taxation
  • Relies on the corporate laws of the state; incorporated to continue its existence
  • Large organizational chart: president, owners, managers, marketing department, advertising department, production department, and clients
A

Corporation

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10
Q

Rules, processes, and relationships that guide how a company is being directed; blueprint

A

Business Ethics

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11
Q

An ethical theory in which individuals are accountable for fulfilling their civic duty and the actions of an individual must benefit the whole of society

A

Social Responsibility

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12
Q

Describes how businesses are structured and how their structure helps them to meet their goals

A

Business Organization

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13
Q

Single sentence or very short paragraph
-Explains an organization’s existence, what it does, and for whom

A

Mission

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14
Q

Single sentence that defines the desired image or legacy of an organization at a point, far into the future

A

Vision

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15
Q

Measured with indicators (i.e. employment rate, level of employment, life expectancy)

A

Socio-Economic Development

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16
Q

Rule, belief, or idea that guides you

Has many definitions; core principles has one accurate meaning

A

Principles

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17
Q

Commandments, pillars, or habits that guide your decisions and actions

A

Core Principles

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18
Q

Must be seen within the organization, in all employees

Must be shown in consumers

A

Principle of Fairness

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19
Q

Fair result

Has no criteria

Result deserved with more effort

A

Substantive Fairness

20
Q

Fair procedures

Has a criteria

A

Procedural Fairness

21
Q

Admit mistakes/achievements

Requires the person to take full responsibility for what to do with the personal data and how to comply with the other principles

Have appropriate measures and records in place to be able to demonstrate compliance

A

Principle of Accountability

22
Q

Full and honest accounting of all facts, information, and context essential to ensuring an informed and equitable decision-making process

A

Principle of Transparency

23
Q

Position and duties of a steward or person who acts as the surrogate of others

A

Stewardship

24
Q

Defines success of the organization; establishes a strong foundation for the​ company and grows the market share

A

Organizational Practice/Common Practice

25
Q

3 definitions of practices

A
  1. An actual application or use of an idea, belief, or method, as opposed to theories (e.g. superstitious belief)
  2. Exercising the skills repeatedly/regularly to improve/maintain proficiency (e.g. perfect practice makes perfect)
  3. Profession (e.g. practicing medicine)
26
Q

Produces results that are superior to those achieved by​ other means

A

Best Practice

27
Q

8 Common Practices

A
  1. Decorum
  2. Protocol
  3. Policies
  4. Advertising
  5. Marketing
  6. Bookkeeping
  7. Reportorial Requirement
  8. Documentation
28
Q

A correct or proper behavior that shows respect and good manners

A

Decorum

29
Q

Unwritten rules/guidelines
Case-to-case basis
Not posted to public

A

Protocol

30
Q

Written rules that are well-known among employees

Posted to public

Scope or spheres within which decisions can​ be taken by the subordinates in an organization

A

Policies

31
Q

How companies encourage people to buy their products, services, and ideas

A

Advertising

32
Q

Process of product development as well as sales, promotion, and distribution

A

Marketing

33
Q

Process of recording all financial transactions to keep track of cash flow

A

Bookkeeping

34
Q

Public reporting

Reporting any financial data by a business enterprise

A

Reportorial Requirement

34
Q

Process and items which serve as evidence for the validity or truth of a certain claim or statement

A

Documentation

34
Q

Accurately representing facts
Telling truth in its entirety
Communicating​ clearly and openly about everything a company does and says

A

Transparency

35
Q

Sticking with a decision, especially when pressured to do otherwise

A

Integrity

36
Q

Companies that keep promises and fulfill commitments to their employees, business​ partners, and customers

A

Trustworthiness

37
Q

Encompasses all relationships a business has (incl. staff, partners, investors, consumers)
Allows a business to make decisions benefiting these​ relationships and to overcome influences from outside conflicting interest

A

Loyalty

38
Q

Acting fairly and committing to exercising their power justly

Leaders​ should use honorable methods to gain advantages over the competition

A

Equality

39
Q

Demonstrate genuine kindness, understanding, and care for the livelihood​ of others

Business decisions are made with careful consideration of the​ options and how each one may affect a person or community to reduce the potential​ negative impacts

A

Compassion

40
Q

Treat all humans with respect regardless of religion, sex, race​ nationality or other signifier

A

Respect

41
Q

Work within the boundaries of the legal system are more credible and​ honorable

Establish a strong positive reputation as an employer that​ encourages high-quality candidates to apply for roles

A

Lawfulness

42
Q

Lead with the values and mission of the organization​

A

Responsibility

43
Q

Accept responsibility for all decisions​ made as a company

A

Accountability

GR 12 (12 decks)

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