BUSINESS EXAM STUDY Flashcards
what is the main purpose of a non-profit organization
to help people in the community
what chatacteristics classify as a small or medium sized musiness
employees less than 500 people
which is a channel of distrubition for delivering good or services to the customers
ratail (bricks & mortar)
what are some of the categories of distribution channels
- retail
- telephone
- catalogues
- e-commers
what is a benefiti of e-commerce as a channel of distribution
reduced operating costs
why is it important for entrepreneurs to carefully concider the quanity of invintory or stock to keep on hand
maximize finanical gain
what are the main types of economic resources or factors of production
- natural resorces
- manufactured resources
- human resources
according to the law of demand, what happens when prices decrease
consumers buy more –> demand goes up
what does the law of supply state
as price increase, business suppply more
what term describes the degree to which demand for a product is affercted by its price
elastic demand
which type of demand is typically observed for essential goods –> electricity, where consumers are less responsive to changes in price
inelastic demand
what type of partnership offeres limited liability, where partners are only responsibe for the funds they are invested in the business
none of the above
what are small portions of corporate ownerships that are publicly owned called
stocks or shares
who owns a co-operative business
workers and members
whawt does a franchise agreement typically provide to the franchisee
all of the above
what is one of the requirements before a franchise is awarded
paying the franchise fee
what is a reason why individuals may choose to start theur own business
financial independence
what is ethical bahaviour
conduct that conforms to ethics
what are morals
good belifs of what is right/ wrong
what is whistle blowing
informing offials about illecal acts
what are some potential consequences of behacing unethically
harming others and potential legal consequences
what is teh primary distincion between raw materials and supplies
raw materials become part of the finished product, supplies dont
whic of the following best describes automation in contex of labor costs
automation involves using machines to preform tasks
what is outsourcing in the contex of labor costs
consolidating multiple manufactoring sites into one large site
what is intellectual property of captial
ideas or talent of the workforce
what is the benefirs of JIT
maximizing warehouse storage
which type of labor for diswashing
unskilled labor
what diwaht distinguishes skilled labor from the other types of labor
incolces highly specialized tasks
which type of compensation is based of percentage of sales
commission
which type of compensation incoles distributing a portion of companty profits to employyes
benefits
which document serves as the foundation for workplace rights
government regulations
which function of management involves setting short and long term goals
planning
what does the function of organizing involve
arranging people
which function of management involves motivation employees, communicating effectively, and ecnouragement
leading
what is one of the activites involved in the function of controlling
employee discipline and performance appraisals
which leadership style involves making all the decisions without allowing employee participation
autocratic leadership
which leadership style involves leaving employees alone to do their work providing them with independence
laissez-faire leadership
what is the purpose of a brand name
a visiual symbol associated with the company or product
what is a trademark
a word or sybol
what is the dundameltal accounting equation
assets = liabilities + owners equity
if a company has total assets of 100k and a liabilites of 40k what is the equity
60k
which finincial statement if appropriate for ecaluating a companys profitability
income statement
which finincial statement provides a snapshot of a companys financial position
balance sheet
what is a stock
a share of ownership in a company
what is the concept of buying low and selling high
to make a profit
what is the importance of an investment portfolio
it allows investors to diversify their investments and manage risk
hwat is the benefit of compond interest in saving
allows savings to grow faster
