Business Management

Question 1

each partner has limited liability, protects partners from each other’s actions

Answer 1

Limited Liability Partnership

Question 2

describe company, what it does, how it’s different

Answer 2

Mission Statement

Question 3

company asset such as product line, division or another part of org is sold or disposed of; focus on core competencies or asset has greater value as standalone operation

Answer 3

Divestitures

Question 4

Barriers to Entry

Answer 4

• Switching costs
• Capital requirements
• Access to distribution channels
• Product differentiation
• Economies of scale

Question 5

structure meeting format designed to elicit participation from all members to arrive at best possible solution, consensus building

Answer 5

Nominal Group Technique

Question 6

measures 2 variables to determine if there is a relationship bw them

Answer 6

Correlation

Question 7

looks at individual units to reduce/eliminate redundancy or bureaucratic processes, reduce costs and increase production

Answer 7

Corporate Restructuring

Question 8

corp purhcases or trades stock to gain controlling interest in another

Answer 8

Acquisition

Question 9

Stakeholders

Answer 9

Government
Owners
Employees
Suppliers
Customers
Community

Question 10

statement of ideal standards that organization is committed to uphold in business practice

Answer 10

Code of Ethics

Question 11

• struggle to obtain funding
• employees not fully qualified, base pay below market rate
• outsourcing for specialized functions
• employees work closely with founders/leaders

Answer 11

Organization Life Cycles: Startup

Question 12

VUCA

Answer 12

Volatile/Visionary
Uncertainty/Understanding
Complex/Clarity
Ambiguous/Agility

Question 13

large numbers of employees enter, difficult to assimilate, clash of operating styles

Answer 13

Workforce Expansion

Question 14

horizontal networks connect people, and functions enhance creativity and communication

Answer 14

Seamless

Question 15

moving production or service processes to other countries for cost savings

Answer 15

Offshoring

Question 16

owned by small group of shareholders

Answer 16

Close Corporation

Question 17

established for charity, education, religious, literary, scientific work, don’t pay taxes on profits

Answer 17

Nonprofit Corporations

Question 18

exist for public good, taxed same as C Corp

Answer 18

B Corporation

Question 19

describes relationship between two variables, number between -1.0 and +1.0

Answer 19

Correlation Coefficient

Question 20

contracts internal business services to outside organizations that specialize in process

Answer 20

Outsourcing

Question 21

• additional management personnel
• lose daily contact with leaders
• competitive comp/benefits
• exceed ability of infrastructure
• outsource some functions

Answer 21

Organization Life Cycles: Growth

Question 22

separate from owners, profits belong to corporation, corp can be taxed and is liable

Answer 22

C Corporation

Question 23

ties outcomes of each department together in one measurement system, tracks financial results, customer results and key internal processes

Answer 23

Balanced Scorecard

Question 24

Porter’s Five Forces

Answer 24

• threat of Substitution
• rivalry among existing Competitors
• threat of entrants
• bargaining power of Buyers
• bargaining power of Suppliers

Question 25

benchmark based on historic relationship of one variable to another

Answer 25

Ratios

Question 26

looking at entire organization to simplify or eliminate unnecessary processes with goal of increasing customer satisfaction

Answer 26

Reengineering

Question 27

suits businesses that have offices or units in different regions, reporting/functional system across multiple locations

Answer 27

Geographic Org Structure

Question 28

measures relationship between several variables to forecast another

Answer 28

Multiple Linear Regression

Question 29

compares changes in styles in single variable over time

Answer 29

Trend Analysis

Question 30

separates organization into different departments, reporting delineated by department

Answer 30

Functional Org Structure

Question 31

standards for conducting business

Answer 31

Corporate Value Statement

Question 32

SWOT Analysis

Answer 32

Strengths (value proposition, competitive advantage) Weaknesses (unethical practices, areas to address) Opportunity (growth and dev, new technology) Threats (obstacles/challenges)

Question 33

influences and processes that impact the way a corporation is managed and relationship among stakeholders

Answer 33

Corporate Governance

Question 34

- provide planning, standardize policies and procedures - bureaucratic and unwieldly - hire less experienced personnel and provide training - enhanced comp and benefits

Answer 34

Organization Life Cycles: Maturity

Question 35

parts of organization's operations they do best and sets them apart from competition

Answer 35

Core Competencies

Question 36

inspiring, what company will carry into future, what it will accomplish

Answer 36

Vision Statement

Question 37

allow several possible plans to be tested in abstract form

Answer 37

Simulation Models

Question 38

- inefficiency and bureaucracy - implement workforce reductions - products outdated and unable to compete

Answer 38

Organization Life Cycles: Decline

Question 39

personal assets not separate from business, can be held liable for debts

Answer 39

Sole Proprietorship

Question 40

PESTLE Analysis

Answer 40

Political (how political climate impacts business) Economical (how market drivers impacts profit) Social (customer lifestyles, how and where to advertise) Technological (how tech supports company) Legal (how new laws impact operations) Environmental (how environment impacts business)

Question 41

combines divisional and functional, multiple chains of command, temporary solely for product based work

Answer 41

Matrix Org Structure

Question 42

employees must put interests of organization before their own, stand to gain personally from action taken by employer

Answer 42

Conflict of Interest Statement

Question 43

statement of behaviors that organization expects from employees

Answer 43

Code of Conduct

Question 44

obtains input from group in succeeding rounds of questions, results prioritized and return in form of additional questions until consensus reached

Answer 44

Delphi Technique

Question 45

combines partnership and corporation, profits and losses are incurred by and taxed to members, owners personal assets are protected from bankruptcy or lawsuits made against

Answer 45

Limited Liability Company

Question 46

measure historical data and provide basis for projecting future requirements

Answer 46

Time-Series Forecasts

Question 47

2 or more orgs combine, leverage assets of both to more successful entity

Answer 47

Merger

Question 48

passes profits and losses on to shareholders which they report on personal taxes

Answer 48

S Corporation

Question 49

Dividing benefits realized as result of program by total related direct and indirect costs

Answer 49

Return on Investment

Question 50

reduction in force, decrease expenses, short term improvement on net profits

Answer 50

Workforce Reduction

Question 51

measures relationship between one variable against another

Answer 51

Simple Linear Regression

Question 52

divides by product lines or geographic region

Answer 52

Divisional Org Structure

Question 53

Prima Facie Violation

Answer 53

1) employee engaged in protected activity 2) employer knew or suspected ee was engaged in protected activity 3) employee suffered unfavorable employment action 4) contributing factor to unfavorable action was ee participation in protected activity

Question 54

one person responsible for all liabilities, others have limited liability and control, profits recorded on each taxes

Answer 54

Limited Partnership