Business Management/Compliance and Risk Management Flashcards
What is a sole proprietorship?
Company owned by a single person. Personal assets are not separate from the business and owner can be held liable for business debts.
What is a partnership?
At least 2 people own a business together.
What is a Limited Partnership (LP)?
1 partner is responsible for all liabilities. Other partner(s) have limited control and liability.
What is Limited Liability Partnerships (LLP)?
Similar to a Limited Partnership but each partner has limited liability.
What is a C Corporation?
Separate from the owners. Profits belong to the corporation. The corporation is liable and can be taxed.
What is an S Corporation?
Passes the profits and losses onto the shareholders.
What is a Benefit (B) Corporation?
Exists for public good and to bring projects to life.
What is a Close (C) Corporation?
Owned by a small group of shareholders.
What is a NonProfit Corporation?
Established for charity, education, religious, literary, or scientific work.
What is an LLC Corporation?
Combines partnerships and the corporation.
Organizational Structures: What is a Functional Structure?
Organized by departments.
Organizational Structures: What is a Divisional Structure?
Organized by product lines or geographic regions.
Organizational Structures: What is a Hybrid Structure?
Blend of any of the structures.
What are values?
An organization’s core beliefs and principles.
What are mission statements?
Company’s purpose (reason for existing), stays consistent over time, HR needs to keep this front and center.
What are vision statements?
Changes over time as it is the future goal for the company.
What are service standards?
A set of guidelines that define company and customer relationship. Shapes consumer experiences.
What is a Values Based Organization?
Values shape the company culture, guide decision-making, and guide company interaction.
What is a credible activist?
Contributes to business decisions. Business knowledge, business practices, and relationship management.
Expand Network and exchange resources.
What is environmental scanning?
Gathering information about the business and identifying themes.
What is an environmental scanning technique?
S.W.O.T.
Stengths
Weaknesses
Opportunities
Threats
What is the PESTLE Analysis?
Political: How the political climate impacts business.
Economic: How market drivers impact profit.
Social: Customer lifestyles, how and where to advertise.
Technological: How technology supports the company.
Legal: How new laws impact operations.
Environmental: How the environment impacts business.
What is Porter’s 5 Forces Framework used for?
Designed to analyze the competition in business.
What are Porter’s 5 Forces Framework?
- Threat of Entrants: How new competition impacts revenue.
- Threat of Substitution: Risk of a similar, lower-priced product.
- Bargaining Power of Buyers: Impact customers have on pricing.
- Bargaining Power of Suppliers: Risk of one supplier in control.
- Rivalry among existing competitors: Changing intensity of rivalry.
