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PBON1B MIDTERMS > BUSINESS N MANAGEMENT > Flashcards

BUSINESS N MANAGEMENT Flashcards

1
Q

the difference between the income an entrepreneur receives from the sale of his goods and services and the expenses he incurs to produce them i.e. it is income minus expenses.

A

Profit

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2
Q

•If demand is high?

A

Entrepreneurs make large profit

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3
Q

Without profit?

A

businessmen will not invest

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4
Q

Profit should be maximized to provide a fair share:

A

-to the owner or stockholders in the form of dividends

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5
Q

• involved in the production and distribution of goods and services,
• aimed to meet the economic needs of consumers
•with an objective of eventually earning profit.

A

Business

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6
Q

The role of business is to produce goods and services which consumers need.

A

Relationship Between Business and the Economy

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7
Q

the total market value of goods and services produced by a country in any given period (usually quarterly, semi annually, annually

A

GNP or GROSS NATIONAL PRODUCT

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8
Q

a group of business firms offering similar goods an services.

A

Industry

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9
Q

Industry classified as:

A

-agricultural,
• manufacturing,
• trade,
• construction and
• government sectors.

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10
Q

study of how a society produces and distributes its desired goods and services.

A

Economics

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11
Q

(factors of production) - Land, labor, capital and entrepreneur

A

Economic Resources

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12
Q

•The business company must follow all government rules and regulations

A

Responsibility of a Business
Enterprise

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13
Q

Why People Engage in Business:

A
  1. Power
  2. Profit
  3. Service to the community
  4. Prestige
  5. Livelihood
  6. Social approval
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14
Q

Maslow’s Hierarchy of Needs

A
  1. Physiological needs
  2. Safety and security needs
  3. Love and belonging needs
  4. Self esteem needs
  5. Self actualization needs
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15
Q

Kinds of business

A
  1. Industries
  2. Commerce
  3. Service enterprises
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16
Q

The conversion of raw materials into finished products or goods and the application of labor upon raw materials so that greater usefulness becomes possible after the process.

A

Industry

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17
Q

farming, fishing, mining.

A

Extractive Industry

18
Q
  • use materials and supplies turned out by the extractive industries and change these raw materials into various articles of materials for further production of goods and new products.
A

Manufacturing industry

19
Q

The process of buying and selling where the goods are moved from the point of production to the point of consumption.

A

Commerce

20
Q

Primarily concerned with the satisfaction of the needs and wants of the consumers.

A

Service enterprises

21
Q

Service Enterprises subdivided into two:

A

-Public and community service
-Professional and trade service

22
Q

Legal Forms of Business
Ownership

A
  1. Sole Proprietorship
  2. Partnership
  3. Corporation
23
Q

• owned by a single individual who is singly responsible for running the business and I accountable for all debs and obligations related to the businesses
• The simplest way to set up a business.

A

Sole Proprietorship

24
Q

enjoys exclusive control and decision making as well as gets all the profits earned but he also shoulders all losses and has unlimited liability which means payment of his loans will extend to his personal assets.

A

sole proprietorship

25
Q

Advantage

A
  1. Ease and cost of formation
  2. Secrecy
    3- Distribution and use of profits
  3. Control of the business
  4. Government regulation
  5. Taxation
  6. Closing the business
26
Q

Disadvantage (SOLE)

A
  1. Possibility that the owner lacks ability and experience
  2. Difficulty in attracting and keeping quality employees
  3. Difficulty in raising additional capital
  4. Limited life of the firm
  5. Unlimited liability
27
Q

•An agreement in which two or more persons combine their resources in a business with a view to making profit.

A

Partnership

28
Q

All owners share the management of the business and each is personally responsible for and must assume the consequences of the actions of the other partners.

A

General partnership

29
Q

Some members are general partners who control and mange the business and may be entitled to a greater share of the profit while other partners are limited and contribute only capital, take no part in control or management, and are liable for debts to a specific extent only.

A

Limited Partnership

30
Q

Advantage of limited partnership

A
  1. Ease of formation
  2. Pooling of knowledge and skills
  3. More sources of capital
  4. Ability to attract and retain employees
  5. Tax advantage
31
Q

• Is a legal entity that is separate from its owners, the shareholders. No shareholder is personally liable for the debts, obligations or acts of the corporation.
• Directors and officers can bear liability for their involvement with the corporation.

A

Corporation

32
Q

Corporations normally can exist for a I life of

A

50 years

33
Q

An artificial being created by the operation of law, having the rights of a succession and the powers, attributes, and properties expressly authorized by law or incident to its existence.

A

Corporation

34
Q

Corporation
Advantage

A

1 Limited liability
2. Ease of expansion
3 Ease of transferring ownership
4- Relatively long life
5: Greater ability to hire specialized management

35
Q

Corporation Disadvantages

A
  1. More expensive and complicated to organize
  2. Double taxation
  3. More extensive government restrictions and reporting requirements
  4. Employees lack personal identification and commitment
36
Q

• is an entity organized by people with similar needs to provide themselves with goods or services or to jointly uses available resources to improve their income.

A

Cooperative

37
Q

is returned to the members according to the amount of their patronage.

A

Surplus earning

38
Q

Written contract granting permission to sell someone else’s product or service in a prescribed manner over a certain period of time and in a specified territory.

A

Franchise

39
Q

Sometimes called a project study or a feasibility study evaluates the viability of a business undertaking.

A

The Project Feasibility Study

40
Q

Aspects of The Project Feasibility study

A

• Marketing Aspect
• Organization and Management Aspect
• Technical Aspect
• Financial Aspect
• Socio-Economic Aspect

41
Q

This refers to the formulation of objectives, programs, policies and procedures, rules/regulations in order to achieve the goals of the business:

A

Planning

42
Q

in order to achieve the goals of the business:

A

• Decision Making
• Selecting the best course of action

PBON1B MIDTERMS (5 decks)

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