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General Science > Business Test2 > Flashcards

Business Test2 Flashcards

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1
Q

Define: partnership

A

Business is owned and controlled by two or more people.

Responsibilities and distribution of profits/losses are outlined in partnership agreement.

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2
Q

Define: Corporation

A

Corporation is a separate legal entity from it’s owners. A corporation often has shareholders who own stock. These people own a small percentage of the business but don’t run the business.

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3
Q

Define: loan

A

Borrowing money to start a business and having to pay interest.

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4
Q

Define: investor

A

Someone who gives you money to start or grow a business but takes a percentage of your business

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5
Q

Define: entrepreneur

A

Individual who comes up with new business ideas and takes the risk to start a new business

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6
Q

Define: producers

A

Producers create the products and services used by individuals and other businesses

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7
Q

Name the two type of producers

A

Extractor-takes resources from nature such as mining, timber, oil, farming

Manufacture- get supplies from other producers and convert them into products such as automotive companies, construction businesses etc

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8
Q

Define: intermediaries

A

Intermediaries- businesses involved in selling goods/services from producers. They don’t make the product, they just buy it and resell it.

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9
Q

Define: service businesses

A

Businesses that offer an intangible service, they do not sell a product. Examples include dentist, doctors, lawyers, painters, etc

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10
Q

Names the three types of businesses

A

Producers
Intermediaries
Service businesses

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11
Q

Define: Mission statement

A

Short, specific statement of the reason a business exist and what it wants to achieve.

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12
Q

Define:Goals

A

Precise statement of results a business wants to achieve. Goals can be used to judge whether a business is successful or unsuccessful.

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13
Q

Define: policies

A

Guidelines used to make consistent decisions

Example: policies might include guidelines within the business (coming to work late, raises, etc) or outside the business (dealing with costumers-refunds complaints, etc)

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14
Q

Define: procedures

A

Descriptions of the way work should be done.

Example: a procedure for subway might be: what order you put meat and vegetables on the sandwich

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15
Q

Define: responsibility

A

All employees understand their responsibilities and what is expected of them

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16
Q

Define-authority

A

All employees know they can make decisions as to how to accomplish their responsibilities

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17
Q

Define-accountability

A

all employees are held responsible for their actions

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18
Q

Define unity of demand

A

Clear reporting relationship for all employees

19
Q

Define-span of control

A

Number of employees assigned to a certain task and manager

20
Q

Define-organizational chart

A

Diagram that shows the structure of the business, how jobs are classified, and the relationship among employees.
Two types:
Functional structure
Matrix structure

21
Q

Define- functional structure

A

People with jobs related to one another work together (all accountants work together, all sales people work together)

22
Q

Define: matrix structure

A

Employees are organized around specific projects or customers instead of by job titles.

23
Q

Define: business plan

A

Written description of the business idea, how it will be carried out, including all major business activities

24
Q

Define: Sole Proprietorship

A

Business is owned and controlled by one individual. Most common form of business structure.

25
Q

Define: target market

A

the consumers at which a product is aimed (ex. College students, young families, women over the age of 50, etc.)

26
Q

Key characteristics to identify about your target market:

A
  • demographics (age, gender, ethnicity, income, etc.)
  • size and location of target market
  • lifestyle
  • needs/wants → are they being met?
  • is your product/service a need/want?
  • any seasonal/cyclical trends?
27
Q

Define-marketing

A

the actions of promoting or advertising your product/service

28
Q

Brand Awareness –

A

Brand Awareness – the extent to which a brand is recognized by potential customers

29
Q

What are the six business activities?

A
  1. Generating ideas
  2. Raising capital
  3. Employing and training personnel
  4. Buying goods and services
  5. Marketing goods and services
  6. Maintaining business records
30
Q

Explain: generating ideas

A

Businesses must begin with a new idea or a better way of doing something (price, quality, convenience, etc.)

31
Q

Explain more about what it means to raise capital:

6 business activities

A

Businesses need financial resources ($$$) to operate and pay for day to day needs.

A large amount of money is needed to start a business – loans or investors

Money is needed to keep a business running

32
Q

Tell more about employing and training personnel:

6 business activities

A

Businesses need well-trained human resources to succeed.

Most businesses have procedures for recruiting, hiring, and training employees.

Types of training – 1) On the Job Training, 2) Computer Training, 3) Training Center, 4) Orientation

33
Q

Explain more about buying goods and services

Six business activities

A

All businesses buy goods and services. Some are used within the business and others are resold.

34
Q

Tell about marketing goods and services

A

Marketing refers to activities that a business uses to advertise their goods or services

What types of advertising are there? Which do you think are most effective?

TV, infomercial, radio, print (newspaper/magazine), billboards/signs, email, direct mail, internet, social media, in-store

35
Q

Explain more about maintaining business records

Six business activities

A

All businesses must have some sort of recordkeeping system

Records to keep track of:

  • income/expenses/wages (required)
  • performance
  • past decisions
  • sales/marketing results
36
Q

What does a SMART goals stand for?

A 
Specific
Measurable 
Attainable 
Relevant 
Time-oriented
37
Q

Describe more about the SMART goals

A

Does anyone know what the acronym SMART stands for?

Specific – Goals are well-defined and focused
Measureable – How much? How many? Easy to answer yes/no
Attainable – goal is not set too high or too low
Relevant – choosing goals that matter to the business
Time-Oriented – set a target date for goals

38
Q

Understand: about ideas, business experience, and experience managing people

A

A successful business begins with an idea and previous experience

  • hobbies
  • interests
  • business experiences

Managing people (employees) is a critical past experience that can help a new business owner succeed

39
Q

Understand about team approach in running a business

A

Many people who start a new business want to be independent, but a team approach is critical to success

•Employees
•Assistance from outside sources
-bankers
-lawyers
-accountants
40
Q

Understand about right time and place

A

Finding the right place and time to open a new business is critical

Place can have two meanings

  • city or rural area where you start your business
  • location within the town or rural area

Timing – successful businesses start when the demand for their product/service is high

41
Q

Understand about preparation and research

A

Enough information needs to be gathered to make good decisions about the business

  • saves time and money later
  • helps avoid problems

-information is available on the internet, through libraries, from universities, and small business assistance centers

42
Q

Name the six keys to starting a successful business

A 
Idea
Business experience 
Experience managing people 
Right place and time 
Team approach 
Preparation and research
43
Q

Name four different parts of the business outline

A

Vision and mission.
a. Mission statement and goals

Market analysis

a. Who will buy your goods and services? Is it a want or a need
b. What’s your businesses target market?

Organizational chart

a. Who are your employees and managers?
b. What does your organizational chart look like

Marketing plan.
a. The four P’s of marketing- price, product, promotion, place

44
Q

What is the four P’s of marketing/ marketing mix ?

A

1) Product
2) Price
3) Place
4) Promotion

General Science (33 decks)

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