Exam 1 Flashcards
Define Profit.
The difference between the amount earned and the amount spend producing something.
What’s a manager?
The person responsible for controlling a part of a company; Role-model
Define Production.
Making something from raw materials
What’s an owner?
A person who overlooks a business
Define Capital.
Assets that bring value to the owner
What is Promotion?
Activities that promote a company
Define Social Responsibility.
A business’s responsibility to maximize positive impact and minimize negative impact.
Define the Sarbanes-Oxley Act.
Made security fraud a criminal offence
Trust…
Holds business relationships together
What is business ethics?
Standards that determine acceptable conduct in business
What’s a bribe?
Payments/gifts under the table to gain an advantage
Define conflict of interest.
When you have to choose to advance their personal interest of others
True of False: The two businesses that are recession-proof are funeral homes and liquor stores.
True
What’s the biggest retailer in the world?
Walmart/Amazon
In your opinion, what are soft skills?
Skills anyone can have regardless of profession
