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Small Business Management > Exam 2 Vocabulary > Flashcards

Exam 2 Vocabulary Flashcards

1
Q

a group of people bound by a shared history and a commitment to share a future together, while supporting the development and well-being of individual members.

A

Family

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2
Q

an organization in which either the individuals who established or acquired the firm or their descendants significantly influence the strategic decisions and life course of the firm.

A

Family Business

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3
Q

a venture operated by a founding entrepreneur.

A

Owner-Managed Business

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4
Q

a business which children of the founder become owners and managers.

A

Sibling Partnership

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5
Q

a business in third and subsequent generations, when children of the siblings take ownership and management positions.

A

Cousin Consortium

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6
Q

the practice of employing relatives

A

Nepotism

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7
Q

patterns of behaviors and beliefs that characterize a particular firm.

A

Organizational Culture

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8
Q

non-financial factors in a family firm that affect the commitment of family members to the business

A

Socioemotional Wealth

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9
Q

Couples team who own and manage businesses.

A

Co-preneurs

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10
Q

a gathering of family members, usually at a remote location, to discuss family business matters.

A

Family Retreat

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11
Q

an organized group of family members who gather periodical to discuss family-related business issues.

A

Family Council

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12
Q

a statement of principles intended to guide a family firm through times of crisis and change.

A

Family Business Constitution

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13
Q

the process by which a more experienced person guides and supports the professional progress of a new or less-experienced employee.

A

Mentoring

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14
Q

passing ownership of a family business to the next generation

A

Transfer of Ownership

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15
Q

a document that outlines the basic concept underlying a business and describes how.

A

Business Plan

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16
Q

an abbreviated business plan that presents only the most important issues and projections for the business.

A

Short Plan

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17
Q

a complete business plan that provides an in-depth analysis of the critical factors that will determine a firm’s success or failure, along with all the underlying assumptions

A

Comprehensive Plan

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18
Q

a section of the business plan that conveys a clear and concise overall picture of the proposed venture and creates interest in the venture

A

Executive Summary (Overview)

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19
Q

a section of the business plan that describes the user benefits of the product or service and the type of market that exists.

A

Marketing Plan

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20
Q

a section of the business plan that offers information on how a product will be produced or service provided, including descriptions of the new firm’s facilities, labor, raw materials, and processing requirements

A

Operations and Development Plan

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21
Q

a section of the business plan that describes a new firm’s organizational structure and the backgrounds of its key players

A

Management Team

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22
Q

A section of the business plan that identifies the potential risks that may be encountered by an investor

A

Critical Risks

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23
Q

A section of the business plan that indicates to an investor how much money is needed, and when and how the money will be used.

A

Offering

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24
Q

A section of the business plan that focuses on options for cashing out of the investment

A

Exit Strategy

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25
Q

a section of the business plan that projects the company’s financial position based on well-substantiated assumptions and explains how the figures have been determined.

A

Financial Plan

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26
Q

Projections of a company’s financial statements for up to five years, including balance sheets, income statements, and statements of cash flows, as well as cash budgets.

A

Pro Forma Statements

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27
Q

an analysis of how a firm plans to create profits and cash flows given its revenue sources, its cost structures, the required size of investment and sources of risk.

A

Business Model

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28
Q

a component of the business model that identifies the different types of revenue streams a firm expects to receive

A

Revenue Model

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29
Q

a component of the business model that provides a framework for estimating the nature and types of costs and expenses a firm may incur

A

Cost Structures

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30
Q

a component of the business model that provides estimates of the types and amounts of investment required to achieve positive profits and cash flows.

A

Maximum Investment

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31
Q

a component of the business model that identifies risks in the model and how the model can adjust to them

A

Business Model Risk

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32
Q

business activities that direct the creation, development, and delivery of a bundle of satisfaction from the creator to the targeted user.

A

Small Business Marketing

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33
Q

the fundamental benefits or solution sought by customers.

A

Core Product/Service

34
Q

the basic physical product and/or service that delivers those benefits

A

Actual Product/Service

35
Q

the basic product and/or service plus any extra or unsolicited benefits to the consumer that may prompt a purchase.

A

Augmented Product/Service

36
Q

the process of locating and describing potential customers

A

Market Analysis

37
Q

the combination of product/service, pricing, promotion, and distribution activities

A

Marketing Mix

38
Q

a description of potential customers in a target market.

A

Customer Profile

39
Q

the gathering, processing, interpreting, and reporting of market information

A

Marketing Research

40
Q

market information that has been previously complied.

A

Secondary Data

41
Q

new market information that is gathered by the firm conducting the research

A

Primary Data

42
Q

a group of customers or potential customers who have purchasing power and unsatisfied needs

A

Market

43
Q

the division of a market into several smaller groups with similar needs

A

Market Segmentation

44
Q

the parameters used to distinguish one form of market behavior from another

A

Segmentation Variables

45
Q

specific characteristics that distinguish market segments according to the benefits sought by customers.

A

Benefit Variables

46
Q

specific characteristics that describe customer, their purchasing power, their consumption patterns, and other factors.

A

Demographic Variables

47
Q

a strategy that defines the total market as the target market

A

Unsegmented Strategy (Mass Marketing)

48
Q

a strategy that recognizes different preferences of individual market segments and develops a unique marketing mix of each.

A

Multi-Segment Strategy

49
Q

a strategy that recognizes the existence of several distinct market segments but focuses on only the most profitable segment.

A

Single-Segment Strategy

50
Q

a prediction of how much of a product or service will be purchased within a given market during a specified time period

A

Sales Forecast

51
Q

a forecasting method that begins with a large scope variable and works down to the sales forecast/

A

Breakdown Process (Chain-Ratio Method)

52
Q

a forecasting method in which all potential buyers in a target market’s sub-markets are identified and the estimated demand is added up.

A

Buildup Process

53
Q

a forecasting method in which sales is the estimated variable

A

Direct Forecasting

54
Q

a forecasting method in which variable related to sales are used to project future sales.

A

Indirect Forecasting

55
Q

Managers and other key persons who give a company its general direction

A

Management Team

56
Q

an interconnection system of relationships with other people.

A

Social Network

57
Q

the advantage created by an individual’s connections in a social network

A

Social Capital

58
Q

a powerful sense of obligation to repay in kind what another has done for or provided to us.

A

Reciprocation

59
Q

a business owned by a one person, who bears unlimited liability for the enterprise.

A

Sole Proprietorship

60
Q

Liability on the part of an owner that extends beyond the owner’s investment in the business.

A

Unlimited Liability

61
Q

a legal entity formed by two or more co-owners to operate a business for profit

A

Partnership

62
Q

a document that states explicitly the rights and duties of partners

A

Partnership Agreement

63
Q

the liability of each partner resulting from any one partner’s ability to legally bind the other partners.

A

Joint and Several Liability

64
Q

a business organization that exists as a legal entity and provides limited liability to its owners.

A

Corporation

65
Q

a business organization that is recognized by the law as having a separate legal existence.

A

Legal Entity

66
Q

an ordinary corporation taxed by the federal government as a separate legal entity

A

C Corporation

67
Q

a document that established a corporation’s existence

A

Corporate Charter

68
Q

a document specifying the number of shares owned by a stockholder

A

Stock Certificate

69
Q

the right of stockholders to buy new shares of stock before they are offered to the public

A

Preemptive Right

70
Q

a situation in which the courts conclude that incorporation has been used to perpetuate a fraud, skirt a law, or commit some wrongful act and thus remove liability protection from the corporate entity

A

Piercing the Corporate Veil

71
Q

a partnership with at least one general partner and one or more limited partners

A

Limited Partnership

72
Q

a partner in a limited partnership who has unlimited personal liability

A

General Partner

73
Q

a partner in a limited partnership who is not active in its management and has limited personal liability

A

Limited Partner

74
Q

a type of corporation that offers limited liability to its owners and passes taxable income or losses on to stockholders

A

S Corporation (Subchapter S Corporation)

75
Q

a form of organization in which owners have limited liability but pay personal income taxes on business profits.

A

Limited Liability

76
Q

a form of corporation that shields, owners from liability and is set up for individuals in certain professional practices.

A

Professional Corporation

77
Q

a form of corporation for enterprises established to serve civic, educational, charitable, or religious purposes; not for generation of profits.

A

Nonprofit Corporation

78
Q

verification of whether a nonprofit organization is staying true to its stated purpose

A

Organizational Test

79
Q

an organizational relationship that links two or more independent business entities in a common endeavor

A

Strategic Alliance

80
Q

the governing body of a corporation, elected by the stockholders

A

Board of Directors

81
Q

a group that serves as an alternative to a board of directors, acting only in an advisory capacity.

A

Advisory Board

Small Business Management (1 decks)

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