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Exploring Business and Marketing precision exam Flashcards

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1
Q

law of demand

A

the quantity of a good or service that consumers will buy varies inversely with the price of that good or service

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2
Q

law of supply

A

the quantity of a good or service that will be offered for sale varies in direct relation to its selling prices

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2
Q

partnership

A

owned by 2 or more people

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3
Q

sole proprietorship

A

owned by one person who assumes all the profits and risks from the business

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3
Q

general partnership

A

each partner has unlimited liability

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4
Q

private (close) corporation

A

does not offer shares for sale to the general public

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4
Q

law of supply and demand

A

the supply of a good or service will increase when the demand is great and decrease when the demand is low

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5
Q

corporation

A

an artificial being, invisible, intangible, and existing only in contemplation to law

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5
Q

S corporation

A

same liability protection of a corporation, but it is taxed as a partnership to help smaller businesses avoid dual taxation

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6
Q

limited partnership

A

at least one partner has limited liability and a general partner has unlimited liability

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6
Q

C corperation

A

can sell unlimited shares of stock to general public, meaning there may be unlimited stockholders in just one company

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7
Q

nonprofit corporation

A

operates to accomplish a specific mission than to make a profit

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8
Q

franchise

A

legal agreement between 2 parties

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9
Q

owners equity

A

owners stake in the business

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9
Q

trademarks

A

a symbol, word, or words legally registered or established by use as representing a company or product.

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9
Q

patents

A

a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.

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10
Q

owners equity equation

A

owners equity = total assets - total libalilities

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10
Q

assets equation

A

Assets = Liability + Owner’s Equity

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11
Q

liability

A

debts or obligations owed to external parties

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11
Q

assets

A

anything of value that is owned

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12
Q

liquidity

A

the ability to convert assets into cash quickly to meet debts or obligations

cash is the most liquid asset

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13
Q

revenue

A

total amount of money generated from a businesses primary operations

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14
Q

year to date

A

the amount of profit realized by an investment since the first trading day of the current calendar year

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14
Q

revenue equation

A

price per unit X quantity sold

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14
expenses
the cost of operations that a company incurs to generate revenue
15
net income
net income= total revenue - total expenses
15
Ethics
Objectives that govern right and wrong behavior
16
Democratic Leadership Style
- encourages ideas and opinions - guides rather than facilitates - decisions made by majority rule - best when lost of ideas are needed
16
Laissez Faire Leadership Style
- hands off - decisions made without leader guidance -Independence is valued -best when teams are skilled and motivated
17
Autocratic Leadership Style
- directive - tight control - commands -members encouraged to not provide input -best for emergencies and when progress is no being made
17
why are communication skills important
employers consistently rank good communication skills at the top of the list for potential employees.
17
examples of workplace communication
- collaboration - performance review - negotiating contract terms
17
networking
cultivating relationships with other business professionals, potential customers, or current customers
17
income statement
a summary that shows how much money a business has made or lost
17
bonds
A loan given to a company or government by an investor; considered less risky than stocks
17
mutual fund
A collective investment that pools together the money of a large number of investors to purchase a variety of securities
17
interest
The amount of money paid to an investor for the privilege of borrowing money from them (also known at a coupon rate for bonds)
17
dividend
periodic payment issues by some stocks; a portion of a company’s earning is given to shareholders
17
capital
The money a company raises to invest back into its business
17
commission
a fee paid to the professional fund manager
17
diversification
An investment strategy that aims to reduce risk by varying the types of assets and therefore varying the amount of risk
17
product
defined as the process of promoting and selling a consumer good, service or idea to a customer
18
place
the strategy a company uses to distribute its products and services in an attempt to gain consumer purchases.
18
suppliers
businesses from which other businesses buy goods or materials
18
manufactures
businesses that take the good or materials from suppliers and create a finished product
18
distributors
businesses responsible for storing, locating, and selling finished products
18
customers
people or businesses who buy the final product
18
five major transportation types
1. trucks 69% 2. railroads 15% 3. pipelines 10% 4. waterways 6% 5. air 1%
19
common carriers
trucking company that provides transportation service to any business in their operating area for a fee
20
contract carriers
a for hire trucking company that provides equipment and drivers for specific routes, per agreements between the carrier and shipper
21
private carrier
trucking company that transports goods for an individual business
21
exempt carrier
trucking company that is free from direct of rates and operating procedures
22
ton mile
movement of one ton of freight one mile
23
carload
minimum number of pounds of freight to fill a box car
23
marine shipping
barges and container ships
24
inland shipping
shipping using rivers and lakes
25
equilibrium
the point which the quantity supplied is equal to the quantity demand
26
scarcity
the demand for a good or service is greater than the availability of the good or service
27
opportunity costs
loss of other options that were not chosen
28
wants
desires for things that may or may not be required
29
needs
something required for survival
29
cost-benefit
process that businesses use to analyze which decisions to make and which to forgo. the action should be undertaken only if its benefits are greater than its costs.
29
demand curve
downward sloping
30
supply curve
curves up
31
below equilibrium
shortage
32
above equilibrium
surplus
32
demand curve shifting to the right
increase in demand
32
demand curve shifting to the left
decrease in demand
33
supply curve shifts to the right
increase in supply
33
supply curve shifts to the left
decrease in supply
33
human resources
valued for the physical and mental work they do to produce goods and services
34
capital resources
manufactured or constructed items used to produce goods and services
35
natural resources
items found in the environment that are used to produce goods and services
35
limited liability company (LLC)
Members determine how the company is managed and how profits are shared.
36
copy right
the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.
36
balance sheet
a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time
36
what is an entrepreneur
someone who recognizes a business opportunity and organizes, manages, and assumes the risk of starting and operating a business
37
inter coastal shipping
shipping on inland coastal waterways
38
international waterways
shipping on waterways that connect continents and countries
39
prestige price
40
multiple unit price
41
everyday low price
42
43
odd / even price
44
price bundling
45
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