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Exploring Business and Marketing precision exam Flashcards

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
Q

expenses

A

the cost of operations that a company incurs to generate revenue

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15
Q

net income

A

net income= total revenue - total expenses

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15
Q

Ethics

A

Objectives that govern right and wrong behavior

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16
Q

Democratic Leadership Style

A
  • encourages ideas and opinions
  • guides rather than facilitates
  • decisions made by majority rule
  • best when lost of ideas are needed
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16
Q

Laissez Faire Leadership Style

A
  • hands off
  • decisions made without leader guidance
    -Independence is valued
    -best when teams are skilled and motivated
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17
Q

Autocratic Leadership Style

A
  • directive
  • tight control
  • commands
    -members encouraged to not provide input
    -best for emergencies and when progress is no being made
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17
Q

why are communication skills important

A

employers consistently rank good communication skills at the top of the list for potential employees.

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17
Q

examples of workplace communication

A
  • collaboration
  • performance review
  • negotiating contract terms
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17
Q

networking

A

cultivating relationships with other business professionals, potential customers, or current customers

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17
Q

income statement

A

a summary that shows how much money a business has made or lost

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17
Q

bonds

A

A loan given to a company or government by an investor; considered less risky than stocks

17
Q

mutual fund

A

A collective investment that pools together the money of a large number of investors to purchase a variety of securities

17
Q

interest

A

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
Q

dividend

A

periodic payment issues by some stocks; a portion of a company’s earning is given to shareholders

17
Q

capital

A

The money a company raises to invest back into its business

17
Q

commission

A

a fee paid to the professional fund manager

17
Q

diversification

A

An investment strategy that aims to reduce risk by varying the types of assets and therefore varying the amount of risk

17
Q

product

A

defined as the process of promoting and selling a consumer good, service or idea to a customer

18
Q

place

A

the strategy a company uses to distribute its products and services in an attempt to gain consumer purchases.

18
Q

suppliers

A

businesses from which other businesses buy goods or materials

18
Q

manufactures

A

businesses that take the good or materials from suppliers and create a finished product

18
Q

distributors

A

businesses responsible for storing, locating, and selling finished products

18
Q

customers

A

people or businesses who buy the final product

18
Q

five major transportation types

A
  1. trucks 69%
  2. railroads 15%
  3. pipelines 10%
  4. waterways 6%
  5. air 1%
19
Q

common carriers

A

trucking company that provides transportation service to any business in their operating area for a fee

20
Q

contract carriers

A

a for hire trucking company that provides equipment and drivers for specific routes, per agreements between the carrier and shipper

21
Q

private carrier

A

trucking company that transports goods for an individual business

21
Q

exempt carrier

A

trucking company that is free from direct of rates and operating procedures

22
Q

ton mile

A

movement of one ton of freight one mile

23
Q

carload

A

minimum number of pounds of freight to fill a box car

23
Q

marine shipping

A

barges and container ships

24
Q

inland shipping

A

shipping using rivers and lakes

25
Q

equilibrium

A

the point which the quantity supplied is equal to the quantity demand

26
Q

scarcity

A

the demand for a good or service is greater than the availability of the good or service

27
Q

opportunity costs

A

loss of other options that were not chosen

28
Q

wants

A

desires for things that may or may not be required

29
Q

needs

A

something required for survival

29
Q

cost-benefit

A

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
Q

demand curve

A

downward sloping

30
Q

supply curve

A

curves up

31
Q

below equilibrium

A

shortage

32
Q

above equilibrium

A

surplus

32
Q

demand curve shifting to the right

A

increase in demand

32
Q

demand curve shifting to the left

A

decrease in demand

33
Q

supply curve shifts to the right

A

increase in supply

33
Q

supply curve shifts to the left

A

decrease in supply

33
Q

human resources

A

valued for the physical and mental work they do to produce goods and services

34
Q

capital resources

A

manufactured or constructed items used to produce goods and services

35
Q

natural resources

A

items found in the environment that are used to produce goods and services

35
Q

limited liability company (LLC)

A

Members determine how the company is managed and how profits are shared.

36
Q

copy right

A

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
Q

balance sheet

A

a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time

36
Q

what is an entrepreneur

A

someone who recognizes a business opportunity and organizes, manages, and assumes the risk of starting and operating a business

37
Q

inter coastal shipping

A

shipping on inland coastal waterways

38
Q

international waterways

A

shipping on waterways that connect continents and countries

39
Q

prestige price

A
40
Q

multiple unit price

A
41
Q

everyday low price

A
42
Q
A
43
Q

odd / even price

A
44
Q

price bundling

A
45
Q
A
46
Q
A

marketing (5 decks)

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