final Flashcards
What is the relationship between the price of goods or a service and benefits that it offers its consumers?
Value
What are business transactions conducted online, typically via the internet?
E-Commerce
What is the study of the choices that people, companies, and governments make in allocating society’s resources?
Economics
What is a market structure with one producer completely dominating the industry, leaving no room for any significant competitors?
Monopoly
What is selling products in foreign nations that have been produced or grown domestically?
Exporting
What is developing and promoting environmentally sound products and practices to gain a competitive edge?
Green Marketing
What is a preconception about members of a particular group, such as gender, race, ethnicity, or nationality?
Bias
True or False: Entrepreneurs are the people who risk their time, money, and other resources to start and manage a business.
True
True or False: Budget surplus is the shortfall that occurs when expense are higher than revenue over a given period of time.
False
True or False: Trade deficit is the shortfall that occurs when the total value of a nation’s imports is higher than the total value of its exports.
True
True or False: A code of ethics is a formal, written document that defines the ethical standards of an organization and gives employees the information they need to make ethical decisions across a large range of situations.
True
True or False: Corporate responsibility is where a business contributes to the community through the actions of the business itself, rather than the donations of money and time.
True
True or False: Non verbal communication is the transmission of information between a sender and a recipient.
False
True or False: Communication channels are the various ways in which a message can be sent, ranging from one on one in-person meetings to internet message boards.
True
_____ is the rate which a product
moves from conception to commercialization.
Speed to Market
_____ is an economic system - also known as the private enterprise or free market - based on private ownership, economic freedom, and fair competition.
Capitalism
____ is a measurement of the value
of one nation’s currency relative to the currency of other nations.
Exchange rate
____ is buying products domestically that have been produced or grown in foreign nations.
Importing
____ is a set of beliefs about right and wrong, good and bad.
Ethics
____ is the transmission of information between a sender and a recipient.
Communication
What is a form of business ownership with a single owner who usually actively manages the company.
Sole Proprietorship
What is a form of business ownership that offers both limited liability to its owners and flexible tax treatment.
Limited Liability Company (LLC)
Who are the individuals who are elected by stockholders s of a corporation to represent their interests.
Board of Directors
What is the transfer of total or partial ownership of some of a firm’s operations to investors or to another company.
Divestiture
Who are individuals who invest in start-up companies with high growth potential in exchange for a share of ownership.
Angel Investors.
What are companies that invest in start-up companies with high growth potential in exchange for a share of ownership.
Venture Capital Firms.
What is a small segment of a market with fewer competitors than the market as a whole.
Market Niche
True or False: A partnership is a voluntary agreement under which two or more people act as co-owners of a business for profit.
True
True or False: A stockholder is not an owner of a corporation, just an investor.
False
True or False: An acquisition is a corporation restructuring in which one firm buys another.
True
True or False: Franchising is a licensing agreement under which a franchisor allows franchisees to use its name, trademark, products, business methods, and other property in exchange for monetary payments and other considerations.
True
True or False: The Small Business Administration (SBA) is an agency of the Federal Government designed to maintain and strengthen the nation’s economy by aiding, counseling, assisting, and protecting the interests of Small Business.
True
True or False: The Small Business Development Corporation (SBDC) is an agency of the Federal Government designed to maintain and strengthen the nation’s economy by aiding, counseling, assisting, and protecting the interests of Small Business.
False
True or False: A business plan is a formal document that describes a business concept, outlines core business objectives, and details strategies and timelines for achieving those objectives.
True
A ____ is a form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners.
Corporation
A ____ is a corporate restructuring that occurs when two formerly independent business entities combine to form a new organization.
Merger
____ is a deep-seated sense that the individual is personally responsible for what happens in his of her life.
Internal Locust of Control
____ is a deep-seated sense that forces other the individual are responsible for what happens in his of her life.
External Locust of Control
____ is an organization - affiliated with SBA - that provides free, comprehensive business counseling for small business owners from qualified volunteers.
SCORE
What is a system for recognizing, organizing, analyzing, and reporting information about financial information about the financial transactions that affect an organization?
Accounting
Assets = Liabilities + Owners Equity is called?
Accounting Equation
What is the financial statement that reports the revenues, expenses, and net income that results from a firm’s operations over an accounting period?
Income Statement
What are the costs that vary directly with the level of production?
Variable Costs
The part of a firm’s net income it reinvests is called?
Retained Earnings
What is the federal agency with primary responsibility for regulating the securities industry?
Securities and Exchange Commission
An institutional investor the raises funds by selling shares to investors and uses the accumulated funds to buy a portion of many different securities is called?
Mutual Fund
True or False: G.A.A.P. is a set of accounting standards that is used in preparation of financial statements.
True
True or False: Assets are resources owned by a company.
True
True or False: Budgeting is a management tool that explicitly shows how a firm will acquire and use the resources needed to achieve its goals over the a specific time period.
True
True or False: Finance is the degree of uncertainty regarding the outcome of a decision.
False
True or False: The Dodd-Frank Act is a law enacted that strengthened government oversight of financial markets.
True
True or False: Common Stock is the basic form of ownership in a corporation.
True
True or False: An I.P.O. is the first time a company issues stock that may be bought by the general public.
True
The _______ is a financial statement that reports the financial position of a firm by identifying and reporting the value of the firm’s assets, liability, and owner’s equity.
Balance Sheet
________ are claims that outsiders have against a firm’s assets.
Liabilities
________ are the costs that remain the same when the level of production changes within some relevant range.
Fixed Costs
________ is an asset that can quickly be converted to cash with little risk of loss.
Liquid Asset
A ________ is a depository institution that is organized as a cooperative, meaning that it is owned by its depositors.
Credit Union
________ is the return on an asset that
results when its market price rises above the price the investor paid for it.
Capital Gain
What is an organizational function and a set processes for creating, communicating, and delivering value to customers?
Marketing
What is it when a customer perceives that a good or service delivers value above and beyond their expectation?
Customer Satisfaction
What is the description of how people act when they are buying, using, and discarding goods and services for their own personal consumption?
Customer Behavior
What are products purchased for personal use or consumption?
Consumer Products
What is the advantage that a customer gains from specific product features?
Customer Benefits
What is a plan for delivering the right product to the right person at the right place at the right time?
Distribution Strategy
Who are distributors that buy products from producers and sell them to other businesses or non-final users such as hospitals, nonprofits, and the government?
Wholesalers
True or False: A marketing concept is a business philosophy that makes customer satisfaction – now and in the future – the central focus of the entire organization.
True
True or False: Customer loyalty is when customers perceive that a good or service delivers value above and beyond their expectations.
False
True or False: Green Marketing is developing and promoting environmentally sound products and practices to gain a competitive edge.
True
True or False: Business products are goods purchased for personal use or consumption.
False
True or False: Product life cycle is a pattern of sales and profits that typically changes over time.
True
True or False: Channel of distribution is a plan for delivering the right product to the right person at the right place at the right time.
False
True or False: Breakeven analysis is the process of determining the number of units a firm must sell to cover all costs.
True
______ is a customer perception that a product has a better relationship than its competition between the cost and the benefits.
Value
_____ is the percentage of a market controlled by a given marketer.
Market Share
A ______ is anything that an organization offers to satisfy customer needs and wants, including both goods and services.
Product
Product _____ are the specific characteristics of a product.
Features
_____ is the active stimulation of word-of-mouth via unconventional, and often relatively low-cost tactic.
Buzz Marketing
_____ are distributors that sell
products directly to the ultimate users, typically in small quantities that are stored and merchandised on the premises.
Retailers
Achieving the goals of an organization through planning, leading, and controlling organizational resources including people, money, and time is what?
Management
What is a motivational theory that suggests that human needs fall into a hierarchy and that as each need is met, people become motivated to meet the next highest need in the pyramid?
Maslow’s Hierarchy of Needs Theory
What is the number of people a manager supervises called?
Span of Control
What is the management function called that focuses on maximizing the effective of the workforce?
Human Resources Management
What is a formal feedback process that requires managers to give their subordinates feedback on a one-on-one basis?
Performance Appraisal
Data that have been in a way that makes them meaningful to their user is called?
Information
Managing all of the activities involved in creating value by producing goods and services and distributing them to customers is called?
Operations Management
True or False: Human skills is the ability to work effectively with and through other people in a range of different relationships.
True
True or False: Strategic planning is high-level, long-term planning that establishes a vision for the company.
True
True or False: Contingency planning is planning for unexpected events, usually involving a range of scenarios and assumptions.
True
True or False: Job analysis is the explanation of the responsibilities for a specific position.
False
True or False: Affirmative action is policies meant to increase employment and education opportunities for minority groups.
True
True or False: An expert system is a decision support system that helps manager’s make better decisions in an area where they lack expertise.
True
True or False: Decision support system is a system that gives managers access to large amounts of data and the processing power to convert these data into high-quality information.
True
______ & ______ is a motivational theory that suggests that management attitudes towards workers fall into two opposing categories based on management assumptions about workers capabilities and values.
Theory X & Theory Y
A ______ is the definition of an organization’s purpose, values, and core goals.
Mission Statement
______ is a private network that has the look and feel of the internet which limits access to a single firm’s employees.
Intranet
______ is using resources to create value by providing customers with goods and services that offer a better relationship between price and perceived benefits.
Effectiveness
______ is arranging for other organizations to perform supply chain functions that were previously performed internally.
Outsourcing
