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business 101 > final > Flashcards

final Flashcards

1
Q

What is the relationship between the price of goods or a service and benefits that it offers its consumers?

A

Value

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2
Q

What are business transactions conducted online, typically via the internet?

A

E-Commerce

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3
Q

What is the study of the choices that people, companies, and governments make in allocating society’s resources?

A

Economics

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4
Q

What is a market structure with one producer completely dominating the industry, leaving no room for any significant competitors?

A

Monopoly

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5
Q

What is selling products in foreign nations that have been produced or grown domestically?

A

Exporting

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6
Q

What is developing and promoting environmentally sound products and practices to gain a competitive edge?

A

Green Marketing

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7
Q

What is a preconception about members of a particular group, such as gender, race, ethnicity, or nationality?

A

Bias

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8
Q

True or False: Entrepreneurs are the people who risk their time, money, and other resources to start and manage a business.

A

True

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9
Q

True or False: Budget surplus is the shortfall that occurs when expense are higher than revenue over a given period of time.

A

False

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10
Q

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.

A

True

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11
Q

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.

A

True

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12
Q

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.

A

True

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13
Q

True or False: Non verbal communication is the transmission of information between a sender and a recipient.

A

False

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14
Q

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.

A

True

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15
Q

_____ is the rate which a product
moves from conception to commercialization.

A

Speed to Market

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16
Q

_____ is an economic system - also known as the private enterprise or free market - based on private ownership, economic freedom, and fair competition.

A

Capitalism

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17
Q

____ is a measurement of the value
of one nation’s currency relative to the currency of other nations.

A

Exchange rate

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18
Q

____ is buying products domestically that have been produced or grown in foreign nations.

A

Importing

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19
Q

____ is a set of beliefs about right and wrong, good and bad.

A

Ethics

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20
Q

____ is the transmission of information between a sender and a recipient.

A

Communication

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21
Q

What is a form of business ownership with a single owner who usually actively manages the company.

A

Sole Proprietorship

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22
Q

What is a form of business ownership that offers both limited liability to its owners and flexible tax treatment.

A

Limited Liability Company (LLC)

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23
Q

Who are the individuals who are elected by stockholders s of a corporation to represent their interests.

A

Board of Directors

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24
Q

What is the transfer of total or partial ownership of some of a firm’s operations to investors or to another company.

A

Divestiture

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25
Q

Who are individuals who invest in start-up companies with high growth potential in exchange for a share of ownership.

A

Angel Investors.

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26
Q

What are companies that invest in start-up companies with high growth potential in exchange for a share of ownership.

A

Venture Capital Firms.

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27
Q

What is a small segment of a market with fewer competitors than the market as a whole.

A

Market Niche

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28
Q

True or False: A partnership is a voluntary agreement under which two or more people act as co-owners of a business for profit.

A

True

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29
Q

True or False: A stockholder is not an owner of a corporation, just an investor.

A

False

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30
Q

True or False: An acquisition is a corporation restructuring in which one firm buys another.

A

True

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31
Q

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.

A

True

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32
Q

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.

A

True

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33
Q

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.

A

False

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34
Q

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.

A

True

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35
Q

A ____ is a form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners.

A

Corporation

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36
Q

A ____ is a corporate restructuring that occurs when two formerly independent business entities combine to form a new organization.

A

Merger

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37
Q

____ is a deep-seated sense that the individual is personally responsible for what happens in his of her life.

A

Internal Locust of Control

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38
Q

____ is a deep-seated sense that forces other the individual are responsible for what happens in his of her life.

A

External Locust of Control

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39
Q

____ is an organization - affiliated with SBA - that provides free, comprehensive business counseling for small business owners from qualified volunteers.

A

SCORE

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40
Q

What is a system for recognizing, organizing, analyzing, and reporting information about financial information about the financial transactions that affect an organization?

A

Accounting

41
Q

Assets = Liabilities + Owners Equity is called?

A

Accounting Equation

42
Q

What is the financial statement that reports the revenues, expenses, and net income that results from a firm’s operations over an accounting period?

A

Income Statement

43
Q

What are the costs that vary directly with the level of production?

A

Variable Costs

44
Q

The part of a firm’s net income it reinvests is called?

A

Retained Earnings

45
Q

What is the federal agency with primary responsibility for regulating the securities industry?

A

Securities and Exchange Commission

46
Q

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?

A

Mutual Fund

47
Q

True or False: G.A.A.P. is a set of accounting standards that is used in preparation of financial statements.

A

True

48
Q

True or False: Assets are resources owned by a company.

A

True

49
Q

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.

A

True

50
Q

True or False: Finance is the degree of uncertainty regarding the outcome of a decision.

A

False

51
Q

True or False: The Dodd-Frank Act is a law enacted that strengthened government oversight of financial markets.

A

True

52
Q

True or False: Common Stock is the basic form of ownership in a corporation.

A

True

53
Q

True or False: An I.P.O. is the first time a company issues stock that may be bought by the general public.

A

True

54
Q

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.

A

Balance Sheet

55
Q

________ are claims that outsiders have against a firm’s assets.

A

Liabilities

56
Q

________ are the costs that remain the same when the level of production changes within some relevant range.

A

Fixed Costs

57
Q

________ is an asset that can quickly be converted to cash with little risk of loss.

A

Liquid Asset

58
Q

A ________ is a depository institution that is organized as a cooperative, meaning that it is owned by its depositors.

A

Credit Union

59
Q

________ is the return on an asset that
results when its market price rises above the price the investor paid for it.

A

Capital Gain

60
Q

What is an organizational function and a set processes for creating, communicating, and delivering value to customers?

A

Marketing

61
Q

What is it when a customer perceives that a good or service delivers value above and beyond their expectation?

A

Customer Satisfaction

62
Q

What is the description of how people act when they are buying, using, and discarding goods and services for their own personal consumption?

A

Customer Behavior

63
Q

What are products purchased for personal use or consumption?

A

Consumer Products

64
Q

What is the advantage that a customer gains from specific product features?

A

Customer Benefits

65
Q

What is a plan for delivering the right product to the right person at the right place at the right time?

A

Distribution Strategy

66
Q

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?

A

Wholesalers

67
Q

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.

A

True

68
Q

True or False: Customer loyalty is when customers perceive that a good or service delivers value above and beyond their expectations.

A

False

69
Q

True or False: Green Marketing is developing and promoting environmentally sound products and practices to gain a competitive edge.

A

True

70
Q

True or False: Business products are goods purchased for personal use or consumption.

A

False

71
Q

True or False: Product life cycle is a pattern of sales and profits that typically changes over time.

A

True

72
Q

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.

A

False

73
Q

True or False: Breakeven analysis is the process of determining the number of units a firm must sell to cover all costs.

A

True

74
Q

______ is a customer perception that a product has a better relationship than its competition between the cost and the benefits.

A

Value

75
Q

_____ is the percentage of a market controlled by a given marketer.

A

Market Share

76
Q

A ______ is anything that an organization offers to satisfy customer needs and wants, including both goods and services.

A

Product

77
Q

Product _____ are the specific characteristics of a product.

A

Features

78
Q

_____ is the active stimulation of word-of-mouth via unconventional, and often relatively low-cost tactic.

A

Buzz Marketing

79
Q

_____ are distributors that sell
products directly to the ultimate users, typically in small quantities that are stored and merchandised on the premises.

A

Retailers

80
Q

Achieving the goals of an organization through planning, leading, and controlling organizational resources including people, money, and time is what?

A

Management

81
Q

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?

A

Maslow’s Hierarchy of Needs Theory

82
Q

What is the number of people a manager supervises called?

A

Span of Control

83
Q

What is the management function called that focuses on maximizing the effective of the workforce?

A

Human Resources Management

84
Q

What is a formal feedback process that requires managers to give their subordinates feedback on a one-on-one basis?

A

Performance Appraisal

85
Q

Data that have been in a way that makes them meaningful to their user is called?

A

Information

86
Q

Managing all of the activities involved in creating value by producing goods and services and distributing them to customers is called?

A

Operations Management

87
Q

True or False: Human skills is the ability to work effectively with and through other people in a range of different relationships.

A

True

88
Q

True or False: Strategic planning is high-level, long-term planning that establishes a vision for the company.

A

True

89
Q

True or False: Contingency planning is planning for unexpected events, usually involving a range of scenarios and assumptions.

A

True

90
Q

True or False: Job analysis is the explanation of the responsibilities for a specific position.

A

False

91
Q

True or False: Affirmative action is policies meant to increase employment and education opportunities for minority groups.

A

True

92
Q

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.

A

True

93
Q

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.

A

True

94
Q

______ & ______ 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.

A

Theory X & Theory Y

95
Q

A ______ is the definition of an organization’s purpose, values, and core goals.

A

Mission Statement

96
Q

______ is a private network that has the look and feel of the internet which limits access to a single firm’s employees.

A

Intranet

97
Q

______ is using resources to create value by providing customers with goods and services that offer a better relationship between price and perceived benefits.

A

Effectiveness

98
Q

______ is arranging for other organizations to perform supply chain functions that were previously performed internally.

A

Outsourcing

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