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Intro to Business > Final > Flashcards

Final Flashcards

1
Q

Which form of planning allows you to be ready for changes in the competitive environment?

A

contingency - incase something happens

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2
Q

The two major subjects (groups) in market research are…

A

businesses and consumers

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3
Q

What is the one major difference between for-profit and non-profit organizations?

A

Non-profits don’t have shareholders

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4
Q

Acid test is best, why?

A

takes out inventory - actual value may differ from what you paid for it

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5
Q

What are the four components of the Gross Domestic Policy?

A

consumption
government spending
business/gross investment
net exports

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6
Q

What are the two foremost profitability ratios? Which is best?

A

gross profit and net profit

- net because it takes out all the expenses

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7
Q

What is a sample in market research?

A

portion of the total market

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8
Q

What are characteristics of a good manager?

A

ppl listen = will respected - but doesn’t have to be liked

visionary

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9
Q

What are the ways companies spend funds?

A 
operations
capital improvements and expansion
salaries
dividends
taxes
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10
Q

Was employee empowerment a major part of organizational and management theories in the late 19th and early 20th century?

A

No - was around 1960s

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11
Q

Sales are down, company doesn’t have the needed funds… where can it go to get funds?

A 
commercial banks
investment banks
sale of treasury stocks
issue new stock offering
venture capital
other private investors
government bailout
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12
Q

Who is most credited with developing and implementing the concept of “Management By Objectives”

A

Peter Drucker

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13
Q

What do leverage ratios tell us? What are some?

A

tells how much you owe vs. how much you own

  • debt to equity
  • debt to assets
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14
Q

Your company is out of debt and/or has excess cash - what would you do if you didn’t want to tie it up for more than 12 months or take too many risks?

A

Short-term certificates of deposit

U.S. Treasury Bills

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15
Q

What is considered an activity in business? (referring to financials and tracking them)

A

Inventory turnover - how first do we get rid of

Asset turnover - how well do we use our assets

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16
Q

What are types of employee teams? (5)

A
  • project, problem-solving team - disband once problem is fixed
  • working teams - operations
  • virtual teams - chat/skype
  • cross-functional team - multiple departments
  • self-directed teams
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17
Q

What is the first step in problem solving?

A

Have a problem or issue

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18
Q

What does the Federal Reserve Board manage and what does it entail?

A

controls monetary policy - including interest rates and money supply

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19
Q

What do ratios tell you about companies that you serve as an investment or commercial bank?

A
  • debt level (leverage ratio) - high leverage = heavy in debt
  • profitability
  • ability to meet payroll (current ratio and acid test)
  • efficiency in uses of inventory and other assets
20
Q

Responsibilities of Human Resources

A
  • screen potential employees
  • hire employees
  • monitor benefit packages
  • monitor pay packages
  • handle separation of employees (firing)
  • understand all aspects of employment regulations and laws
21
Q

To spend as little money as possible when starting a business, what legal structure would you do that under?

A

Sole proprietorship - protect yourself with an LLC through the state

22
Q

Whats a common type of quality control used in manufacturing companies across the globe?

A

ISO 9000 - he standards provide guidance and tools for companies and organizations who want to ensure that their products and services consistently meet customer’s requirements

23
Q

What are the five levels of Maslow’s hierarchy?

A

1) physiological
2) safety
3) belongings
4) self-esteem
5) self-actualization

24
Q

What is paid, non personal selling or communication?

A

advertising

25
Q

What is non-paid, non-personal selling or communications?

A

public relations

26
Q

What does SWOT stand for?

A

strength
weaknesses
opportunity
threats

27
Q

What type of leadership style would you employ?

A

empowerment - voice plus responsibility
democratic - everyone has a voice
(not free reign or autocratic)

28
Q

Should empowered employees see financials?

A

yes

29
Q

What types of date do you get from the census bureau?
demographic or psychographic
primary or secondary

A

demographic and secondary

30
Q

which type of production scheduling or project scheduling offers the greatest flexibility?
Gantt
Graphic evaluation review technique
Program evaluation review technique

A

graphic evaluation review technique

31
Q

What is the main job of congress? What does it mean to be uncharge of fiscal policy?

A

controls government spending and regulates taxes

- tax and spend

32
Q

What are the three ways that you segment B2B markets?

A
  • geographical
  • demographic
  • end use of product
33
Q

How do you segment consumer market?

A
  • geographical
  • demographical
  • psychographic (lifestyles and values)
  • product use (ppl who already use the product)
34
Q

What are four ways to classify B2B goods?

A

installations
equipment
supplies
operations

35
Q

What are the four major components of the marketing mix?

A

product, price, place and promotion

36
Q

What are the advantages of e-business over regular business?

A

cheaper, quicker, move easily, done internationally

37
Q

Which organization culture may allow the most focus on the customer? informal or formal

A

informal - less restrictions

38
Q

What is the difference between capitalism and free enterprise system?

A

nothing - same thing

39
Q

Four rights of companies in Free Enterprise system?

A
  • right to succeed
  • right to fail
  • right to ownership
  • right to compete
40
Q

When a dispute arises between a union worker and supervisor, what is the first meeting?

A

worker, supervisor, union rep

41
Q

As a business, to whom are you responsible?

A

shareholders - make them money

42
Q

Which one of the groups to which a business bears responsibility is most interested in profitability?

A

stockholders

43
Q

What are desired characteristics of an entrepreneur?

A

risk taking, opportunistic, resilient, accepting failure, creative/visionary

44
Q

What era of business are we in?

A

relationship

45
Q

Who are the primary beneficiaries of a strategic alliance in business?

A

owners

46
Q

What are the four major production factors essential to business?

A 
natural resources
human resources
capital 
entrepreneurship
** knowledge of industry helps too

Intro to Business (1 decks)

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