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Understanding Business College of Western Idaho > Final Exam > Flashcards

Final Exam Flashcards

1
Q

What is the difference between revenue and profit?

A

Revenue it the total amount of income, profit is anything above and beyond expenses

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2
Q

What is the difference between standard of living and quality of life?

A

SoL is the amount people can buy with the money they have, QoL is the general well being of society (freedoms, health, education, etc.

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3
Q

What is risk, and how is it related to profit?

A

Higher the risk the higher the potential profit is but also lower chance of success.

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4
Q

People who stand to gain and lose by activities of a business

A

stakeholder

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5
Q

Contracting with other companies to do some or all of the functions of a business

A

Outsourcing

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6
Q

Opposite of outsourcing, when foreign companies build goods locally

A

Insourcing

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7
Q

Name advantages of working for others

A

Someone else takes the risk while you benefit

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8
Q

What benefits do you lose by being an entrepreneur, and what do you gain?

A

Freedom to make decisions, and opportunity to make more money but any benefits are provided by you

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9
Q

What are the five factors of production? Which ones seem to be the most important for creating wealth?

A
  1. Land/natural recourses
  2. Labor.
  3. Capital (machines and goods)
  4. Entrepreneurship
  5. Knowledge needed to respond to wants and needs
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10
Q

What are the five elements in the business environment?

A
  1. Economic
  2. Technological
  3. Competitive
  4. Social
  5. Global
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11
Q

What is the difference between macroeconomics and microeconomics?

A

Macro looks at a nations economy as a whole, micro looks at particular markets, products, and services

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12
Q

What is better for an economy than teaching a man to fish?

A

Teching a person to start a fish farm and they can feed a village

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13
Q

The process that turns self directed gain into social and economic benefit for all

A

The invisible hand

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14
Q

Four basic rights under a free market

A
  1. Right to own property
  2. Right to own business and keep profits
  3. Right to compete
  4. Right to choose
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15
Q

How do businesspeople know what to produce and in what quanity?

A

The equilibrium point

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16
Q

How are prices determined?

A

by the market

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17
Q

Enough sellers that no one controls price and products are similar

A

Perfect competition

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18
Q

Large number of sellers with similar products that are perceived as different through branding

A

Monopolistic. examples, T-shirts, sodas

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19
Q

When a few sellers dominate the market with similar products at similar prices

A

Oligopoly. large manufacturers

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20
Q

When one seller controls supply and demand

A

Monopoly

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21
Q

An economic system where the government should own most basic business and give profits back to people

A

Socialism

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22
Q

What are benefits and drawbacks to socialism

A

It provides social equality, more vacation, and fewer work hours, but brain drain can happen.

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23
Q

What countries still practice Communism

A

China, North Korea, Vietnam, Laos, and Cuba

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24
Q

Economic systems in which some allocation of resources is made by the market and some by the government.

A

Mixed economy

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25
Q

Name the three economic indicators and describe how well the United States is doing based on each indicator

A

Growth Domestic Product
Unemployment
Consumer Price Index

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26
Q

What’s the difference between a recession and a depression?

A

A recession is two or more quarters of decline in the GDP. A depression is a severe recession normally occopanied by deflation

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27
Q

Raising and lowering taxes and increasing/decreasing gov spending

A

Fiscal policy

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28
Q

Raising and lowering interest rates and controlling the amount of money in circulation

A

Monetary policy

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29
Q

Organization responsible for monetary policy

A

Federal Reserve

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30
Q

What are two of the main arguments favoring the expansion of U.S. businesses into global markets?

A

No single country is capable of producing everything it needs
Other countries will always need something you make

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31
Q

What is comparative advantage, and what are some examples of this concept at work in the United States

A

Comparative advantage is selling of goods and services that it produces effieciently to other countries and buying things that it does not. The US has advantages in G&S such as software development, engineering, etc.

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32
Q

amount of exports compared to its imports

A

Balance of Trade

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33
Q

Selling of Products and services cheaper in foreign countries than domestically

A

dumping

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34
Q

diffrence of money coming in vs the amount of money leaving a country

A

Balance of money

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35
Q

Four forces or hurdles that effect global trade

A

Sociocultural
Economic
Legal
Physical/environmental

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36
Q

The belief that your countries culture is superior

A

ethnocentricity

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37
Q

How would a low value of the dollar affect U.S. exports

A

Foreign goods would become more expensive but U.S. made goods would become cheaper

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38
Q

Law that prohibits questionable or dubious payments to foreign governments

A

Foreign Corrupt Practices Act prohibit?

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39
Q

What is ethics and how does it differ from legality

A

Standards of morale behavior accepted by society as being right or wrong. Things can be legal but unethical

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40
Q

Questions to ask when facing ethical dilemma

A

Is it legal
Is it fair
How will I feel about myself

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41
Q

Ethical standards that emphasize preventing unlawful behavior increasing control and punishment

A

Compliance based ethic codes

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42
Q

Ethical standards that define a organizations guiding values

A

Integrity based ethical codes

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43
Q

Six steps to establish effective ethical programs

A

1.Must be adopted and support from the top
2. Employees must understand that it starts at the top and everyone must act accordingly.
3. Managers and others must be trained
4, Must set up an Ethics office
5. All outsiders must be informed of it
6. Must be enforced in a timely manner

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44
Q

What are the parts to a business plan

A
  1. Cover letter
  2. executive summary
  3. Company background
  4. Financial Plan
  5. Capital required
  6. Marketing plan
  7. Location Analysis
  8. Manufacturing plan
  9. Appendix
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45
Q

Why do some small business not do business globally

A

Can’t get financing
Don’t understand how to get started and the cultural diffrences
Can get through all the bureacratic paperwork

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46
Q

What are some advantages small businesses have in the global market

A
  1. Many places prefer dealing with individuals than corporations
  2. They can start shipping faster
  3. can provide more suppliers
  4. personal service and attention
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47
Q

The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources.

A

Management

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48
Q

What are the four functions of management

A
  1. Planning
  2. Organizing
  3. Leading
  4. Controlling
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49
Q

A broad long-term desired outcome

A

Goal

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50
Q

Short-term statements detailing how to accomplish goals

A

Objectives

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51
Q

Analysis of Strengths, Weaknesses, Oppurtunities, and Threats

A

SWOT analysis

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52
Q

Done by top management to determine major goals and how to achieve them

A

Strategic Planning

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53
Q

Process of eveloping detailed short term statements about what’s going to get done and how

A

Tactical Planning

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54
Q

Process of setting work standards and schedules to accomplish tactical objectives

A

Operational Planning

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55
Q

The process of preparing alternative plans

A

Contingency planning

56
Q

The six D’s of decision making

A
  1. Define the situation
  2. Describe and collect info
  3. Develop alternatives
  4. Decide which alternative is best
  5. Do what is indicated
  6. Determine if the decision was good or bad
57
Q

How do leaders and managers differ

A

Leaders embrace change and provide vision, managers produce order and stability

58
Q

Leadership style that involves making managerial decisions without consulting others.

A

Autocratic Leadership

59
Q

Leadership style that consists of managers and employees working together to make decisions.

A

Participative (democratic) leadership

60
Q

Leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives.

A

free-rein leadership

61
Q

Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests.

A

Empowerment

62
Q

What were some of the main principles that Henri Fayol introduced

A
  1. Unity of command, workers only report to one boss
  2. Hierarchy of command, Managers have the right to give orders and have them followed
  3. Division of Labor, Functions should be divided into areas of specialization
63
Q

What did Weber say in addition to Fayol

A

Job Descriptions
Written rules, regs, and policies
Consistent procedures
Staffing and promotion based qualifications

64
Q

What are the four major choices in structuring an organization

A

Line, Line and Staff, Matrix, Cross-Functional Self Managed Teams

65
Q

What are the latest trends in structuring

A

The internet as made it possible for separate companies to work as closely as two departments in the same firm. This level of Transparency has led to virtual organizations.

66
Q

The term used to describe all the activities managers do to help their firms create goods.

A

Production management

67
Q

A specialized area in management that converts or transforms resources (including human resources) into goods and services.

A

Operations management

68
Q

What type of companies use operations management

A

Goods and services

69
Q

That part of the production process that physically or chemically changes materials.

A

Process manufacturing

70
Q

The part of the production process that puts together components.

A

Assembly Process

71
Q

The use of computers in the design of products.

A

CAD, Computer-aided design

72
Q

The use of computers in the manufacturing of products.

A

CAM, Computer-aided manufacturing

73
Q

Designing machines to do multiple tasks so that they can produce a variety of products.

A

Flexible Manufacturing

74
Q

The production of goods using less of everything compared to mass production.

A

Lean manufacturing

75
Q

Tailoring products to meet the needs of a large number of individual customers.

A

Mass Customization

76
Q

How do robots make manufacturers more competitive

A

They can work 24 hrs a day and be integrated into systems that allow for mass customization

77
Q

The “father” of scientific management

A

Fredrick Taylor

78
Q

Believed motivation came from needs. Developed the Hierarchy of needs.

A

Abraham Maslow

79
Q

What are the 5 levels of Maslows Hierarchy

A
  1. Physical
  2. Safety
  3. Social
  4. Esteem
  5. Self-actualization
80
Q

What are motivators and what are the top four

A

job factors that cause employees to be productive and that give them satisfaction.

  1. Sense of Achievement
  2. Earned recognition
  3. Interest
  4. Opportunity for growth
81
Q

What is a hygiene factor and what are four of them

A

job factors that can cause dissatisfaction if missing but that do not necessarily motivate employees if increased.

  1. Polocies
  2. Supervision
  3. Working conditions
  4. Interpersonal relations
82
Q

Culture that focuses on relationships and building trust before focusing on task

A

High context culture

83
Q

Culture that focuses on the task and see’s relationships as distraction

A

Low context culture

84
Q

How will gen-x managers differ from baby boomers

A

They recognize there is more to life than work and give more recognition

85
Q

Name some characteristics of millennials

A

impatient, skeptical, blunt, tech savvy, adaptable

86
Q

What are the five steps to human resource planning

A
  1. Preparing HR inventory of employees
  2. Preparing Job analysis
  3. Assessing future human resource demand
  4. Assessing future labor supply
  5. Establishing strategic plan
87
Q

Six steps in selection process for hiring

A
  1. Get applications
  2. Interviews
  3. Employment test
  4. Check Background
  5. Results from physical exams
  6. Trial period
88
Q

Workers who do not have the expectation of regular, full-time employment.

A

Contingent workers

89
Q

Why are there more contingent workers today

A
  1. Workers want more flexibility in their roles

2. employers need task completed, not employees

90
Q

Work schedule that gives employees some freedom to choose when to work, as long as they work the required number of hours.

A

flextime plan

91
Q

Work schedule that allows an employee to work a full number of hours per week but in fewer days.

A

Compressed workweek

92
Q

A union strategy in which workers refuse to go to work; the purpose is to further workers’ objectives after an impasse in collective bargaining.

A

Strike

93
Q

When a union encourages both its members and the general public not to buy the products of a firm involved in a labor dispute

A

Primary Boycott

94
Q

An attempt by labor to convince others to stop doing business with a firm that’s the subject of a primary boycott; prohibited by the Taft-Hartley Act.

A

Secondary Boycott

95
Q

An attempt by management to put pressure on unions by temporarily closing the business.

A

Lockout

96
Q

A court order directing someone to do something or to refrain from doing something.

A

injunction

97
Q

What will unions have to do to recover

A

Break into more white collar, female, and foreign worker jobs while expanding into other job markets.

98
Q

How does pay equity differ from equal pay for equal work?

A

It goes beyond by saying that their should be equal pay for jobs that require similar education, training, or skills.

99
Q

Unwelcome sexual advances, requests for sexual favors, and other conduct (verbal or physical) of a sexual nature that creates a hostile work environment.

A

Sexual Harassment

100
Q

Conduct on the job becomes illegal when

A
  1. When submission to conduct is a term of employment, or affects decisions
  2. Conduct interferes with job performance or creates a hostile work environment
101
Q

What are issues and solutions to childcare

A
  1. Absence related to child care
  2. Who should pay for employee childcare
    Many companies are offering it as a benefit
102
Q

What are the four P’s of Marketing

A
  1. Product
  2. Place
  3. Price
  4. Promotion
103
Q

What are the steps in Marketing Research Process

A
  1. Defining the question
  2. Collecting research data
  3. Analyzing
  4. Choosing the best Solution
104
Q

Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.

A

Relationship marketing

105
Q

Developing products and promotions to please large groups of people.

A

Mass Marketing

106
Q

5 ways the market is segmented

A
  1. Geographic Segmentation
  2. Demographic Segmentation
  3. Psychographic Segmentation
  4. Benefit segmentation
  5. Volume segmentation
107
Q

5 things that effect buyers decision process

A
  1. Learning process
  2. Reference group
  3. Culture
  4. Subculture
  5. Cognitive dissonance
108
Q

Seven functions of packaging

A
  1. Attract attention
  2. Protect the goods
  3. Describe content
  4. Explain benefits
  5. info on warranties
  6. Easy to open
  7. price, uses
109
Q

A name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors.

A

Brand

110
Q

A brand that has exclusive legal protection for both its brand name and its design.

A

Trademark

111
Q

A word, letter, or group of words or letters that differentiates one seller’s goods and services from competitors

A

Brand Name

112
Q

A manager who has direct responsibility for one brand or one product line; called a product manager in some firms.

A

Brand manager

113
Q

A theoretical model of what happens to sales and profits for a product class over time; the four stages of the cycle are introduction, growth, maturity, and decline.

A

Product Life cycle

114
Q

Distribution that puts products into as many retail outlets as possible.

A

Intensive Distribution

115
Q

The techniques sellers use to motivate buyers

A

Promotion

116
Q

Four parts of promotional mix

A
  1. Personal selling
  2. Advertising
  3. PR
  4. Sales Promotions
117
Q

The face-to-face presentation and promotion of goods and services.

A

Personal selling

118
Q

Threes steps to PR program

A

Listen to public
Change
Tell them you changed

119
Q

The recording, classifying, summarizing, and interpreting of financial events and transactions to provide management and other interested parties the information they need to make good decisions.

A

Accounting

120
Q

Financial statement that reports a firm’s financial condition at a specific time and is composed of three major accounts: assets, liabilities, and owners’ equity.

A

Balance Sheet

121
Q

3 parts to balance sheet

A

Assests
Liabilities
Owner equity

122
Q

The financial statement that shows a firm’s profit after costs, expenses, and taxes; it summarizes all of the resources that have come into the firm (revenue), all the resources that have left the firm, expenses, and the resulting net income or net loss.

A

Income statement

123
Q

Financial statement that reports cash receipts and disbursements related to a firm’s three major activities: operations, investments, and financing.

A

statement of cash flows

124
Q

Three reasons firms fail

A

Undercapitalized
Poor cash flow control
Inadequate expense control

125
Q

Managers who examine financial data prepared by accountants and recommend strategies for improving the financial performance of the firm.

A

Finance managers

126
Q

Three budgets in finance plan

A

capital
cash
operating

127
Q

An organization whose members can buy and sell (exchange) securities for companies and investors.

A

stock exchanges

128
Q

Thee stock exchanges are

A

NYSE
NASDAQ
OTC

129
Q

Federal agency that has responsibility for regulating the various exchanges.

A

SEC

130
Q

The average cost of 30 selected industrial stocks, used to give an indication of the direction (up or down) of the stock market over time.

A

Dow Jones Average

131
Q

Five qualities of good money

A 
Portable
Stable
Divisible
unique
Durable
132
Q

What three agencies ensure money

A

Federal Deposit Insurance corporation
Savings Association Insurance Fund
National Credit Union Administration

133
Q

State and federal constitutions, legislative enactments, treaties of the federal government, and ordinances—in short, written law.

A

statutory law

134
Q

The body of law that comes from decisions handed down by judges; also referred to as unwritten law.

A

Common Law

135
Q

Federal or state institutions and other government organizations created by Congress or state legislatures with delegated power to pass rules and regulations within their mandated area of authority.

A

administrative agencies

136
Q

A wrongful act that causes injury to another person’s body, property, or reputation.

A

tort

Understanding Business College of Western Idaho (22 decks)

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