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Intro to Business > FINAL EXAM > Flashcards

FINAL EXAM Flashcards

1
Q

Tax-differed investment plan that enables you to save part of your income for retirement plan that enables you to save part of your income for retirement

A

IRA- individual retirement account

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2
Q

The type of investment plan established for you by and employer that enables you to save part of your income each year, presently up to 17,500 annually, often with some level of matching contributions by the employer, and that permits an up-front tax deduction for the amount you invest each year

A

401K

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3
Q

Type of tax-deferred investment plan that enables a self-employed person to save part of his or her income towards retirement each year, presently limited to the lesser of 25% of the person’s net income or $53,000

A

Keogh Plan

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4
Q

Type of personal investment plan that enables you and you spouse to save part of your income each year, presently up to $5,500 per year each, towards retirement but which does NOT permit an up-front tax deduction in exchange for not having to pay taxes on withdrawals during retirement

A

Roth IRA

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5
Q

Accepting the risk of starting and running a business

A

Entrepreneurship

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6
Q

A firm or individual that invests financial capital in small businesses in enhance for an equity stake in the small business and which often invests in relatively high-risk but high-potential return

A

Venture Capitalist

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7
Q

The form of business that gives its owner the legal right to use a specific business’ name and sell its products or services in a given territory

A

Franchise

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8
Q

A business that is owned, and usually managed, by one person

A

Sole Proprietorship

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9
Q

Legal form of business with two or more owners

A

Partnership

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10
Q

Center that offers entrepreneurs and new businesses low-no cost office and warehouse space along with basic business services

A

Incubator

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11
Q

Company develops a product concept and sells others the right to make and sell the products

A

Franchisor

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12
Q

Promotional strategy in which promotional efforts are focused on the end consumers of a product so that they will request the product from retailers and the retailers will then seek to obtain the product from its manufacturer

A

Pull

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13
Q

Activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, ands society at large

A

Marketing

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14
Q

Combined components of product, price, place, and promotion that together forms the structure of a marketing strategy

A

Marketing Mix

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15
Q

Dividing all of the potential consumers in the total market into groups whose members have similar characteristics

A

Market Segmentation

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16
Q

Marketing promotional strategy that carefully combines all of the various categories of marketing promotional tools into a single, focused, comprehensive, and highly unified promotional strategy

A

Integrated Marketing Communication System

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17
Q

Process that allows marketers to go beyond a monologue, where sellers try to persuade buyers to buy things, to a dialogue in which buyers and sellers work together to create mutually beneficial exchange relationships

A

Interactive Marketing Communication System

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18
Q

Process of overseeing and planning new product development, advertising, promotions and sales.

A

Marketing Management

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19
Q

Producer uses ads, personal selling, sales promotion, and all other promotional tools to convince wholesalers and retailers to stock and sell merchandise

A

Push Strategy

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20
Q

Paid, non personal communication through various media by organizations

A

Advertising

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21
Q

Marketing promotional strategy that is non personal and that is intended to distribute a message to consumers through the media via channels that are neither directly paid for nor directly controlled by the sponsor

A

Public Relations

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22
Q

Gaining public visibility or awareness for a product, service, or your company via the media

A

Publicity

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23
Q

Form of marketing data collection in which a business owner gathers information that has already been compiled

A

Secondary Market Research

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24
Q

Theoretical model of what happens to sales and profits for a product class over time (intro, growth, maturity, decline)

A

Product Life Cycle

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25
Q

Shows a firm’s profit after costs, expenses, and taxes

A

Income Statement

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26
Q

One or more general partners and one or more limited partners

A

Limited Partnership

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27
Q

Partnership that looks much like a corporation (in that it acts like a corp and is traded on a stock exchange) but is taxed like a partnership and thus avoids the corporate income tax

A

Master Limited Partnership

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28
Q

Unique govnt creation that looks like a corp but is taxed like a sole proprietorship and partnership

A

S Corp

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29
Q

Legal entity with authority to act and have liability apart from its owners

A

Corporation

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30
Q

Most basic form of ownership in a firm; has voting rights, rights to share in profits through dividends, if offered

A

Common Stock

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31
Q

Stock that gives its owners preference in the payment of dividends and an earlier claim on assets than common stock holders if the company sells its assets

A

Preferred Stock

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32
Q

Gives the holder the right to receive dividends equal to the normally specified rate that preferred dividends receive as well as an additional dividend based on some predetermined condition

A

Participating Preferred Stock

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33
Q

Preferred stock that includes an option for the holder to convert the preferred share into a fixed number of common shares

A

Convertible Preferred Stock

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34
Q

Preferred stock whose annual fixed-rate dividend, if it cannot be paid in any year, accrues until it can and is paid before common dividends

A

Cumulative Preferred Stock

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35
Q

Corporate certificate indicating that a person has lent money to a firm

A

Bond

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36
Q

Bond issued by a corporation in order to raise financing for a variety of reasons (usually for longer-term debt and matures within a year)

A

Corporate Bond

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37
Q

A security issued by or on behalf of a local authority; usually exempt from federal taxes

A

Municipal Bond

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38
Q

A security issued by a US govnt-sponsored agency or federal budget agency (backed by govnt)

A

Agency Bond

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39
Q

Not secured by physical assets or collateral- backed by creditworthiness and reputation of the issuer

A

Debenture

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40
Q

Bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash equivalent

A

Convertible Bond

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41
Q

Bond bought at a price lower than its face value, with face value repaid at the time of maturity

A

Zero Coupon Bond

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42
Q

Debt secured by the issuing entity’s real estate or equipment. If the issuer defaults on the bond, the property collateral is paid over to the bond holders. This extra security typically equals lower interest.

A

Mortgage Bond

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43
Q

Matures in less than a year; minimum denomination of $1,000

A

T-Bill

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44
Q

Matures in 10 years or less; sold in denominations of $1,000-$1,000,000

A

Treasury Note

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45
Q

Matures in 25 years or more; denominations of $1,000-$1,000,000

A

Treasury Bond

46
Q

Regional bank of the federal reserve system, the central banking system of the US

A

Federal Reserve Bank

47
Q

Central bank regulation employment by most, but not all, of the world’s central banks, that sets the minimum fraction of customer deposits and notes that each commercial bank must hold, rather than lend out

A

Reserve Requirement

48
Q

Interest rate that the Fed charges for loans to member banks

A

Discount Rate

49
Q

The buying and selling of US govnt bonds by the Fed with the goal of regulating money supply

A

Open-Market Operations

50
Q

The average cost of 30 selected industrial stocks, used to give an indication of the direction of the stock market over time

A

Dow Jones Industrial Average

51
Q

Federal agency that has responsibility for regulating the various exchanges

A

Securities & Exchange Comm (SEC)

52
Q

Exchange that provides a means to trade stocks not listed on the national exchanges

A

OTC Market (Over-the-counter)

53
Q

Most any buyer will pay ______

Least any seller is willing to accept ______

A

Bid

Asked

54
Q

Represents the capital received from investors in exchange for stock

A

Statement of Shareholder’s Equity

55
Q

Assets, liabilities, and owners’ equity- reports a firm’s condition

A

Balance Sheet

56
Q

Shows how changes in the BS and income affect cash

A

Statement of Cash Flows

57
Q

Evaluation and unbiased opinion about the accuracy of a company’s financial statements

A

Independent Auditor’s Report

58
Q

Accounting information and analyses prepared for people outside of the organization

A

Financial Accounting

59
Q

Process of identifying, measuring, analyzing, interpreting, and communicating information

A

Managerial Accounting

60
Q

Framework of accounting standards, rules and procedures in the US

A

GAAP (Generally accepted accounting principles)

61
Q

Accounting professional

A

CPA (Certified public accountant)

62
Q

Professional designation in the accounting and finance world

A

CMA (Certified management accountant)

63
Q

Total value of goods and services by a country during one year (equal to GDP plus the net income from foreign investments)

A

Gross National Product

64
Q

Total value of goods and services in a country during one year

A

Gross Domestic Product

65
Q

Entering work force or change of career

A

Frictional Unemployment

66
Q

Unemployment caused by restructuring or mismatch between skills

A

Structural Unemployment

67
Q

Occurs bc of a recession or similar downturn

A

Cyclical Unemployment

68
Q

Labor varies over the year

A

Seasonal Unemployment

69
Q

Monthly statistics that measure the pace of inflation or deflation

A

Consumer Price Index

70
Q

Index that measures prices at the wholesale level

A

Producer Price Index

71
Q

Selling products to another country

A

Exporting

72
Q

One company gives another company permission to manufacture its product for a specified payment

A

International Licensing

73
Q

License that allows a franchisee to have access to a business’ proprietary knowledge and trademarks to provide a service under the business’ name

A

International Franchising

74
Q

Controlling ownership in a business enterprise in one country by an entity based in another country

A

FDI (Foreign Subsidiary)

75
Q

Form of bartering where several countries may be involved in trading goods for good or services for services

A

Countertrading

76
Q

Nationwide electronic system that communicated oTC trades to brokers

A

NASDAQ (National association of securities dealers automated quot. system)

77
Q

Leadership style that involves making managerial decisions without consulting others

A

Autocratic Leadership

78
Q

Consists of managers and employees working together to make decisions

A

Participative (Democratic) Leadership

79
Q

Leaders are hands-off and allow group members to make the decisions

A

Laissez-faire (Delegative) Leadership

80
Q

Mngt function that includes anticipation trends and determining the best strategies and tactics to achieve organizational goals and objectives

A

Planning

81
Q

Mngt function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization’s goals and objectives

A

Organizing

82
Q

Creating a vision for the organization and guiding, training, coaching, and motivating other to work effectively to achieve the organizations goals and objectives

A

Leading

83
Q

Mint function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not

A

Controlling

84
Q
  • employees dislike work and avoid it
  • they prefer to be controlled and directed
  • they seek security, not responsibility
  • managers must intimidate them
  • they are motivated strictly by financial rewards
A

Theory X

85
Q
  • work is a natural part of life
  • employees prefer limited control and direction
  • will seek responsibility under proper work conditions
  • perform better in non-intimidating environments
  • motivated by different needs
A

Theory Y

86
Q
  • increased employee involvement is the key to increased productivity
  • control is implied and informal
  • prefer to share responsibility and decision making
  • perform better in environments that foster trust and cooperation
  • need job security and will accept slow eval and promo
A

Theory Z

87
Q

Employers/supervisors manage their subordinates by introducing a set of specific goals that both the employee and the company strive to achieve in the near future

A

Management by Objectives

88
Q

Deviations from a budget or plan are grout to the attention of management and they will focus on areas needing action

A

Management by Exception

89
Q

interpersonal- figurehead, leader, liaison
informational- monitor, disseminator, spokesperson
decisonal- entrepreneur, disturbance handler, resource allocator, negotiator

A

Minzberg’s Managerial Roles

90
Q
  • achievement
  • recognition
  • the work itself
  • responsibility
  • advancement
  • growth
A

Herzberg’s Motivating Factors

91
Q

Division of work and authority, unity of command and direction, esprit de corps

A

Universal Process Approach

92
Q
  • Frederick Taylor’s “principles of scientific management” in 1911
  • Focused on time, motion, rules of work, and efficient work methods
  • Gilbreth made the assembly line
A

Operational Approach

93
Q

Hawthorne studies, theories x, y, and z

A

Behavioral Approach

94
Q

Tendency for people to behave differently when they are being studied

A

Hawthorne Effect

95
Q

1) strong leadership, bias toward action
2) extreme customer focus
3) autonomy, innovation, and entrepreneurship
4) people focus

A

Attributes of Excellence

96
Q

5) hands-on, value driven organizational philosophy
6) stick to the knitting
7) simple form & lean staff
8) simultaneous loose-tight properties

A

Attributes of Excellence

97
Q
  • focuses on the concept a corp is a “closed ecosystem” in which any changes cause a ripple effect
  • emphasizes analysis of impact
A

Integrated Systems Approach

98
Q
  • work place is a fluid environment and changes so rapidly its impossible to do long-term planning
  • incorporates strategic planning and consultant analysis of business missions or objectives
A

Contingency Approach

99
Q

William Ouchi

  • high employee involvement creates commitment
  • informal and relaxes management interaction
  • want responsibility (motivational)
  • job security
  • slow evaluation and promotion
A

Japanese Approach

100
Q

Summary of job objectives

A

Job Description

101
Q

Qualifications for employees

A

Job Specification

102
Q

Money from within a firm

A

Equity Financing

103
Q

Funds raised outside of a firm that must be repaid

A

Debt Financing

104
Q

Buy low, sell high

A

Long Trading

105
Q

Sell high, buy low

A

Short Trading

106
Q

Buy with partial down payment

A

Margin Trading

107
Q

Exercise date to finalize trade

A

Options Trading

108
Q

Stock value stated in the corporate charter

A

Par Value

109
Q

Value at which an asset is carried on a balance sheet

A

Book Value

110
Q

Price an asset takes in the marketplace

A

Market Value

Intro to Business (6 decks)

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