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Accounting/Business > Intro to Business > Flashcards

Intro to Business Flashcards

1
Q

Business as a going concern

A

Businesses are organized to pursue profits in the short term and over time. They differ from projects or hobbies in that they do not have a predetermined end date or singular definition of success.

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2
Q

Businesses are organized to pursue profits in the short term and over time. They differ from projects or hobbies in that they do not have a predetermined end date or singular definition of success.

A

Business as a going concern

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3
Q

Business as an organized activity

A

Business requires that resources be organized to deliver value to a market. Resources include, but are not limited to, land, labor, and capital.

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4
Q

Business requires that resources be organized to deliver value to a market. Resources include, but are not limited to, land, labor, and capital.

A

Business as an organized activity

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5
Q

business as a purposeful activity

A

Business requires that the resources that have been organized be put to purposeful use.

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6
Q

Business requires that the resources that have been organized be put to purposeful use.

A

business as a purposeful activity

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7
Q

business model

A

The way a business makes profits is referred to as its business model.

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8
Q

The way a business makes profits is referred to as its business model.

A

business model

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9
Q

business process outsourcing (BPO)

A

Moving necessary jobs to remote locations,

often overseas.

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10
Q

Moving necessary jobs to remote locations,

often overseas.

A

business process outsourcing (BPO)

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11
Q

business system

A

A business differs from a project in that the business is based on a system that is designed to deliver value to customers into the future.

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12
Q

A business differs from a project in that the business is based on a system that is designed to deliver value to customers into the future.

A

business system

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13
Q

capitalism

A

A form of economic system where the factors of production (land, labor, and capital) are owned by private individuals or companies and where exchange between economic actors is based on their own free choices.

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14
Q

A form of economic system where the factors of production (land, labor, and capital) are owned by private individuals or companies and where exchange between economic actors is based on their own free choices.

A

capitalism

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15
Q

communism

A

A form of economic system that is an extreme version of socialism, whereby economic actors are generally guided in their activities by a central authority.

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16
Q

A form of economic system that is an extreme version of socialism, whereby economic actors are generally guided in their activities by a central authority.

A

communism

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17
Q

competition

A

One of the dynamic forces that drives innovation in business is competition between business organizations.

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18
Q

One of the dynamic forces that drives innovation in business is competition between business organizations.

A

competition

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19
Q

corporatism

A

An economic system that preserves private property but that tends to use government regulations to guide how that property is used.

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20
Q

An economic system that preserves private property but that tends to use government regulations to guide how that property is used.

A

corporatism

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21
Q

creating value

A

The primary purpose of business. Customers are the ultimate judges of the value that a business organization creates.

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22
Q

The primary purpose of business. Customers are the ultimate judges of the value that a business organization creates.

A

creating value

23
Q

economic institutions

A

Those agreements that exist, formally and informally, within the borders of a nation that promote or oppress business activity.

24
Q

Those agreements that exist, formally and informally, within the borders of a nation that promote or oppress business activity.

A

economic institutions

25
Q

entrepreneur

A

An individual who uses the resources at hand to create value for markets at a profit.

26
Q

An individual who uses the resources at hand to create value for markets at a profit.

A

entrepreneur

27
Q

globalization

A

The continuing integration of the world’s various economies via trade, currency flows, and standard rules of commerce.

28
Q

The continuing integration of the world’s various economies via trade, currency flows, and standard rules of commerce.

A

globalization

29
Q

incomplete contracts theory

A

Theory that holds that no contract can cover all possible uses of an asset, and thus people organize into a business to avoid the complexity of multiple such contracts.

30
Q

Theory that holds that no contract can cover all possible uses of an asset, and thus people organize into a business to avoid the complexity of multiple such contracts.

A

incomplete contracts theory

31
Q

Information Age

A

An era that was characterized by the advent of computing, automation, and population movement from industrial to information-oriented jobs.

32
Q

An era that was characterized by the advent of computing, automation, and population movement from industrial to information-oriented jobs.

A

Information Age

33
Q

initial public offering (IPO)

A

The formal process whereby private companies can begin to sell shares to the public; it concludes with listing shares on a major stock exchange like the NASDAQ.

34
Q

The formal process whereby private companies can begin to sell shares to the public; it concludes with listing shares on a major stock exchange like the NASDAQ.

A

initial public offering (IPO)

35
Q

intellectual property

A

Intangible assets owned by a business or an individual that arise from creativity, innovation, know-how, and reputation.

36
Q

Intangible assets owned by a business or an individual that arise from creativity, innovation, know-how, and reputation.

A

intellectual property

37
Q

market

A

A voluntary and regular gathering of people for the purpose of buying and selling goods and services from one another.

38
Q

A voluntary and regular gathering of people for the purpose of buying and selling goods and services from one another.

A

market

39
Q

NASDAQ

A

The National Association of Securities Dealers Automated Quotation system; a major stock exchange based in New York City.

40
Q

The National Association of Securities Dealers Automated Quotation system; a major stock exchange based in New York City.

A

NASDAQ

41
Q

repeatable

A

One of the mechanical elements of a business is to design production or service so that it can be provided to all customers with similar quality and reliability.

42
Q

One of the mechanical elements of a business is to design production or service so that it can be provided to all customers with similar quality and reliability.

A

repeatable

43
Q

scalable

A

One of the mechanical elements of a business is to make the production or service providing processes expandable to meet growing customer demand.

44
Q

One of the mechanical elements of a business is to make the production or service providing processes expandable to meet growing customer demand.

A

scalable

45
Q

socialism

A

A form of economic system where the factors of production (land, labor, and capital) are owned by the government, and where economic actors are constrained by a central planning system regarding with whom and in what quantities they may enter into exchange.

46
Q

A form of economic system where the factors of production (land, labor, and capital) are owned by the government, and where economic actors are constrained by a central planning system regarding with whom and in what quantities they may enter into exchange.

A

socialism

47
Q

sustainable competitive advantage

A

An advantage that a business organization has over its competitors that can be leveraged over a period of time.

48
Q

An advantage that a business organization has over its competitors that can be leveraged over a period of time.

A

sustainable competitive advantage

49
Q

transaction costs

A

The costs associated with economic exchange between two or more parties in an economic system.

50
Q

The costs associated with economic exchange between two or more parties in an economic system.

A

transaction costs

51
Q

value

A

In business, value is determined by a market or markets, and is often expressed via this equation: Value 5 Price 3 Quality.

52
Q

In business, value is determined by a market or markets, and is often expressed via this equation: Value 5 Price 3 Quality.

A

value

53
Q

value proposition

A

The value that a business brings to a market.

54
Q

The value that a business brings to a market.

A

value proposition

Accounting/Business (1 decks)

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