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Intro to Business > Intro to Business Final > Flashcards

Intro to Business Final Flashcards

1
Q

any activity which seeks to earn a profit by providing a good or service

A

business

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2
Q

the amount a business earns over and above what it spends for salaries and other expenses

A

profit

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3
Q

the chance a business owner will lose the time and money invested in a business and be unprofitable

A

risk

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4
Q

a country’s ___ refers their general well-being and satisfaction derived from political freedom, safety, education, and a clean environment

A

quality of life

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5
Q

amount of goods and services people can buy with the money they have

A

standard of living

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6
Q

the resources that contribute to the creation of wealth

A

factors of production

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7
Q

2 factors of production that seem to contribute the most making countries rich

A

entrepreneurship and knowledge

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8
Q

successful businesses are keenly focused on their

A

customers

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9
Q

tangible products such as computers, food, and cars

A

goods

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10
Q

health care, insurance, recreation, and other intangible products

A

service

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11
Q

the importance of entrepreneurs to our economy is found in their:

A

ability to create jobs for others

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12
Q

areas which feature low taxes and government support in an effort to encourage entrepreneurship

A

enterprise zones

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13
Q

successful entrepreneurs are self-nurturing. This means they:

A

are able to replenish their own enthusiasm

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14
Q

___ works within existing corporations while ___assume the risks of starting a business

A

intrapreneurs

entrepreneurs

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15
Q

the small business administration defines a small business as a firm that:

A

is independently owned

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16
Q

about 80% of all americans find their first jobs in

A

small businesses

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17
Q

conversations with people who start their own business often reveal:

A

they got their business idea from a previous job

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18
Q

when preparing the executive summary section of a business plan, it is important to remember that:

A

the goal is to capture the attention of bankers and other investors who receive many business plans every day

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19
Q

accepts the risk of starting and running a business

A

entrepreneur

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20
Q

2 reasons people may accept the risk of owning a business

A

self-satisfaction and independence

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21
Q

an entrepreneurial team consists of

A

experienced managers from different areas of business

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22
Q

the personal satisfaction people feel when they have done a job well done is an ___ reward

A

intrinsic

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23
Q

rewards that come from someone else in recognition of good work

A

extrinsic

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24
Q

father of scientific management

A

Frederick Taylor

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25
Q

Frank and Lillian Gilbreth developed the principle of ___, which said that every job could be broken down into a series of elementary motions

A

motion economy

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26
Q

a basic idea of ___ was to conduct time-motion studies to find the best way to perform each task, then teach people to use these methods

A

scientific management

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27
Q

new employees at a manufacturer are carefully trained to use the most efficient production methods. they are placed on an assembly line and expected to perform the same task day after day, using the methods taught. the work is boring but the pay is good. this approach is consistent with the principles of ___

A

scientific management

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28
Q

the hawthorne studies were conducted by ___ and his colleagues from Harvard

A

Elton Mayo

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29
Q

the original goal of the hawthorne studies was to determine:

A

the level of illumination that was associated with optimum productivity

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30
Q

the concept that a hierarchy of human needs could be used to explain motivation was developed by

A

Abraham Maslow

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31
Q

to feel accepted and loved is a ___ need

A

social need

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32
Q

Herzberg found that the factors that provided the highest level of motivation were mostly associated with

A

job content

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33
Q

Herzberg found that good pay :

A

was a hygiene factor rather than a motivator

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34
Q

Douglas McGregor described two very different sets of managerial attitudes about employees, which he called:

A

Theory X and Theory Y

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35
Q

theory ____ managers see employees as being lazy and unwilling to accept responsibility

A

X

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36
Q

management by objectives was developed by

A

Peter Drucker

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37
Q

the reports and financial statements prepared by accountants:

A

provide info that can be used by decision-makers both inside and outside the organization

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38
Q

the prep of financial statements for people outside for people outside the firm (creditors, unions, suppliers, and others) is the goal of:

A

financial accounting

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39
Q

the 3 key financial statements of a business are the:

A

balance sheet, income statement, and statement of cash flows

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40
Q

financial statement that reports the company’s revenues and selling costs over a period of time>

A

income statement

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41
Q

the balance sheet is composed of the following types of accounts:

A

assets, liabilities, and owners equity

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42
Q

refers to how fast an asset could be converted into cash

A

liquidity

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43
Q

the fundamental accounting equation sates that assets equal:

A

liabilities plus owners’ equity

44
Q

the calculation of revenue minus cost of goods sold will give the firm its

A

gross margin

45
Q

a cash flow statement identifiers the cash receipts and disbursements for a firm that result:

A

from its operations, investments, and financing

46
Q

the “bottom line” of an income statement shows the firms:

A

net income or net loss

47
Q

the art of getting things done using organizational resources

A

management

48
Q

one of the four primary functions of management

A

marketing

49
Q

the management function concerned with anticipating future trends and determining the best strategies to achieve an organizations goals and objectives is known as

A

planning

50
Q

___ is the management function of creating a vision for the organization and guiding, training, coaching, and motivating employees to help achieve the goals and objectives of the organization

A

leading

51
Q

when managers determine that an organization is not making sufficient progress toward achieving its goals and objectives and they develop corrective measures, they are involved in:

A

controlling

52
Q

___ skills involve a managers ability to picture the organization as a whole and the relationship among its various parts

A

conceptual

53
Q

___ skills include the ability to preform tasks of a specific department or job such as selling (marketing) or bookkeeping (accounting)

A

technical

54
Q

top managers make less use of ___ skills than supervisory manager

A

technical

55
Q

the ___ style of leadership is characterized by making managerial decisions without consulting others

A

autocratic

56
Q

managers who listen to their subordinates and allow them to participate in decision-making are using the ___ style of leadership

A

participative

57
Q

____ is the process of planning and executing the conception, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives

A

marketing

58
Q

the greatest marketing need during the production era was for:

A

distribution and storage

59
Q

time period immediately after the development of mass production assembly liines

A

selling era

60
Q

the ____ is based on customer orientation, service orientation, and profit orientation

A

marketing concept

61
Q

firms that have adopted ___ seek to do more than simply sella product; they seek to learn as much as possible about their costumers in order to satisfy them w goods and services over time

A

customer relationship management

62
Q

many automobile dealers are:

A

attempting to use relationship marketing to create strong customer loyalty

63
Q

a firms marketing mix of 4 components are called the 4

A

Ps

64
Q

a firm gathers ___ data by conducting surveys, interviewing costumers, or mailing out questionaires

A

primary

65
Q

___ consists of info that has already been researched by others and is published in journals or books or has been made available online

A

secondary data

66
Q

the 2 major types of markets are the:

A

consumer market and the business to business market

67
Q

the ___ market consists of individuals and organizations that want goods and services in order to produce goods and services or to sell, rent, or supply those goods to others

A

b2b

68
Q

working with buyers to determine their individual needs

A

relationship marketing

69
Q

the selling of products to another country

A

exporting

70
Q

buying products from another country

A

importing

71
Q

___ occurs when a country has a monopoly on producing a product or is able to produce it at a cost well below that of all other countries

A

absolute advantage

72
Q

why does it make sense to trade with other nations

A

a nation will produce what it can produce most efficiently and effectively and buy from other nations what they can produce

73
Q

an unfavorable balance of trade occurs when the value of:

A

imports exceeds the value of exports

74
Q

the ___ is the difference bt money flowing into a country from exports and money flowing out for imports, plus the money flows coming from other factors such as tourism, foreign aid, military, and foreign investment

A

balance of payments

75
Q

the practice of selling a product in foreign countries for a lower price than the good is sold in the producing country

A

dumping

76
Q

the set of values, beliefs, rules, languages, and institutions held by a specific group

A

culture

77
Q

is the use of government regulations to limit the import of goods and services

A

trade protectionism

78
Q

the 2 basic types of tariffs are

A

revenue and protective

79
Q

in an effort to protect domestic jobs, some countries will place a limit on the number of certain types of products that can be imported. these are called:

A

import quotas

80
Q

refers to a complete ban on importing or exporting of products from a specific country

A

embargo

81
Q

the enron scandal revealed ___ corporate behavior

A

illegal

82
Q

refers to standards of moral behavior

A

ethics

83
Q

ethical behavior covers a ___ range of conduct the legal behavior

A

wider

84
Q

considering the potential impact on others prior to making a decision is consistent with ___ behavior

A

ethical

85
Q

an ethical dilemma refers to a situation where you must

A

choose bt equally unsatisfactory alternatives

86
Q

a ____-based ethics code emphasizes the prevention of unlawful behavior by increasing control and penalizing wrongdoers

A

compliance

87
Q

someone who report illegal or unethical behavior

A

whistleblower

88
Q

corporate social responsibility describes the firms:

A

concern for the welfare of society

89
Q

the purpose of an ___ is to evaluate an organization’s progress towards implementing programs that are socially responsible and responsive

A

social audit

90
Q

a large national electronic stock trading market

A

NASDAQ

91
Q

trades corporate stocks not listed on the national securities exchanges

A

over-the-counter market

92
Q

a ___ certificate provides evidence of ownership in a specific corporation

A

stock

93
Q

when investors purchase ___ stock, they receive a priority claim in the payment of dividends, as well as assets, if there business is liquidated. however, these investors do not vote

A

preferred

94
Q

dividends are paid out of a corporations:

A

profit, after taxes

95
Q

another name for the fixed rate of interest attached to a bond is the:

A

coupon rate

96
Q

an unsecured bond, backed only by the well-respected name of the organization

A

debenture

97
Q

the investor will receive the face value of the bond on the ___ dtae

A

maturity

98
Q

when an investor places a buy order with a stockbroker, the broker contacts a ___ to complete the transaction

A

stock exchange member or dealer where stock is traded

99
Q

creating a portfolio by buying several different types of investments to spread the risk of investing is called

A

diversification

100
Q

the risk/return tradeoff investors assume means:

A

you will assume added risk, if you believe you can get a greater return

101
Q

securities considered high quality and usually pay dividends

A

blue chip stocks

102
Q

process where an investor borrows a % of the purchase price of stocks forms he blockage firm

A

buying on margin

103
Q

in the securities markets, capital gains take place when:

A

a security sells for more than the original purchase price

104
Q

corporations that want to attract more investors by lowering the selling price of their common stock might consider declaring a:

A

stock split

105
Q

approx. what % of the population is successful in saving enough money for retirement to live comfortably?

A

10

106
Q

which accounting statements would assist an individual in taking inventory of personal assets and liabilities

A

balance sheet

Intro to Business (2 decks)

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