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Introduction To Business > Lesson 1: Assignment 1 > Flashcards

Lesson 1: Assignment 1 Flashcards

1
Q

Define business organizations

A

Economic entities and legal enterprises with a mission and vision to create goods and services to benefit society

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2
Q

Business organizations benefit society in several ways such as what?

A

Creating good in providing services to meet the needs and wants of customers and clients with efficient and effective utilization of resources

Offering employment opportunities to Citizens

Paying the required taxes and federal and state county and local government authorities

Complying with governments laws rules and regulations.

Donating money to charitable institutions and civic organizations

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3
Q

What are the five categories of organizations?

A 
For-profit
Non-profit
mutual-benefit
commonweal 
porous
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4
Q

Define for profit

A

For profit organizations focus on creating products and services to meet customer needs and wants. Includes businesses organizations that must make a profit to survive. The purpose is to satisfy the demand , earn profits, and create job opportunities.

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5
Q

Define non-profit

A

Nonprofit organizations focus on service not profit. Specific service is the goal as long as organization is Solvent. There’s pressure to operate efficiently in light of the limited funds available

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6
Q

Define mutual benefit

A

Mutual benefit organization focus on serving the needs of the members be it the labor union or other association. Individuals come together to press for their own self interests and there is pressure to operate effectively and efficiently to survive.

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7
Q

Define commonweal

A

Commonweal organizations focus on offering standardized public services without attempting to earn a profit. They serve all segments of society.

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8
Q

Define Porous organizations

A

Porous organizations focus on global service and humanitarian efforts. They’re fluid structures consisting of virtual teams of volunteer members from public and private sectors. They work together globally to address educational needs and major disasters and other crisis situations world wide

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9
Q

Four phases of business lifecycle

A

Creation
Development
Growth
Decline

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10
Q

What does the creation phase consist of?

A

Legal and organizational structures

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11
Q

What does the development phase consist of?

A

Organizational strategies, organizational culture, organizational behavior m, organizational change, organizational development, and organizational performance.

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12
Q

What factors affect a country’s business cycle?

A

Global economics, innovation levels, changes in employment, inflation, and interest rates

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13
Q

Define super normal growth

A

When a company is growing faster than the economy as a whole

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14
Q

Define Normal growth

A

When a company grows at the same rate as the economy as a whole

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15
Q

Define Zero growth

A

When a company doesn’t grow when compared to the economy as a whole

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16
Q

Define Negative growth

A

When a company is growing slower than the overall economy as a whole

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17
Q

Define legal structures

A

Legal structures are external structures based on the requirements of local, county, state, and federal governments, including tax authorities

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18
Q

Four legal forms of registering/organizing a business

A

Sole proprietorships
Partnerships
Corporations
Limited liability company

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19
Q

Define sole proprietor

A

Someone who owns an unincorporated business by himself or herself.

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20
Q

3 advantages to sole proprietorship

A
  1. It’s easily and inexpensively formed
  2. It’s subject to few government regulations
  3. It’s taxed like an individual, not a corporation
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21
Q

The proprietorship has 4 disadvantages or limitations

A
  1. The proprietor has unlimited personal liability for business debts, which can result in losses that exceed money he has invested in the company.
  2. The life of a business organized as a proprietorship is limited to the life of the individual who created it.
  3. Transferring ownership is somewhat difficult–disposing of the business is similar to selling a house in that the proprietor has to seek out and negotiate with a potential buyer.
  4. It is difficult for a proprietorship to obtain large sums of capital because the firms financial strength generally is based on the financial strength of the sole owner
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22
Q

Define partnership

A

Relationship between two or more person who join to carry on a trade or business. Each person contributes money, property, labor, or skill, and expects to share in the profits and losses of the business

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23
Q

What are the 4 types of partnerships

A
  1. General partnership
  2. Limited partnership
  3. Limited liability partnership
  4. Limited liability limited partnership
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24
Q

Advantages of partnership

A
  1. It’s easily and inexpensively formed
  2. It’s subject to few government regulations
  3. It’s taxed like an individual, not a corporation
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25
Q

4 Disadvantages of a partnership

A
  1. Unlimited liability
  2. The life of a business organized as a partnership is limited.
  3. Transferring ownership is somewhat difficult
  4. It is difficult for a partnership to obtain large sums of capital because the firms financial strength generally is based on the financial strength of the owners
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26
Q

Define corporation

A

Economic and legal entities that come in different forms to meet various needs of investors, owners, and founders.

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27
Q

Define c-corporation

A

A separate tax paying entity. It can be formed under state laws or the District of Columbia. A corporation may qualify as a c-corporation without regard to any limit on the number of shareholders whether foreign or domestic.
It’s liable for income tax, estimated tax, employment tax, and excise tax.

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28
Q

What is an s-corporation

A

Taxed as a proprietorship partnership or corporation. A small business can make an election to be treated as an s-corporation. The s-corporation can retain limited liability protection benefit and keep other benefits of a corporation such as unlimited life and easy transferability of ownership interest.

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29
Q

B-corporation

A

Can be created with multiple purposes of serving the general public benefit and providing specific public benefits in social and environmental areas

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30
Q

LLC

A

A limited liability company is a legal structure allowed by individual state statutes. An llc cannot be a corporation in its true meaning. Owners of an llc are called members. Most states don’t restrict ownership and members may include individuals partnerships corporations other llcs and foreign entities

31
Q

Organizational transformation is which part of an organizations lifecycle phase?

A

Growth

32
Q

Legal structures drive ______ structures

A

Organizational

33
Q

What is the legal structure that is most often used to start a new business

A

Proprietorship

34
Q

What type of organization is solely created by a state statute in the u.s.

A

Limited liability company

35
Q

KBK Inc was organized as a partnership until this year when the partners decided to reorganize the business as a corporation. As a result what will the KBK shareholders gain

A

Limited liability

36
Q

Types of corporations strategies

A

Corporate level
Business-unit
Function-level
Department-level

37
Q

What is asked in corporate level strategy

A

What business are we in?

38
Q

What is asked in business unit strategy

A

How do we compete

39
Q

What is asked in functional level strategy

A

How do we support our chosen strategy?

40
Q

What is asked in department level strategy?

A

How do we mobilize our resources to support the chosen strategy

41
Q

Four types of goals

A
  1. Strategic goal
  2. Tactical goal
  3. Operational goal
  4. Stretch goals
42
Q

Define strategic goals

A

Starting point for all the other goals and include ver general, broad, high level measurable results expected of entire company.

43
Q

Define Tactical goals

A

Include both specific broad and medium level measurable results in terms of clear outcomes expected of individual divisions departments and business units that support the strategic goal.

44
Q

Operational goals

A

Include very specific very detailed and low level measurable results expected of individual employees and work groups.

45
Q

Define stretch goals

A

Expanding normal goals to abnormal goals and requiring a radical way of thinking to achieve major and noteworthy improvements.

46
Q

Define Organizational design

A

The process of assessing, evaluating, and matching an organization’s internal strategy with external demands to determine the right organizational structure

47
Q

Define organizational structure

A

The division of labor to ensure the division of labor and unity of command principles exists.

48
Q

Define organizational charts

A

Present hierarchical levels in the management Pyramid, showing who reports to whom in the organization.

49
Q

Define decision making center

A

A place within an organization where decisions are made and the people who make such decisions

50
Q

Define Centralized decision making

A

All decisions are made at high level of management at headquarters. Authority is not delegated.

51
Q

Decentralized decision making

A

Decisions are made at lower levels of management. Authority is delegated. Allows managers autonomy

52
Q

Line function

A

The areas of the company that generate revenue

53
Q

Staff function

A

Supports line function so that the line function can generate revenue for the company

54
Q

Solo department

A

Rigid vertical hierarchy of management with tightly bound infrastructure with solid walls built around it. Tall organizational structure with narrow down of control

55
Q

Border less department

A

Flexible horizontal hierarchy of management management with loosely bounded structures with built in soft walls around it.

56
Q

Agile department

A

Flexible organizational structure with diagonal communication channels and few or no walls built around it.

57
Q

Organizational structure

A

Set of shared values guiding both employees and managers behavior

58
Q

Functional culture

A

Include a Boundary defining roles a sense of identity and commitment stability of the social system through standards and a control mechanism to guide and shape the attitudes of employees

59
Q

Dysfunctional cultures

A

Include barriers to change to diversity and to growth

60
Q

Organizational behavior

A

What employees do an organization and how their behavior affects the organizations performance

61
Q

Organizational change

A

Moving an organization from its current condition to a new condition

62
Q

Organizational development

A

Systematic approach to planned change programs intended to help employees and organizations function more efficiently

63
Q

What are the five red flags indicating that an organization needs to transform

A

When A company’s revenues and profits are decreasing.

When a company’s expenses are increasing

When competition is getting intense

When customers are dropping out or switching to other companies

When managers and employees are not motivated to work

64
Q

Organizational performance

A

The ability of an organization to achieve goals and objectives by utilizing resources to produce goods and services in an effective economical efficient and productive manner

65
Q

Effectiveness

A

A measure of the degree to which an organization achieves it’s stated goals or objectives

66
Q

Efficiency

A

The use of minimal resources to produce an actual volume output in a given time period

67
Q

Economy

A

Paying the least amount and getting the same quality as paying the highest cost

68
Q

Productivity

A

Quantitative measure of output produced relative to the specific amount of input used

69
Q

Traditional innovation

A

Based on the scientists work without the involvement of customers waiting to low success rates

70
Q

Incremental innovation

A

Modify or tweaking current products and services and labeling them new and improved

71
Q

Reverse innovation

A

Learn what customers want but can’t get from existing products

72
Q

Breakthrough innovation

A

Disruptive technologies and radical methods to develop brand-new products that customers didn’t expect

73
Q

Organizational failure results from what

A

Management complacency

management incompetence

failed organization transformation approaches
lack of innovation attempts

unsteady economic growth

resource shortages

Heavy competition

Weak demand for products and services

74
Q

Extreme and unnecessary playing in organizational politics can lead to what

A

Failure or declines

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