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business 101 > midterm 3 > Flashcards

midterm 3 Flashcards

1
Q

a soul proprietorship introduces a form of risk

A

true

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2
Q

in which form of organization do owners have limited liability

A

LLC

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3
Q

which stockholders have the right to vote for board of directors

A

common

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4
Q

which business is easiest to form

A

soul proprietorship

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5
Q

which business entity involves mutual agency

A

partnership

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6
Q

which business entity has double taxation

A

corporation

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7
Q

which business entity has the most government regulation

A

corporation

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8
Q

which business entities have the hardest time gaining capital

A

sole proprietorship and partnerships

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9
Q

which business entity has the longest life span

A

corporation

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10
Q

which allows profit to belong to the owners

A

soul proprietorship

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11
Q

when 2 firms combine to make a new firm its called…

A

merger

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12
Q

what is an advantage of the corporation form of an organization

A

smooth transfer of ownership

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13
Q

when the US dollar is trading less than a foreign currency, the costs of foreign goods are…

A

more expensive

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14
Q

a contactual agreement where someone sells a business idea and gives the rights to use the name and sell a product/service in a given area is a…

A

franchise

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15
Q

what is the legal obligation of a corporation

A

acquire wealth for the stockholders

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16
Q

equity financing is about ownership not borrowing

A

true

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17
Q

the Sarbanes-Oxley act of 2005

A

establishes new or enhanced standards for all US public boards, managements, and accounting firms

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18
Q

the Dodd-Frank act of 2010

A

tightened regulation of credit rating agencies

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19
Q

4 functions of management

A

planning, organizing, leading, controlling

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20
Q

limits on number of products in a certain category a nation can import is called a …

A

import quota

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21
Q

setting work standards and schedules necessary to implement the firms tactical objectives is called

A

operational planning

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22
Q

ethical conflicts can occur due to

A

differing ethics codes, ignorance, organizational and cultural ethics, unrealistic performance goals

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23
Q

this tool identifies internal strengths and weaknesses

A

SWOT

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24
Q

studies suggest the leadership of the organization

A

plays and essential goal in ethical behavior

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25
Q

developing detailed, short-term statements about what is to be done, who is to do it, and how it has to be done describes

A

tactical planning

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26
Q

firms that consistently place value on ethical behavior and foster a culture and climate that orginates at the __ of the organization are more likely to be ethical

A

top

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27
Q

what % of the population is actively pursuing a new business venture

A

10%

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28
Q

__ is the tool of entrepreneurs where they exploit change as an opportunity for a different business or different service

A

innovation

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29
Q

a feasibility analysis

A

is an initial way to test the viability of the business concept

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30
Q

feasibility analysis can be valued for a product or a service based on a business concept

A

true

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31
Q

I will have to pay an interest on __ financing

A

debt

32
Q

I will give up a portion of ownership through __ financing

A

equity

33
Q

entrepreneurs and their ventures

A

create jobs, are innovative, are often better in touch with market needs, are highly adaptive

34
Q

countries like __ are known for their expansive natural resources

A

saudi arabia and Venezuela

35
Q

a potential negative impact of outsourcing might be

A

reduction of domestic jobs

36
Q

exporting produces jobs for the exporting country

A

true

37
Q

there is no global or international. system of laws therefore these laws are inconsistent

A

true

38
Q

US firms must follow US laws while conducting global business

A

true

39
Q

a partnership in which firms join to undertake a major project and share technology and risk is called a

A

joint venture

40
Q

a partnership between firms established to help each other build competitive advantage but not risk and profits is called

A

strategic alliances

41
Q

these are taxes on imports that make imported goods more expensive

A

tariff

42
Q

government tariffs benefit

A

producers of products with tariffs

43
Q

a favorable balance of trade occurs when the value of

A

imports is less than the value of exports

44
Q

a major advantage of licencing is

A

very little cost to owner

45
Q

a business __ obey the law or deal with consequences

A

must

46
Q

primal and civil law are derived from these sources

A

statutory law

47
Q

if global trade experts predict that the value of the dollar will soon fall it will result in

A

prices of imported goods falling but prices of US goods sold overseas to rise

48
Q

people from other nations sometimes comment in the ethnocentric attitudes of US businesses

A

believe that American culture is superior to other cultures

49
Q

obeying the law is __ ethical behavior

A

the first steps toward

50
Q

violations of __ law may result in fines but not imprisonment

A

civil

51
Q

a purposeful unlawful act to deceive or manipulate to trick people

A

fraud

52
Q

a firm’s corporate social responsibility describes its

A

concern for the wealfare of society

53
Q

organizational structure of a corporation permits

A

stockholders to elect the board of directors

54
Q

a merger involving a bakery and a grocery store is an example of a…

A

linear

55
Q

which alternative disputes resolution is a form of negotiation involving a thirds party mediator to help reach a non binding settlement

A

mediation

56
Q

current trade data shows one county exports far more to other nations than its imports, this country has

A

an unfavorable balance of trade

57
Q

Us consumers purchasing olives from Spanish, California, and Texas grown varieties, imported olives are subjected to tariffs. what is most likely to mean for US consumers

A

domestically grown olives will cost less than Spanish- grown olives

58
Q

a __ is a written document that details the business ideas the target market, and the business’ competitive advantage, financial resources available and the quantification of the management

A

business plan

59
Q

what description best reflects entrepreneural personality traits

A

tolerant of uncertainty and highly energetic

60
Q

a patent gives inventors elusive rights to their inventions for

A

20 years

61
Q

a __ will protect the creators of original works of authorship such as literary, dramatic, musical, and artistic works

A

copyright

62
Q

__ will protect use of symbols, shapes, colors, and sounds- all parts of a firms trade dress

A

trademark

63
Q

__ will protect other from coping the unique design a physical product

A

patent

64
Q

an ethical dilemma refers to a situation where you must

A

chose between a correct and incorrect options

65
Q

a merger involving a software manufacture and a clothing manufacturer is an example of a

A

conglomerate

66
Q

which of the following is required for enforcing a legal contract

A

voluntary agreement, consideration, contractual capacity, legal purpose

67
Q

charitable donations corporations are considered

A

corporate philanthropy

68
Q

a person working within a corporation to launch a new products and profit is called a

A

intraprneur

69
Q

although the FTC regulates a variety of business practices, it allocates a large portion of its resources to curbing

A

false advertising, misleading pricing, deceptive packaging, deceptive labeling

70
Q

the _ was enacted to simplify law for business transaction

A

Uniform commercial code

71
Q

violations of the clean air act are enforced by the

A

environment protection agency EPA

72
Q

what alternative dispute method is a form of negotion involving a third part to reach a binding settlement

A

binding arbitration

73
Q

what are angel investors

A

private investors in emerging startups in exchange for equity stakes

74
Q

what are the 9 building blocks

A

value proposition, customer segments, channels, customer relations, revenue model,ket resources, key partnerships, key activities, cost structure

75
Q

what are the strategies for reaching global market

A

licensing, exporting, franchising, joint ventures, control manufacturing, foreign direct

business 101 (1 decks)

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