Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Administration 101 > Midterm #3 > Flashcards

Midterm #3 Flashcards

You may prefer our related Brainscape-certified flashcards:
Physics 101 flashcards Psychology 101 flashcards Chemistry 101 flashcards Biology 101 flashcards Organic Chemistry 101 flashcards Sociology 101 flashcards
1
Q

what is sole proprietorship? (form of business)
what are the benefits and the risks?

A

easy, quick, affordable, adaptable,
full control with minimal administration
risks: personal exposure, credibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

how do you form a sole proprietorship/make it legal?

A

choose name, filed an assumed business name with the secretary of state, obtain licenses, obtain an employer identification number

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is a partnership?

A

UNLIMITED LIABILITY, LIMITED LIFE AND LIMITED CAPITAL
partners maintain control and benefit (owners=partners)
voluntary association, unlimited liability
prepare a partnership agreement, mutual agency
limited life (debt, death, etc); limited capital access

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

how are partnerships regulated and taxed?

A

relatively unregulated, SINGLE taxation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

how are corporations regulated/taxed?

A

government regulation, DOUBLE taxation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what is a domestic corporation?

A

operate in the state in which it is incorporated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

what is a foreign corporation?

A

operate in states other than state of incorporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

what is an alien corporation?

A

organized in one country and operate in another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

which state has the most fortune 500 companies hqs?

A

delaware (best/least taxes on companies)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what is common stock?

A

voting rights (proxy), residual claims to assets, shares that allow holder to get dividends

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what is preferred stock?

A

no vote, first claim to income (dividend), first claim on assets after debt is paid, higher claim to assets than common stock

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

what is a B corporation?

A

certified by nonprofit B lab, meet standards of social and environmental performance; more than 4k B corps

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what is the corporation required to do by law?

A

to create wealth for its stockholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what is fiduciary responsibility?

A

relationship between the US (economy) and the corporation (business), responsibility to promote and create wealth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what is the 3 P approach, in relation to B corps?

A

people, planet, profit — connects to the triple bottom line where B corps focus on all 3 P’s instead of just profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what is an LLC?

A

limited liability company; benefits: single taxation, flexibility, limited liability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what is a merger?

A

when 2 companies combine into 1

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

what is an acquisition?

A

when one firm buys another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

what are horizontal, vertical and conglomerate acquisitions?

A

horizontal: same industry
vertical: distribution channel, suppliers/distributors
conglomerate: separate industry/unrelated businesses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

what is an entrepreneur?

A

someone who creates a new business to make money by taking advantage of opportunities and using resources to capitalize on them – someone who doesnt have the backing of an established company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

how many businesses, in the US, are started each year by businesses?

A

more than 6 million

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

what are some characteristics of an entrepreneur?

A

take initiative, appreciate risk, confident, self-reliance, perseverance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

what is innovation?

A

tool used by entrepreneurs, process used to create new ideas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

what are some weaknesses of entrepreneurs?

A

often lack natural or exemplary leadership skills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

how are entrepreneurs commonly presented?

A

heroes or villians

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

what are some reasons businesses fail?

A

declining market, lack of succession plan, dysfunctional management, operational inefficiencies, operational mediocrity, lack of cash cushion, poor accounting, out-of-control growth, owners who cant get out of their own way, business just doesnt work

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

what is purposeful innovation?

A

meaningful contribution through: new or different value, combining resources in a more productive way

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

what is intrapreneurship?

A

having/applying an entrepreneurial mindset within an established organization, stimulates innovation in a large company — foster creativity and new ideas for the company to keep growing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

what is crowdsourcing?

A

practice of getting necessary services, ideas, or content by soliciting contributions from a large group of people, especially an online community – not employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

what is an entrepreneurship process?

A

entrepreneurial mindset, idea, opportunity analysis, feasibility analysis, business plan, funding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

what is opportunity analysis?

A

two areas of focus: determine how attractive an industry is overall as a new business, identify possible niches a new entrant can occupy profitably

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

what is feasibility analysis?

A

“should we proceed with this business idea?”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

what is product or service feasibility analysis?

A

determines degree to which product/service idea appeals to potential customers; identifies resources necessary to produce it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

what is financial feasibility analysis?

A

straightforward haha

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

what are the 3 proforma statements?

A

balance sheet, cash flow statement, profit and loss statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

what are the 2 functions of the business plan?

A
  1. guiding company by charting its future course and defining its strategy
  2. attracting lenders and investors who will provide capital
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

what is equity capital?

A

personal investment of owners in the firm, called “risk capital” because investors assume risk of losing money if business fails

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

what are the sources of equity financing?

A

personal savings, friends and family, angel investors, partners, corporations, public stock sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

what are angel investors?

A

private investors in emerging start-ups in exchange for equity stakes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

what is management?

A

accomplishing organizational goals through planning, organizing, leading, and controlling people and resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

what is leadership?

A

influencing and inspiring others to work to achieve a common goal, setting a good example, giving them power and freedom to accomplish it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

what do leaders create?

A

a vision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

what do managers create?

A

goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

what do effective managers and leaders do?

A

hire the right employees, build a culture, communicate the shared vision, motivate workers to perform

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

what does POLC stand for?

A

Planning, Organizing, Leading, and Controlling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

what is a mission statement?

A

outline of fundamental purposes of the organization (philosophy, long-term survival needs, customer needs, social responsibility)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

what are planning goals?

A

broad and long term accomplishments that an organization wishes to attain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

what are planning objectives?

A

specific, short term statements detailing how to achieve the orgs goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

what 2 fundamental questions does planning answer?

A

what is the situation now? (swot analysis)
how can we get to our goal from here? (strategic, tactical, operation, and contingency planning)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

what is SWOT analysis?

A

internal STRENGTHS
internal WEAKNESSES
external OPPORTUNITIES
external THREATS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

what is strategic planning?

A

broad, long range goals by top managers;
major goals, and finding strategies to accomplish

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

what is tactical planning?

A

identification of specific short range objectives by lower level managers; developed and detailed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

what is operational planning?

A

the setting of work standards and schedules to implement tactical objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

what is contingency planning?

A

backup plans in case of failure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

what is the rational decision making model?

A
  1. define the situation
  2. describe and collect needed information
  3. develop alternatives
  4. decide which alternative is best
  5. do what is indicated
  6. determine whether decision was a good one and follow up
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

what is problem solving?

A

solving everyday problems, less formal than decision making, quicker action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

what are the levels of management?

A

top management — middle management — supervisory management — non supervisory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

what is the COO?

A

chief operating officer (donna)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

what is the CFO?

A

chief financial officer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

what is CIO?

A

chief information officer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

what are the 3 skills all employees need in organizing?

A

human relations (communication), conceptual (broad vision), technical (tactile skills)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

why is staffing and hiring the right people so important?

A

expensive investments in people, in high employment hard to find the right people, many will demand fair wages/treatment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

what is an autocratic leadership style?

A

make decisions without consulting others

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

what is a participative/democratic leadership style?

A

managers and employees work together to make decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

what is the free-rein leadership style?

A

managers set objectives and employees are relatively free to do whatever it takes to accomplish objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

what is leading (in broad definition)?

A

empowering workers, authority to make decisions, more coach less boss, enabling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

what is controlling (in broad scope)?

A

control function, measures performance relative to planned objectives, rewards people for work well don, takes corrective action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

what countries does the US consumer mainly buy from?

A

canada, mexico, china, europe

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
69
Q

what is globalization?

A

integration and free movement of people, goods, services, and capital across national borders; influences supply and demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
70
Q

why is there globalization? why is it beneficial for the economy and businesses?

A

increase revenue, access different markets, reduce costs, access different materials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
71
Q

what are the major drivers of globalization?

A
  1. declining trade and investment barriers
  2. technological change
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
72
Q

what are the 3 major technological advances of globalization?

A

communication, information processing, transportation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
73
Q

what does WTO stand for?

A

World trade organization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
74
Q

What does the WTO do?

A

“police force” for world trading system

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
75
Q

what does the international monetary fund do?

A

maintains order in the international monetary system

76
Q

what does the world bank do?

A

promotes economic development

77
Q

what does the united nations do?

A

attempts to maintain international peace and security

78
Q

what is the need for the cruck?

A

to bypass import taxes on trucks from foreign countries (subaru brat)

79
Q

what is importing?

A

buying products from another country

80
Q

what is exporting?

A

selling products to another country

81
Q

what is the inspiration for US exporting?

A

boosts the economy, improves employment numbers

82
Q

why does international trade exist?

A

no nation is entirely self-sufficient, to meet citizens’ needs, mutually beneficial exchange

83
Q

what is the mutually beneficial exchange? (in terms of international trade)

A

countries with abundant natural resources need access to foreign markets or tech from other countries

84
Q

what is free trade? (in terms of international trade)

A

movement of goods and services among nations without political or economic barriers

85
Q

what are the comparative advantages of free trade?

A

a country should sell the products it produces most efficiently and buy from other countries the products it cannot produce as efficiently

86
Q

what is the absolute advantage to free trade?

A

a country has a monopoly on producing a specific product or produce is most efficiently

87
Q

what are the debate/arguments against globalization?

A

jobs and income, labor policies and ecological environment, national sovereignty and culture, the world’s poor

88
Q

what is outsourcing?

A

firm contracts with other firms to do some or all of its functions; could outsource payroll, accounting, manufacturing; offshore outsourcing!

89
Q

what is the balance of trade? (in terms of global trade)

A

TOTAL EXPORTS = TOTAL IMPORTS
total value of a nations exports compared to imports over a particular period

90
Q

what is the trade surplus? (in terms of global trade)

A

VALUE OF EXPORTS>IMPORTS
when the value of country’s exports is more than that of its imports — FAVORABLE

91
Q

what is the trade deficit? (in terms global trade)

A

when the value of country’s exports is less than that of its imports

92
Q

what are the forces affecting trade in global markets?

A

sociocultural, economic and financial forces, legal and regulatory, physical and environmental

93
Q

what are sociocultural forces?

A

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

94
Q

what are examples of sociocultural forces?

A

social structures, religion, manners, customs, values, language, personal communication

95
Q

what are exchange rates?

A

value of one nations currency relative to currencies of other countries

96
Q

what is the high value of the dollar?

A

dollar is trading for more foreign currency; foreign goods are less expensive!

97
Q

what is the low value of the dollar?

A

dollar is trading for more foreign currency; foreign goods are more expensive!

98
Q

what are legal and regulatory forces? (affecting global trade)

A

no global/international system of laws, laws may be inconsistent, US firms must follow US laws while conducting global business

99
Q

what are the environmental forces?

A

developing countries have transportation and storage systems that make international distribution difficult or impossible

100
Q

what is licensing?

A

when a firm (licensor) provides the right to manufacture its product of use its trademark to a foreign company (licensee) for a fee (royalty)

101
Q

what is franchising?

A

a contractual agreement whereby someone with a good idea for a business sells others the rights to use the name and sell a product/service in a given area

102
Q

what is contract manufacturing?

A

a foreign company produces private-label goods to which a domestic company then attaches its own brand name or trademark — outsourcing

103
Q

what are joint ventures?

A

partnership in which two or more firms join to undertake a major project

104
Q

what are strategic alliances?

A

partnership between two or more firms established to help each firm build competitive advantage; dont typically share costs, risks, management, or profits

105
Q

what is foreign direct investment (FDI)?

A

buying of permanent property and business in foreign nations

106
Q

what is a foreign subsidiary?

A

firm owned in a foreign country by another firm (parent)

107
Q

what are the advantages and disadvantages of foreign subsidiaries?

A

advantage: parent maintains control over tech/expertise
disadvantage: must commit funds and tech within foreign boundaries

108
Q

what are the 7 instruments of trade policy?

A

tariffs, subsidies, import quotas, voluntary export restraints, local content requirements, administrative policies, antidumping policies

109
Q

what are tariffs?

A

tax levied on imports, raising the cost of imported products relative to domestic products

110
Q

why do governments impose tariffs?

A

increase government revenue, provide protection to domestic producers against foreign competitors by increasing the cost of imported foreign goods, force consumers to pay more for certain imports, tariffs are pro-producer and anti-consumer and tariffs reduce the overall efficiency of the world economy

111
Q

what are subsidies?

A

government payment to a domestic producer, help domestic producers – compete against low-cost foreign imports gain export markets, consumers typically absorb costs of subsidies

112
Q

what are import quotas?

A

direct restriction on the quantity of goods imported into a country

113
Q

what is dumping?

A

selling goods in a foreign market far below cost of production or selling goods below their “fair” market value; method to unload excess production

114
Q

why are there anti-dumping policies?

A

predatory behavior: profits from home markets to subsidize prices in a foreign market, drives indigenous competitors out of that market, later raising prices

115
Q

what are some common ethical issues with global business?

A

employment practices, human rights, environmental regulations, corruption

116
Q

what is corruption? (in simple terms)

A

dishonest behavior by those in positions of power, such as business managers or government officials.

117
Q

what are the 3 levels of ethical standards?

A
  1. the law
  2. organizational policies and procedures
  3. the moral stance employees take when faced with decisions not governed by formal rules
118
Q

what is the definition of ethics?

A

the standards of moral behavior, behaviors accepted by society as right vs wrong

119
Q

what is the front page test?

A

a test/mindset that if any of the internal business movements were displayed on the front page of a newspaper, they shouldn’t affect or should positively affect that business’s reputation

120
Q

where do ethics originate?

A

organizational ethics begin at the top, managers and leaders set the example and instill core values of the company

121
Q

what are the basic rights of consumers?

A

the right to: safety, to be informed, to choose, to be heard

122
Q

how does a manager shape the organization and the world that employees inhabit?

A

employment agreement, structure of the job (task), interpersonal interaction

123
Q

why do some managers behave unethically?

A

personal ethics code, do not realize they are behaving unethically, organizations culture, unrealistic performance goals, unethical leadership

124
Q

what is the fraud triangle?

A

perceived opportunity, rationalization, perceived pressure

125
Q

what are examples of the fraud triangle?

A

enron, tyco, worldcom

126
Q

what are the causes of the enron scandal?

A

conflict of interest, lack of attention, lack of truthfulness, enrons culture

127
Q

what is the sarbanes-oxley act of 2002?

A

establishes new or enhanced standards for all US public company boards, management, and public accounting firms — AKA sarbox

128
Q

what is the dodd-frank wall street reform and consumer protection act of 2010?

A

comprehensive regulation of financial markets, the consolidation of regulatory agencies, consumer protection reforms, tightened regulation of credit rating agencies

129
Q

why was the dodd-frank wall street reform and consumer protection act of 2012 passed?

A

in response to the financial crisis of 2008, most significant changes to financial regulation in the US since the great depression

130
Q

what is business ethics?

A

the accepted principles of right or wrong governing the conduct of business people; often codified into laws but behaving ethically goes beyond staying within the law

131
Q

what are some ethical issues?

A

self-dealing, information manipulation, anticompetitive behavior (intentionally harming competitors), opportunistic exploitation, substandard working conditions, environmental degradation, corruption

132
Q

what is the friedman doctrine?

A

as long as the company stays within the law and the rules of the game without deception or fraud – anything is free game to increase profit

133
Q

what is the freeman/stakeholder theory?

A

companies should bear responsibilities to all of the individuals their activities affect and upon whom their existence depends

134
Q

what role does marketing and promotion play into ethics?

A

creating awareness, creating an image, reaching the target market, value and purpose, connecting with your market and building loyalty —- all can impact generations with possible misinformation to garner profit

135
Q

what is corporate social responsibility?

A

companies make a concerted effort to operate in ways that enhance rather than degrade society and the environment

136
Q

what is a private enterprise?

A

market turns self-interest into social good

137
Q

what is required to have a private enterprise? how is it ensured?

A

private property, freedom of choice, right to keep profits, fair competition — all ensured by the government

138
Q

what are some problems with business?

A

power of business vs consumer; actions of business vs consumer; public reaction; governments reaction

139
Q

what is government intervention? what is the purpose?

A

ensure fair competition, private property, freedom of choice, right to keep profits

promote economic health, social responsibility, correct market failures, ethical lapses

140
Q

how is government intervention enacted?

A

rule of law, industry regulation

141
Q

what is common law?

A

judges establish when deciding disputes - precendents

142
Q

what is statutory law?

A

enacted by a federal or state legislature

143
Q

what is administrative law?

A

regulations passed by state and federal administrative agencies

144
Q

what is the role of the judiciary branch?

A

settles disputes through application of law, trial courts (dispute is first heard) and appellate courts (dispute heard again if lower court errors)

145
Q

what is criminal law? what is the punishment?

A

dispute between government and individual; fines and/or imprisonment

146
Q

what is civil law? what is the punishment?

A

dispute between two individuals; fines

147
Q

what is torts?

A

civil wrong inflicted on other people or their property; include all wrongs that are not a breach of contract

148
Q

what are some examples of torts?

A

assault, slander, libel, product liability, fraud

149
Q

what is fraud?

A

someone ‘hurts’ another by deception or manipulation, something said or done in a dishonest way to trick people

150
Q

what is alternative dispute resolution?

A

arbitration and mediation

151
Q

what is arbitration?

A

binding, non-binding

152
Q

what is meditation?

A

non-binding… always

153
Q

what are the types of property?

A

real, personal (and intellectual)

154
Q

what is real property?

A

real estate and everything permanently attached to it

155
Q

what is personal property?

A

everything else (tangible and intangible)

156
Q

what is intellectual property?

A

generate by a persons creative activities (ex musical works, artwork, computer software)

157
Q

what types of intellectual property are there?

A

patent, trademark, copyright

158
Q

what is a patent?

A

inventors get exclusive right to inventions (20 years)

159
Q

what is a trademark?

A

symbols used by firms to identify; distinctive word, symbol, design, name, logo, slogan – noted by the R circle symbol

160
Q

what is a copyright?

A

authors have exclusive rights to documents; literary, dramatic, musical, and artistic works, denoted by C circle symbol

161
Q

what is a patent troll?

A

a company or person that acquires a lot of patents without the desire to actually develop the products

162
Q

what is a genericized trademark?

A

primary meaning of the genericized trademark becomes the product or service itself – kleenex, aspirin

162
Q

what is a patent vs a trade secret?

A

patent is limited in time, requires compliance, and takes effect immediately; trade secrets: others can reverse engineer, anyone may use it once discovered, may be otherwise patented

163
Q

what is a breach of contract?

A

a violation of a valid contract where the injured party goes to court to enforce contract and sometimes collect damages

164
Q

what is agency?

A

acts on behalf of another (in others interest)

165
Q

what are the 3 elements of a contract?

A

legal purpose, consideration, voluntary agreement

166
Q

what is contractual capacity?

A

to be a legal the parties must have a legal ability to enter into the contract - they must have contractual capacity

167
Q

who are some people who lack contractual capacity?

A

minors, mentally unstable/incapable/insane, intoxicated, under duress or coercion

168
Q

what is bankrupcty?

A

give an honest debtor a “fresh start” in life by relieving the debtor of most debts

169
Q

what did the 2005 personal bankruptcy laws change?

A

require people with income at certain levels to pay some or all of their financial obligations

170
Q

what is the uniform commercial code?

A

first published in 1952, seeks to “harmonize” the law of commercial transactions in all 50 states

171
Q

what are express warranties?

A

specifically defined by the seller

172
Q

what are implied warranties?

A

legally imposed on seller/disclaimed

173
Q

what are the governments other roles?

A

manage money, take money out of markets, put money into markets, regulate industries

174
Q

what is the FDA?

A

the food and drug administration

175
Q

what is the FTC?

A

federal trade commission

176
Q

what is “business model thinking”?

A

large goals, product development and startup ventures, language for communicating

177
Q

what are the 9 components of business models?

A
  1. value propositions
  2. customer segments
  3. channels (of distribution)
  4. customer relationships
  5. revenue model
  6. key resources
  7. key partnerships
  8. key activities
  9. cost structure
178
Q

what are value propositions?

A

solving a need or product, development: question assumptions, iterate through learning; making business valuable, “selling” the business

179
Q

what is customer segments?

A

business exists for customers, not vice versa

180
Q

what are channels?

A

distribution, supply chain, product life cycle; sales channels

181
Q

what are customer relationships? how are they maintained?

A

get, grow, and keep customers; get: CRM, customer acquisition costs; grow: grow from existing customers; keep: maintain current customers, satisfy

182
Q

what are key resources in the business model?

A

finance, physical, intellectual…. assets

183
Q

what are the key partnerships in a business model?

A

partners and suppliers, interdependent

184
Q

what are the key activities in the business model?

A

most important attributes, value chain

185
Q

what is the cost structure of the business model?

A

most expensive key activities

Business Administration 101 (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions