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Operating Business > OSHA Exam 1 > Flashcards

OSHA Exam 1 Flashcards

1
Q

the principle government agency concerned with the financing, operation, and management of a small business

A

Small business administration

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2
Q

one who organizes, manages, and assumes the risk of a business firm

A

Entrepreneur

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3
Q

A. Mining/manufacturing (500 to 1500 employees)B. wholesale trade ( up to 500 employees)C. Retail trade (20 to 100 employees)D. Services ( 25 to 300 employees)

A

Quantative criteria

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4
Q

A. Actively managed by its ownersB. highly personalizedC. Largely local in its area of operation D. Largely dependent on internal sources of capital to finance its growthE. business is not a major force in the particular industry (not dominant)

A

Qualitative criteria

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5
Q

one which makes finished goods from raw materials by hand or machinery

A

Manufacturing

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6
Q

one that purchases finished goods for resale

A

Merchandising

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7
Q

one that provides a service as opposed to a product

A

Services

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8
Q

A. Interdependence of businessB. CompetitionC. Innovation

A

Economics contributions of small business in the US

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9
Q

the dependency of business on one another

A

Interdependence of business

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10
Q

the practice of trying to obtain something that is being sought by others under similar circumstances at the same time

A

Competition

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11
Q

the introduction of something new; a new idea, method or device

A

Innovation

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12
Q

-lack of human resource planning -capital shortages, lack of available money-tax burdens-government regulations-consumerism

A

Problems & risks of business ownershipExternal problems

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13
Q

-capital shortages, lack of available money -securing funds, good interest rates -maintaining cash reserves

A

External problems

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14
Q

developing a comprehensive strategy for meeting future human needs

A

human resource planning

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15
Q

the emphasis placed on providing to consumers (families) products and services that are safe, reliable, and honestly advertised; also a social movement that seeks to strength the rights of consumers relative to sellers-caveat emptor vs.caveat vend intro-let the buyer beware vs let the seller beware

A

Consumerism

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16
Q

-Lack of expertise (mismanagement)-Financial shortages (poor cash flow)-Human resource management

A

Problems & risks of business ownershipInternal problems

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17
Q
  1. Why is the business for sale?2. What is profit potential?3. Tangible assets4. Who is competition5. Intangible assets6. human resource forecast
A

Purchasing an existing firm or start a new one

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18
Q

-book value-replacement value-liquidation value-earnings valuation

A

Determining the price - valuation of tangible assets

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19
Q

the cost of a fixed asset less accumulated depreciation

A

book value

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20
Q

the fair market price to purchase similar assets

A

replacement value -

21
Q

the anticipated value of an assets that would be realized in case of liquidation

A

liquidation value (market value)-

22
Q

the approach centers on estimating the amount of potential income that may be produced by a business in the next year

A

earnings valuation -

23
Q

-goodwill -copyrights -patent -trademark

A

Determining the price - valuation of intangible assets

24
Q

such as name of the firm–intangible inasmuch as it enables a business to earn a profit in excess of the normal rate of profit by other business of the same kind

A

-goodwill

25
Q

the registered right of the creator to reproduce, publish, and sell the work which is the product of the skill and intelligence of that person

A

-copyrights

26
Q

the registered right of an inventor to make, use, and sell an invention

A

-patent

27
Q

a distinct name, sign or symbol that the federal government grants exclusive rights to use for a specified period of time

A

-trademark

28
Q

-cash, owner financing, third party financing

A

Terms of the Sale

29
Q

-prior work experience, -personal experience, -hobbies, -accidental discovery, -deliberate search

A

Sources of new ventures

30
Q

-a group of potential customers possessing purchasing power and I satisfied needs

A

Market

31
Q

-used to determine where potential customers are located

A

Market survey

32
Q

-demographics, economic base, population trend, income trend/changes, competition, social & business climate

A

Market survey

33
Q

-the statistical study of human populations with respect to their size, density, distribution, composition and income

A

Demographic

34
Q

-wealth produced in or near a community that provides employment and income to the local population

A

Economic base

35
Q

population trend, income trends of the community, social and business climate, selecting the site

A

Other important procedures in the selection of the community

36
Q

-census of population, census of business, census of housing, census of manufacturing

A

Sources of market data

37
Q

Sole proprietorship: Partnership: Corporation: Limited Liability Company (LLC)

A

Legal Forms of Organization

38
Q

business owned and operated by one person

A

Sole proprietorship:

39
Q

business owned by two or more persons

A

Partnership:

40
Q

legal entity authorized by a state to operate a business under the entity’s charter or articles of incorporation.

A

Corporation:

41
Q

-advantages: –simple to start/minimum legal requirements–minimum capital requirements/low cost–freedom to manage/control in owner’s hands–profit incentive/confidential information

A

Sole proprietorship:

42
Q

-disadvantages–unlimited liability/risk–limited management talent–limited size/opportunities –limited life – unstable in terms of longevity

A

Sole proprietorship:

43
Q

-advantages:–combined management, talent, and capital–easy to form–efficiency of labor

A

Partnership:

44
Q

-disadvantages:–lack of continuity (limited life)–decisions binding on both parties–frozen investments

A

Partnership:

45
Q

An artificial being, invisible, intangible, and existing only in the contemplation of law.-is a legal entity with an existence and life separate from its owners. Because of this separation, the owners are not personally liable for the corporation’s debts-corporation are taxable entities

A

Corporation:

46
Q

-advantages:–continuity of existence–ease of ownership–limited liability–large financial capacity

A

Corporation:

47
Q

-disadvantages:–legal restrictions on activities–separation of ownership & control–lack of personal interest–double taxation on earning

A

Corporation:

48
Q

-advantages:–corporate-like limited liability and asset protection–flexibility of partnership–tax status of partnership

A

Limited Liability Company (LLC)

49
Q

-disadvantages:–if not properly structured can be taxed like a regular “C” corporation –limited life (usually 30 years)–due to newness case law and IRS rules are not well developed

A

Limited Liability Company (LLC)

Operating Business (4 decks)

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