Brainscape's Knowledge GenomeTM

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


See full index

BUSA 100 > Powerpoints > Flashcards

Powerpoints Flashcards

1
Q

4 Types of resources

A

Natural, Human, Financial, and Intangible

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

2 types of Capitalism

A

Pure capitalism (A free-market system) and modified

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

Countries that are free-enterprise

A

US, Canda, Japan

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

Rights that must exist for free enterprise systems to work

A

Right to earn property, earn profits and use them as one wishes, determine business operations, choose a caree, where to live or locate a business, what goods/ervices to purchase, and more

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

Economic Expansion

A

Inflation ensues

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

Economic contraction

A

Recession, unemployment, and depression ensue

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

Trade balance

A

The difference between our exports and our imports. If the balance is negative, as it has been since the mid-1980s, it is called a trade deficit and is generally viewed as unhealthy for our economy

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

Consumer price index

A

Measures changes in prices of goods and services purchased for consumption by typical urban housefolds

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

Per capita income

A

Indicates the income level of “average” Americans. Useful in determining how much “average” consumers spend and how much money Americans are earning

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

Unemployment Rate

A

Indicates how many working-age Americans are not working who otherwise want to work

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

Inflation

A

Monitors price increases in consumer goods and services over specified periods of time. Used to determine if costs of goods and services are exceeding worker compensation over time

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

Worker productivity

A

The amount of goods and services produced for each hour worked

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

How the US assesses their economy

A

Growth in GDP and jobs, Government public policy, tax revenue from individuals and businesses

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

2 ways the economy allows entrepreneurs to succeed

A

Free-enterprise system and new technology and innovative management techniques

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

US government involvement in the economy

A

Intervenes occasionally to regulate economy and spur growth

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

Roles of ethics and responsibility in Business

A

Promote public confidence in corporate America, Foster business ethics, encourage socially responsible behavior, push for diversity in the workforce, enhance reputation and drive profits

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

What portion of businesses are sole proprietorships?

A

Nearly 3/4 of all US businesses

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

Advantages of sole proprietorship

A

-Ease and cost of formation
-Secrecy
-Distribution and use of profits
-Flexibility and control of the business
-Government regulation
-Taxation
-Closing the business

19
Q

Disadvantages of sole proprietorship

A

-Unlimited liability
-Limited sources of funds
-Limited skills
-Lack of continuity
-Lack of qualified employees
-Taxation

20
Q

What is the least used form of business in the US?

A

Partnerships

21
Q

2 types of partnerships

A

General and Limited

22
Q

Advantages of Partnerships

A

-Ease of organization
-Availability of capital and credit
-Combined knowledge and skills
-Decision making
-Regulatory controls

23
Q

Disadvantages of partnerships

A

-Unlimited liability
-Responsibilities and conflicts
-Life of the partnership
-Distribution of profits
-Limited sources of funds

24
Q

Rights of a corporation

A

Similar to people
-Can own and transfer property
-Can enter into contracts
-Can sue and be sued in court

25
Q

Who creates corporations?

A

Incorporators

26
Q

5 types of corporations

A

-Domestic
-Foreign
-Alien
-Private
-Public

27
Q

2 Characteristics of Private corporations

A

-No stock is sold to the public
-Not required to disclose financial information to the public

28
Q

2 types of public corporations

A

-Quasi-public
-Nonprofit

29
Q

Advantages of corporations

A

-Limited liabilities
-Ease of transfers of ownership
-Perpetual life
-External sources of funds
-Expansion potential

30
Q

Disadvantages of corporations

A

-Double taxation
-Forming a corporation
-Disclosure of information
-Employee-owner separation

31
Q

3 types of mergers

A

-Horizontal mergers
-Vertical mergers
-Conglomerate mergers

32
Q

2 impacts of small businesses in the American economy

A

-Job creation
-Innovation

33
Q

5 Industries that attract small businesses

A

-Retailing
-Wholesaling (Can assist customers with almost every business function)
-Services
-Manufacturing
-Technology

34
Q

Advantages of a small business

A

-Independence
-Costs
-Flexibility
-Focus
-Reputation

35
Q

Disadvantages of small businesses

A

-High stress level
-High failure rate
-Undercapitalization
-Managerial inexperience or incompetence
-Inability to cope with growth

36
Q

Challenges with starting a small business

A

-Underfunded
-Not understanding your competitive niche
-Lack of effective utilization of social media
-Lack of marketing or business plan
-Poor site selection
-Pricing mistakes
-Underestimating time commitment
-Not finding complementary partners to bring in experience
-Not hiring the right employees
-Not understanding legal and ethical responsibilities

37
Q

Ways to finance a small business

A

-Owner puts up significant percentage of capital needed
-Equity finances from venture capitalists or personal assets

38
Q

Ways to debt finance a business

A

-Loans obtained from banks or the SBA
-Collateral
-Mortgage
-Line of Credit
-Trade credit
-Bartering

39
Q

Approaches to starting a small business

A

-Franchising
-Starting from scratch instead of buying an existing business

40
Q

Advantages of franchises

A

-Management training and support
-Brand-name appeal
-Standardized quality of goods and services
-National and local advertising programs
-Financial assistance
-Proven products/business formats
-Centralized buying power
-Site selection and territorial power
-Greater chance for success

41
Q

Disadvantages for franchises

A

-Franchise fees and profit sharing with franchiser
-Strictadherence to standardized operations
-Restrictions on purchasing
-Limited product line
-Possible market saturation
-Less freedom in business decisions

42
Q

2 things that help the future of small businesses

A

-Demographic trends
-Tech and economic trends

43
Q

How big businesses act small

A

-Emulating smaller firms to improve their bottom line
-Downsizing
-Intrapreneurs

BUSA 100 (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions