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BUSINESS FINAL > STUDY GUIDE > Flashcards

STUDY GUIDE Flashcards

1
Q

5 Areas of Business Environment

A

-Economic & Legal
-Technological
-Competitve
-Social
-Global Business

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2
Q

3 types of mergers

A

-horizontal
-vertical
-conglomerate

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3
Q

Person that takes risk to start a business

A

Enterpreneur

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4
Q

Total Sales

A

Revenue

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5
Q

4 Rights of Free Market Capitalism

A

1) Right to private property
2) right to own a business
3) Freedom of competition
4) Freedom of choice

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6
Q

4 Types of Competition

A

1) Perfect competition
2) Monopolistic Competition
3) Monopoly
4) Oligopoly

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7
Q

Invisble Hand Theory

A

Self directed gain results in social and economic benefits

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8
Q

Mixed Economy

A

Economic system where resources allocated by both market and government

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9
Q

Absolute Advantage

A

Full advantage over all economies

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10
Q

Comparative Advantgae

A

Advantage

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11
Q

Balance of Payments

A

Exports - Imports + Money Flow

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12
Q

Protective Tariff

A

Raised retail price on an import product

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13
Q

Protective Tariff

A

Raised retail price on an import product

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14
Q

Import Quota

A

Limits the number of products in a certain category a nation can input

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15
Q

Common Market

A

Group of countries that have the same external tariff

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16
Q

Ethics

A

Standard of moral behavior

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17
Q

Ethics

A

Standard of moral behavior

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18
Q

Whistle blower

A

One who works inside of a company and reports illegal or unethical behavior

19
Q

4 Basic Consumer Rights

A

1) Safety
2) Choice
3) To be informed
4) To be heard

20
Q

3 Responsibility of a company

A

1) Employees
2) Environment
3) Society

21
Q

Sole Prop

A

Company managed by one indiviudal

22
Q

Sole Prop

A

Company managed by one indiviudal

23
Q

Partnership

A

Company managed by two or more entities

24
Q

Corporation

A

A legal entity where liability is separate from owners

25
Q

Vertical Merger

A

Two firms joined of related businesses

26
Q

Horizontal Merger

A

Two firms in the same industry that want to diversify their business

27
Q

Conglomerate

A

Unrelated industries come together in order to diversify business operations

28
Q

Franchise Agreement

A

Selling a good idea to a business for the business to use

29
Q

Intrapreneurs

A

An entrepreneur inside of a corporation

30
Q

Business Plan

A

Planning, target market, advantages, nature of business, qualifications met

31
Q

Business Plan

A

Planning, target market, advantages, nature of business, qualifications met

32
Q

4 Types of Planning

A

1) Contigent Planning
2) Strategic Planning
3) Tactical Planning
4) Operational Planning

33
Q

Mission Statement

A

Outlines the fundamental purposes of your business

34
Q

3 Skills of Management

A

1) Technical Skills
2) Human Relationship Skills
3) Conceptual Skills

35
Q

3 Leadership Styles

A

Autocratic
Participative
Free-Reign

36
Q

Line Organization

A

Straight chain of command

37
Q

Line-Staff Organization

A
38
Q

Span of Control

A

Number of employees a manager can supervise

39
Q

Centralized

A

Decisions are made at the top of the organizations

40
Q

Decentralized

A

Decisions are delegated throughout the levels of the ortganziation

41
Q

Decentralized

A

Decision are delegated throughout the organization

42
Q

Fred Taylor

A

Father of Scientific Management

43
Q

Elton Mayo

A

Hawthorne Studies

BUSINESS FINAL (1 decks)

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