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BUS100 > test 1 > Flashcards

test 1 Flashcards

1
Q

five factors of production

A

land, labor, capital, entrepreneurship, knowledge

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2
Q

five elements of business environment

A

economic and legal environment, technological environment, competitive environment, social environment, global business environment

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3
Q

forms of business ownership

A

sole propriertorship, corporations, partnerships

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4
Q

disadvantages of sole proprietorships

A

unlimited responsibility, limited resources, management difficulties, time commitment, limited life span/growth

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5
Q

master limited partnership

A

partnership that looks like a corporation and taxed like a partnership avoiding corporate income tax

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6
Q

LLP(limited liability partnership)

A

a partnership that limits partners risk of losing personal assets to their acts

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7
Q

disadvanatge of partnerships

A

unlimited liability, division of profits, disagreements among partnerships

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8
Q

alien corps

A

business in US but chartered inn another country

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9
Q

domestic corporation

A

business in the state they are chartered

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10
Q

foreign corporation

A

business in one state chartered in another

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11
Q

closed corporations

A

stock held by a few people

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12
Q

open corporation

A

sell stocks to general public

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13
Q

Quasi- public corporations

A

chartered by government as approved monopoly performing services to public

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14
Q

professional corporations

A

owned by those offering professional services

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15
Q

corporations get limited liability and are their own legal entity

A

true

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16
Q

S corporation

A

unique government creation that looks like a corporation but is taxed like sole proprietorship, have shareholders, directors, employees, plus benefit of limited liability. Profits are taxed only as personal income of the shareholders. Loses can be deducted from tax forms. No more then 100 shareholders, derive no more than 25 of income from passive source(rent)

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17
Q

LLC

A

choice pf taxation, limited liability. no stocks

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18
Q

merger

A

two firms form one company

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19
Q

vertical merger

A

joining of two companies in different stages of related businesses

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20
Q

horizontal merger

A

joining of two firms in same industry

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21
Q

conglomerate merger

A

joining of firms in completely unrelated industries

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22
Q

leveraged buyout

A

attempt by employees, management, private investors to buyout stockholders

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23
Q

free trade

A

movement of goods/services among nations without political/economic barriers

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24
Q

comparative advantage theory

A

a country should sell to other countries those products it produces most effectively and efficiently, and buy from other countries those products it can’t produce as efficiently

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25
Q

small business exports

A

account for 1/3 of all US exports

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26
Q

balance of trade

A

total value of nations exports compared to its imports measured over particular time period

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27
Q

trade surplus

A

exports>imports

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28
Q

trade deficit

A

exports<imports

29
Q

balance of payments

A

difference between money coming into a country and money leaving the country

30
Q

dumping

A

selling products in a foreign country at lower prices than those charged in the producing country

31
Q

licensing

A

a firm deciding to compete in a global market by licensing the right to manufacture its products and use its trademark to a foreign company for a royalty

32
Q

advantages of licensing

A

licensor spends little or no money to produce and market their products

33
Q

indirect exporting

A

occurs when export trading companies assist by helping with negotiation and establishing trading relationship

34
Q

franchising

A

a contractual agreement where someone with a good idea for business sells the others the right to use the business name and sell a product r service in a given territory

35
Q

contract manufacturing

A

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

36
Q

joint venture

A

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

37
Q

benefits of international joint ventures

A

shared technology/risk, shred marketing/managing expertise, entry into markets where foreign companies aren’t allowed unless goods are produced locally

38
Q

strategic alliance

A

long term partnership between two or more companies established to help each company build competitive market advantages

39
Q

foreign direct investment

A

buying of permanent property and businesses in foreign nations. The most common FDI is a foreign subsidiary; a company owned in a foreign country by a parent company.

40
Q

multinational corporation

A

manufactures and markets producst in different countries and multintional stock ownership

41
Q

trade protectionism

A

the use of government regulations to limit the import of goods and services

42
Q

protective tariffs

A

raise retail price of imports to make domestic goods competitively priced

43
Q

revenue tariffs

A

designed by raise money for governments

44
Q

import quotas

A

limits number of products in certain categories a nation can import

45
Q

embargo

A

ban on import or export of certain product

46
Q

world trade organization

A

mediates trade disputes among 164 nations

46
Q

franchisor

A

company developing a product concept and sells others the right to make and sell the products

47
Q

common market

A

regional group of countries with a common external tariff, no internal tariffs and coordinated laws to facilitate exchange

47
Q

outsourcing

A

the process whereby one firm contracts with other companies often in other countries to do some or all functions

48
Q

acquisition

A

one company’s purchase of the property and obligations of another company

48
Q

limited liability

A

the responsibility of a business owner(s) fpr losses only up to the amount they invest

49
Q

conventional corporation

A

a state chartered legal entity with authority to act and have liability seperate from its owners

49
Q

cooperative(co-op)

A

a business owned and controlled by the people who use it with similar needs who pool their resources for mutual gains

50
Q

corporation

A

a legal entity with authority to act and have liability seperate from its owners

51
Q

franchisee

A

person who buys a frnachise

51
Q

general partner

A

an owner who has unlimited liability and is active in managing the firm

52
Q

general partnership

A

a partnership in which all owners share in operating the business and in assuming liability for business debts

53
Q

incubators

A

centers that offer new businesses low cost offices with basic business services

53
Q

limited partner

A

an owner who invest money in the business but does not have any management responsibility or liability for losses beyond the investment

53
Q

unlimited liability

A

responsibility of business owners for all the debts of their business possibly including personal assets

54
Q

business plan

A

a detailed written statement that describes the nature of the business: the target market, the advantages the business will have in relation to the competition, and the resources and qualifications of the owner

54
Q

enterprise zones

A

specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support

55
Q

intrapreneurs

A

creative people who work as entreprenuers within corporations

55
Q

Entrepreneural team

A

a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product

55
Q

market

A

cpeople with unsatisfied needs and wnats who have both the resources and willingness to buy

56
Q

microprenuers

A

entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do and offers a balanced lifestyle

57
Q

small business

A

a business that is independently owned and operated. Is not dominate in its field of operation and meets certain standards of size in terms of employees or annual receipts

57
Q

SBA(small business administration)

A

a US government agency that advises and assists small business by providing management training and financial advice/loans

57
Q

service corps of retired executives (SCORE)

A

an SBA office with volunteers from industry, trade associates, and education who counsel small business at no cost

BUS100 (3 decks)

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