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Business Careers > Test #1 > Flashcards

Test #1 Flashcards

1
Q

What is a Free Enterprise?

A

A free Enterprise is a system of business, in which individuals decide what to produce, how to produce it, and at what price to sell it
(they have the liberty to do what they want and what they don’t want, price, marketing,where)

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2
Q

What is a Business?

A

A Business is an the action to get profits, to produce and sell, the goods and services that satisfy society’s needs
(it the doing part)

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3
Q

What a successful business must have?

A
  • Be organized
  • Satisfy needs
  • Earn a profit
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4
Q

What are the resouces you need to be organized?

A
  1. Material: if you make some cake you will need sugar, butter.
  2. Human: making sure that you have enough employer.
  3. Finance: to maintained the business to pays employer.
  4. Information: understanding the law and politics, the markets your in
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5
Q

What is a E-Business?

A

A E-Business is to produce and sell for a profit, the goods and services that satisfy society’s needs on internet
(buy some product online, ex: amazon)

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6
Q

determined the terme profit:

A

Profit is what remains after all business expenses have been deducted from sales revenue
Revenue – Expenses = Profit

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7
Q

determined the terme loss:

A

A loss is when a firm’s expenses are greater than its sales revenue (your company will not survive)

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8
Q

What is scarcity?

A

Scarcity: limited resources (money, time, you don’t have access to every thigh etc.)

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9
Q

1.what is the study of the decisions made by individuals and businesses.

2.what is the study of the national economy and the global economy.

A

Microeconomics
(small)

Macroeconomics
(big)

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10
Q

Factors of Production: the resource that are necessary to make or give the product
There are 4 such factors:

A
  1. Land and natural resources (wood, air, water)
  2. Labour (offering the service, making sure that the compagni is going good)
  3. Capital
  4. Entrepreneurship (creating a new product, a new service)
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11
Q

What are the Types of Economic Systems ?

A

Capitalism: (they want to own everything: my business, my money)

Socialism: (the government decide what is doing what, ex:the quebec health system)

Communism: (the people decide what are best for them)

Mixed Economy: (the best of every types of economic systems)

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12
Q

what some advantages and some disadvantages of being a sole proprietorship ?

A

Advantages:
no special taxes
flexibility of being your own boss
retention of all profits
Disadvantage:
you are the responsible
business die with you
difficulty hiring employees

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13
Q

what is a Partnership?

A

A voluntary association of two or more persons to act as co-owners of a business for profit

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14
Q

what is a General Partner?

A
  • General Partner is a person who assumes full or shared responsibility for operating a business
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15
Q

What is a Limited Partner?

A

A person who invests money in a business but who has no management responsibility or liability for losses beyond their investment in the partnership

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16
Q

What are the advantages and the disadvantages of a corporation?

A

Advantages:
Less responsability (liability)
specialized management
Disadvantages:
Double taxation
Difficulty and expense of formation

17
Q

What is a Merger?

A

when 2 business joined together and change the name

18
Q

Small business is ?

A

an independent business having fewer than 500 employees

19
Q

What are the advantages and the disadvantages of a small business?

A

Advantages:
-Personal relationships with customers and employees
-Ability to adapt to change
Disadvantages:
Risk of failure
Limited potential

20
Q

What are the three basic purposes of a business plan ?

A
  1. Communication
  2. Management
    3.Planning
21
Q

Define the terme Management?

A

something we are all engage in, the decision we made to get the job done to achive our goals

22
Q

What is Managers?

A

Taking all decision: who is doing what, what resources we us this is the thinking work

23
Q

Who are the Staffing?

A

employee you will need to produce good or service

24
Q

What mean Downsizing?

A

It a negative aspect: when a business need to fire people because they don’t do a good job or because the economy is not going good we cannot kip every employee

25
Q

What the High-Level Management do?

A

more intellectual, not a lot of interaction with the employee planning and organizing (think)strategic decision, they look at the future, the face of the business, $$$ (martin)

26
Q

What the Middle Management do?

A

who need to do what when where, doing the plan (doing) what need to be done in the present (Stephanie)

27
Q

What the Front-Line Management do?

A

direct contact with the employee, leading them with the plan the Middle Management plan, figuring out solution if they had some problem, making sure that the market is open (moi)

28
Q

define the terme Stakeholders

A

the different people or groups of people who are affected by an organization’s policies, decisions, and activities
invest in the company, someone important

29
Q

Businesses are usually organized as one of three specific types what are they?

A
  1. Service → produce services
  2. Manufacturing → process materials into goods (physically touch)
  3. Marketing Intermediaries → buy and sell products from manufacturers (offer product but they don’t make it, exemple: Arow, buy the Symcod computer to sell it
30
Q

What is a Corporation?

A

somerone that own the compagny but separate from it ex:if he die the compagny dont die

31
Q

Define the terme Acquisition

A

when a company buy another company and put is name ex: maxi buy loblaws and call it maxi

32
Q

Define the terme Hostile Takeover

A

it when the owner of a company decide to buy another company even if the other boss are not agree

33
Q

What is the terme Corporate Growth

A

the ways we measure success

34
Q

Define the terme Franchise

A

is a license that you gets when you buy another company that already exist (if i decide to buy a Tim)

35
Q

Who is the Franchisor?

A

The principale owner of the compagy (the person that own Tim)

36
Q

Who is the Franchisee?

A

The person that buy the franchise (license) to lead his Tim

37
Q

Businesses are usually organized as one of three specific types what are they?

A
  1. Service → produce services
  2. Manufacturing → process materials into goods (physically touch)
  3. Marketing Intermediaries → buy and sell products from manufacturers (offer product but they don’t make it, exemple: Arow, buy the Symcod computer to sell it

Business Careers (3 decks)

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