Test 2 Flashcards
The ability to convert an asset to cash quickly
Liquidity
A hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership
Limited liability corporation
Someone that owns a stock in a company
Shareholders
Someone that affects or can be affected by the actions of a company
Stakeholder
Highest ranking officer in charge of running a company
CEO - Chief Executive Officer
Someone that simply owns a company but does not run it
Owner
A type of public offering where shares of stock in a company are sold to the general public for the first time - the company goes from private to public
IPO - Initial Public Offering
Owning a store that uses another firms successful business model
I.e. Mcdonalds
Franchise
This spirit inspires others to be the best they can be. From passion and positivity to leadership and ambition.
- passion, positivity, adaptability, leadership, and ambition
Entrepreneurial spirit
Seeking cheaper ways to build/operate outside of the home country
Outsourcing
A body of elected members who jointly oversee the activities of a company
Board of directors
A type of business that is owned by one person with high liability because it falls on one person
Sole proprietorship
Quantifiable statistics of a given population
Demographics
Four P’s of marketing
Product - the good or service you provide
Place - where do you distribute, where are you located
Price - how much are you going to charge
Promotion - how are you going to get your product out there and
known about
4 functions of management
Planning - evaluate where company is, what effects the company, determine strengths and weaknesses
Organizing - organize resources to implement course of action, create internal organizational structure, divide up work
Directing - influence and oversee the behavior of staff
Controlling - evaluate job performance, identify problems
A business deal
Transactions
The arts and other manifestations of human intellectual achievement
Culture
A more experienced individual does this to a less experienced person so that they can learn and grow
Mentoring
A formal statement of a set of business goals, purpose, and plan for achieving goals
Business plan
Compensation for the use of property
Royalties
SWOT Analysis
Strengths, weaknesses, opportunities, and threats
A structured planning method used to evaluate a project
Inner strengths and weaknesses that an organization exhibits
Internal factors
Outside influences that can affect a business
External factors
A statement of the purpose of the company
Mission statement
