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Intro to Business > Unit 1 > Flashcards

Unit 1 Flashcards

1
Q

Sole Proprietorship (Owned)

A

Owned by only one person

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2
Q

What fraction do sole proprietorships makeup in the US

A

3/4

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3
Q

Disadvantage of Sole Proprietorship

A

unlimited liability

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4
Q

Partnership (owned)

A

2+ who shared risks and rewards

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5
Q

Partnership Agreement

A
  • Job description/duty/responsibility
  • financial investment
  • ownership %/profit share
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6
Q

Producer

A

a business that gathers raw products in their natural state

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7
Q

Producer examples

A

Agriculture, mining, fishing, forestry

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8
Q

Processors

A

change raw materials into more finished products

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9
Q

Processors examples

A

paper mills, oil refineries, smelting plants

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10
Q

Manufacturers

A

businesses that make finished products out of processed goods

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11
Q

Manufacturers examples

A

Bakery: bread from wheat
Furniture: table from word

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12
Q

Intermediaries

A

a business that moves goods from one business to another. Buys/stores/resells.

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13
Q

Wholesaler

A

distributes goods

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14
Q

retailer

A

purchases goods from a wholesaler and resells them to the consumer or final buyer.

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15
Q

Wholesaler example

A

clothing store buys jackets from a manufacturer

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16
Q

Retailer example

A

record stores or auto dealers

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17
Q

Services

A

Provide services or skill rather than goods

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18
Q

Services example

A

law firms, medical clinics, taxi companies

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19
Q

Management plan

A

divides a company into different departments run by different managers

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20
Q

Organizational chart

A

show how the business is structured and who is in charge of whom

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21
Q

line of authority

A

A way to organize management

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22
Q

Centralized organization

A

puts authority in one place, with top management

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23
Q

Decentralized organization

A

gives authority to a number of different managers to run their own departments

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24
Q

Departmentalization

A

divides responsibility among specific units or departments

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25
Q

Informal structure

A

easier for small businesses

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26
Q

Top-level managers

A

are responsible for setting goals and planning for the furture

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27
Q

Top-level managers examples

A

president, vice president, CEO

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28
Q

Middle managers

A

carry out decisions of top management

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29
Q

Middle managers examples

A

plant managers, regional managers, department heads

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30
Q

operational managers

A

responsible for the daily operations of the business

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31
Q

operational managers examples

A

Supervisors, office managers, crew leaders

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32
Q

4 functions of management

A

planning/staffing, organizing, controlling, leading

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33
Q

Planning/staffing

A

setting realistic goals

34
Q

Organizing

A

Assign managers to different tasks and coordinate their activities

35
Q

Leading

A

create a vision to inspire employees

36
Q

Controlling

A

Keeping company on track and making sure goals are met

37
Q

Advantages of being a manager

A 
payed more
good ones are respected
influence over how employees do things
authority
control
options
38
Q

Disadvantages of being a manager

A

get most of the blame and criticism
mistakes are costly
a lot of pressure
hard to form relationships with lower level workers

39
Q

leadership

A

providing direction and vision for a company

40
Q

Motivation

A

requires initiative, a goal, enthusiam

41
Q

initiative

A

desire to take action and get things done

42
Q

confidence

A

need self-confidence, the more convinced you are the more confident employees will be of you

43
Q

Communication

A

vision and confidence (human relations)

44
Q

human relations

A

the ability to communicate with people

45
Q

integrity

A

holding principles like honesty, loyalty, and fairness

46
Q

Autocratic leadership

A

when you like to run everything yourself and answer to no one.

47
Q

Democratic leadership

A

managers and employees work together to make decisions.

48
Q

Free-Rein

A

requires the leader to set goals for your managers and employees and then leave them alone to do their jobs (delegating)

49
Q

Delegating

A

giving managers and employees the power to tun things and make decisions

50
Q

self managed teams

A

work groups supervise themselves

51
Q

where did self managed teams start?

A

japan

52
Q

what type of business was Henry Ford?

A

Autocratic

53
Q

Self managed: organization

A
  1. each team member has special skill

2. team selects a team leader

54
Q

Sole Proprietorship startup

A

hard-money from friends/family/yourself

55
Q

Partnership startup

A

hard-money from owners

56
Q

corporation startup

A

easy-stocks

57
Q

Franchise start-up

A

investment pay annual fee/%

58
Q

Non-profit start-up

A

like corporate/funding from bank

59
Q

cooperative start-up

A

pool resources with others to share exapnses

60
Q

Sole Proprietorship taxes

A

owners pay

61
Q

Partnership taxes

A

owners pay

62
Q

corporation taxes

A

corporation is taxed

63
Q

franchise taxes

A

owner

64
Q

nonprofit taxes

A

none

65
Q

cooperative taxes

A

less than normal corprations

66
Q

Sole Proprietorships liability

A

unlimited

67
Q

partnerships liability

A

unlimited

68
Q

corporation liability

A

limited

69
Q

franchise liability

A

limited

70
Q

nonprofit liabilty

A

limited

71
Q

cooperative liabilty

A

shared liabilty

72
Q

Sole Proprietorship Decision maker

A

owner

73
Q

Partnership decision maker

A

partners decide breakdown w/contract

74
Q

Corporation decision maker

A

board of directors

75
Q

Franchise decision maker

A

made by corporate

76
Q

Nonprofit decision maker

A

board of directors

77
Q

Cooperative decision maker

A

share facilities/ marketing

78
Q

Corporation

A

a business owned by many people but treated by law as one person

79
Q

Franchise

A

a contractual agreement to sell a company’s products or services in a designated area

80
Q

Nonprofit

A

a type of business that focuses on providing a service rather than making a profit

81
Q

Cooperative

A

an organization owned and operated by its members for the purpose of saving money on the purchase of certain goods and services

82
Q

stock

A

shares of ownership in your corporation

Intro to Business (3 decks)

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