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Intro to business management > Unit 2 exam > Flashcards

Unit 2 exam Flashcards

1
Q

3 rules for starting a business

A

Do you have technical skills in that business?
Do you have management experience?
Do you have the financial capacity to get the start up funds required?

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2
Q

Sole proprietorships

A

One owner solely owned the business

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3
Q

Adv of sole proprietorships

A

Make important decisions
All money goes to you
Tax benefits

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4
Q

Disadvantages of sole proprietorships

A

Unlimited liability for the owner
Complete responsibility for tallest and financing
Business dissolves if owner dies

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5
Q

partnership

A

A business owned by two or more people

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6
Q

Limited partnership

A

Partnership where one person (general partner) runs the business and in turn has unlimited liability and another partner (limited partner(s) have limited involvement are are limited to their amount an investment

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7
Q

General partnership

A

runs business and is responsible for liabilities

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8
Q

Adv of partnerships

A

more resources and talents come with an increase in partner

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9
Q

Disadvantages of partnerships

A

partner disputed, unlimited liability, and shared profits

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10
Q

Corporation

A

A legal entity that’s separate from the parties who own it, the shareholders who invest by buying shares of a stock
Corporations are governed by a board of directors, elected by the shareholders

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11
Q

Advantages of a corporation

A

limited liability, easier access to financing, unlimited life for corporations

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12
Q

Disadvantages of a corporation

A

the agency problem, double taxation, and incorporation expenses and regulations

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13
Q

Mergers

A

A merger occurs when two companies combine to form a new company

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14
Q

Acquisition

A

An acquisition is the purchase of one company by another with no new company being formed

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15
Q

Why conduct M&A

A

Gain complementary products
Attain news markers
Realize synergies

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16
Q

Double tax

A

corporations are taxed on their profits and on distribution of dividends
-corperation pays first time and shareholders pay second time

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17
Q

hostile takeover

A

an act of assuming control that is resisted by the targeted company’s management and its board of directors
example: enough stockholders agree that another company should buy the company they have invested in without the owner wanting to sell it

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18
Q

Funding sources

A

Crowdfunding, angel investors, venture capital

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19
Q

Crowdfunding

A

No ownership in the business, kickstarter, gofundme, normally receives some type of token for donation

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20
Q

Angel investors

A

Provide capital to start ups in exchange for an ownership position in the company, normally entrepreneurs themselves, want to help mentor

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21
Q

Venture capital

A

Venture firms also take ownership in the company, they tend to have higher expectations of making a return on investment

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22
Q

Vision statement

A

More than a goal, a broad explanation of where the organization is trying to go

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23
Q

Mission statement

A

outlines the organization’s fundamental purposes, Why does this organization exist?

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24
Q

Swot

A

Strength, weakness, opportunities, threats

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25
Q

Goals

A

Goals are major accomplishments over a long period of time

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26
Q

Objectives

A

Objectives are the stepping stones to get to your goal

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27
Q

Tactical plans

A

Shorter components of the overall plan

28
Q

Operational plans

A

Short durations. 1-2 months

29
Q

Contingency planning

A

Develop alternative course of action in case an anticipated change does occur
Also known as a backup or fallback plan

30
Q

Autocratic manager

A

Tends to make decisions without input and expects subordinates to follow instructions

31
Q

Democratic managers

A

seek input into decision making

32
Q

Free rein managers

A

Provide no more guidance than necessary and let subordinates make decisions and solve problems

33
Q

Transactional style managers

A

Exercise authority according to their rank in the organization, let subordinates know what’s expected of them and step in only when mistakes are made

34
Q

Transformational style managers

A

Mentor and devolve subordinates and motivate them to achieve organizational goals

35
Q

Production planning process

A

How goods will be produced
Where production will take place
How manufacturing facilities will be laid out

36
Q

Product control process

A

Continually schedule and monitor the activities that makeup that process
Must solicit and respond to feedback
make adjustments when needed
oversee the purchase of raw materials and inventories

37
Q

Quality Control Process

A

Ensure that goods are produced according to specifications

38
Q

Make to order

A

Products customized to meet the needs of the buyer
Low volume, high variety goods according to customer specifications
Often results in a longer production and delivery cycle than other approaches
Commonly used by such businesses as print or sign shops

39
Q

Mass production

A

Practicer of producing high volumes of identical products at a low cost
Goods are made in anticipation of future demand
Kept in inventory for later sale
Shorter cycle times than a make to order process
Appropriate for standardized goods

40
Q

Mass customization

A

Combines the advantages of made to order with those of mass production
Requires that a company interact with the customer
Need to manufacture the good, using efficient production methods to hold down costs

41
Q

Site selection factors managers must consider

A

Distance to suppliers and customers
Located in areas with ample numbers of skilled workers
Where their family will enjoy living
Cost of resources and cost of living is low

42
Q

Critical path

A

The sequence of activities that will entail the greatest amount of time

43
Q

Purchasing/ procurement

A

Process of acquiring the materials and services to be used in production

44
Q

Supplier Selection Process

A

Finding the best supplier for the product, technology, or process

45
Q

Just in time

A

production, materials arrive just in time to enter the manufacturing process

46
Q

Material requirements planning

A

a software tool to determine material needs, it uses sales forecasts to anticipate materials that will be needed before ordering them

47
Q

Total quality management

A

Quality insurence

48
Q

3 tasks of Total quality management

A

Customer satisfaction
Employee involvement
Continuous improvement

49
Q

Organizational Behavior (OB)

A

The study and application of knowledge about how people, individuals, and groups act in organizations

50
Q

Human Resources management (HRM)

A

The process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals

51
Q

Job descriptions

A

Lists the duties and responsibilities of a position

52
Q

Job specifications

A

the qualifications, skills, knowledge, abilities needed to perform the job

53
Q

New employee orientation

A

Be prepared and make the new hire feel welcome, comfortable, and prepared for work

54
Q

Employee development

A

Formal and informal on the job training to enhance employee skills

55
Q

Job rotation

A

formal program to assign employees within a specific time frame

56
Q

Job enlargement

A

varying the tasks of an employee to reduce boredom and turnover

57
Q

Job enrichment

A

Varying the tasks of an employee to invest in development

58
Q

Wages

A

Paid according to the number of hourrs you work

59
Q

Salaries

A

Paid for fulfilling the responsibilities of a position, regardless of hours

60
Q

Piecework

A

Employees paid based on number of items produced

61
Q

Fringe benefits

A

Sick leave, vacation pay, pension and health plans that provide additional compensation to employees beyond base wage

62
Q

Agency problem

A

Managers put their needs ahead of the needs of the company, a conflict of interests

63
Q

Why do small businesses fail

A

Lack of formal planning
Insufficient market analysis
Undercapitalization
Insufficient organization structure
Lack of formal policies and procedures

64
Q

POLC

A

Planning, Organizing, Leading, Control

65
Q

Capacity requirements

A

Maximum number of units that can be built in a certain amount of time

66
Q

3 characteristics of entrepreneurship

A

Innovation
Running a business
Risk taking

67
Q

Benchmarking

A

Comparison to other organizations practices and processes with the objective of learning and improving

Intro to business management (2 decks)

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