Bus 101: Business Disciplines

Question 1

Accounting

Answer 1

involves the oversight of financial accounts

Question 2

Accounting uses financial statements such as…

Answer 2

the balance sheet and income statements

Question 3

Balance sheet

Answer 3

measures an organizations assets, liabilities, and equity at a point in time.

Question 4

Income statement

Answer 4

shows revenues, expenses, and net profit over a period of time.

Question 5

Business Technology Management

Answer 5

Strategic use of data and technology, mostly in the digital transformation of organizations.

Question 6

Pillars of BTM

Answer 6

analysis, project management, and technology leadership

Question 7

Analysis (BTM)

Answer 7

understanding and organization; understand the goals of the organization

Question 8

Project management (BTM)

Answer 8

managing budgets, time and all the things you need to do to complete a project.

Question 9

technology leadership (BTM)

Answer 9

making decisions around what technology a business should adopt.

Question 10

Operations management

Answer 10

Processes that create products and deliver services (i.e., transforming inputs into outputs)

Question 11

Key concepts of OM

Answer 11

aggregate planning, inventory management, and congestion management.

Question 12

Aggregate planning (OM)

Answer 12

aims to maximize profit or minimize costs by matching production demand with production capacity.

Question 13

Inventory management (OM)

Answer 13

find the optimal level of inventory that we should carry in our system.

Question 14

Congestion management (OM)

Answer 14

find the optimal level of resources to include in our service system so the waiting time for customers is improved.

Question 15

Finance

Answer 15

Helps facilitate the allocation of resources (i.e., money) across the economy between savers and borrowers

Question 16

Time value of money (FIN)

Answer 16

if you receive money now, you can earn interest.

Question 17

risk return tradeoff (FIN)

Answer 17

if an investment has a higher level of risk, it must have a higher rate of return.

Question 18

Business economics

Answer 18

Focus on ideas such as efficiency and rationality, which combines economics with psychology.

Question 19

BUEC Key concepts

Answer 19

scarcity, supply and demand, efficiency and rationality

Question 20

Scarcity (BUEC)

Answer 20

the gap between limited resources (intangible or tangible) and limitless wants.

Question 21

supply and demand (BUEC)

Answer 21

The amount of a commodity, product, or a service available and the desire of buyers for it.

Question 22

efficiency and rationality (BUEC)

Answer 22

understanding how to use resources efficiently and rationally.

Question 23

Business Law

Answer 23

Concepts include rights and duties which involve the relationship (i.e., contract law) between yourself and others, and liabilities which pertain to the legal responsibilities or obligations between those relationships

Question 24

Rights and duties (BLAW)

Answer 24

rights are what one wants others to do for him/her, whereas duties are acts that one should perform for others.

Question 25

liabilities (BLAW)

Answer 25

the state of being responsible for something, especially by law.

Question 26

Entrepreneurship

Answer 26

the early moments of setting up a business or businesses, and taking financial risks for profit.

Question 27

Key concepts in entrepreneurship

Answer 27

lean startup, disciplined entrepreneurship, disruption, social entrepreneurship, entrepreneurial ecosystems

Question 28

Lean startup (entre)

Answer 28

(west coast) very quickly developing a product and business and scaling that product and business.

Question 29

disciplined entrepreneurship

Answer 29

slower version of lean startup (east coast)

Question 30

disruption (entre)

Answer 30

how do small businesses interact with established large businesses.

Question 31

social entrepreneurship

Answer 31

how do we ensure people in marginalized communities have access to the same kinds of resources?

Question 32

entrepreneurial ecosystems

Answer 32

organizations exist within a larger ecosystem and interact with many different parties.

Question 33

Human resource management

Answer 33

Advises management on how to design and operate management systems, including attracting job applicants, who to actually hire, how to keep them and help them perform

Question 34

HRM key concepts

Answer 34

selection, performance management, legal regulations

Question 35

Selection (HRM)

Answer 35

the process of testing and evaluating job applicants for the purpose of choosing who to hire.

Question 36

performance management (HRM)

Answer 36

the evaluation and assessment of employees, with the goal to create an environment where people can perform at their best.

Question 37

legal regulations (HRM)

Answer 37

rights and responsibilities of both employees and employers.

Question 38

International Business

Answer 38

Managing the supply chain and cross cultural communications are important to consider

Question 39

Globalization (INT B)

Answer 39

the free movement of people, capital and goods.

Question 40

international production (INT B)

Answer 40

Comparative advantage tells us why different countries produce different goods, and why specializing leads to a higher living standard for everyone involved.

Question 41

supply chain (INT B)

Answer 41

goods produced in different parts of the world and brought together.

Question 42

cross cultural communication (INT B)

Answer 42

how people from differing cultural backgrounds communicate, in similar and different ways.

Question 43

Marketing

Answer 43

we are all consumers, marketing creates value/revenue, businesses use marketing across all disciplines, etc.

Question 44

4 P's (MARK)

Answer 44

product, price, placement, and promotion

Question 45

Product (MARK)

Answer 45

focuses on creating value by delivering a product that satisfies customer needs.

Question 46

Price (MARK)

Answer 46

focuses on the cost of your product, and how different price strategies affect the value of the product.

Question 47

Place (MARK)

Answer 47

focuses on reducing physical and psychological barriers that prevent people from purchasing your product

Question 48

Promotion (MARK)

Answer 48

focuses on persuading your customers of the value of your product.

Question 49

Strategy, management, and organization

Answer 49

Solving complex problems through leadership and strategy. Adapting to uncertain environments across the organization through decision making.

Question 50

Leadership (SMO)

Answer 50

how do you work effectively with others and in a team.

Question 51

decision making (SMO)

Answer 51

how are ways you can interact with other people in teams and adapt to uncertain environments (how to make rational decisions).

Question 52

strategy (SMO)

Answer 52

how do you determine what the objectives are that you are trying to achieve?