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BUS 160 > Chapters 1-5 > Flashcards

Chapters 1-5 Flashcards

(79 cards)

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1
Q

Business

A

Individuals/Organizations seeking profit by providing products that satisfy the needs of others

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2
Q

Product

A

Good/Service with tangible/intangible benefits

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3
Q

What is the goal of a business

A

to make profit

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4
Q

Profit

A

The difference between the cost to make and sell a product compared to what consumers will pay for it

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5
Q

Stakeholders

A

Groups that have a stake in the success/outcome of a business (customers,employees,investors,community)

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6
Q

What is the main focus of all marketing activities

A

How to satisfy customers

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7
Q

Promotion

A

Advertising, Personal Selling, Publicity and Sale promotions (coupons/discounts)

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8
Q

What is finance

A

all activities concerned with obtaining money and using it efficiently

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9
Q

Economics

A

Studies how resources are distributed for the production of goods/services

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10
Q

What are the factors of production

A

natural resources, human resources (labor), financial resources (capital) and intangible resources

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11
Q

What does the federal trade commission do

A

enforce anti-trust laws and monitor businesses

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12
Q

Equilibrium Price

A

When supply and demand meet perfectly on the demand curve (ideal price)

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13
Q

4 types of competition

A

1) Pure Competition
2) Monopolistic Competition
3) Oligopoly
4) Monopoly

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14
Q

Pure Competition

A

Competition between businesses selling one common product

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15
Q

Monopolistic Competition

A

Competition between businesses with very small differences between their products

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16
Q

oligopoly

A

very few businesses selling one product

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17
Q

Monopoly

A

Only one business providing a certain product

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18
Q

Trade Balance

A

The difference between imports and exports

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19
Q

Consumer Price Index (CPI)

A

measures changes in prices of goods/services

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20
Q

Per Capita Income

A

The average Americans income (helps determine how much consumers are spending)

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21
Q

3 Parts of business

A

1) Management
2) Marketing
3) Finance

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22
Q

Business Ethics

A

Principles/standards that determine acceptable conduct in business

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23
Q

what is the glue that holds businesses together

A

Trust

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24
Q

Social Responsibility

A

A businesses obligation to maximize its positive impact on society

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25
how are business ethics and social responsibility different
ethics are individual choices and social responsibility is something the business does as a whole
26
Types of Business Misconduct
- time theft - bullying - misuse of company resources
27
conflict of interest
when a person must chose to either advance their own personal interests or the interests of others
28
insider trading
buying/selling stocks by insiders who possess material that is not public
29
code of ethics
formal rules and standards that describe what a company expects of its employees (written document)
30
whistle-blowing
the act of an employee exposing their company's wrong doing
31
what is "Green Business"
making businesses more eco-friendly
32
what is "green-washing"
creating a positive green association with a non-green product
33
Absolute Advantage
Most efficient producer of a product
34
comparative advantage
specialization of a product because the entity has a lower opportunity cost of making that product than others do
35
export
Sale of a good/service
36
Import
Purchase of a good/service
37
Trade deficit
When a country imports more than it exports
38
Trade Surplus
When a country exports more than it imports
39
quota
restriction on the number of units of a particular product that can be imported into a country
40
Embargo
Prohibition of trade on a particular product
41
Dumping
The act of a country or business selling products for less than what it costs to produce them
42
Why do countries/businesses dump products
1) attractive prices get attention 2) large supply but not enough demand 3) out of date tech left over
43
cartel
A group of firms or nations that band together to eliminate competition (OPEC)
44
Infrastructure
Physical facilities that support the economic activity of a country (railroads, highways, ports, etc...)
45
Contract manufacturing
Hiring a foreign company to produce a specified product in mass volume to your standards
46
outsourcing
transferring tasks to other countries where costs are lower
47
offshoring
relocating business processes offshore (not the same as outsourcing because company still does all tasks)
48
joint venture
sharing of costs and operation between a local and foreign company
49
global strategy
a business strategy that standardizes products for the whole world
50
multinational strategy
business strategy that is customized for each country
51
sole proprietorship
business owned and operated by one individual (most common form of business in US)
52
what is the difference between a general and limited partnership
in a general partnership it is a 50-50 split and unlimited liability but in a limited partnership it is an unequal split where limited partners only are liable for the amount of their investment
53
stock
shares of a corporations equity
54
dividends
profits of a corporation that are distributed in the form of cash payments to stockholders
55
domestic corporation
conducts business in state it was incorporated in
56
foreign corporation
conducts business outside the state it was incorporated in
57
Alien corporation
conducts business outside of the nation it was incorporated in
58
what does LLC stand for
Limited Liability Company (not corporation)
59
horizontal merger
firms that make and sell similar products to the same type of consumer that merge together
60
vertical merger
companies that operate at different levels of an industry that merge
61
conglomerate merger
firms in unrelated industries that merge
62
what is the max number of shareholders an S corp can have
100 shareholders
63
how are S corps taxed
taxed like a partnership so they are quasi-taxable
64
what is the legal document used to create a corporation called
corporate charter
65
entrepreneurship
the process of creating and managing a business to achieve a desired objective
66
small business
an independently owned and operated business that has 500 employees or less
67
business plan
a precise statement of the business rationale and a step by step explanation of how you will achieve your goals
68
equity financing
you use your own personal assets to finance your business.
69
debt financing
go to the bank and get a loan
70
SBA
government agency that aids small businesses financially and gives them managerial tips
71
retailers
acquire products from manufacturer/wholesaler and sell products to consumers
72
undercapitalization
lack of funds to operate a business normally
73
intrapreneur
individuals in large firms who take responsibility for the development/innovation in an organization
74
advantages of a sole proprietorship
- owner keeps all profits - high flexibility/control of business - minimal government regulation
75
disadvantages of a sole proprietorship
- unlimited liability - scarce external funding - higher taxation rate
76
advantages of partnerships
- easy to organize - combined knowledge - few government regulations
77
disadvantages of partnerships
- unlimited liability - distribution of profits may be uneven - hard to find external funding
78
advantages of corporations
- limited liability - easy to transfer ownership - easy to secure external funding
79
disadvantages of corporations
- double taxation - expensive to form - disclosure of information to government

BUS 160 (3 decks)

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