Intro to Business Final Flashcards
(106 cards)
1
Q
any activity which seeks to earn a profit by providing a good or service
A
business
2
Q
the amount a business earns over and above what it spends for salaries and other expenses
A
profit
3
Q
the chance a business owner will lose the time and money invested in a business and be unprofitable
A
risk
4
Q
a country’s ___ refers their general well-being and satisfaction derived from political freedom, safety, education, and a clean environment
A
quality of life
5
Q
amount of goods and services people can buy with the money they have
A
standard of living
6
Q
the resources that contribute to the creation of wealth
A
factors of production
7
Q
2 factors of production that seem to contribute the most making countries rich
A
entrepreneurship and knowledge
8
Q
successful businesses are keenly focused on their
A
customers
9
Q
tangible products such as computers, food, and cars
A
goods
10
Q
health care, insurance, recreation, and other intangible products
A
service
11
Q
the importance of entrepreneurs to our economy is found in their:
A
ability to create jobs for others
12
Q
areas which feature low taxes and government support in an effort to encourage entrepreneurship
A
enterprise zones
13
Q
successful entrepreneurs are self-nurturing. This means they:
A
are able to replenish their own enthusiasm
14
Q
___ works within existing corporations while ___assume the risks of starting a business
A
intrapreneurs
entrepreneurs
15
Q
the small business administration defines a small business as a firm that:
A
is independently owned
16
Q
about 80% of all americans find their first jobs in
A
small businesses
17
Q
conversations with people who start their own business often reveal:
A
they got their business idea from a previous job
18
Q
when preparing the executive summary section of a business plan, it is important to remember that:
A
the goal is to capture the attention of bankers and other investors who receive many business plans every day
19
Q
accepts the risk of starting and running a business
A
entrepreneur
20
Q
2 reasons people may accept the risk of owning a business
A
self-satisfaction and independence
21
Q
an entrepreneurial team consists of
A
experienced managers from different areas of business
22
Q
the personal satisfaction people feel when they have done a job well done is an ___ reward
A
intrinsic
23
Q
rewards that come from someone else in recognition of good work
A
extrinsic
24
Q
father of scientific management
A
Frederick Taylor
25
Frank and Lillian Gilbreth developed the principle of ___, which said that every job could be broken down into a series of elementary motions
motion economy
26
a basic idea of ___ was to conduct time-motion studies to find the best way to perform each task, then teach people to use these methods
scientific management
27
new employees at a manufacturer are carefully trained to use the most efficient production methods. they are placed on an assembly line and expected to perform the same task day after day, using the methods taught. the work is boring but the pay is good. this approach is consistent with the principles of ___
scientific management
28
the hawthorne studies were conducted by ___ and his colleagues from Harvard
Elton Mayo
29
the original goal of the hawthorne studies was to determine:
the level of illumination that was associated with optimum productivity
30
the concept that a hierarchy of human needs could be used to explain motivation was developed by
Abraham Maslow
31
to feel accepted and loved is a ___ need
social need
32
Herzberg found that the factors that provided the highest level of motivation were mostly associated with
job content
33
Herzberg found that good pay :
was a hygiene factor rather than a motivator
34
Douglas McGregor described two very different sets of managerial attitudes about employees, which he called:
Theory X and Theory Y
35
theory ____ managers see employees as being lazy and unwilling to accept responsibility
X
36
management by objectives was developed by
Peter Drucker
37
the reports and financial statements prepared by accountants:
provide info that can be used by decision-makers both inside and outside the organization
38
the prep of financial statements for people outside for people outside the firm (creditors, unions, suppliers, and others) is the goal of:
financial accounting
39
the 3 key financial statements of a business are the:
balance sheet, income statement, and statement of cash flows
40
financial statement that reports the company's revenues and selling costs over a period of time>
income statement
41
the balance sheet is composed of the following types of accounts:
assets, liabilities, and owners equity
42
refers to how fast an asset could be converted into cash
liquidity
43
the fundamental accounting equation sates that assets equal:
liabilities plus owners' equity
44
the calculation of revenue minus cost of goods sold will give the firm its
gross margin
45
a cash flow statement identifiers the cash receipts and disbursements for a firm that result:
from its operations, investments, and financing
46
the "bottom line" of an income statement shows the firms:
net income or net loss
47
the art of getting things done using organizational resources
management
48
one of the four primary functions of management
marketing
49
the management function concerned with anticipating future trends and determining the best strategies to achieve an organizations goals and objectives is known as
planning
50
___ is the management function of creating a vision for the organization and guiding, training, coaching, and motivating employees to help achieve the goals and objectives of the organization
leading
51
when managers determine that an organization is not making sufficient progress toward achieving its goals and objectives and they develop corrective measures, they are involved in:
controlling
52
___ skills involve a managers ability to picture the organization as a whole and the relationship among its various parts
conceptual
53
___ skills include the ability to preform tasks of a specific department or job such as selling (marketing) or bookkeeping (accounting)
technical
54
top managers make less use of ___ skills than supervisory manager
technical
55
the ___ style of leadership is characterized by making managerial decisions without consulting others
autocratic
56
managers who listen to their subordinates and allow them to participate in decision-making are using the ___ style of leadership
participative
57
____ is the process of planning and executing the conception, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives
marketing
58
the greatest marketing need during the production era was for:
distribution and storage
59
time period immediately after the development of mass production assembly liines
selling era
60
the ____ is based on customer orientation, service orientation, and profit orientation
marketing concept
61
firms that have adopted ___ seek to do more than simply sella product; they seek to learn as much as possible about their costumers in order to satisfy them w goods and services over time
customer relationship management
62
many automobile dealers are:
attempting to use relationship marketing to create strong customer loyalty
63
a firms marketing mix of 4 components are called the 4
Ps
64
a firm gathers ___ data by conducting surveys, interviewing costumers, or mailing out questionaires
primary
65
___ consists of info that has already been researched by others and is published in journals or books or has been made available online
secondary data
66
the 2 major types of markets are the:
consumer market and the business to business market
67
the ___ market consists of individuals and organizations that want goods and services in order to produce goods and services or to sell, rent, or supply those goods to others
b2b
68
working with buyers to determine their individual needs
relationship marketing
69
the selling of products to another country
exporting
70
buying products from another country
importing
71
___ occurs when a country has a monopoly on producing a product or is able to produce it at a cost well below that of all other countries
absolute advantage
72
why does it make sense to trade with other nations
a nation will produce what it can produce most efficiently and effectively and buy from other nations what they can produce
73
an unfavorable balance of trade occurs when the value of:
imports exceeds the value of exports
74
the ___ is the difference bt money flowing into a country from exports and money flowing out for imports, plus the money flows coming from other factors such as tourism, foreign aid, military, and foreign investment
balance of payments
75
the practice of selling a product in foreign countries for a lower price than the good is sold in the producing country
dumping
76
the set of values, beliefs, rules, languages, and institutions held by a specific group
culture
77
is the use of government regulations to limit the import of goods and services
trade protectionism
78
the 2 basic types of tariffs are
revenue and protective
79
in an effort to protect domestic jobs, some countries will place a limit on the number of certain types of products that can be imported. these are called:
import quotas
80
refers to a complete ban on importing or exporting of products from a specific country
embargo
81
the enron scandal revealed ___ corporate behavior
illegal
82
refers to standards of moral behavior
ethics
83
ethical behavior covers a ___ range of conduct the legal behavior
wider
84
considering the potential impact on others prior to making a decision is consistent with ___ behavior
ethical
85
an ethical dilemma refers to a situation where you must
choose bt equally unsatisfactory alternatives
86
a ____-based ethics code emphasizes the prevention of unlawful behavior by increasing control and penalizing wrongdoers
compliance
87
someone who report illegal or unethical behavior
whistleblower
88
corporate social responsibility describes the firms:
concern for the welfare of society
89
the purpose of an ___ is to evaluate an organization's progress towards implementing programs that are socially responsible and responsive
social audit
90
a large national electronic stock trading market
NASDAQ
91
trades corporate stocks not listed on the national securities exchanges
over-the-counter market
92
a ___ certificate provides evidence of ownership in a specific corporation
stock
93
when investors purchase ___ stock, they receive a priority claim in the payment of dividends, as well as assets, if there business is liquidated. however, these investors do not vote
preferred
94
dividends are paid out of a corporations:
profit, after taxes
95
another name for the fixed rate of interest attached to a bond is the:
coupon rate
96
an unsecured bond, backed only by the well-respected name of the organization
debenture
97
the investor will receive the face value of the bond on the ___ dtae
maturity
98
when an investor places a buy order with a stockbroker, the broker contacts a ___ to complete the transaction
stock exchange member or dealer where stock is traded
99
creating a portfolio by buying several different types of investments to spread the risk of investing is called
diversification
100
the risk/return tradeoff investors assume means:
you will assume added risk, if you believe you can get a greater return
101
securities considered high quality and usually pay dividends
blue chip stocks
102
process where an investor borrows a % of the purchase price of stocks forms he blockage firm
buying on margin
103
in the securities markets, capital gains take place when:
a security sells for more than the original purchase price
104
corporations that want to attract more investors by lowering the selling price of their common stock might consider declaring a:
stock split
105
approx. what % of the population is successful in saving enough money for retirement to live comfortably?
10
106
which accounting statements would assist an individual in taking inventory of personal assets and liabilities
balance sheet
