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BA 101 > Midterm 3 > Flashcards

Midterm 3 Flashcards

1
Q

What is a sole proprietor?

A

it is an easy way to start a business, easy and adaptable with full control

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2
Q

What are the challenges to come with sole proprietorship?

A

Risk personal exposure, credibility, and raising capital

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3
Q

Who is responsible for debts in a sole proprietorship?

A

owners of sole proprietors have unlimited liability and risk; they are legally responsible

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4
Q

What type of business allows owners to combine talents and resources to gain access to more opportunities?

A

Partnerships

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5
Q

What is a state-charted legal entity that carries liability separate from owners?

A

Corporations

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6
Q

What is the main difference between a corporation and a partnership?

A

A partnership has unlimited liability, limited life, single taxation
A corporation has limited liability, unlimited life, double taxation

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7
Q

When in a partnership, what gives all partners authority and risks dragging other partners into bad decisions?

A

Mutual Agency

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8
Q

What type of partnership has unlimited liability, mutual agency, and share risk/reward?

A

General Partnerships

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9
Q

What type of partnership has no mutual agency, limited liability, and does not share risk/reward?

A

Limited Partnerships

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10
Q

What combines the advantages of a corporation and partnership?

A

Limited Liability Company (LLC)

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11
Q

What does LLC offer and avoid?

A

Offers: limited liability, flexibility, pass though taxation
Avoids: double taxation, unlimited liability, corporate structure

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12
Q

What are corporations legally required to do?

A

Create wealth for owners

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13
Q

What are three types of corporations?

A

Domestic, Foreign, Alien

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14
Q

Which corporations strive for a sustainable future objective?

A

Benefit (B) Corps

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15
Q

People, Planet, and Profit refers to?

A

Triple Bottom Line

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16
Q

What type of stock gives voting rights and residual claim on assets?

A

Common Stock

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17
Q

What type of stock gives no voting power but has first claim on assets?

A

Preferred Stock

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18
Q

What type of firm is made up of the combination of two firms?

A

Merger

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19
Q

What is it called when a firm buys another firm?

A

Acquisition

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20
Q

What looks like a corporation but is taxed like a sole proprietorship?

A

S Corporation

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21
Q

Who creates a new business in the face of risk and uncertainty to achieve profit and growth?

A

Entreprenuers

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22
Q

What tool exploits change as an opportunity?

A

Innovation

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23
Q

___________ is a part of the entrepreneurial process

A

Failure

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24
Q

Who stimulates innovation and creativity within a large established organization?

A

Intrapreneurs

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25
Q

What type of analysis determine how attractive an industry is for new businesses?

A

Opportunity Analysis

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26
Q

What type of analysis answers to question of whether a business idea should move forward?

A

Feasibility Analysis

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27
Q

What type of analysis determines the degree to which a product/service appeals to consumers?

A

Product/Service Analysis

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28
Q

What type of analysis looks at capital requirements, estimated earnings, and return on investments?

A

Financial Analysis

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29
Q

What systematically evaluates the chances for a business’s success and serves as a “road map” for a business?

A

Business Plan

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30
Q

What is the personal investment owners put in a firm?

A

Equity Capital

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31
Q

What do investors assume when investing in a new company?

A

The risk of losing money (Risk Capital)

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32
Q

What is often the most common first source of money for starting businesses?

A

Personal Savings

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33
Q

Which type of investors are best when a company has outgrown the capacity of family and friends but comes at the exchange for stocks?

A

Angel Investors

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34
Q

What is the first time a firm sells stock to the public?

A

Initial public offering (IPO)

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35
Q

Who creates goals, maintains the status quo and directs employees?

A

Managers

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36
Q

Who creates a vision, changes agents, take risks, and coaches employees?

A

Leaders

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37
Q

What are the 4 functions of management?

A

Planning, Leading, Organizing, and Controlling

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38
Q

Which function sets goals and standards, develops strategies, and determines resources?

A

Planning

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39
Q

Which function guides and motivates employees, gives assignments, routines, policies, and feeback?

A

Leading

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40
Q

Which function prepares a structure of authority, trains and recruits employees, and established procedures to establish goals?

A

Organizing

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41
Q

Which function measures results, rewards performance, and takes corrective action?

A

Controlling

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42
Q

What is the outline of a firms fundamental purpose?

A

Mission Statement

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43
Q

What gives a firm a sense of purpose and a set of values?

A

Vision

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44
Q

What type of analysis looks at internal strengths and weaknesses?

A

SWOT anaylsis

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45
Q

What type of analysis looks at external opportunities and threats?

A

SWOT Analysis

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46
Q

Which form of planning involves setting broad long-term goals?

A

Strategic Planning

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47
Q

Which form of planning develops short-term objectives and answers what is to be done, who does it, and how it is done?

A

Tactical Planning

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48
Q

Which form of planning sets standards and schedules necessary to implement firm’s objectives?

A

Operational Planning

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49
Q

Which form of planning creates back up plans for when goals and objectives aren’t achieved?

A

Contingency Planning

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50
Q

What is the free movement of people, goods, services, and capital across international borders?

A

Globalization

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51
Q

Which organization polices the world trading system?

A

World Trade Organization

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52
Q

What maintains order in the global money system?

A

International Monetary Fund

53
Q

Buying from another country is an example of…

A

Importing

54
Q

Selling to another country is an example of…

A

Exporting

55
Q

What is the idealized movement of goods and services without economic or political barriers?

A

Free Trade

56
Q

What process involves a firm obtainning goods and services from an outside or foreign supplier?

A

Outsourcing

57
Q

What is the comparison of the value of exports to the value imports?

A

Balance of Trade

58
Q

When the value of exports is greater than the value of imports…

A

Trade Surplus (good)

59
Q

When the value of exports is less than the value of imports…

A

Trade Deficit (bad)

60
Q

What forces can affect trade?

A

Sociocultural, economic, legal, environmental

61
Q

Are there global regulations on trade?

A

No, each country has its own laws and regulations

62
Q

What provides rights to manufacture a product to a foreign company for a fee?

A

Licensing

63
Q

What sells rights for idea/name and to sell product in a given area?

A

Franchising

64
Q

What is it called when a foreign company produces private label goods to which a domestic company attaches trademark?

A

Contact Manufacturing (outsourcing)

65
Q

What is a partnership in which 2 or more firms join to undertake a major project?

A

Joint Venture

66
Q

What is a partnership that helps each other build a competitive advantage?

A

Strategic Alliance

67
Q

What is it called when permanent property is bought in a foreign nation?

A

Foreign Direct Investment

68
Q

What is the tax on imported goods?

A

Tariffs

69
Q

What is one way governments can increase their revenue and protect domestic producers?

A

Tariffs

70
Q

What is a government payment to domestic producers?

A

Subsidies

71
Q

What is the direct restriction on quantity of imported goods?

A

Import quota

72
Q

What is the interference of a foreign market by selling goods below fair market price?

A

Dumping

73
Q

What is a regional group of countries with common external tariffs and coordinated laws?

A

Common Market

74
Q

What are the 3 levels of ethical standards?

A

Legal, Organizational Polices/Procedures, Moral Stance

75
Q

Where does ethics start?

A

From the top

76
Q

The rights to safety, be informed, choose, be heard are …

A

Rights of Consumers

77
Q

What are some roots of unethical behavior?

A

personal ethics code, culture, ignorance, unrealistic goals, unethical leadership

78
Q

What established new enhanced standards for US company boards, management, and accounting firms?

A

Sarbanes-Oxley Act 2002

79
Q

What established comprehensive regulation of financial markets, tighter regulation of credit rating agencies, and consumer protection reform?

A

Dodd-Frank Act 2010

80
Q

What are the accepted principles of right or wrong in governing the conduct of business people?

A

Business Ethics

81
Q

What governs product liability?

A

Tort Laws

82
Q

What governs contracts and breaches of contracts?

A

Contract Laws

83
Q

What provides protection of ideas?

A

Intellectual Property Laws

84
Q

What governs competitive behavior?

A

Antitrust Laws

85
Q

What governs the issuing and selling of securities?

A

Securities Laws

86
Q

Embezzlement, information manipulation, anticompetitive behavior, environmental degradation are examples of …

A

Ethical issues that prioritize the bottom line

87
Q

Which philosophy dictates the responsibility to profit lawfully?

A

Fredman Doctrine

88
Q

Which philosophy dictates that responsibility falls on those that are affected by company decisions?

A

Stakeholder Theory

89
Q

What is an externality?

A

When other people pay bills for firm’s impact on society

90
Q

This ethic code prevents unlawful behavior through increasing control and penalizing…

A

Compliance-Based

91
Q

This ethic code prevents unlawful behavior through guiding values, environment, and shared accountability…

A

Integrity-Based

92
Q

What requires private property, freedom of choice, right to keep profits, and fair competition?

A

Private Enterprise

93
Q

How does the government intervene to ensure a private enterprise?

A

Through laws and industry regulations

94
Q

What is established by judges when setting disputes?

A

Common Law

95
Q

What is enacted by federal and state legislature?

A

Statuary Law

96
Q

What are regulations created by federal and state administrative agencies?

A

Administrative Law

97
Q

Which branch of government enforces laws?

A

Judiciary

98
Q

What law involves disputes between government and individuals and can result in fines or imprisonment?

A

Criminal Law

99
Q

What law involves disputes between two individuals and results in fines?

A

Civil Law

100
Q

Are the owners of a corporation affected when said corporation is taken to court?

A

No because corporations are their own single entity separate from owners

101
Q

Assault, slander, libel, fraud and product liability are examples of

A

Torts

102
Q

False investments and hurting someone through deception and manipulation are examples of

A

Fraud

103
Q

Which dispute resolutions involve binding or non-binding results?

A

Arbitration

104
Q

Which dispute resolutions involves only non-binding results?

A

Mediation

105
Q

What type of property includes real estate and permanently attached property?

A

Real Property

106
Q

What type of property includes tangle and intangible items?

A

Personal Property

107
Q

What type of property includes items made by a person’s creative activity?

A

Intellectual Property

108
Q

What are the exclusive rights to an invention in exchange for public disclosure?

A

Patents

109
Q

How long do patents last?

A

20 years

110
Q

What are the exclusive rights to symbols, name, sounds, and brand?

A

Trademark

111
Q

What are the exclusive rights to documents?

A

Copyright

112
Q

What is a legally enforceable agreement between 2 or more parties?

A

Contract

113
Q

Legal purpose, consideration, and voluntary agreement make up…

A

Elements of a Contract

114
Q

Minors, intoxicated, coerced, mentally unstable, and insane lack…

A

Contractual Capacity

115
Q

What law gives debtor a fresh start by relieving debts?

A

Bankruptcy

116
Q

What seeks to harmonize commercial transactions across states?

A

Uniform Commercial Code (UCC)

117
Q

What describes the rationale for how an organization creates, delivers, and captures value?

A

Business Model

118
Q

Which segment includes needs, solutions, customer satisfaction, and value?

A

Value Proposition

119
Q

Which segment includes who and why questions?

A

Consumer Segment

120
Q

Which segment includes the movement of product from company to consumer?

A

Channel

121
Q

Which segment includes how to get, grow, and keep customers?

A

Customer Relationships

122
Q

Why is it most important to maintain current customers?

A

Current customers are the best source of revenue, referrals, and new ideas

123
Q

Which segment includes strategies to make money from customers?

A

Revenue

124
Q

Which segment includes most important assets required to make a business work?

A

Key Resources

125
Q

Which segment includes most important supplies and partners to make a business work?

A

Key Partnerships

126
Q

Which segment includes production, problem solving, and supply chain management?

A

Key Activities

127
Q

Which segment includes the cost to operate a business?

A

Cost Structure

128
Q

What is a tool for communication and growth?

A

Business Model Canvas

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