Business Semester 1 Final Exam

Entrepreneurism

the ability to start new businesses, especially when this involves seeing new opportunities to make money

Unions

teams of individuals coming together to guarantee the things you care about like decent wages, affordable health care, job security, safe and respectful workplaces, and fair scheduling.

Employee Benefits

Health insurance, Retirement plans, Life insurance, FMLA(Family Medical Leave Act), Disability insurance, Flexible time, Paid time off, Flexible Spending Accounts, Health benefits

Maslow’s Hierarchy of Needs

a psychological motivational theory comprising a five-tier model of human needs, often depicted as hierarchical levels within a pyramid. The five levels of the hierarchy are physiological, safety, love/belonging, esteem, and self-actualization.

Tariffs

A tax that is paid on imported goods.

Outsourcing

The use of an outside or foreign supplier (offshore) to obtain your goods in the product being sold.

Importing

buying goods and services from foreign sources and bringing them back into the home country.

Exporting

the sale of products and services in foreign countries that are sourced or made in the home country.

Financing a Business

the process of providing funds for business activities, making purchases, or investing.

Principles of Marketing

Product, Price, Place, Promotion, and People

Corporate Social Responsibility

a business model in which companies integrate social and environmental concerns in their business operations and interactions with their stakeholders

Inventory management

The process of tracking inventory from manufacturers to warehouses and from those facilities to the point of sale

Sole proprietorships

Type of business owned by one person.

Partnerships

a Type of Business owned by more than one person.

Corporations

A large business/companies owned by shareholders.

Human Resource Management

the division of a business responsible for recruiting, screening, and training job applicants.

Franchising

A license that initiates a relationship between the franchiser and franchisee including use of trademarks, fees, support and control.

Limited Liability Company

A business whose members are not personally liable for the company's debts.