Studied by 5 peopleOne of the disadvantages of having a partnership is
unlimited liability
An organization that is owned and operated by its members is a ______
cooperative
A contractual agreement to use the name and sell the products or services of a company in a designated geographic area is called a ______ .
franchise
If one of your goals is to limit your personal liability, it would be best to organize your business as a ______ .
cooperation
A business owned by ten people who share the risks and rewards of the business is a ____
partnerships
3 c's
Capital, Capacity, Character,
makes a completely finished product out of raw or processed parts.
manufacturer
packagers
processor
producer
make the before final product
moves finished goods, stores them, and resells them to a wholesaler
intermediary
Which department in a company sets the price of a product?
marketing
The highest level of management in the organization; responsible for direction and control of the organization as a whole (such as director; general manager; partner; chief officer and executive manager).
top level management
Responsible for meeting the goals that senior management sets
middle management
Responsible for monitoring the daily activities of the business
operational management
Which managerial function comes first when executing business goals?
planning
Which is NOT an aspect of the organizing function?
creating strategies
Which is NOT part of the leadership function for a manager in charge of a project?
hiring employees
In a large company, to whom would an operational manager generally report?
a middle manager
the ability to make decisions on your own
initiative
integrity
honesty
Who makes the final decision in a democratic leadership situation?
the democratic leader
Which kind of leader does the most delegating?
free-rein
leaders set goals for managers and employees, then allow them to make the decisions to achieve those goals.
free rein
leader gets input from the group, then makes the final decision about a situation.
democratic leader
do not ask for input from their workers; they expect their orders to be obeyed without question.
autocratic
Which is NOT considered an aspect of technology?
inventors
Which was inspired by the invention of the telephone?
fax
What makes a cell phone different from a telephone?
cells are small computers
Anyone who uses a computer while working
e-workforce
a store that sells products in stores and online
click and mortar
Which types of products do other countries mostly buy from the U.S.?
agricultural
When a country's currency is higher than another's, it has
more buying power
NAFTA
North American Free Trade Agreement
business that takes place within the borders of one state.
interstate commerce
OSHA
Occupational Safety and Health Administration
formed by a small number of companies rather than just one.
oligopoly
best for keeping money in a financial institution for a short period.
checking accounts
financial institutions that hold customers' funds in interest-bearing accounts and invest mainly in mortgage loans.
saving and loan associations
firms sell stocks and bonds, but not loans.
brokerage firms
how many regional banks are there for the federal reserve
12
protecting investments through risk management.
financing
consists of four basic marketing strategies: product, place, price and promotion.
marketing mix
Which is the final step in the process of developing a new product?
evaluating customer response
main advertising medium used in the United States.
newspapers
advertisers to reach a specific target market.
direct mail
appears mostly in phone books.
directory advertising
mount of money it costs to display or broadcast an ad
advertising cost
Which is NOT something upon which the cost of Internet ads is based?
placement
Which is usually NOT included in a job description?
salary
amount of money paid to an employee on an hourly basis.
wage
someone who comments on a job applicant's character and qualifications for a job.
reference
process of helping new employees adjust to a company.
orientation
teaching several employees in a class.
group training
To market products successfully in another country, companies must research the country's
language, customs, tastes
conduct that is considered socially acceptable in business.
Business etiquette
usually has one person at the top who makes all the decisions.
hierarchy
identify people by a single trait, rather than as individuals
stereotype
money used to pay for the various assets and expenses of a new venture or business.
start up captial
systematic process of recording and reporting the financial position of a person or organization.
accounting
total amount of money owed to a business
accounts receivable
assets =
liabilities + owner's equity
computing, electronics, and telecommunications to process and distribute information in digital and other forms.
information technology (IT)
transmission of information over communication lines.
telecommunications
arrangement that allows employees to work at home while communicating with the workplace by phone, fax, or modem.
telecommunicating
global computer network.
internet
computer language that allows Internet users to access stored images, text, and other files.
hyptertext
popular operating system created by Bell Labs. It is
UNIX
designed to operate the same on hardware from several different vendors.
UNIX
MS-DOS
Microsoft Disk Operating System
an open-source version of the UNIX operating system
Linux
design factors for the workplace that are intended to maximize productivity by minimizing a worker's discomfort.
ergonomics
keyboards, computer mice, touchpads, joysticks, and scanners.
input devices
collection of integrated application programs or software applications that work as a single program.
suite
a restricted computer network
intranet
communication tools, conferencing tools, and collaborative management (or coordination) tools.
groupware
work history of one or more jobs in the same or related fields of interest.
career
basic skills that you need to get a job, keep a job, and do well at a job.
Employability skills
tell an employer what you have to offer and persuade a potential employer to interview you.
resume
carry well-known brand name products at bargain prices
outlet stores
Which type of store might require customers to become a member to take advantage of benefits?
warehouse
Sell only one kind of merchandise.
limited line retailer
advertised products that sell at a loss to bring customers into a store.
loss leaders
written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired.
warantee
A form describing the goods or services sold, the quantity, and the price
invoice
warranties or limited warranties
express waranteefull
cover only a certain parts of a product
limited warantee
seller will repair or replce a product that doesn't work usually free of charge; good for a short period
full warantee
leagal responsibility that manufacturers have to make a safe product
Product liability
U.S. Consumer Product Safety Commission fact sheets tells how a product is rated on
safety, performance, and value.
Which is NOT easily recycled?
water
inspects and grades foods. Grade labels, such as "prime" or "choice" for meats, indicate the level of quality.
US Department of Agriculture
prohibit price discrimination, the act of charging different prices in different markets or to different customers.
The Clayton Act and the Robinson-Patman Act
Establishes a unified and comprehensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.
Uniform commercial Code
requires those who give credit to reveal the details of all terms and conditions
The Consumer Credit Protection Act
agency with the power to investigate unfair business preactices
Federal Trade commision
included truth-in-advertising provisions that protect consumers from false and misleading advertising. Under this law, advertisers must have evidence to back up their claims.
Federal Trade Commission act
Which depends on the degree of risk a creditor takes in lending money or selling on credit?
the cost of the credit to the borrower
Which type of card often requires payment of the full amount due at the end of each month?
travel and entertainment card
can be used only at the business that issued the card. Interest is charged on the unpaid balance. Cardholders can pay part of the amount owed or the entire amount at the end of each 30-day period.
single purpose cards
offer short-term loans until payday.
payday advance service
Note
Flashcard