Business Fundamentals Concepts Flashcards

Flashcards covering key vocabulary and concepts from the Business Fundamentals Concepts lecture.

Business Plan

A formal written document containing the goals of a business, the methods for attaining those goals, and the timeframe for the achievement of the goals.

Code of Ethics

A collection of principles and rules that define right and wrong conduct for an organization.

Copyright

Protection of intellectual property.

Legal requirement for starting a business

Registering the business with the government.

Legal requirement for hiring employees

Having all employees fill out a valid I-9 form.

Negligence

An example of a tort.

Product liability

Can apply to any business involved in the chain of distribution.

Creating a strong online presence for your job search

Creating a personal website that showcases your work.

Decision-making

Transferable skills that employers look for in any industry.

Benefit of networking regularly for your job search

Learn about new opportunities and trends in your field.

Behavior-based interviewing

When the interviewer asks you how you handled past situations at work.

Make a great impression at a job interview

Research the company and interviewers before the interview.

Avoid doing in a job interview

Speaking negatively about your previous employers or coworkers.

Four basic resources used by companies to produce goods

Land (natural resources), Labor, Capital Goods, and Entrepreneurship.

Utility

The ability of a good or a service to satisfy a want.

Not an example of Consumer Goods

Steel used to manufacture tools.

Economics

The body of knowledge that relates to producing and using goods and services that satisfy human wants.

Profit

Computed by subtracting the total costs of producing the products from the total received from customers who buy them.

Wants

People have economic and noneconomic wants.

Difference between formal and informal verbal communication

Formal communication is planned and follows a specific arrangement, while informal communication is spontaneous.

Types of verbal communication

Oral and written communication.

Obstacle to successful verbal communication

Background noise.

Advantage of cross-referencing in alphabetical filing

It makes finding documents easier.

When using an alphabetical filing system, when a name is hyphenated you ignore the hyphen and file the two words as one unit

False

The correct software to use when you need to enter data, organize data, and perform financial analysis

Microsoft Excel.

Example of good time management skills

Prioritizing tasks and completing them in order of importance.

Ways you can use to put money into a checking account

Use an ATM to withdraw cash.

When you deposit your money at a community or online bank, your money is insured by the FDIC up to $500,000

False

Advantage of having an account at a local community bank versus a national bank

Community banks typically have LOWER fees and charges when compared to a national bank.

Reasons to open a checking account

Earning high interest rates on your deposits.

The U.S. Labor force includes

People aged 16 and over who are available for work.

Ethics

Standards of moral conduct that individuals and groups set for themselves, defining what behavior they value as right or wrong

It is frequently said that people support what they

Have a part in creating.

Not a characteristic of effective work teams

The team does not need to have a group leader.

An example of an internal motivation factor is

Personal satisfaction.

Important communication skill for managers

Listening to employees and involving them in deciding how work should be done.

Planning sets the direction for the business and establishes specific goals _ plans tell where the business is going.

Strategic

Anything that interferes with the sender’s creating and delivering a message and the receiver’s getting and interpreting a message is

A barrier.

Win/lose strategies interfere with the achievement of the goals of a business because they often

Cause personal resentment, which can lead to other problems.

Federal Reserve System

The chairman and board members are financial and economic experts who establish the interest rates at which member banks can borrow money.

Organized as a nonprofit business

Credit union.

Disadvantage to a debit card

Possibility of overdraft fees.

Advantage to using a credit card

Build a good credit history.

Not a promotion

The advancement of an employee within a company with more authority and responsibility.

Temporary or permanent reduction in the number of employees because of a change in business conditions is a

Layoff.

Requires that employers covered by the law must allow an eligible employee up to a total of 12 weeks of leave during a year for specific reasons

Family Medical Leave Act.

The federal law that prescribes standards for wages and overtime pay is the

Fair Labor Standards Act.

Which performance plan pays employees a percentage of the volume of sales for which they are responsible?

Commission Plan.