2022 HS ICDC Flashcards

corporation

 Which of the following can be described as an artificial being, invisible, intangible, and existing only in  contemplation of law: 

The U.S. Supreme Court defines a ______ as an “artificial being, invisible, intangible,  and existing only in contemplation of law.” As a business, a corporation functions independently of its  owners but is treated as a person with legal rights, duties, and powers.

False declaration 

John bought gifts for each of his family members while he was on a business trip in France, but he did  not declare them when he returned to the United States.

double spaced and center justified

When writing a business letter in block format, each new paragraph should be: _______ _______ and ______ _______

each new paragraph  should be ______ and left _____. Between each paragraph in a business letter, there is a blank  space. Other than that, the letter should be entirely _____ _______. Instead of indenting the beginning of  each paragraph, everything in the letter should be left _______.

Customers tend to judge a business as a whole. 

Which of the following is a characteristic of modern customer-business relationships:

• have more access to information and expect consistency across all aspects of a company

loyalty

Opal is talking with a customer who is searching for a specific dishwasher brand. Her department store  does not carry this brand, but she knows a competitor does. Opal is struggling to decide whether she  should put the customer first or the business first. This dilemma is most closely related to: ______

This dilemma is related to ____ because Opal must choose between ______ to her customer (by directing them to a competitor) or ______ to her business (by trying to sell a different brand). Customer-focused _____ builds trust and long-term relationships, while business-focused ______ prioritizes sales and company success.

she has both desire and financial ability to do so

Leah just earned $200, and she wants to treat herself to ice cream.  

why does this scenario demonstrate demand for a product?

demand

exists when a consumer wants a product and has the money to purchase it, making this factor effective

worker dependency increases

What is a disadvantage of specialization: 

cost-push inflation (story)

An oil spill near the ocean destroyed a large percentage of the sea life for a specific area. As a result,  nearby restaurants increased the prices of their seafood dishes due to the scarcity of sea life. The  increase in prices of seafood dishes is an example of 

cost-push inflation (def)

occurs when rising production costs, such as wages or raw materials, forces businesses to increase prices, leading to higher overall prices for goods and services

demand-pull inflation

prices rise due to aggregate demand exceeding supply  or an increase in the money supply.

aggregate

a whole formed by combining several elements

Gross private domestic investment (GDPI) (story)

a landlord who owns an apartment building is contributing to:

gross domestic private investment (GDPI) (def)

spending by businesses on capital goods, including machinery, equipment, facilities, and the construction of new residential and commercial buildings

 Personal consumption expenditures

include all  products purchased for personal use by individuals

household sector

segment of the population that makes personal  consumption purchases is often called the:

Government purchases of goods and services

include everything purchased by local, state, and federal governments.

groups

leader pre-establishes goals for the project

team

all members establish goals together for a project

invest in market research and product development

A company's successful original product line has not changed much over the years. Recently, new  competitors are developing more technologically advanced products. What should the company do to  challenge its status quo?

example of trademark infringement

A startup company accidentally uses a phrase in its advertising that belongs to another business

trademark

a symbol, word, or words legally registered or established by use as representing a company or product

copyright

legal right that grants creators exclusive control over their original works, such as books, music, and art, for a specific period, allowing them to decide how and when their creations are used

patent

legal right granted to an inventor, giving them the exclusive right to prevent others from making, using, or selling an invention for a limited period, in exchange for publicly disclosing the invention

trade secrets

confidential, valuable information that a business takes reasonable steps to keep secret and which gives it a competitive advantage, such as formulas, patterns, or processes

advertising

What is an example of something a business would include in the operating expenses category of an income statement:

are made for the long term rather than the short term

Capital investment decisions are different from working capital management in that capital investment decisions

customer orientation

“Do it their way” is a saying most likely to correspond to which aspect of the elements of the marketing concept:

do it their way

customer oriented approach in marketing which highlights the importance of of putting customers first. Businesses that follow this approach focus on delivering products and services tailored to what customers want, ensuring satisfaction and long-term loyalty

maintaining a higher level of productivity

Proper information management most directly saves a business time and money by: _____

For a business to run efficiently, information must be  managed and organized so it can be found quickly whenever it is needed. And in business, where time is  money, this is cost-effective as well.

In the URL address http://www.example.org/lesson-A/lesson-B.html?version1=model1#2345, the  component /lesson-A/lesson-B.html is the path

 It displays information with as little text as possible

What is true about presentation software: 

steps of the data mining process

• collect the data and load it into a data warehouse

• store the data and manage it using in-house services or the cloud

• let analysts and other professionals determine how to organize the data

• application software sorts the data based on the user’s results

• data is presented is a graph, table, or other format

classification (story)

A company email service uses certain algorithms to characterize an email as legitimate or spam. This is an example of what type of data mining technique?

classification (def)

technique that organizes data into categories based on shared attributes

• uses predefined lables

association

method of identifying relationships between  different variables or data items in large databases, and it is useful when trying to forecast.

clustering

process of discovering groups (or clusters) of data and categorizing data that are identical in some way into the same class. Clustering is similar to classification, but clustering identifies similarities  between data and groups them according to those common characteristics, which differentiates them from other clusters

e.g. an e commerce company wants to segment customers into different shopping behavior groups

• the company has customer data but no predefined labels

• groups customers with similarities like purchase history, browsing history, or spending habits

environmental scan

process of analyzing external and internal factors that can impact a business or organization. It helps companies identify opportunities and threats in their environment

mean

average of a sum of numbers

mode

most common number among a set of numbers

range

biggest number subtract smallest number

median

number in the middle of the set

project creep

scope of the project slowly getting bigger and bigger. Project's scope grows beyond its initial boundaries, leading to potential issues with project timelines, budgets, and resource allocation

Batch production

_____ ________ is used to meet specific or short-term market needs

ISO 9000 standards

developed by the organization for standardization (ISO), provides a framework for quality management systems (QMS) to help organizations consistently meet customer and regulatory requirements, improve efficiency, and enhance customer satisfaction

• used by millions of organizations worldwide

undergoing a series of internal and external audits

Organizations can become certified in certain ISO 9000 standards by: ____

Gross Profit

Good indicator of how well a company is keeping its costs under control:

• revenue a company makes after subtracting the costs of the products it has sold (COGS)

effective goal