Introduction of Business Communications

unlimited liability

One of the disadvantages of having a partnership is

cooperative

An organization that is owned and operated by its members is a ______

franchise

A contractual agreement to use the name and sell the products or services of a company in a designated geographic area is called a ______ .

cooperation

If one of your goals is to limit your personal liability, it would be best to organize your business as a ______ .

partnerships

A business owned by ten people who share the risks and rewards of the business is a ____

Capital, Capacity, Character,

3 c's

manufacturer

makes a completely finished product out of raw or processed parts.

processor

packagers

make the before final product

producer

intermediary

moves finished goods, stores them, and resells them to a wholesaler

marketing

Which department in a company sets the price of a product?

top level management

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).

middle management

Responsible for meeting the goals that senior management sets

operational management

Responsible for monitoring the daily activities of the business

planning

Which managerial function comes first when executing business goals?

creating strategies

Which is NOT an aspect of the organizing function?

hiring employees

Which is NOT part of the leadership function for a manager in charge of a project?

a middle manager

In a large company, to whom would an operational manager generally report?

initiative

the ability to make decisions on your own

honesty

integrity

the democratic leader

Who makes the final decision in a democratic leadership situation?

free-rein

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.

democratic leader

leader gets input from the group, then makes the final decision about a situation.

autocratic

do not ask for input from their workers; they expect their orders to be obeyed without question.

inventors

Which is NOT considered an aspect of technology?

fax

Which was inspired by the invention of the telephone?

cells are small computers

What makes a cell phone different from a telephone?

e-workforce

Anyone who uses a computer while working

click and mortar

a store that sells products in stores and online

agricultural

Which types of products do other countries mostly buy from the U.S.?

more buying power

When a country's currency is higher than another's, it has

North American Free Trade Agreement

NAFTA

interstate commerce

business that takes place within the borders of one state.

Occupational Safety and Health Administration

OSHA

oligopoly

formed by a small number of companies rather than just one.

checking accounts

best for keeping money in a financial institution for a short period.

saving and loan associations

financial institutions that hold customers' funds in interest-bearing accounts and invest mainly in mortgage loans.

brokerage firms

firms sell stocks and bonds, but not loans.

12

how many regional banks are there for the federal reserve

financing

protecting investments through risk management.

marketing mix

consists of four basic marketing strategies: product, place, price and promotion.

evaluating customer response

Which is the final step in the process of developing a new product?

newspapers

main advertising medium used in the United States.

direct mail

advertisers to reach a specific target market.

directory advertising

appears mostly in phone books.

advertising cost

mount of money it costs to display or broadcast an ad

placement

Which is NOT something upon which the cost of Internet ads is based?

salary

Which is usually NOT included in a job description?

wage

amount of money paid to an employee on an hourly basis.

reference

someone who comments on a job applicant's character and qualifications for a job.

orientation

process of helping new employees adjust to a company.

group training

teaching several employees in a class.

language, customs, tastes

To market products successfully in another country, companies must research the country's

Business etiquette

conduct that is considered socially acceptable in business.

hierarchy

usually has one person at the top who makes all the decisions.

stereotype

identify people by a single trait, rather than as individuals

start up captial

money used to pay for the various assets and expenses of a new venture or business.

accounting

systematic process of recording and reporting the financial position of a person or organization.

accounts receivable

total amount of money owed to a business

liabilities + owner's equity

assets =

information technology (IT)

computing, electronics, and telecommunications to process and distribute information in digital and other forms.

telecommunications

transmission of information over communication lines.

telecommunicating

arrangement that allows employees to work at home while communicating with the workplace by phone, fax, or modem.

internet

global computer network.

hyptertext

computer language that allows Internet users to access stored images, text, and other files.

UNIX

popular operating system created by Bell Labs. It is

UNIX

designed to operate the same on hardware from several different vendors.

Microsoft Disk Operating System

MS-DOS

Linux

an open-source version of the UNIX operating system

ergonomics

design factors for the workplace that are intended to maximize productivity by minimizing a worker's discomfort.

input devices

keyboards, computer mice, touchpads, joysticks, and scanners.

suite

collection of integrated application programs or software applications that work as a single program.

intranet

a restricted computer network

groupware

communication tools, conferencing tools, and collaborative management (or coordination) tools.

career

work history of one or more jobs in the same or related fields of interest.

Employability skills

basic skills that you need to get a job, keep a job, and do well at a job.

resume

tell an employer what you have to offer and persuade a potential employer to interview you.

outlet stores

carry well-known brand name products at bargain prices

warehouse

Which type of store might require customers to become a member to take advantage of benefits?

limited line retailer

Sell only one kind of merchandise.

loss leaders

advertised products that sell at a loss to bring customers into a store.

warantee

written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired.

invoice

A form describing the goods or services sold, the quantity, and the price

express waranteefull

warranties or limited warranties

limited warantee

cover only a certain parts of a product

full warantee

seller will repair or replce a product that doesn't work usually free of charge; good for a short period

Product liability

leagal responsibility that manufacturers have to make a safe product

safety, performance, and value.

U.S. Consumer Product Safety Commission fact sheets tells how a product is rated on

water

Which is NOT easily recycled?

US Department of Agriculture

inspects and grades foods. Grade labels, such as "prime" or "choice" for meats, indicate the level of quality.

The Clayton Act and the Robinson-Patman Act

prohibit price discrimination, the act of charging different prices in different markets or to different customers.

Uniform commercial Code

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.

The Consumer Credit Protection Act

requires those who give credit to reveal the details of all terms and conditions

Federal Trade commision

agency with the power to investigate unfair business preactices

Federal Trade Commission act

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.

the cost of the credit to the borrower

Which depends on the degree of risk a creditor takes in lending money or selling on credit?

travel and entertainment card

Which type of card often requires payment of the full amount due at the end of each month?

single purpose cards

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.

payday advance service

offer short-term loans until payday.