BA Final

Articles of Incorporation

• The firms name and address

• The incorporators name and addresses

• The purpose of the corp.

• The maximum amount of stock and types if stock to be issued

• The length of time the corp. is to exist

• The name and address of the corps. registered agent

• =A COMPANIES STRUCTURE ANS PURPOSE

Articles of partnership

• The names of people involved and the address of the business

• What the nature of the business is

• What each partners duties will be

• The investment each partner will make

• How much salary each partner receives and how profit or losses will be divided

• What happens if a partner want to dissolve the partnership

• =WRITTEN OR VERBAL AGREEMENT: RELATIONSHIP BETWEEN PARTNERS IN BUSINESS

Sole proprietorships

• a business that is owned (and usually operated) by one person

S-corps

• a corporation that is taxed as though it were a partnership

Non-profit

• A corp. Organized to provide a social, religious, or other service rather than to earn a profit

Inflation

• A general rise in level of price

Deflation

• A general decrease in level of price

Capitalism

• an economic system in which individuals own and operate the majority of businesses that provide goods and services

Mixed economy

• An economy that exhibits elements of both capitalism and socialism

Socialism

• Key industries are owned and controlled by govt. They also may include land, buildings, raw materials or property of the state (more equal distribution of wealth)

Communism

• Type of economy where means of production (land, factories, and resources) are owned and controlled by the community or the state rather than by inds. Or private entities (eliminates private property in hopes of creating equality)

Financial Ratio

• a number that shows the relationship between two elements of a firm’s financial statements

Current Ratio

• a financial ratio computed by dividing current assets by current liabilities

Income Statement

• a summary of a firm’s revenues and expenses during a specified accounting period

Statement of cash flows

• A statement that illustrates how the company’s operating, investigating, and financial activites affect cash during an accounting period

Dividends to stockholders

• A distribution of earnings (cash, stock, property) to the stockholders of a corp. (recorded in the statement of cash flows and balance sheet)

Product Mix

• all the products a firm offers for sale

Product Line

• a group of similar products that differ only in relatively minor characteristics

Sustainability

• the ability to create and maintain conditions under which present and future generations can exist in productive harmony, and permit fulfilling the social, economic, and other requirements of future and present generations

Consumerism

• all activities undertaken to protect the rights of consumers

Leading

• the process of influencing people to work toward a common goal

Planning

• establishing organizational goals and deciding how to accomplish them

Controlling

• the process of evaluating and regulating ongoing activities to ensure that goals are achieved

Motivating

• the process of providing reasons for people to work in the best interests of an organization

quality circle

• a team of employees who meet on company time to solve problems of product quality

business-to-business (or B2B) model

• a model used by firms that conduct business with other businesses

business-to-consumer (or B2C) model

• a model used by firms that focus on conducting business with individual consumers

job enlargement

• expanding a worker’ s assignments to include additional but similar tasks

job rotation

• the systematic shifting of employees from one job to another

job analysis

• a systematic procedure for studying jobs to determine their various elements and - requirements

Performance appraisal

• the evaluation of employees’ performance to allow managers to make objective human resources decisions

multinational corporation ( MNC)

• a firm that operates on a worldwide scale without ties to any specific nation or region

chain of command

• the line of authority that extends from the highest to the lowest levels of an organization

Span of management

• the number of workers who report directly to one manager

Five stages of team development

• Forming

  • The team is new. Members get to know each other

• Storming

  • The team may be volatile. Goals and objectives are developed

• Norming

  • The team stabilizes. Roles are duties are accepted and recognized

• Performing

  • The team is dynamic. Everyone makes a focused effort to accomplish goals

• Adjourning

  • The team is finished. The goal had been accomplished, and the team is disbanded.

Socioemotional

• The socioemotional role is played by the individual who supports and encourages the emotional needs of the other members, placing the team members’ personal needs above the task at hand.

  • Socioemotional member’s dedication to team cohesiveness leads to greater unity and higher productivity.

Task specialist

• The group member who pushes the team toward achieving goals and objectives plays the task-specialist role by concentrating fully on the assigned task.

  • In a cross-functional team, this might be the person with the most expertise relating to the current task.

Delegating

• The act of assigning tasks to others

  • Pros: save time, develops skills

  • Cons: Quality of work, leads to frustration

How liquid assets are (comparatively)

• Easily and quickly converted to cash with minimal loss in value

  • EX: stock, cash, checking and saving accounts

Income statement

• a summary of a firm’s revenues and expenses during a specified accounting period

Balance Sheet

• a summary of the dollar amounts of a firm’s assets, liabilities, and owners’ equity accounts at the end of a specific accounting period

Owners Equity

• the difference between a firm’s assets and its liabilities

Statement of Cash flows

• a statement that illustrates how the company’s operating, investing, and financing activities affect cash during an accounting period

Pros and Cons of working in teams

• Pros: more creativity, problem-solving, shared responsibility

• Cons: conflict, workload distribution, time management issues

Maslow’s hierarchy

• A sequence of human needs in the order of their importance

  • 1. Self-actualization

    • which are the need to grow, develop, and become all that we are capable of being.

  • 2. Self-esteem

    • we require respect and recognition from others and a sense of our own accomplishment and worth (self-esteem).

  • 3. Social needs

    • the human requirements for love and affection and a sense of belonging

  • 4. Safety needs

    • the things we require for physical and emotional security

  • 5. Physiological needs

    • the things we require to survive. They include food and water, clothing, shelter, and sleep.

OSHA (Occupational Safety and Health Administration)

• This law regulates the degree to which employees can be exposed to hazardous substances. It also specifies the safety equipment that an employer must provide. The Occupational Safety and Health Administration

NAFTA North American Free Trade Agreement

• gradually eliminated tariffs on goods produced and traded among the three nations and created a free trade area of more than 503 million people.

ADA (Americans with Disabilities Act)

• Prohibits discrimination against qualified inds. With disabilities in all employment practices...hiring, firing, compensation, training, ect.

NLRB

• the federal agency that enforces the provisions of the Wagner Act

EEOC

• a government agency with the power to investigate complaints of employment discrimination and the power to sue firms that practice it

EPA

• Environmental Protection Agency (EPA), the federal agency charged with enforcing laws designed to protect the environment.

Age Discrimination in Employment Act (ADEA)

• protects workers who are 40 years of age or older from discrimination in the workplace.

FTC

• a five-member committee charged with the responsibility of investigating illegal trade practices and enforcing antitrust laws

CAD

• the use of computers to aid in the development of products

CIM

• a computer system that not only helps to design products but also controls the machinery needed to produce the finished product

Financial

• MONEY/funds, investors interested in supporting e-business firms, electronic payments from customers.

Human

• PEOPLE, who can design, create, and maintain websites are only a fraction of the specialized human resources

Material

• PHYSICAL, Computers, software, high-speed internet connection lines

Informational

• Includes data, knowledge, and information systems that are needed for decision-making.

System Resources

• tools and items that a business uses to perform its normal activities

ROI (return on investment)

• Profitability metric used to evaluate how well an investment has preformed

joint ventures

• an agreement between two or more groups to form a business entity in order to achieve a specific goal or to operate for a specific period of time

Goodwill

• Intangible asset that is associated with the purchase of one company by another

Salary

• a specific amount of money paid for an employee’s work during a set calendar period, regardless of the actual number of hours worked

Benefits

• Reward in addition to regular compensation that influences employees to stay

Why centralize or decentralize (how it relates to the changes and environments)

• Centralize: decision-making and control in a single location (slower to react to diverse situations across a large area)

• Decentralize: distribute power and decision-making (more adaptable to changing environments, adapts to changes faster

Departmentalization

• the process of grouping jobs into manageable units

Continuous process manufacturing

• Manufacturing process where a product is made without interruption from start to finish

Premiums

• the fee charged by an insurance company

Rebates

• a return of part of the purchase price of a product

Direct mail

• Form of advertising where physical mail pieces are delivered

Coupon

• Reduces the retail price of an item

Sampling

• Selecting a small group from a larger population to collect data from

Hertzberg motivation

• Motivate the workforce. It can be increased by maintaining factors.

• Recognition, responsibility, achievement

Hygiene factors

• Job factors that reduce dissatisfaction when present to an acceptable degree but that do not necessarily result in high levels of motivation

• Pay and benefits, relationships, job security