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Business Exam 2
Flash cards for the business exam
| Question | Answer | Simplified |
|---|---|---|
| What does SWOT stand for? How is SWOT used and when is it used? | [Swot stands for: Strengths, weaknesses, opportunities, Threats.] [It is used for: Assessing a companies fit with its environment and its strengths/weaknesses.] | Strengths, weaknesses, opportunities, Threats. |
| What is the different ways communication flows in organizations? | [Downward communication flows from higher organizational levels to lower levels.] [Upward communication flows from lower to higher organizational levels.] [Lateral communication flows across the organization, among personnel on the same level.] | Up, Down, Across. |
| What are the different types of leadership styles? Define and understand how each works. | [Autocratic: Decisions without input from subordinates.] [Democratic: Seek input,while retaining authority.] [Laissez-Faire: Hands off.] [Transactional: Exercise authority, search for mistakes.] [Transformational: Mentor subordinates.] | Autocratic, Democractic, Laissez-Faire, Transactional, Transformational |
| What are core values? | [Statement of fundamental beliefs describing what’s appropriate and important in conducting organizational activities and (providing a guide for the behavior of organization members.)] | Guide for the behavior of organization members. |
| What is an enterprise resource planning system? What does it do? | [Enterprise Resource Planning: Integrated computer system used to channel information to multiple users] [An ERP system integrates the computer needs of all business activities across the enterprise into a single computer system that serves all users.] | Enterprise Resource Planning System: Large internal data structure. |
| How do managers control operations? | They use operations support systems, which usually fall into three categories: 1) transaction processing systems, 2) process control systems, 3)computer-aided design software. | [Operation support systems] [1)Transaction processing] [2) process control systems] [3)computer-aided design software.] |
| What are the different types of planning? When and how do you use each? | Strategic: Used to set a guiding plan for the whole organization. Tactical: Short-term plans that lay the foundations for a strategic plan. (Money, personnel, etc). Operations: Used to outline steps taken by individuals/groups to implement tactical plans. | o Strategic plans, Tactical plans, operational plans. |
| What are the different functions of management? How do managers carry out these functions? Understand the differences. | Planning: Make goals and determine the best way to achieve them. Organizing: means allocating resources(People, resources) for the company's plans. Directing: Providing focus for employees. Controlling: Performance and taking corrective action. | Planning, organizing, directing, and controlling. |
| What are data warehouses, data mining, and database | [DataMining: Searching and analyzing large amounts of data to reveal patterns and trends.][Data Warehouse: a centralized database, consolidation.][Database: electronic collections of related data.] | Database: Electronic table storage. Data Warehouse: A bunch of connected databases. Data Mining: Using data to find trends. |
| What is data? What is information? What is the difference? | Data is unprocessed facts, while information has already been processed. Information/Data can be used to find trends, etc. | Data -> Unprocessed. Information -> Processed. |
| What is applications software? | Applications software is software that preforms a specific task, like word processing or spreadsheet manipulation. | Any useful program. |
| Extranet, Intranet & Firewall? | Extranet: is a private network that uses Internet protocols. Intranet: A local or restricted communications network, esp. a private network. Firewall: A protective barrier to the external internet. | Extranet: Externally connected, but used internally. Intranet: entirely internal. Firewall: Used to keep the outside world out! |
| E-commerce, Spoofing and Piracy? | E-comerence: Online trading, buying/selling. Spoofing: To fake an identity and deceive a system to allow you to enter. Piracy: Stealing or hijacking products or objects. | E-commerce: Online shopping, Spoofing: fake identity entry. Piracy: TPB. |
| Encrypting, Entrepreneurship and Liability? | Encrypting: Encoding data for additional safety. Entrepreneurship: Someone who organizes business ventures and assumes the risk. Liability: Being responsible for something, an obligation. | Encrypting: Encoding data. Entrepreneurship: Starting a company and assuming the risk. Liability: Responsible for something. |
| What are different types of business ownership? | Sole Proprietorship(75%): Single owner who assumes all the risk. Partnership(6%): Business owned jointly by two or more people. Corporation: Legal entity that is entirely separate from the parties who own it and that is responsible for its own debts. | Sole P: Pros: Easy to start, complete control, no special taxes. Cons: Unlimited liability. Partners: Pros: Easier to finance, separate taxes. Cons: Disagreement. Corporation: Pros: Limited liability, talented employees. Cons: double taxation, regulations |
| what are the less common types of business ownership? | S-Corporation: Limited Liability protection, only taxed once (when dividends are paid). Cooperative: Controlled by users. Limited-Liability Company: Fewer rules/regulations than an s-corp. Nonprofit: For social benefit, not profit. | S-corp, Coop, LLC(Limited-liability company), Nonprofit. |
| Why would you choose one type of business ownership over another? | In situations where you want to avoid large personal liability, are looking to share responsibilities or looking for a certain tax situation. | Based on the situation! |
| What is a merger? Acquisition? Hostile takeover? Joint venture | Merger: Two companies combining into a single new company. Acquisition: Adding a new company to an existing company. Joint venture: two companies working together on a project. Hostile-takeover: Acquiring a company against their will. | Merger: Combining companies, Acquisition: Adding new company. JV: Working together. Hostile: Taking over by force. |
| What is a dividend? What is stock? | Dividend: Earnings distributed to stockholders.Stock: Share of ownership in a corporation. | Dividend: Profits paid out to investors. Stocks: Pieces of the company. |
| What is a business plan? When do you need one? How does it help business owners? | Business Plan: An overview of your market, your business concept, what you will provide, who your customers are, financial requirements, qualifications for Employees. You need it when starting a business. | Outline: [Executive summary] [Description of proposed business] [Industry analysis] [core values] [Management plan] [Your product] [Marketing] [Global issues] [Financial plan] [Appendices] |
| What are important steps to starting a business? What does a new owner need to understand in order to run a successful business? | They need to understand: Is my business idea feasible? What industry is it? Is it similar to many existing or is it innovative? Start the company alone or with a team? What type of business form do i want? BUSINESS PLAN! | Business Plan is the Key. Can also start though -> Franchise or buying an existing business. |
| What are wholesalers, distributors, franchisers, and retailers? | Wholesalers: Middle men who resell. Distributors: As very much like Wholesalers. Franchisers: People who allow other people to sell their product as a branch of the franchised company. Retailers: Middle men who sell to the public from producers. | Wholesalers: Middle men. Distributors: Middle men. Franchises: Sell company product licencing. Retailers: Straight from producers to consumers. |
| What are equity, bottom line, cash flow, debits, and credits? | Equity: Any security representing an ownership. BottomLine: Company's net earnings/income. CashFlows: A stream of expense or revenue. Debits: Increase in assets or decrease in liabilities. Credit: The opposite of debit. | Equity: Share. Bot Line: Net income/earned. Cashflows: Stream I/O money. Debits: Added assets. Credits. !Debits. |
| Teams are important in business, why? | Teams can be assigned certain tasks based on their skill set. Companies build and support teams because of their effect on overall workplace performance, both organizational and individual. | Teams can accomplish more and have multiple skill sets tackling a problem. |
| Define team. What are different types of team and what do they do? | Team: A group that works together to achieve a goal. Cross-Functional Team: Focus on skills from around the company. Manager-Led Team: Goal driven group. Self-Managing Team: Self managing. Virtual Teams: Internet based communication. | Cross-Functional Team: Mutli-skilled. Manager-Led Team: Goal driven, manager led. Self-Managing Team: Manages itself. Virtual Teams: Tech communication. |
| Define communication. What are different types of communication used in business? | Communication: The exchange of information. External Communication(outside company), Formal Communication Network(Formal com methods), Informal Communication (Grapevine), Internal Communication(Inside company) | External, formal, informal, internal. |
| Name and understand blocking strategies to communication? | The blocking roles: Aggressor(Attacking ideas/people), blocker(Resisting Ideas), dominator(Overriding others), comedian(Not productive), and avoidance behavior(trying to get out of the work). | Aggressor, blocker, dominator, comedian, avoider. |
| What is a reporting relationship? How are they used? How would you find out the reporting relationships in an organization? | Reporting Relationships: Patterns of formal communication among members of an organization. They are used to outline the method of communication in the company. View their hierarchical Organization Chart. | Organization Chart, communications structure and individual reporting to higher authority. |
| What skills are necessary for individuals to be hired and promoted? Which is most important? | Capability (skills needed for the job), Commitment (Loyalty and work ethic), Chemistry (Ability to fit into the company). I think it is chemistry. | Capability, Commitment, Chemistry. Chemistry most important. |
| What are the components of a good presentation? | Opening: Grab attention. Body: Inform and keep attention. Close: Connect points and positive impression. Dress well and act professional. PRACTICE! | Plan, prepare, practice and present. Open, body, close. |
| How many points are most effective in presentations? | 4-5 Points per slide at most is acceptable. 3 is always a strong number. | 3-5 Points. |
| What is restructuring? When and why is it used? | Restructuring: Changing the internal structure of the company to match changing situations. Used when drastic change is needed. | Rebuild the company when times change. |
| What are organization charts, PERT charts, Gantt Charts? How are they used? | Organization charts: The charts detail the communication relationships within a company. PERT Chart: The requirements for creating a product, resources, time, process. Gantt chart: Used to help operations managers determine the status of a project. | O Chart: Communication relationships. P Chart: The time line, activities and resources to create a product. G Chart: Used to determine the status of a project. |
| What is a virtual company? | A virtual company is a company that sells virtual products such as E-books or games. They don't deal with physical products. | Online product companies. |
| What is a virtual team? | A virtual team is a team that works together over long distances using technologies to communicate and share work. | Online teams who communicate via the internet. |
| What does it take to be an entrepreneur? | Innovation, the ability to run a business, risk taking. Awareness of the market, company, idea and employees. Financially ready and not stingy with money. | Wise, willing to take risks, good with money and has money. Understands the field in question. |
Created by:
ODav
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