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Business Exam 2

Flash cards for the business exam

QuestionAnswerSimplified
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