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BAI 151 Exam
| Question | Answer |
|---|---|
| Prohibits contracts, combinations or conspiracies to restrain trade; establishes as a misdemeanor monopolizing or attempting to monopolize (1890) | Sherman Antitrust Act |
| Prohibits specific practices such as price discrimination, exclusive dealer arrangements, and stock acquisitions in which the effect may notably lessen competition or tend to create a monopoly (1914) | Clayton Act |
| Enforces laws and guidelines regarding business practices; takes action to stop false and deceptive advertising and labeling. | Federal Trade Commission |
| OF ALL THE FEDERAL REGULATORY UNITS, THE ___ MOST INFLUENCES BUSINESS ACTIVITIES RELATED TO QUESTIONABLE PRACTICES THAT CREATE DISPUTES BETWEEN BUSINESS AND THEIR CUSTOMERS | FTC |
| Enforces laws and regulations to prevent distribution of adulterated or misbranded foods, drugs, medical devices, cosmetics, veterinary products and particularly hazardous consumer products | FDA |
| Made securities fraud a criminal offense; stiffened penalties for corporate fraud; created an accounting oversight board; and instituted numerous and other provisions designed to increase corporate transparency and compliance (2002) | Sarbanes-Oxles Act |
| IN SPITE OF ITS BENEFITS, IT DID NOT PREVENT WIDESPREAD CORPORATE CORRUPTION | Sarbanes-Oxles Act |
| Factors Affecting Choice of Ownership | Nature of business, desire for independence, financial considerations, willingness to assume risk, experience |
| Owned by one person, individual income taxed, unlimited liability, easiest way to conduct business | Sole Proprietorship |
| Constitute approximately three-fourths of all business in the United States | Sole Proprietorship |
| An association of two or more persons who carry on as co-ownders of a business for profit | Uniform Partnership Act |
| A partnership formed for a specific project or for a limited time | Joint Venture |
| A legal entity, created by the state, whose assets and liabilities are separate from its owners; majority of all U.S. sales and income. typically owned by many individuals and organizations, known as stockholders | Corporation |
| A special type of stock whose owners, though not generally having a say in running the company, have a claim to profits before other stockholders do | Preferred stock |
| Stock whose owners have voting rights in the corporation, yet do not receive preferential treatment regarding dividends | Common stock |
| Taxed as partnership (eliminates double taxation); profits or losses pass to owners; not taxed as a business; typically smaller corporations; limited liability; perpetual life; restrictions on size; maximum of 75 shareholders; approx. one-half of corps | Sub S Corporation |
| Can elect to be member-managed or manager-managed; less personal liability; less paperwork; no double taxation; can be taxed as a sole proprietor, partnership, S corporation or c corporation; membership can be passed on upon death | Limited Liability Company- LLC |
| 1 owner; individual income taxed; unlimited liability; owned by a single individual and is the easiest way to conduct business | Sole Proprietorship |
| 2 or more owners; individual owners' income taxed; somewhat limited liability; easy way for two individuals to conduct business | Partnership |
| Any number of shareholders; corporate and shareholder taxed; limited liability; a legal entity with shareholders or stockholders | Corporation |
| Up to 75 shareholders; taxed as a partnership; limited liability; a legal entity with tax advantages for restricted number of shareholders | S Corporation |
| Unlimited number of shareholders; taxed as a partnership; limited liability; avoid lawsuits | Limited Liability Company |
| Two companies combine to form a new company; typically corporations | Merger |
| One company purchase another, generally by buying most of its stock | Acquisition |
| Worlds largest company | Exxon |
| Selling of goods, services, or ideas; the outcome may have both tangible and intangible characteristics | Business |
| Factors that influence business | Individuals (controllable), environment (uncontrollable; social, technology, economic, competitive, regulatory); society |
| One who organizes, manages, and assumes the risks of a business or enterprise | Entrepreneur |
| ___% of small businesses employ 9 employees or less | 95 |
| ___% of all businesses are "non-employer" firms | 78 |
| The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large | Marketing |
| The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals | Marketing concept |
| The 4 P's aka Marketing Mix | Product/Service, Price, Promotion, Place/distribution |
| Good, service, or idea; tangible and intangible features; satisfies needs; exchange for money; high failure rate; must be unique and serve a need | Product |
| That which is given up in an exchange to acquire a good or service | Price |
| Six elements of the promotional mix | Advertising, personal selling, public relations, sales promotion, direct marketing, emarketing |
| Idea that everyone is on average approximately six steps away by way of introduction, from any other person on earth | Six degrees of Separation |
| Also known as the grapevine | Informal communications |
| Linking the organization to its individual customers, employees, suppliers and other partners for their mutual long-term benefit | Relationship marketing |
| Building of relationships and sharing of information with colleagues who can help managers or you achieve the items on an agenda | Networking |
| 5 promotional elements used in Under Armour's Integrated Marketing Campaign | Advertising, Personal selling, Public Relations, Sales Promotion, Direct Marketing |
| 5 biggest challenges, concerns, and goals of small businesses | Finding and retaining qualified employees; increasing sales/revenue, demand; growth of business; economy/changing conditions; increased costs of materials/energy/health care |
| All the activities involved in determining the organization's needs for human resources and acquiring, training, and compensating people to fill those needs | Human Resources |
| Internship benefits | Experiencing different work environments, improving soft skills like presentation skills, acquiring technical skills, making industry contacts |
| The process designed to achieve an organization's objectives by using its resources effectively and efficiently in a changing environment | Management |
| Major functions of a manager | Planning, organizing, staffing, directing, controlling |
| Employee organizations formed to deal with employers for achieving better pay, house, and working conditions; make 15% more | Labor Unions |
| Skills needed by managers | Leadership, technical expertise, conceptual skills, analytical skills, human relations skills |
| Process which involves equipment and labor to produce goods for use or sale | Manufacturing/Operations |
| Raw materials are transformed into finished goods | Industrial Production |
| Development and administration of the activities involved in transforming resources into goods and services; "core" of most organizations | Operations Management |
| The term ______ is used to describe those processes used in the making of both tangible and intangible products | Operations |
| The resources 9labor, materials, energy, etc) that are converted into outputs | Inputs |
| The goods, services, and ideas that result from the conversion of inputs | Outputs |
| Example of a service business | Airlines, salons, colleges |
| Connecting and integrating all parties or members of the distribution system in order to satisfy customers | Logistics |
| Sequence of operations through which a product must pass | Routing |
| ISO 9000 | Quality standards |
| ISO 14000 | Environmental standards |
| Processes an organization uses to maintain its established quality standards | Quality control |
| Philosophy that uniform commitment to quality will promote a culture that meets customers' perceptions of quality | Total Quality Management (TQM) |
| System to collect and analyze information about production processed to pinpoint quality problems in the system | Statistical Process Control |
| Society's standards and values that are enforceable in the courts | Laws |
| The moral principles or values that generally govern the conduct of an individual | Ethics |
| The rules people develop as a result of cultural values and norms | Morals |
| Two most important values for all age groups in the US | Integrity and honesty |
| One of the principle causes for unethical behavior in organizations | Overly aggressive financial or business objectives |
| Influential factos in ethical decision making | Extent of problems, top management actions, potential consequences |
| The process of keeping financial records; all steps must be done in a certain order; a financial map; plan for its future; budget | Accounting |
| Estimates of income and expenses based on figures recorded in previous years; how much money is available to spend to reach business goals | Budget |
| Internal financial plan that forecasts expenses and income over a set period of time; typically a top-down approach | Budgets |
| Senior management filters down to the individual departments level | Top-down approach |
| Sets principles of financial accounting and reporting | The Financial Accounting Standards Board |
| Generally accepted accounting principles | GAAP |
| International Financial Reporting Standards | IFRS |
| A business language that evaluates the performance of a company | Financial statements |
| Examples of financial statements | Income statement, balance sheet, statement of cash flows |
| A snapshot picture of the business's financial condition | Balance sheet |
| Three categories of information in a balance sheet | Assets, liabilities, net worth |
| Explains how the company's cash changed from the beginning of the accounting period to the end | Statement of cash flows |
| Calculations that measure an organization's financial health | Ratio analysis |
| The early economy | Production |
| The industrial revolution | Sales era |
| The manufacturing and marketing | Concept era |
| The service and digital | Relationship era |
| An economic system or free enterprise based on the "survival of the fittest" | Capitalism |
| An economic system based on "you get your share no matter what your contribution is" | Socialism |
| An economic system based on "You put in your fair share, you get the fair share" | Communism |
| Study of how to meet unlimited, competing wants with limited resources | Economics |
| Economic resources | natural, human, capital |
| The basic economic problem; gap between unlimited needs and limited resources; creates difficult problems for society | Scarcity |
| The study of how resources are distributed for the production of goods and services within a social system | Economics |
| The three important issues economics addresses | What goods and services, how much? How will they be produced, who will produce them? How will they be distributed? |
| Studies the economic behavior and relationships of the entire society; the big picture; the decisions of all consumers and producers and the effects of those decisions on the economy | Macroeconomics |
| The study of relationships between individual consumers and producers; how individuals make decision about what to produce and what to consume; looks at supply and demand | Microeconomics |
| The quantity of a good or service that sellers are able and willing to offer for sale at a specific price in a given period of time; summarizes the behavior of producers and sellers | Supply |
| The quantity of a good or service that consumers are ready to buy at a given price at a particular time; | Demand |
| Sum of all goods and services produced in a country during a year, not profits | Gross Domestic Product (GDP) |
| Two basic strategies used in international business | Multinational strategy, global strategy (globalization) |
| Customizes products, promotion, and distribution according to cultural, technological, regional, and national differences | Multinational strategy |
| Standardizes products for the whole world as if it were a single entity | Global strategy (globalization) |
| The transfer of manufacturing and other tasks to places where labor and other supplies are less expensive | Outsourcing |
| Use of resources toward the greatest profit for the producer | Profit motive |
| Goals of a business | Selling of goods, services, or ideas |
| Environmental factors | Uncontrollable, social, technology, competitive, regulatory |
| The purchase and sale of goods in an attempt to make a profit | Business |
| Departments of organization | Research and development department, human resources department, information systems department, marketing department, finance department, manufacturing department |
| Prohibits monopolies, AT & T and Walmart | Sherman antitrust act 1890 |
| Practices price discrimination, exclusive dealer agreements | Clayton Act 1914 |
| Business activities, deceptive advertising | FTC |
| Widespread corporate corruption, security fraud | Sarbanes-Oxles Act 2002 |
| Example of a corporation going public to afford estate sale | Coors |
| Ford making the car, 40 hr workweek | Production era |
| Selling everything, companies weren't making money | Industrial revolution |
| Tie in manufacturing, blending, considering costs | Manufacturing and marketing concept era |
| What do you want? We will build it at the right price | The service and digital |
| What kind of economy are we? | Mixed |
| 3 factors that affect supply | Cost of production, what competition is out there, can i make a profit? |
| 3 factors that affect demand | What is available out there at what prices? (supply), what are alternatives?, how convenient is it? |
| Most influential person in business ethics in 2011 who "blew the whistle". Worked for Pfizer and believed Baxtra was causing harm to people | John Kopchinski |
| Why, how, what. Thinking and acting and communicating from the inside out such as Apple | Golden circle |
| People don't buy what you do they buy why you do it | Golden circle |
| Do business with people who believe what you believe, this is where gut decision come from | Golden circle |
Created by:
AliRutherford
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