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BAI 151 Exam

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
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
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