BA101 Midterm 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is business? | show 🗑
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| What is non-profit? | show 🗑
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| What is entrepreneur (and the entrepreneurial spirit)? | show 🗑
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| What is risk and return? | show 🗑
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| What is standard of living? | show 🗑
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| show | Right to own land, Right to own business and keep profit, Right to compete
Right to choose
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| show | All those who stand to to gain or lose by policies or activities of the business.
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| Who are stakeholders? | show 🗑
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| show | Natural resources, human resources, capital, knowledge and entrepreneurship.
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| show | Global, economics & legal, technological, competitive and social
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| show | Quality, cost, innovation, speed and service.
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| What is needed to compete successfully? | show 🗑
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| show | Agrarian early 1800's, Manufacturing late 1800's-late 1900 and now more service oriented.
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| What changed the US economy from agrarian to manufacturing? | show 🗑
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| How did businesses approach customers in the 20th century. | show 🗑
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| show | acting with integrity, free of bias and with care for others.
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| show | afraid of retaliation, feel their report will not be kept confidential and think management will do nothing about it.
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| What are common ethical violations? | show 🗑
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| show | Moral Awareness
Moral Judgement
Moral Character
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| show | Universalism
Egoism
Relativism
Virtue Ethics
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| show | we all generally apply this standard. (e.g we all know not to kill to get what we want)
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| Define egoism | show 🗑
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| show | Do what provides the greatest good for the MOST people
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| Define virtue ethics | show 🗑
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| How to approach an ethical issue or decision? | show 🗑
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| show | -Employees (fair wages, safe conditions)
-Investors (compliance with accounting rules, full disclosure)
-Consumer (safe from harmful products)
-Community (protecting environment)
-Stockholders(maximum profit, honest accounting)
-Competitors(fair play
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| Define compliance based codes | show 🗑
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| Define integrity based codes | show 🗑
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| What 6 steps are required to have effective ethics codes? | show 🗑
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| show | -Global stakeholders desire-philanthropic Resp.
-Global stake holders expect-ethical responsibility
-Global stakeholders require-legal responsibility
-Capitalism requires-economic responsibility
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| Danger signs that a company's ethics may not be important. | show 🗑
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| show | The science of scarcity and choice
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| Macroeconomics | show 🗑
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| Microeconomics | show 🗑
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| Define money | show 🗑
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| Key functions of money | show 🗑
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| show | Capitalism-free enterprise, Socialism-more government ownership, higher taxes, Communism-Government owns most businesses and make economic decisions
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| show | Mixed economy, unlike pure capitalist, government has some involvement. Succeeds because of invisible hand. Require free markets so seller and buyers determine price.
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| Define supply and demand | show 🗑
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| show | amount demanded = amount supplied
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| Factors of shift in demand curve | show 🗑
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| show | Cost of inputs, Cost of Technology, Taxes, # of suppliers
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| show | Pure (perfect),Monopolistic, Oligopoly, Monopoly
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| Define Gross Domestic Product (GDP) | show 🗑
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| What cause unemployment rates | show 🗑
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| show | general rise in the price of goods and services.
*measured by consumer price index (CPI) comparing market basket of goods now and then
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| show | Refers to how much a nation's economy can produce
p=output/input
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| show | begins with peak, contraction, troughs, recovery (expansion)
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| show | to avoid long term contractions, recession, inflation and unemployment
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| show | Fiscal policy: increasing/decreasing taxes; Monetary policy: controlled by the federal reserve by changing interest rates, buying selling government securities and adjusting bank reserve requirements
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| What causes inflation | show 🗑
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| Why do countries trade? | show 🗑
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| show | Shows that a country is better off producing what it is most efficient and effective at producing.*more results in more output for all.
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| Define absolute advantage | show 🗑
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| What is free trade | show 🗑
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| Define balance of trade | show 🗑
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| Define trade deficit | show 🗑
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| show | compares the cash coming in to the country versus the cash going out. *investments, cash from tourism, military
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| Define dumping | show 🗑
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| What are the ways to conduct business abroad? | show 🗑
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| Define Off-shoring | show 🗑
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| Define licensing | show 🗑
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| Define Franchising | show 🗑
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| show | establishing relationship with a foreign firm to manufacture your product or provide your service
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| show | When two or more firms join together to produce a product or work together
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| Define foreign direct investment | show 🗑
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| show | have facilities and manufacture goods or provide services in many countries *Wal-Mart
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| show | Sociocultural, Economic and financial, Legal and Regulatory, Physical and environmental
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| Define trade protectionism | show 🗑
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| show | Tariffs (tax);Quotas (limit); Embargoes (ban)
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| Debate of trade protectionism | show 🗑
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| Debate of Free trade | show 🗑
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| show | between US, Canada and Mexico. Debated due to jobs lost in US
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| show | World trade organization (WTO), World bank, International Monetary fund (IMF)
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| Purpose of world trade organization | show 🗑
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| Purpose of world bank | show 🗑
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| show | Created to promote trade by increasing the financial cooperation among nations, making emergency loans
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| Basic forms of business ownership | show 🗑
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| What are key considerations in what forms of business to take? | show 🗑
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| Autonomy | show 🗑
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| Liability | show 🗑
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| show | Something you want to do for life, expansion, growth
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| show | Ability to raise borrow money for labor to grow business
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| show | how the government taxes your business
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| Sole proprietor | show 🗑
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| show | -General: all owners share in operations/management
-Limited: at least one general partner and 1 or 2 limited partners
-LL partnership(LLP): not liable for other partners acts
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| show | -Main advantage: more financial resources, shared management allows growth
-Main disadvantage: unlimited liability for general partners, can lose everything you own, shared profit
Tax: Profits flow through to partners' personal income and taxed
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| Corporations | show 🗑
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| Corporations advantages | show 🗑
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| Corporation disadvantages | show 🗑
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| show | taking an action in which i may have a vested interest e.g brothers company
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| show | taking a bribe of gift in exchange for giving someone some business
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| Loyalty vs. truth | show 🗑
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| What is Consumer Price Index (CPI) | show 🗑
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| show | Government
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| show | Federal Reserve
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| show | If distributed, you get respective percentage of ownership. 5% owner=5% profit
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| What happens when ownership and management becomes separate? | show 🗑
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| Is a corporation required to pay shares in forms of dividend? | show 🗑
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| What is the value of a stock? | show 🗑
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| show | Common stock: proves each common stock holder with one vote per share of stock held; Preferred stock: has limited or no voting rights but does entitle the shareholder to collect dividends ahead of common stock holders if dividend declared.
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| show | corporation owned by it's employees. company's offer this as means for employees have a greater vested interest in seeing the company succeed.
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| Define S-Corporation | show 🗑
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| show | Do not have double taxation, limited liability,
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| S-Corporation disadvantages | show 🗑
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| Limited liability companies (LLC) advantages | show 🗑
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| Limited liability companies (LLC) disadvantages | show 🗑
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| show | joining together two firms to become one firm
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| show | involve one company buying the stocks or all the property of the other (one company takes over other)
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| vertical mergers or acquisitions | show 🗑
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| show | a company buys or merges with another in the same industry that allows it to expand or diversify its product
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| Conglomerate mergers or acquisitions | show 🗑
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| show | involve internal management, employees or certain investors borrowing money to buy all the stock of their own company and thus becoming the owners
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| joint ventures | show 🗑
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| Franchise advantage | show 🗑
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| show | very expensive to start, royalty fees paid based on sales,
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| show | groups of people that come together to form, own and control an organization
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| Entrepreneur traits | show 🗑
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| Define life-style companies | show 🗑
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| show | family and craft, entrepreneurial and professional management
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| Five key factors or considerations to starting s small business | show 🗑
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| common financing sources | show 🗑
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| show | Executive summary, analysis of the opportunity, description of the business and financial data
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| why do most small business fail? | show 🗑
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| Small companies characteristics | show 🗑
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| Large companies characteristics | show 🗑
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Created by:
chapina2maggie
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