BUSX-100 FINAL

What goods and services will be produced? How will these goods and services be produced? For whom will these goods and services be produced? Who owns and controls major factors of production?

About 1.5-2%

Consumer Price Index

someone who risks time and money to start and manage a business

any activity that seeks to provide goods and services to others while operating at a profit

land, labor, capital, entrepreneurship, knowledge

An analysis of external forces that influence a business's success; Collecting information about the environment (e.g. competitors and economic decisions) surrounding the business

The amount of total money a business takes in during a given period by selling goods and services

Political, Economic, Social, Technological, Legal, Environmental

a market structure in which a large number of firms all produce the same product

make your goods cheaper

few large sellers running the market; products from different companies are priced about the same

one seller controls total supply of a product or service and sets the price

An economic system based on private ownership of capital

A theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.

a combination of freer markets and some gov't control

an economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among the people

It shares elements of capitalism and government intervention, allowing for private enterprise while also addressing social welfare and public goods

The sum total of the value of all the goods and services produced in a nation

The general rise in the prices of goods and services over time

an index of the cost of all goods and services to a typical consumer

a decrease in the general level of prices

the percentage of the labor force that is unemployed

wages/salary decreases as employment decreases

a graph of the relationship between the price of a good and the quantity supplied

a graph of the relationship between the price of a good and the quantity demanded

The condition that exists when the amount of a product supplied is equal to the demand.

licensing, exporting, franchising, contract manufacturing, international joint ventures and strategic alliances, foreign direct investment

the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge

selling products to another country

A contractual agreement between a franchisor and a franchisee that allows the franchisee to operate a business using a name and format developed and supported by the franchisor.

private label manufacturing by a foreign company

A special type of partnership between two or more companies in different countries.

voluntary arrangements between firms that involve the sharing of knowledge, resources, and capabilities with the intent of developing processes, products, or services

private label manufacturing by a foreign company

the making, buying, and selling of goods and services within a country.

any firm that engages in international trade or investment

business organisation that has its headquarters in one country, but with operating branches, factories and assembly plants in other countries

economic and legal, technological, competitive, and social

the difference between a country's total exports and total imports

when a country exports more than it imports

An excess of imports over exports

the difference between the flow of money into and out of a country

Trade deficit

The use of ethics in making business decisions

1) is it legal? 2) is it balanced? 3) how will it make me feel about myself? 4) how will it make others view me? 5) sunshine test

how confident one feels that any decision could be defended in a public forum

the concern businesses have for the welfare of society, not just their owners

corporate philanthropy, corporate social initiatives, corporate responsibility, corporate policy

sole proprietorship, partnership, corporation

partnership in which only one partner is required to be a general partner

A form of business ownership in which the owners are liable only up to the amount of their individual investments.

The most common type of corporation, which is a legal business entity that offers limited liability to all of its owners, who are called stockholders

a unique government creation that looks like a corporation but is taxed like a sole proprietorship or partnership

feature of taxation that allows stockholders' dividends to be taxed both as corporate profit and as personal income

sole proprietorships, partnerships, most limited liability companies (LLCs), and S corporations

A company that is owned by a person, family, or small group of investors that does not sell shares of stock in the company to the public.

a corporation whose stock is owned by relatively few people and is not sold to the general public

a company whose shares are traded freely on a stock exchange.

a corporation whose stock can be bought and sold by any individual

A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area

A person who buys a franchise

A company that develops a product concept and sells others the rights to make and sell the products.

someone who works inside an existing organization who sees an opportunity for a product or service and mobilizes the organization's resources to try to realize it

An independently owned and operated for profit also it is not dominant in its field

independently owned and operated, not dominant in its field of operation, meets size standard in terms of employees and sales

99.7

special loans and grants

US Small Business Administration

50%

workers, financial resources, information, and equipment

planning, organizing, leading, controlling

the foundation for setting specific goals and objectives

a broad explanation of why the organization exist and where its trying to go

strengths, weaknesses, opportunities, threats

highest level of management, consisting of the president and other key company executives who develop strategic plans

the level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling

Supervisors who work directly with the employees who carry out the business's routine work

carry out everyday business standards and routines

broad, long-range goals set by top managers

the identification of specific, short-range objectives by lower-level managers

The creation of backup plans in case primary plans fail

The setting of work standards and schedules

managers have direct control over the units and employees they supervise but have access to staff specialists for assistance

work is structured around specific projects, products, or customer groups

the number of employees a manager supervises or should supervise

characteristic of decentralized companies with relatively few layers of management

characteristic of centralized companies with multiple layers of management

designing, improving, and managing the processes for sourcing material, overseeing suppliers, scheduling production, and managing inventory management to transform resources into goods and services

the value producers add to materials in the creation of finished goods and services

businesses depending on 3D modeling software to create new products

bringing computer-aided design into the manufacturing process

the production of goods using less of everything compared to mass production

tailoring products in a mass produced fashion

a quality measure that allows only 3.4 defects per million opportunities

the common name given to quality management and assurance standards

Production method that breaks down a complex job into a series of smaller tasks

similar equipment and functions are grouped together

Places the product in one spot, and workers, materials, and equipment are brought to it; used for large or fragile products

people

the process of determining human resource needs and recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals

Prohibits discrimination in employment based on sex, race, color, religion, or national origin in firms larger than 15 people

Prohibits discrimination on the basis of pregnancy or childbirth

Outlawed employment practices that discriminate against people 40 or older

Policies aimed at reducing systemic discrimination and promoting equal opportunities

Specified that all genders doing equal jobs must be paid the same wage

Prohibits discrimination on the basis of disabilities

rewarding desired behaviors to increase their likelihood of being repeated

creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society

the worth a customer assigns to a product or service

Customer orientation, service orientation, profit orientation

find out what consumers want and provide it

main goal is customer satisfaction

focus on goods/services that earn the most profit

prioritizes finding consumers' needs and providing them

business to business

business to consumer

product, price, place, promotion

product, price, place, promotion, people, process, physical evidence

identify problem, research plan development, research conduct, analysis and reporting

dividing the total market into groups with similar characteristics

selecting groups an organization can serve profitably

dividing a market by cities, counties, states, or regions

dividing a market by age, income, or education

dividing a market based on personality, values, lifestyle

identifying small profitable segments and creating products for them

mass marketing strategy targeting a broad audience with one message

dividing the market into segments and tailoring strategies to each

any item or service a company offers to satisfy a need or desire

to differentiate a product or business

a specific product with a unique brand, size, or price

a group of closely related products

all products an organization sells

the brand name of a manufacturer

products sold under a retailer’s or distributor’s name

a product with no brand

how a product is perceived in the customer’s mind; related to target marketing because it shapes brand awareness

(definition not given in list)

Quantity and price

introduction, growth, maturity, decline

maturity

strategies like skimming, penetration, or cost-plus

setting a high initial price

setting a low initial price to quickly attract the market

pricing that considers consumer psychology

setting prices slightly below whole numbers

Packaging identical products together at one price

frequent temporary price reductions

consistently low prices

total revenue - total cost

when revenue equals expenses

selling price per unit minus variable cost per unit

Fixed costs / (selling price - variable cost per unit)

managing flows of materials, goods, and information among suppliers, the company, and consumers

management of operational details

bringing materials and goods from suppliers to producers

reclaiming recyclable and reusable materials, returns, and reworks

communication that informs, persuades, and reminds buyers

informing, reminding, persuading, connecting

paid media message to interest consumers

managing public attitudes and organizational image

personal, paid communication between buyer and seller

short-term incentives to encourage purchases

planning, recording, analyzing, and interpreting financial information

the series of activities for recording financial information

inputs, processing, outputs

provides inside information for managers

prepared for people outside the organization

Generally Accepted Accounting Principles

United States

International Financial Reporting Standards

money and valuables owned by a business

amounts owed to creditors

owners' share of the business after liabilities

long-term assets such as land, buildings, equipment

assets convertible to cash within a year

long-term, non-physical assets

operating, investing, financial activities

financial performance data for investors and public

publicly traded companies

state-certified accountant authorized to provide accounting services

reviewing and evaluating financial statement information

gross sales - returns, discounts, allowances

sales where payment is not immediate

cost of merchandise sold or materials used

revenue minus cost of goods sold

systematic write-off of asset cost over time

ease of converting assets to cash

debt to equity

current assets / current liabilities

most liquid assets / current liabilities

less than 100% means bills can’t be paid without sales

total liabilities / owners' equity

Net credit sales / average accounts receivable

# of times inventory is sold per year or # days

function that acquires and manages funds

managing resources to meet goals

undercapitalization, inadequate expense control, poor cash control

analyzing money flows short and long term

predicting revenues, costs, expenses for ≤1 year

predicts cash inflows/outflows

buying now and paying later

risky

recorded as an asset until paid

outflow exceeds inflow

negative cash flow during off-season periods

2% discount if paid within 10 days; otherwise full amount due in 30 days

written promise to pay a supplier a specific sum

short-term financing for large corporations (unsecured notes)

loans with no collateral

loan backed by collateral

pre-approved amount of unsecured funds available at a bank

selling receivables for cash

typically 3–7 years, up to 15–20

promissory note requiring repayment with interest on schedule

debt securities issued by companies

basic ownership in a firm

vote on board, share in profits via dividends

priority in dividend payments over common stock

certificate indicating investor loaned money to firm

date bond issuer repays principal

measure of 30 major U.S. companies

largest online stock exchange

index of 500 major U.S. companies