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Business 101 final exam study guide

sole proprietorship
business owned and usually operated by one person who is responsible for all of its debts
services
products having non physical features such as information, expertise or an activity that can be purchased
entrepreneurs
business person who accepts both the risks and opportunities involved in creating and operating a new business venture
management
process of planning, organizing, leading, and controlling an organization’s resources to achieve its goals
business plan
document in which the entrepreneur summarizes his or her business strategy for the proposed new venture and how that strategy will be implemented
leading
management process of guiding and motivating employees to meet an organization’s objectives
strategy
broad set of organizational plans for implementing the decisions made for achieving organizational goals
planning
management process of determining what an organization needs to do and how best to get it done
organizational structure
specification of the jobs to be done within an organization and the ways in which they relate to one another
authority
power to make the decisions necessary to complete a task
globalization
process by which the world economy is becoming a single interdependent system
exchange rate
rate at which the currency of one nation can be exchanged for the currency of another nation
tariff
tax levied on imported products
exports
product made or grown domestically but shipped or sold abroad
balance of trade
the economic value of all the products that a country exports minus the economic value of all the products it imports
code of ethics
beliefs about what is right and wrong or good and bad in actions that affect others
business ethics
ethical or unethical behaviors by employees in the context of their jobs
ethical standards
set of principles of right conduct
whistle-blower
employee who detects and tries to put an end to a company’s unethical, illegal, or socially irresponsible actions by publicizing it
healthy business climate
general economic environment comprising of the attitude of the government and lending institutions toward businesses and business activity, attitude of labor unions towards employers, current taxation regimen, inflation rate, and such
economic system
a nation’s system for allocating its resources among its citizens
equilibrium price
open market price at which the quantity of a product supplied matches the quantity demanded
business cycle
short term pattern of economic expansions and contractions
centralized organization
organization in which most decision-making authority is held by upper-level management
responsibility
duty to perform an assigned task
informal organization
network, unrelated to the firms formal authority structure, of every day social interactions among company employees
geographic departmentalization
dividing an organization according to the areas of the country or the world served by a business
utility
products ability to satisfy a human want or need
high-contact system
level of customer contact in which the customer is part of the system during service delivery
place utility
providing products where customers will want them
employee behavior
the pattern of actions by the members of an organization that directly or indirectly influences the organizations affectiveness
personality
the relatively stable set of psychological attributes that distinguish one person from another
time-and-motion studies
method for establishing employee productivity standards in which a task is broken into small simple steps, the sequence of movements taken by the employee in performing those steps is carefully observed to detect and eliminate redundant or wasteful motion, a precise time taken for each correct movement is taken
leadership
the process and behaviors used by someone, such as a manager, to motivate, inspire, and influence the behavior of others
charismatic leadership
type of influence based on the leader’s personal charisma
human resource management
set of organizational activities directed at attracting, developing, and maintaining an effective workforce
recruiting
process of attracting qualified persons to apply for jobs an organization is seeking to fill
job application
form or paper which indicated interest in a particular place of employment or position within a company
on-the-job training
training sometimes informal conducted while an employee is at work
marketing
activities, a set of institutions, and processes for creating, communicating, delivering, and exchange offerings that have value for customers, clients, partners, and society at large
value
relative comparison of a product’s benefits vs cost
technological environment
all the ways by which firms create value for their constituents
variable costs
cost that changes the quantity of a product produced and sold
psychological pricing
pricing tactic that takes advantage of the fact that consumers don’t always respond rationally to stated prices
accounting
comprehensive system for collecting, analyzing, and communicating financial information
bookkeeping
recording of accounting transactions
financial accounting
field of accounting concerned with external users of a company’s financial information
managerial accounting
field of accounting that serves internal users of a company’s financial information
auditing
systematic examination of a company’s accounting system to determine whether its financial reports reliably represent its operations
partnership
a type of business organization in which two or more individuals pull money, skills, and other resources and share profit and loss in accordance with terms of the partnership agreement
stockholder/shareholder
owner of shares of stock in a corporation

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