BUS100H Final Exam – Flashcards
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Employee retirement plans that are deducted from the employee's paycheck
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401(k), 403(b), and 457 plans
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Keeping track of where money has been spent
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Accounting
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When one firm buys another
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Acquisition
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Resources owned by a firm
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Assets
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A financial statement that lists the assets, liabilities, and owners' equity
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Balance Sheet
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A loan to a business or government
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Bond
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The overall value of a brand to an organization
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Brand Equity
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The profit you make when you sell something for more than you paid for it
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Capital Gain
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Assets = Liabilities + Owners' Equity
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Accounting Equation
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Distribution organizations—informally called "middlemen"—that facilitate the movement of products from producer to the consumer
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Channel Intermediaries
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Ownership in a corporation
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Common Stock
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A form of business ownership in which the business is considered a legal entity separate and distinct from its owners
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Corporation
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Borrowing money to make a purchase
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Credit
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Discovering hidden patterns within large amounts of data
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Data Mining
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The number of goods customers are willing to buy
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Demand
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The measurable characteristics of a population. Demographic factors include population size and density, as well as specific traits such as age, gender, and race
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Demographics
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A plan for delivering the right product to the right person at the right place at the right time
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Distribution Strategy
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The management of resources
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Economy
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People who risk their time, money, and other resources to start and manage a business
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Entrepreneurs
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A decision that involves a conflict of values
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Ethical Dilemma
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Resources spent as the result of business operations
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Expenses
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Concerned with finding the best sources and uses of money
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Finance
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The use of debt in a firm's capital structure
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Financial Leverage
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Government efforts to influence the economy through taxation and spending
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Fiscal Policy
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The unrestricted flow of goods and services across international boundaries
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Free Trade
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The total value of all goods and services produced
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Gross Domestic Product (GDP)
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Concerned with maximizing employee performance
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Human Resource Management
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The financial statement that reports the revenues, expenses, and net income
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Income Statement
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The result of creative, intellectual effort (such as books, musical works, inventions, and computer software)
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Intellectual Property
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Claims that outsiders have against a firm's assets
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Liabilities
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A form of business ownership offering both limited liability and flexible tax treatment
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Limited Liability Company (LLC)
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An asset that can quickly be converted into cash with little risk of loss
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Liquid Asset
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The tactics involved in moving products along the supply chain
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Logistics
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Planning, organizing, leading, and controlling resources to achieve the organization's goals
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Management
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Concerned with customer interactions in terms of the value communicated and delivered
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Marketing
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The blend of marketing strategies for product, price, distribution, and promotion
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Marketing Mix
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When two businesses combine to form a single organization
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Merger
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Federal Reserve efforts to shape the economy by influencing interest rates and the supply of money
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Monetary Policy
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A market structure with many competitors selling differentiated products. Barriers to entry are low.
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Monopolistic Competition
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A market structure with no competitors. Most are government sanctioned and regulated
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Natural Monopoly
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A form of business ownership with the fundamental goal of contributing to the community rather than generating financial gain
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Nonprofits
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Transferring work to other businesses in foreign countries
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Offshoring
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A market structure with few competitors. Barriers to entry are typically high
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Oligopoly
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Concerned with the activities involved in producing goods and services
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Operations Management
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Transferring work to other businesses that used to be done internally
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Outsourcing
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How much of something you own
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Owner's Equity
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The money a business pays to its employees
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Payroll
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The money that a business earns in sales (or revenue), minus expenses. Revenue - Expenses = Profit (or Loss)
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Profit
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A market structure with many competitors selling virtually identical products. Barriers to entry are quite low
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Pure Competition
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Distributors that sell products directly to the end users
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Retailers
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The money received from the dale of goods and services
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Revenue
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The obligation of a business to contribute to society
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Social Responsibility
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A form of business ownership with a single owner who usually actively manages the company
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Sole Proprietorship
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A financial statement describing the movement of cash through an organization
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Statement of Cash Flows
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An owner of a corporation
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Stockholder
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The number of goods producers are willing to sell
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Supply
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All the businesses and activities involved in the flow of goods from their raw materials to the final consumer
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Supply Chain
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The group of people who are most likely to buy a particular product
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Target Market
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The ability of goods and services to satisfy consumer "wants"
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Utility
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Distributors that sell products to other businesses
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Wholesalers
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Opening, Agenda, Body, Conclusion
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OABC
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1750-1850, factories replaced artisans, production efficiency, loss of individualized ownership
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Industrial Revolution
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Mid 1800's, industrial titans, dominated their markets (gov. had to step in)
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Entrepreneurship Era
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Early 1900's, refined production process, more specialized jobs, "hard sell" emerged, assembly line
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Production Era
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After WWII, power went to consumers, distinct brands emerged
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Marketing Era
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Present day, goal to build long-term relationships, uses social media
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Relationship Era
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The transmission of information between a sender and a recipient
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Communication
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Economic expansion and contraction (recession/ recovery)
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Business Cycle
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Physical, language, body language, perceptual, organizational, cultual
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Types of Communication Barriers
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Natural resources, capital, human resources, entrepreneurship
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Factors of Production
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Con-artists, fake investments used to pay off other investors
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Ponzi Scheme
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No real product, illegal
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Pyramid Scheme
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Network marketing = direct selling (i.e. Avon)
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Multi-level Marketing (MLM)
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Small units such as individuals, families, businesses, etc
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Micro-Economics
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Country's overall economic dynamics, such as employment rate
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Macro-Economics
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Changes in the cost of living
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Inflation
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Formal written document that defines the ethical standards of an organization and gives employees info to make ethical decisions across a range of situations
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Code of Ethics
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Employees who report their employer's illegal or unethical behavior to either the authorities or media
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Whistle-blowers
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2002 accounting law, derived from the ENRON scandal. States that if financials are not true, you agree to go to jail
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Sarbanes-Oxley (SOX)
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States that you cannot retaliate against a whistle-blower
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Dodd-Frank Act
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Ongoing economic integration and growing inter dependency of countries worldwide
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Gloabalization
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Cross-border trade and investment activities by firms
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International Business
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External (investors, creditors, suppliers), historical costs from past decisions
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Financial Accounting
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Internal (managers, directors), oriented to future costs and decisions
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Managerial Accounting
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Maximize Value of the firm to its owners (stock for public companies)
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Corporate Financial Management
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Relationship between guest & host, Act of being hospitable, Welcoming & entertaining of guests
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Hospitality Management
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supply the raw materials, components, parts, information, finances, and expertise needed to create a product or service
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Upstream Partners
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serve as distribution channels that link the firm and its customers
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Downstream Partners
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set of interdependent organizations involved in the process of making a product or services available for use or consumption (Provides the means by which the firm moves the goods to customers #pipeline)
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Marketing Channel
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buy products from a range of different businesses and sell them to a range of different customers
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Wholesale Distributors
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take legal possession or title of the goods they distribute
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Merchant Wholesalers
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do not take title of the goods they distribute (i.e. real estate agents)
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Agent/ Brokers
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offering is placed in many outlets as possible, convenience (i.e. tobacco, gum, snacks)
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Intensive Distribution
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some intermediaries willing to carry goods are selected
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Selective Distribution
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severely limited distribution (i.e. automakers-keep control of sales and service
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Exclusive Distribution
