Business Management (Exam Review) – Flashcards
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% of new businesses that fail
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50%
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(Sole) Proprietorship
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A business owned and managed by one person
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4 Power Types
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Position, Reward, Expert, Identity
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Autocratic leader
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one who gives direct, clear, and precise orders with detailed instructions as to what, when, and how work is to be done.
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Avoidance strategy
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a strategy for resolving conflict that takes a neutral position or agrees with another person's position even though it differs from your personal belief
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Baby Boom
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the highbirth rate perdiod from 1945 to 1965
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Baby Bust
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the low birth rate period following the baby boom period
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Brainstorming
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a group discussion technique that is used to generate a many ideas as possible for solving a problem
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Browser
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a program that permits you to navigate and view webpages
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Budget
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a financial plan usually extending for one year
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Business plan
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a written discritpion of the business and its operations with an analysis of the opportunities and risks it faces
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Capitalism
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an economic-political system in which private citizens are free to go into business for themselves, to produce whatever they choose to produce, and distribute what they produce as they please
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Charter
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an official document granted by a state giving power to run a corperation
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Commercial business
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a firm engaging in marketing, finance, and furnishing survices
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Communication
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the sharing of information which results in a higher degree of understanding between the message sender and reciever
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Communism
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forced socialism where all or almost al the productive resources of a nation are owned by the gorvernment
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Controlling
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evaluating results to determine if if the company's objectives have been accomplished as planned
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Co-operative
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a busuness owned and operated by its user-members for the purpose of supplying themselves with goods and services
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Corporation
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a business owned by a group of people and authorized by the state in which it is located to act as though it were a single person
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Database
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a collection of data organized in a way that makes the data easy to find, update, and manage
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Debit Card
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immediately transfers funds electronically from the customers checking account to the business's account when a purchase is made
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Decision Making Process
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Identify the problem, determine possible sulotions, analyze the solutions, then select the best solution
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Demand
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the number of similar products that will be bought at a givien time at a given price
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Dimocratic leader
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one who encourages workers to share in making decisions about work-related problems
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Dividends
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profits distributed to stock-holders on a per-share basis
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E-Commerce
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Doing business online
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Effectiveness
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making the right decisions about what products or services to offer customers and the best ways to produce and deliver them
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Efficiency
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producing products and services quickly, at low cost, without wasting timeand materials
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Empowerment
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letting workers decide how to perform their work tasks and offer ideason how to improve the work process
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Ethics
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The code of moral conduct that sets standards for what is valued as right or wrong behavior for a person or group
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Executive
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a top-level manager who spends almost all of his or her time on management functions
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Flame
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an electronic message that contains abusive, threatening, or offensive content that may violate company policy or public law
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Gross Domestic Product (GDP)
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The total market value of all goods produced and services provided in a counrty in a year.
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Grapevine
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an informal communication system that develops among workers
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Health Insurance
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Insurance which provides protection against the expenses of health care
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Implementing
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helping employees to work effectively
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Industrial Business
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Firms that produce goods that are often used by other businesses or organizations to make things
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Leadership
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The ability to influence individuals and groups to achieve organizational goals
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Manager
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A person who completes all four manegment functions on a regular basis and his authority over other jobs and people
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Manufacturing
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Form of production in which raw and semifinished materials are processed, assembled, or converted into finished products
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MBWA
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Manage Business by Walking Around
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Mid-Manager
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A manager who completes all of the management functions but spends more timeon one of the functions or is responsible for a specific part of the company's operations
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Mixed Economy
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An economic system that uses aspects of a market and a command economy to make decisions about what, how, and for whom goods and services are produced
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Moore's Law
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The prediction that the amount of data that can be processed by a computer chip will double about every 18 months
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Nominal Group Technique (NGT)
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Group problem-solving method in which group members write down and evaluate ideas to be shared with the groups
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Non-Profit Corperation
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An organization that does not pay taxes and does not exist to make a profit
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Open Leader
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A manager who gives little or no direction to workers
