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Intro to Business Final Study Guide
Terms in this set (100)
What is a business that is a separate legal entity formed by documents that are filed with the state?
What is a business owned and funny only one person?
What is a business that takes resources from nature for direct consumption or use in developing products?
What are the 3 types of business?
Producer (extractor), intermediary (manufacturer, marketer), service business
What are the 3 main forms of business ownership?
Proprietorship, partnership, corporation
How many employees do the vast majority of us business have?
Only 1 (the owner)
When a large business opens in the area (think master card in o'fallon or Citibank in Weldon spring as examples) what happens regarding other businesses in the area?
Existing businesses receive more business and can grow, new businesses may enter the marketplace to support the large large business = more jobs, etc.
Do all business manufacture products?
No; some provide services
What activities do all businesses participate in?
Generating ideas, raising capital, employing and training personnel, buying goods and services, marketing goods and services, and maintaining business records
What percentage of us businesses employs more than 100 workers?
.67%, less that 1%!!!!
What is the fastest growing category of business in the us economy?
What kind of business creates the products and services used by individuals and other businesses?
What is a proprietorship and how difficult or easy is it to get started?
A business owned by just 1 person; easiest to start and end
What major form of business in the us is the most difficult to form?
What are some things you need information about before you start a new business?
Product/service, amount of control that your want, how decisions are made, profits, type of ownership, location, etc.
What is an invention or creation that is brand new.
What is money provided by large investors to finance new products/businesses that have a good chance to be profitable?
Who is someone who takes a risk in starting a business to earn a profit?
Does every entrepreneurship opportunity come about because someone has invented a new product or improved an old one? If not, what other opportunities would provide an entrepreneur ship opportunity?
Some entrepreneurship opportunities come from providing a service or from selling other peoples goods.
Are the risks involved in becoming an entrepreneur and if so, what are some of them?
Yes! Failure, loss of money, time involved, low sales, pressure, higher than expected costs, etc.
Do successful small business owners:
1.must establish good working relationship with a variety of professional people.
2. Know that a business plan is a waste of time
3. Have never worked for anyone else
4. Do not need to choose employees carefully since they are the ones in charge
1. Must establish good working relationships with a variety of professional people
When does small businesses have an advantage over big businesses?
More control over products/prices, can specialize, can custom order, can focus on service/extras
Is a small business usually dominant it's field?
Which is not an important factor in becoming an entrepreneur?
1. Location in a major city
2. Having special skills
3. Wanting to be your own boss
4. Developing a good business plan
1. Location in a major city
Which is not a characteristic of a successful entrepreneur?
1. Have low tolerance for uncertainty
2. Almost never own their first business as a teen
3. Come from all age categories
4. Must have a business degree
3. Come from all age categories
What is it called when a company makes an existing product better?
A small business is defined as an independent business with fewer than how many employees?
Less than 500 employees
Why is location so important to a small retail business?
Can make or break sales, convenience to customers, marketing, easy to get to
What is the process of starting, Organizing, managing, and assuming the responsibility for a business called?
What is the function of management involving identifying and arranging the work and resources needed to achieve the goals that have been set?
What function of management determines to what extent of the business is accomplishing the goals is set out in the planning stage?
What are the top level managers with responsibilities for the direction of success of the entire business?
What is the way manager treats/involves employees called?
What is a style of management that is more directive and controlling?
What is ambition and motivation to get things done called?
What is the ability to motivate individuals and groups to accomplish goals called?
What are five things managers do?
Planning, organizing, staffing, implementing, and controlling.
What does influence enable an individual to do as it relates to working with others?
To affect the actions of others
Which management function involves analyzing information, setting goals, and making decisions about what needs to be done?
The staffing management function include what?
All of the activities involved in obtaining, preparing, and compensating the people that work for you.
What activities do executive spend most of their time on?
Directions/success of the entire company, set long-term goals and plans, planning a controlling activities
They way a manager treats and involves employees is called what?
What type of management should I manager use when working with part time or temp employees, working with employees that are not motivated, working under a tight time pressures, assigning a new task which employees are not experienced with, or employees prefer her not to be involved in the decision making process?
What type of management should I manager use when employees are skilled and experienced, The work is routine with a few new challenges, employees are doing work that they enjoy, the manager wants to improve grip relationships, and employees are willing to take responsibility for the results of their work?
The combined use of tactical and strategic management is known as what?
What are the four kinds of influence?
Position, identity, reward, and expert
Who do managers typically spend much of their time dealing with?
The manager of a business has sent a memo to one of their employees this is an example of what type of communication?
Vertical, formal communication
A group of office employees chat around the water cooler every morning. This is an example of what type of communication?
Informal, horizontal communication
When a manager is liked because they're employees believe they have their best interest in mind it is an example of what type of influence?
Do you all managers give equal time to all functions of management why or why not?
No, because there are times when a particular function may be more complex and demand more time.
Management is the ability to do what?
Accomplishing the goals of an organization through the effective use of people and other resources/to motivate individuals/groups of people to accomplish goals
As a function of management implementing involves what?
Directing and leading people to complete their work
What is the most important step in starting a business?
An interview where the employer asks questions about your work and your reason for leaving is called what?
Experienced employee who serves as a counselor to less experienced person's is called what?
A letter sent within 24 hours of the interview, usually a thank you note for the interview is called what?
Follow up letter
A two way conversation in which the interviewer learns about you and you learn about the company is called what?
Tangible evidence of your ability and skill is called what?
Work experience in organizations while learning about a career field is called what?
What are the things that are most important to you called?
The willingness/ability of someone to move to where the jobs are located is called what?
What is it called when a person spends time with a worker for a day/week to learn about a certain occupation?
What is a planned a discussion with a worker who is willing to help you find out about the work that they do and the preparation needed for that career is called?
The process of studying careers, assessing yourself in the terms of careers, and making decisions about a future career is called what?
What is the best way to tell your employer that you are leaving your job?
A short, polite letter of resignation
Is it legal for a business to screen applicants for skills and abilities before they hire them?
What is the first step in the career planning process?
Carry out a personal assessment. Find out your interests, values, talents, and abilities
What is the process of talking to other people about their job is called? It is one of the best ways to get information about job openings.
And natural, inborn aptitude to do a particular thing is called a what?
A summary of your job related data and personal information is called a what?
Personal data sheet/resume
You should try to limit your resume to how many pages?
Would you put the schools you have attended any personal information section of your resume?
No you would put your name address phone and email
How soon after having an interview should you write a thank you letter?
Within one week
If you were going to quit your job, how much advance notice should you give your employer?
When is the best time to begin career planning?
Now! While you were in school (high school and college)
Would it be considered rude or impolite to ask your interviewer questions related to your future employment?
No! You should ask questions!
What is a business involved in selling the goods and services of producers to consumers and other businesses called?
What are the activities directed at providing the goods and services wanted by a business's customers?
What are the 4 elements of the marketing mix?
Product, place (distribution), price, and promotion?
To plan effective promotions, marketers must first do what?
Identify their target market
What are some factors that can contribute to lower prices?
Supply exceeds demand, increased competition, marketing
After a company has several new product ideas, what will be most likely do to determine which products have the best chance of success?
Test them with their target market
What are the 8 functions of marketing?
1. Product/service planning
6. Risk management
7. Marketing information management
Assisting in design and development by gathering information and testing ideas is which function of marketing?
Identifying in obtaining the products and services needed for the marketing activities is which function of marketing?
Making sure that financing and credit are available to support both the purchase and sale of products is what function of marketing?
Involving getting products to customers is called what function of marketing?
Setting prices in payment methods is what function of marketing?
Providing security and safety for products and people in reducing business risks is what function of marketing?
Obtaining an organizing information needed to make marketing decisions is what function of marketing?
Marketing information management
Involves communicating with customers to encourage purchases is known as what function of marketing?
What are the four parts of a print ad?
Headline, illustration, copy, and signature
What is the purpose of a headline on a print ad?
Attracts attention, targets a specific audience, arouses interest, and sets the tone using action.
What is the purpose of illustrations in a print ad?
To attract attention, to control I movement, are easier than reading, should give product credibility
What is the purpose of the copy in a print adad?
Must be honest, the believable, support the claim with facts are reasons, give the reader confidence in the product or the service, get the reader involved
What is the purpose of the signature in a print ad?
Last name the store or product or service and include a logo
What is the formula for determining the selling price of a product?
Product costs + operating expenses + profit = selling price
What is the mark up on cost formula?
Markup on cost = product costs X percent mark up
Price to customer = product costs + markup on cost
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