Business 101 Exam

61 cards

Bus 101 final exam


 
  
Created Dec 16, 2009
by
lmdro

 

 
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  Side A   Side B
1
Legitimacy
 
4 levels- Ownership, Legal Right, Moral Right, Interest (no legitimacy)
2
Power
 
Ability to influence the decision (money, public opinion, political power, etc)
3
Urgency
 
Want to influence the decision.
4
4 business processes
 
Acquiring customers, acquiring financial capital, managing human resources, creating value.
5
Acquiring customers
 
product (customer), price (cost), promotion (communication), Place (convenience)
6
Acquiring financial capital
 
Debt, equity, financial impact (cost and risk)
7
managing human resources
 
hiring/firing, retaining the best employees.
8
Creating value
 
raw material from suppliers,
9
Sarbanes-Oxley Act
 
protect owners/investors
10
Critical Thinking Skills
 
(0)confused fact finder, (1) biased jumper, (2) perpetual analyzer, (3) pragmatic performer,...
11
confused fact finder
 
looks for the only answer, doesn't seem to get it, quotes inappropriately, illogical/contradictory...
12
biased jumper
 
jumps to conclusions, doesn't recognize own biases, accuses others of being bias, stacks up...
13
perpetual analyzer
 
doesn't reach or adequately defend a solution, exhibits strong analysis skills, but appears...
14
pragmatic performer
 
considers alternatives before reaching conclusions, incorporates others in the decision process,...
15
Strategic re-visioner 
 
seeks continuous improvement, lifelong learning, anticipates change, thinks outside the box,...
16
revenue
 
sales, the top line, what customers pay
17
profit
 
net income, the bottom line, what owners receive after subtracting all business cost.
18
81st question
 
C
19
functions of an HR manager
 
strategic, associate advocate, administrative
20
strategic
 
20%=>60%, at the MGT table--collaborative, planning, measurement
21
associate advocate
 
30%=>30%, hr development, employee and labor relations, compensation and benefits, health...
22
administrative
 
50%=>10%, government reporting, payroll, osha reporting, legal complianace
23
employment at will doctrine (common law)
 
you can start and stop working someplace anytime for no reason
24
HR statutory laws
 
civil rights act, age discrimination act, equal employment opportunity act (affirmative action),...
25
"at will" exceptions
 
public policy-protects employees from being fired for refusal to commit crimescontractual actions-...
26
Model Employee Termination Act (META)
 
requires employers to at least show "good cause" for terminating you in states that have adopted...
27
sources of employee rights
 
statutory rights (government laws), collective bargaining rights (union contracts), enterprise...
28
alternative dispute resolution
 
hearing procedure-permits employees to be represented by an attorney or neutral partyombusman-a...
29
size of the U.S. GDP
 
$14 trillion
30
U.S market
 
300,000,000 (300 million)
31
world market
 
7,000,000,000 (7 billion)
32
how much profit do companies
 
3%
33
sole proprietorship advantages
 
easy to start, simple tax rules (business income=personal income)
34
sole proprietorship disadvantages
 
unlimited liability, limited resources available, limited growth potential. 
35
partnerships advantages
 
more resources available, can share the load, longer survival, no special taxes
36
partnerships disadvantages
 
unlimited liability in some forms of partnerships, division of profit, potential for disagreements,...
37
general partnership
 
each general partner manages the firm, each has unlimited liability.
38
limited partnership
 
at least one general partner with unlimited liability, rest are passive investors with limited...
39
corporation advantages
 
limited liability, greater acces to $, separation of ownership from management, ease of ownership...
40
corporation disadvantages
 
more costly to form, must keep accurate records, potential for conflicts with BOD, taxed twice...
41
Milton Friedman
 
strategic, owner profit
42
Edward Freeman
 
multi fiduciary, look out for all stakeholders
43
Blanchard & Peale's ethical check questions
 
Is it legal? Does it seem fair? How will it make me feel about myself?
44
owners
 
equity finance, stockholders, shareholders, investors
45
employees
 
not appointed by board, receive health benefits
46
customers
 
B2B & B2C, always look from the perspective of company
47
suppliers
 
raw material inputs and debt capital. No health benefits
48
society
 
environmental concerns, potential employees
49
income statement
 
sales-expenses=profit
50
cash statement
 
cash from operations +/- investments +/- financing
51
balance sheet
 
assets=liabilities+equitywhat you own=owed others +owed to yourself
52
contract law requirements
 
voluntary offer and acceptance, legal, competency, consideration
53
fiduciary must follow these obligations
 
loyalty, obedience, notification, accounting, reasonable care
54
principal has obligations
 
indemnification, reimbursement 
55
equity
 
issuing shares of ownership
56
debt
 
borrowing money
57
who gets paid back first... and then
 
secured debt, unsecured debt, preferred stock, common stock.
58
positives of debt
 
tax deductibility of interest, debt does not dilute control of the firm, lower cost of funds
59
disadvantages of debt
 
increases probability of financial distress, uses up potential debt capacity
60
problems with agency relationship
 
excessive perks, shirking, agents act in own best interest.
61
creating value decisions
 
how many factories, how much capacity at each, low cost or customizable products, what will...

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