Business And Society Exam 1

Front 1

Sole Proprietorship

Back 1

A business owned, and usually managed, by one person.

Front 2

Partnership

Back 2

when two or more people agree to become co owners of a business

Front 3

Corporation

Back 3

legal entity with authority to act and have liability apart from its owners.

Front 4

Unlimited Liability

Back 4

The responsibility of the business owners for all of the debts of the business.
Any debts of bus are yours

Front 5

General Partnership

Back 5

A partnership in which all owners share in operating the business and in assuming liability for the business's debt

Front 6

Limited Partnership

Back 6

A partnership with one or more general partners and one or more limited partners.

Front 7

General Partner

Back 7

An owner who has unlimited liability and is active in managing the firm.

Front 8

Limited Partner

Back 8

An owner who invests money in the business but does not have any management responsibility or liability for losses beyond the investment.

Front 9

Master Limited Partnership (MLP)

Back 9

A partnership that looks much like a corp (in that it acts like a corporation and is traded on a stock exchange) but is taxed like a partnership and thus avoids the corporate income tax.

Front 10

Limited Liability Partnership (LLP)

Back 10

A partnership that limits partners' risk of losing their personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision.

Front 11

Conventional (C) Corporation

Back 11

A state-chartered legal entity with authority to act and have liability separate from its owners.

Front 12

S Corporation

Back 12

A unique government creation the looks like a corporation but is taxed like sole proprietorships and partnerships.

Front 13

Limited Liability Company (LLC)

Back 13

A company similar to an S corporation but without the special eligibility requirements.

Front 14

Merger

Back 14

The result of two firms forming one company.

Front 15

Acquisition

Back 15

One company's purchase of the property and obligations of another company.

Front 16

Vertical Merger

Back 16

The joining of two companies involved in different stages of related business.

Front 17

Horizontal Merger

Back 17

The joining of two firms in the same industry.

Front 18

Conglomerate Merger

Back 18

The joining of firms in completely unrelated industries.

Front 19

Leverage Buyout (LBO)

Back 19

an attempt by employees, management, or a group of private investors to buy out the stockholders in a company, primarily by borrowing the necessary funds.

Front 20

Franchise Agreement

Back 20

An arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a give territory.

Front 21

Franchisor

Back 21

A company that develops a product concept and sells others the rights to make and sell the products.

Front 22

Franchise

Back 22

The right to use a specific business's name and sell its products or services in a given territory.

Front 23

Franchisee

Back 23

A person who buys a franchise.

Front 24

Cooperative

Back 24

A business owned and controlled by the people who use it-producers, consumers, or workers with similar needs who pool their resources for mutual gain.

Front 25

Entrepreneurship

Back 25

Accepting the risk of starting and running a business.

Front 26

Entrepreneurial Team

Back 26

A group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make and market a new product.

Front 27

Micropreneurs

Back 27

Entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle.

Front 28

Affiliate Marketing

Back 28

An internet-based marketing strategy in which a business rewards individuals or other businesses (affiliates) for each visitor or customer the affiliate sends to its website.

Front 29

Enterprise Zones

Back 29

Specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support.

Front 30

Incubators

Back 30

Centers that offer new businesses low-cost offices with basic business services.

Front 31

Small Business

Back 31

A business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size in terms of employees or annual receipts.

Front 32

Business Plan

Back 32

A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner(s).

Front 33

Venture Capitalists

Back 33

Individuals or companies that invest in new businesses in exchange for partial ownership of those businesses.

Front 34

Small Business Administration (SBA)

Back 34

A U.S government agency that advises and assists small business by providing management training and financial advice and loans.

Front 35

Small Business Investment Company (SBIC) Program

Back 35

A program through which private investment companies licensed by the Small Business Administration lend money to small business.

Front 36

Market

Back 36

People with unsatisfied wants and needs who have both the resources and the willingness to buy.

Front 37

Service Corps of Retired Executives (SCORE)

Back 37

An SBA office with volunteers from industry, trade associations, and education who counsel small business at no cost (except for expenses).

Front 38

Management

Back 38

The process used to accomplish organizational goals through, planning, organization, leading, and controlling people and other organizational resources.

Front 39

Planning

Back 39

A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.

Front 40

Organizing

Back 40

A management function that inludes designing the structure of the organization and creating conditions and systems in which everything work together to achieve the organization's goals and objectives.

Front 41

Leading

Back 41

Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives.

Front 42

Controlling

Back 42

A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not.

Front 43

Vision

Back 43

An encompassing explanation of why organization exists and where it's trying to head.

Front 44

Mission Statement

Back 44

An outline of the fundamental purposes of an organization

Front 45

Goals

Back 45

The broad, long-term accomplishments, an organization wishes to attain.

Front 46

Objectives

Back 46

Specific, short-term statements detailing how to achieve the organization's goals.

Front 47

SWOT Analysis

Back 47

A planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats.

Front 48

Strategic-Planning

Back 48

The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals.

Front 49

Tactical Planning

Back 49

The process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done.

Front 50

Operational Planning

Back 50

The process of setting work standards and schedules necessary to implement the company's tactical objectives.

Front 51

Contingency Planning

Back 51

The process of preparing alternative courses of action that may be used if the primary plans don't achieve the organization's objectives.

Front 52

Decision Planning

Back 52

Choosing, among two or more alternatives.

Front 53

Problem Solving

Back 53

The process of solving the everyday problems that occur.

Front 54

Brainstorming

Back 54

Coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas.

Front 55

PMI

Back 55

listing all the Pluses for a solution in one column, all the Minuses in another, and the Implications in a third column.

Front 56

Organization Chart

Back 56

A visual device that shows relationships among people and divides the organization's work, it shows who reports to whom.

Front 57

Top Management

Back 57

Highest level of management.

Front 58

Middle Management

Back 58

The level of management that includes general managers, divisional managers, and branch and plant managers who are responsible for planning and controlling.

Front 59

Supervisionary Management

Back 59

Managers who are directly responsible for supervising, and evaluating workers.

Front 60

Technical Skills

Back 60

Skills that involve the ability o perform tasks in a specific discipline or department.

Front 61

Human Relations Skills

Back 61

Skills that involve communication and motivation.

Front 62

Conceptual Skills

Back 62

Skills that involve the ability to picture the organization as a whole and the relationship among its various parts.

Front 63

Staffing

Back 63

A management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives.

Front 64

Transparency

Back 64

The presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders.

Front 65

Autocratic Leadership

Back 65

Leadership style that involves making managerial decisions without consulting others.

Front 66

Participative Leadership

Back 66

Leadership style that consists of managers and employees working together to make decision

Front 67

Free-Rein Leadership

Back 67

Leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives.

Front 68

Enabling

Back 68

Giving workers the education and tools they need to make decisions.

Front 69

Knowledge Management

Back 69

Finding the right info, keeping the info in a readily accessible place, and making the info known to everyone in the firm.

Front 70

External Customers

Back 70

Dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use.

Front 71

Internal Customers

Back 71

Individuals and units within the firms that receive services from other individuals or units.