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50 Cards in this Set

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What are three major forms of private ownership?
Sole priprietorship-most common form of business ownership.
Partnership-association of two or more persons who operate a business as co-owners by a voluntary legal-agreement.
Corporation-legal organization with assets and liabilities separate from those of its owners.
What state has most favorable climate for incorporating?
Delaware
A _______ own shares of stock. (buys shares in corporation, and elect board of directors)
Stockholder
_________ sets overall policy, authorizes major transactions, and hires CEO
while ________ (CEO,COO,CFO) manage overal opers., make major decisions, and introduce major changes
Board of Directors and Executive Management
__________ (Branch and Plant managers, Division heads) manage operations, and serve a liasons between top management and other levels.
while ____________ supervisors and department heads) Coordinate day to day opers., supervise employees, and evaluate staff performance.
Middle Management and Supervisory management
_____________ is when one firm purchases the property and assumes the obligations
Acquisition
A ____ is a combination of two or more firms to form one company
merger
A ________ is something that combines firms operating at different levels in the production and marketing process-combination of a manufacturer and a large retailer.
vertical merger
A _____ is a merger tht joins firms in the same industry that wish to diversify, increase their customer bases, but costs, or offer expanded product lines.
horizontal merger
A ______ combines unrelated firms.
conglomerate merger
A _______ is when companies form for a specific undertaking?
joint venture
What does CEO stand for?
Chief executive officer
What does CFO stand for?
Chief financial officer
What does COO stand for?
Chief operating officer
What does CIO stand for?
Chief Information officer
What does CPO stand for?
Chief Procurement Officer
A _______ is a risk taker in the private enterprise system, a person who seeks a profitable opportunity and takes teh necessary risks to set up and operate a business.
Entreprenuer
What are the reasons to chose entrepreneurship?
Desire to be your own boss, Financial success, job security, and quality of life
How do entrepreneurs effect the economy?
They create new jobs, provide opportunities for women and minorities, and create major inventions and innovations
What is the characteristic of an entrepreneur?
Vision, High energy level, need to achieve, self-confidence, tolerance for failure, creativity, tolerance for ambiguity, and internal locus of control
What is two things you must consider if you are thinking of starting your own business?
finding something you love to do and are good at doing, and determining whether your idea can satisfy a need in the marketplace.
What is an advantage to buying an existing business?
employees are already in place and you can deal with the same suppliers.
What is an advantage of buying a franchise?
It is a less risky way of starting your own completely new business.
Is Business Plan important?
Yes, if you are planning to start your business with a large amount of cash.
_______ are managers who seek to revitalize estavlished firms to keep them competitive in today's marketplace? Also called turn-around entrepreneurs.
Change agents
What is debt in comparison to equity financing?
Debt financing is if someone borrows money that they must repay while equity financing is when entrepreneurs exchange a share of ownership in their company for money supplied by one or more investors.
A _________ is a busines organization of group of private individuals that invest in new and growing firms.
venture capital
_______ are funds used to launch a company
seed capital
_________ are wealthy individuals willing to invest money directly in new venture in return for equity stakes?
Angel investors
______ is the process of promoting innovation within their organizational structures?
Intrapreneurship
What are a few examples of entrepreneurs in the business world?
Oprah, Bill Gates, Walt Disney, and Ray Croc.
_________ is the process of achieving organizational objectives through people and other resources.
management
What does the management hierarchy consist of?
top management, middle management, and supervisory management.
_____ are skills where a manager is able to understand and use the techniques, knowledge, and tools and equipment of a specific discipline or department?
Technical skills
____ are interpersonal skills that enable a manager to work effectively with and through people?
Human skills
_________ determines a manager's ability to see the organization as a unifies whole and to understand how each part of the overall organization interacts with other parts?
Conceptual skills
___________ is the process of anticipating future events and conditions and determining course of action for achieving organizational objectives.
Planning
______ is the means by which managers blend human and material resources through a formal structure of tasks and authority?
organizing
______ is guiding and motivating employees to accomplish organizational objectives?
directing
_________ is the function of evaluating an organization's performance to determine whether it is accomplishing its objectives.
contolling
What does planning, organizing, directing, and controlling short for?
POCD
______ is a perception of marketplace needs and the methods an organization can use to satify them?
vision
_________ is the way a company uses its resources to accomplish its objectives.
strategic planning
_______ is the implementing the activities specified by strategic plans.
tactical planning
______ creates the detailed standards that guide implementation of tactical plans?
operational planning
________ allows a firm to resume operations as quickly and as smoothly as psoocible after a crisis while openly communicating with the public about what happened?
Contingency Planning
A __________ The aims and intentions for a business.
mission statement
What is SWOT analysis?
an organized apporach to assesing a company's internal strengths and weaknesses and its external oportunities and threats.
The objective ____ by which managers define the organization's desired performance in many different areas.
guideposts
The _____________ is the unique combination of a company's abilities and approaches that places it ahead of competitors.
Competitive differentiation