Business Experience #2

Front 1

What are three major forms of private ownership?

Back 1

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.

Front 2

What state has most favorable climate for incorporating?

Back 2

Delaware

Front 3

A _______ own shares of stock. (buys shares in corporation, and elect board of directors)

Back 3

Stockholder

Front 4

_________ sets overall policy, authorizes major transactions, and hires CEO
while ________ (CEO,COO,CFO) manage overal opers., make major decisions, and introduce major changes

Back 4

Board of Directors and Executive Management

Front 5

__________ (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.

Back 5

Middle Management and Supervisory management

Front 6

_____________ is when one firm purchases the property and assumes the obligations

Back 6

Acquisition

Front 7

A ____ is a combination of two or more firms to form one company

Back 7

merger

Front 8

A ________ is something that combines firms operating at different levels in the production and marketing process-combination of a manufacturer and a large retailer.

Back 8

vertical merger

Front 9

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.

Back 9

horizontal merger

Front 10

A ______ combines unrelated firms.

Back 10

conglomerate merger

Front 11

A _______ is when companies form for a specific undertaking?

Back 11

joint venture

Front 12

What does CEO stand for?

Back 12

Chief executive officer

Front 13

What does CFO stand for?

Back 13

Chief financial officer

Front 14

What does COO stand for?

Back 14

Chief operating officer

Front 15

What does CIO stand for?

Back 15

Chief Information officer

Front 16

What does CPO stand for?

Back 16

Chief Procurement Officer

Front 17

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.

Back 17

Entreprenuer

Front 18

What are the reasons to chose entrepreneurship?

Back 18

Desire to be your own boss, Financial success, job security, and quality of life

Front 19

How do entrepreneurs effect the economy?

Back 19

They create new jobs, provide opportunities for women and minorities, and create major inventions and innovations

Front 20

What is the characteristic of an entrepreneur?

Back 20

Vision, High energy level, need to achieve, self-confidence, tolerance for failure, creativity, tolerance for ambiguity, and internal locus of control

Front 21

What is two things you must consider if you are thinking of starting your own business?

Back 21

finding something you love to do and are good at doing, and determining whether your idea can satisfy a need in the marketplace.

Front 22

What is an advantage to buying an existing business?

Back 22

employees are already in place and you can deal with the same suppliers.

Front 23

What is an advantage of buying a franchise?

Back 23

It is a less risky way of starting your own completely new business.

Front 24

Is Business Plan important?

Back 24

Yes, if you are planning to start your business with a large amount of cash.

Front 25

_______ are managers who seek to revitalize estavlished firms to keep them competitive in today's marketplace? Also called turn-around entrepreneurs.

Back 25

Change agents

Front 26

What is debt in comparison to equity financing?

Back 26

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.

Front 27

A _________ is a busines organization of group of private individuals that invest in new and growing firms.

Back 27

venture capital

Front 28

_______ are funds used to launch a company

Back 28

seed capital

Front 29

_________ are wealthy individuals willing to invest money directly in new venture in return for equity stakes?

Back 29

Angel investors

Front 30

______ is the process of promoting innovation within their organizational structures?

Back 30

Intrapreneurship

Front 31

What are a few examples of entrepreneurs in the business world?

Back 31

Oprah, Bill Gates, Walt Disney, and Ray Croc.

Front 32

_________ is the process of achieving organizational objectives through people and other resources.

Back 32

management

Front 33

What does the management hierarchy consist of?

Back 33

top management, middle management, and supervisory management.

Front 34

_____ are skills where a manager is able to understand and use the techniques, knowledge, and tools and equipment of a specific discipline or department?

Back 34

Technical skills

Front 35

____ are interpersonal skills that enable a manager to work effectively with and through people?

Back 35

Human skills

Front 36

_________ 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?

Back 36

Conceptual skills

Front 37

___________ is the process of anticipating future events and conditions and determining course of action for achieving organizational objectives.

Back 37

Planning

Front 38

______ is the means by which managers blend human and material resources through a formal structure of tasks and authority?

Back 38

organizing

Front 39

______ is guiding and motivating employees to accomplish organizational objectives?

Back 39

directing

Front 40

_________ is the function of evaluating an organization's performance to determine whether it is accomplishing its objectives.

Back 40

contolling

Front 41

What does planning, organizing, directing, and controlling short for?

Back 41

POCD

Front 42

______ is a perception of marketplace needs and the methods an organization can use to satify them?

Back 42

vision

Front 43

_________ is the way a company uses its resources to accomplish its objectives.

Back 43

strategic planning

Front 44

_______ is the implementing the activities specified by strategic plans.

Back 44

tactical planning

Front 45

______ creates the detailed standards that guide implementation of tactical plans?

Back 45

operational planning

Front 46

________ 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?

Back 46

Contingency Planning

Front 47

A __________ The aims and intentions for a business.

Back 47

mission statement

Front 48

What is SWOT analysis?

Back 48

an organized apporach to assesing a company's internal strengths and weaknesses and its external oportunities and threats.

Front 49

The objective ____ by which managers define the organization's desired performance in many different areas.

Back 49

guideposts

Front 50

The _____________ is the unique combination of a company's abilities and approaches that places it ahead of competitors.

Back 50

Competitive differentiation