Business,ethic,and The Global Market Place

Front 1

Definition of profit

Back 1

Is the difference between the cost to make and sell the product and the price customer pay for it

Front 2

How do businesses form the basis for h standard of living

Back 2

By setting price and creating items for sale

Front 3

What does standard of living mean

Back 3

Define as the output of goods produced and the service customer can afford with the money they have.

Front 4

Do different countries have different standards of living.

Back 4

Yes

Front 5

What does"quality of life" mean

Back 5

Defines how happy people are due to many different factors

Front 6

How do business established and have a great impact on quality of life

Back 6

They create jobs and also provide service and goods to people

Front 7

How do you maximize profits,what does the business have to consider

Back 7

Risk, revenue,cost/expenses

Front 8

What is a risk

Back 8

Is a tHreat that could cause a company to lose money or time.

Front 9

When a company has a risk of loss of tie or money what happens

Back 9

1. Business can't meet organization goals.

2.business risk of not meet profit goal.

Front 10

Risk can be what factor to a business

Back 10

1.internal to the business.

Or

2. External factors to the business

Front 11

What is one critical part part of strategic business planning

Back 11

Is assessing these internal and external risk to develop strategies for lessening them

Front 12

How is business success is broadly calculated as it's what

Back 12

Revenue minus it's expenses

Front 13

What is revenue means

Back 13

Is money received by the business through selling products or providing services.

Front 14

What are the two types of expenses Business must consider

Back 14

1 . fixed expenses

2.variable expenses

Front 15

Fixed expenses mean what

Back 15

Don't change with output and include cost such as leases,insurance and marketing.

Front 16

Variable expenses is what

Back 16

Include wages, supplies, transportation, and other factors that increase with output or providing a service

Front 17

What is "breaking even"

Back 17

When a company's just cover it's expenses, the business Is considered to be breaking even

Front 18

If a company has money left over from the expenses it has incurred is what

Back 18

It has made a profit

Front 19

If a company incurs most costs than revenue has achieve is what

Back 19

Has achieve a loss

Front 20

When do risk tend to be higher

Back 20

1. New business

2.Existing business launch a product or new business

Front 21

In the united states 'histicallyWhat percentage of business fail

Back 21

95% within the 1-5 yr old starting

Front 22

What happens when a company takes more cautious approach?

Back 22

It's in danger of losing customer to competitors

Front 23

What does bold risky approach gets companies

Back 23

Buts them ahead of it's competitors

Front 24

How to be a head of another business

Back 24

By using na unique strategy or by innovating product

Front 25

What about risk should be considered in context of

Back 25

Market, the company,and the industry

Front 26

Risk Is an important factor in deciding in what

Back 26

1.business structure as are tax implications

Front 27

What is the four protential legal structure for businesses

Back 27

1.sole proprietorship

2.partnership/ limited liability partnership(llp)

3.Limited liability company ( LLC)

4.corporation

Front 28

Sole proprietorship is what

Back 28

The owner is the business and is legally liable and personally at risk.the owner also pays taxes on the business.

Front 29

What are nonprofit organization/not for profit organization.

Back 29

Are businesses that have a goal that isn't related to marking money.

Front 30

Beside fighting for a cause what are other nonforprofit.

Back 30

1.hospital

2.zoos

3.religious organization

4.schools

Front 31

How nonprofit organization structured

Back 31

Like corporations and have a special tax status in the us

Front 32

What do nonprofit organization still need even if they don't operate for profit

Back 32

Need to set goal and resources to meet them

Front 33

What do nonprofit organization competition for

Back 33

Donation, employees,and volunteer

Front 34

Do nonprofit organization have the same competition level like business

Back 34

No

Front 35

As companies and nonforprofit evolved what happened

Back 35

1 for profit business are involved with social issues because it's important to employees and public image

2.non for profit organization follow business model and apply principal to meet objective.

Front 36

How do management in both nonforprofit and business find similarities

Back 36

Developing strategies budget, measures performance, provide motivation focus on productivity

Front 37

What is a " brand" mean

Back 37

Is trade name

Front 38

How does the brand it's self have value

Back 38

He Value by people identify and relate to an organization,exp McDonald's being mentioned burger and fries com to mind

Front 39

Brand management and protection are As important for non for profit s for profit companies how

Back 39

They face additional challenge because they have diverse group of stakeholders than for profit

The also must work hard to manage their image and deal with issues that CAn damage their brand or will hamper their ability to achieve organizational goal

Front 40

What at are the "factors of production"

Back 40

When business provide service and good they have to inputs for resources known as factors of production.

Front 41

What are the types of "factors of production"

Back 41

1.natural resources (commodities)

2.labor(human resources)

3.capital

5.knowledge

Front 42

How do successful companies us factors of production efficiently

Back 42

1.The use excel to be efficient

2.The more efficient the business is it can over time produce more products or services with fewer resources

Front 43

W ha t is a critical factor in achievement higher levels of efficiency is what

Back 43

The planning process

Front 44

How can the. Planning process can help establish wat

Back 44

Programs

2. And approaches

That lead to greater operatinal efficiently

Front 45

Commodities are a factor of production that are what

Back 45

Are inputs that in their natural state,are know as natural resources.

Front 46

What are type of natural resources

Back 46

,1. Farmland

,2.,forest,

3., minerals

4.oil deposit

,,5.water

Front 47

What Is " , factor of products" capital"

Back 47

Tools,machines equipment, building,and structure that are used in the production process of good and service

Front 48

Is money capital

Back 48

No, it produces nothing but can be use to purchased means to production

Front 49

What is human resources or labor

Back 49

Is the contribution provided by people who work for the business

Front 50

What does the input of labor include

Back 50

Any one involved in the production of good or providing a service

Front 51

What is the factors of production " knowledge"

Back 51

Within the subject of business. Knowledge is defined as the combined talents and skills of employees

Front 52

how do Organization realize the importance knowledge

Back 52

Because of new technologies and products having a workforce that has required knowledge to operate and stay up to date

Front 53

How do today's business operates in a dynamic environment,

Back 53

Shape how they go about their day- to-day Operation and achieve their goals because environment change constantly

Front 54

What group of organization involved outside the business

Back 54

1.economic

2.,political and legal

3.demographic

4.social

5.competitive

6.,global

7.technological

Front 55

The group of organization ate what

Back 55

Unique in how they shape the environment for the business by offering both threats and opportunities.

Front 56

When groups shape the environment for the business by offering both of what

Back 56

1.Threats

2.opportunities

Front 57

What is important parts of an organization planning process

Back 57

By understanding and categorizing threats and opportunities

Front 58

What happens when the economic environment fluctuates

Back 58

It make a business environment that affects both business and people

Front 59

What happens in a growing economy

Back 59

Unemployment is lower and employee paid more.purchAsing power for the population increases.

Front 60

What two other things changes based on economic environment

Back 60

Inflation and interest rates

Front 61

In economic inflation is what

Back 61

Is an increase in prices and decrease in the purchasing power of money

Front 62

How does the government try to control the economic activity and maintain stability.

Back 62

Through policies and regulations.

Front 63

What are the three components of the climate of political and legal environment that business operates in

Back 63

1.the involvement of government

2.,the legislation it enacts

3. Political stability

Front 64

To take you business global what must you consider

Back 64

Then political state of country and should assess what restriction might affect how it operates and how foreign ownership is regulated.

Front 65

What are other factors to consider with going gobal

Back 65

1.tariffs

2.quotas

3.export restriction

Front 66

What risk analysis should perform to understand and plan for risk related to political and economic stability of the country they are considering.

Back 66

Political risk analysis