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48 Cards in this Set
- Front
- Back
- 3rd side (hint)
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LLC |
A company similar to an S corporation but without the special eligibility requirements |
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How many people own a sole proprietorship? |
A sole proprietorship is owned by one person |
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What are the main types of partnerships? |
Limited and general |
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Corporation |
A corporation is a legal entity with authority to act and have liability separate from its owners |
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Cooperative |
A business owned and controlled through pool resources by people who use it |
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Horizontal Merger |
A merger of two firms in the same industry that allows the companies to diversify or expand their products |
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Limited Liability |
The responsibility for a lost only up to the amount invested |
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It is easy to start and end a sole proprietorship because.... |
Only one person is involved in decision to dissolve the business
It may only require a simple permit or license to start |
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Vertical Merger |
The joining of two companies involved in different but related levels of an industry |
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Articles of Incorporation |
The legal documents that the creators of a corporation must file with the appropriate state office |
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Conglomerate Merger |
The joining of firms in completely unrelated industries |
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Board of Directors |
Is elected by the stockholders to oversee the general operation of the corporation |
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Articles of partnership |
Each partners management role
Assets each partner has contributed
How profits will be distributed |
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Limited Liability |
Would only be granted to a limited partner. This would not be a general partnership |
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S corporation |
Has the liability protection of a corporation but is taxed on its income at the personal rate of shareholders |
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Limited partnership |
When there's one or more general partners and one or more limited partners |
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Merger |
When two firms join together to form one new company |
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A sole proprietor need skills in... |
Marketing Finance Management |
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Partnership |
A legal form of business with two or more owners |
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Acquisition |
Is where one company purchase of the property and obligations of another |
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Joint Venture |
A partnership established for a specific project or for a limited time |
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Leveraged Buyout |
Is an attempt by employees management or a group of investors to purchase an organization primarily through borrowing |
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Disadvantages of sole proprietorships |
Lack of continuty Unlimited liability Limited skills of owner |
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Unlimited Liability |
The responsibility of a business owners for all the debts of the business be on the amount of money invested in the firm |
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The state chartered legal entity with authority to act and have liability separate from its owners |
Corporation |
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Advantages of a corporation |
Easy to transfer ownership Limited liability Perpetual life |
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Advantage of having one or more partners |
More skills and knowledge are available
More financial resources are available |
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Horizontal merger |
The joining of two firms in the same industry |
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Disadvantage of a corporation |
Double taxation Cost of forming a corporation |
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Shark repellent |
AFIRM uses it to fend off a hostile takeover attempt in the firm's management and it requires a large majority of stockholders to approve |
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Distinction between small businesses and larger firms |
Small businesses can develop and introduce a new product in a much shorter time than larger ones |
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Derek has recently started a small company that provides information technology solutions to larger companies. What will the sure that his small business will be successful? |
Having a vision for a long term growth instead of short term success alone |
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How to small businesses contribute to the economy |
Small businesses fuel job creation within a country |
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What cannot be attributed to small businesses |
High success rate |
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Angela a fresh graduate wants to start a boutique that sells tailor made garments and accessories she plans to open her stores in 3 different malls and employee about 30 people in total to gain financial and managerial assistance. What agency should Angela approach? |
Small Business Administration |
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Entrepreneurs |
Develop innovations within the organization in which they are employed |
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High technology business |
Require greater capitals and other small businesses |
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Advantage of a small business |
Small businesses give freedom and flexibility to the owners |
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Tactical |
Plans are short range plans implemented by the middle management to fulfill objectives specified in the strategic plan |
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Many firms downsize by blanking production sales and technical positions |
Outsourcing |
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Leadership in the context of management |
The free reign style of leadership can be a powerful motivator because it demonstrates a great deal of trust and confidence in the employees |
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Janet the manager of Hollyoaks system was known for her passionate and people friendly ways. Janet knows all her employees well and trust them to do the right thing for the company. Any new project start with an initial briefing from after which the teams are allowed to determine the task and timeline for that project. From time to time Janet gives her input. What type of leader is Janet |
Janet is a free reign leader because she lets her employees work without much interference. They're free reign style of leadership can be powerful motivator because it demonstrates a great deal of trust and confidence in the employees |
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Organizing |
Is the structuring of resources and activities to accomplish objectives in an efficient and effective manner |
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A detailed schedule for training new employees is most likely to be found in a |
Operational plans |
Plan |
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Middle management in the context of levels of management |
It is responsible for tactical planning that will implement the general guidelines established by top management |
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Installing a computer virus protection and firewalls is a form of.... |
Contingency planning |
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Directing |
Involves motivating and leading employees to achieve organizational goals |
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Employee empowerment |
Fosters a participative corporate culture beneficial for the firm |
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