Wgu C711 - Competencies 1-7

Front 1

Identify potential risks and rewards in business

Hint 1

Competency 1: Chapter 1

Front 2

Describe the 2 types of economic systems: capitalism and command economy

Hint 2

Competency 1: Chapter 1

Front 3

Identify the ways to measure economic performance

Hint 3

Competency 1: Chapter 1

Front 4

Describe the different phases in the typical business cycle

Hint 4

Competency 1: Chapter 1

Front 5

Outline the 4 types of competition

Hint 5

Competency 1: Chapter 1

Front 6

Describe the factors that affect the business environment

Hint 6

Competency 1: Chapter 1

Front 7

Identify the types of ethical concerns that arise in the business world

Hint 7

Competency 1: Chapter 2

Front 8

Describe the factors that affect the level of ethical behavior in organizations

Hint 8

Competency 1: Chapter 2

Front 9

Describe how our current views on the social responsibility of business have evolved

Hint 9

Competency 1: Chapter 2

Front 10

Describe the arguments for and against increased social responsibility

Hint 10

Competency 1: Chapter 2

Front 11

Describe the economic basis for international business

Hint 11

Competency 1: Chapter 3

Front 12

Describe the restrictions nations place on international trade, the objectives of these restrictions, and their results

Hint 12

Competency 1: Chapter 3

Front 13

Outline the extent of international business and the world economic outlook for trade

Hint 13

Competency 1: Chapter 3

Front 14

Describe the advantages and disadvantages of sole proprietorship agreements

Hint 14

Competency 2: Chapter 4

Front 15

Recognize the different types of partners and the importance of partnership agreements

Hint 15

Competency 2: Chapter 4

Front 16

Describe the advantages and disadvantages of partnerships

Hint 16

Competency 2: Chapter 4

Front 17

Describe the advantages and disadvantages of a corporation

Hint 17

Competency 2: Chapter 4

Front 18

Recognize special types of corporations, including S-corporations, limited-liability companies, and not-for-profit corporations

Hint 18

Competency 2: Chapter 4

Front 19

Recognize the fields in which small businesses are concentrated

Hint 19

Competency 2: Chapter 5

Front 20

Identify the characteristics of entrepreneurs

Hint 20

Competency 2: Chapter 5

Front 21

Recognize the contributions of small businesses to our economy

Hint 21

Competency 2: Chapter 5

Front 22

Describe the advantages and disadvantages of operating a small business

Hint 22

Competency 2: Chapter 5

Front 23

Describe how the Small Business Administration helps small businesses

Hint 23

Competency 2: Chapter 5

Front 24

Define what management is

Hint 24

Competency 3: Chapter 6

Front 25

Describe the 4 basic management functions

Hint 25

Competency 3: Chapter 6

Front 26

Distinguish among the various kinds of managers in terms of both level and area of management

Hint 26

Competency 3: Chapter 6

Front 27

Identify the key management skills of successful managers

Hint 27

Competency 3: Chapter 6

Front 28

Recognize the different types of leadership

Hint 28

Competency 3: Chapter 6

Front 29

Outline how the conversion process transforms raw materials, labor, and other resources into finished goods or services

Hint 29

Competency 3: Chapter 8

Front 30

Describe the importance of service businesses to consumers, other business firms, and the nation's economy

Hint 30

Competency 3: Chapter 8

Front 31

Describe the components involved in planning the production process

Hint 31

Competency 3: Chapter 8

Front 32

Describe how purchasing, inventory control, scheduling, and quality control affect production

Hint 32

Competency 3: Chapter 8

Front 33

Summarize how technology can make American firms more productive and competitive in the global marketplace

Hint 33

Competency 3: Chapter 8

Front 34

Describe major historical perspectives on motivation

Hint 34

Competency 3: Chapter 10

Front 35

Describe the contemporary views of motivation

Hint 35

Competency 3: Chapter 10

Front 36

Describe common techniques for increasing employee motivation

Hint 36

Competency 3: Chapter 10

Front 37

Describe the types and developmental stages of teams

Hint 37

Competency 3: Chapter 10

Front 38

Describe the major components of human resources management

Hint 38

Competency 4: Chapter 9

Front 39

Describe some of the challenges and opportunities associated with cultural diversity

Hint 39

Competency 4: Chapter 9

Front 40

Describe the basic processes of recruiting, employee selection, and orientation

Hint 40

Competency 4: Chapter 9

Front 41

Describe the purposes and techniques of employee training and development

Hint 41

Competency 4: Chapter 9

Front 42

Recognize the major legislation affecting human resource management

Hint 42

Competency 4: Chapter 9

Front 43

Define marketing

Hint 43

Competency 5: Chapter 11

Front 44

Describe the role of customer relationships in marketing

Hint 44

Competency 5: Chapter 11

Front 45

Describe what markets are and how they are classified

Hint 45

Competency 5: Chapter 11

Front 46

Describe the 2 major components of a marketing strategy -- target market and marketing mix

Hint 46

Competency 5: Chapter 11

Front 47

List the major components of a marketing plan

Hint 47

Competency 5: Chapter 11

Front 48

Describe how businesses use social media tools

Hint 48

Competency 6: Chapter 14

Front 49

Describe the business objectives for using social media

Hint 49

Competency 6: Chapter 14

Front 50

Identify the fundamental models of e-business

Hint 50

Competency 6: Chapter 14

Front 51

Identify what information can be used to reduce risk when making a decision

Hint 51

Competency 7: Chapter 15

Front 52

Describe the purpose of accurate accounting information and audited financial statements

Hint 52

Competency 7: Chapter 15

Front 53

Describe business activities that affect a firm's cash flow

Hint 53

Competency 7: Chapter 15

Front 54

Summarize how managers evaluate the financial health of a business

Hint 54

Competency 7: Chapter 15

Front 55

Recognize the need for financial management

Hint 55

Competency 7: Chapter 16

Front 56

Identify a firm's short- and long-term financial needs

Hint 56

Competency 7: Chapter 16

Front 57

Describe the types of short-term debt financing

Hint 57

Competency 7: Chapter 16

Front 58

Describe the types of equity financing

Hint 58

Competency 7: Chapter 16

Front 59

Describe the types of long-term debt financing

Hint 59

Competency 7: Chapter 16