Business Foundations/ Economics Business Ethics & Social Responsibility Business in a Global Environment Forms of Business Ownership Challenges of Starting a Business
100
Who are the main participants?
customers, employees, and owners in a business
100
What is business ethics?
The application of ethical behavior in a business context
100
What is an absolute advantage?
a nation that is the only source of a particular product, it has:
100
What is a sole proprietorship?
the most common form of business ownership, accounting for nearly 72%, that is owned by only one person
100
What is an entrepreneur?
someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it
200
What is Economics?
the study of the production, distribution, and consumption of goods and services
200
What is an ethical decision?
A right-vs-wrong decision that is either ethical or unethical morally or legally
200
What is a balance of trade?
subtracting the value of a country's imports from its exports value, we can determine
200
What are advantages?
(blank) of a sole proprietorship include complete control of business, no special income tax pay, and few government regulations
200
What is a small business?
an independently owned and operated business that exerts little influence in its industry and has fewer that 500 employees
300
What is Capitalism?
in a free market system, also known as (blank), business is conducted with limited government involvement
300
What is a whistle-blower?
an individual who exposes illegal behavior in an organization
300
What are tariffs?
taxes on imports
300
What is a corporation?
Also known as a C-corp: is a legal entity that is separate from the parties who own it
300
What is a business plan?
document that identifies the goals of your proposed business and explains how it will achieve them
400
What are natural and legal monopolies?
the two types of monopolies in which goods/services can be categorized
400
What is a triple bottom line?
companies measuring performance by profit, people, and planet are in support of this approach
400
What is NAFTA?
the agreement of the US, Canada, and Mexico to open their borders to unrestricted trade
400
What is a merger?
when two companies combine to form a new company
400
What is a mission statement?
fundamental beliefs about what is important and what is appropriate in conducting company activities
500
What is World War II?
the event that caused national debt to increase between 1940-1945
500
What is a fiduciary responsibility?
Corporate has a (blank) to safeguard the company's assets and handle funds in a trustworthy manner
500
What is offshoring?
when a company sets up facilities in a foreign country to replaces US manufacturing facilities that produce goods sent back to the US
500
What is a hostile takeover?
assuming control that is resisted by the targeted company's management and board of directors.
500
What are disadvantages?
Financial risk, stress, time commitment, and undesirable duties are a few (blank) to consider when deciding to start a business






Introduction to business

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