Module 1
Occurs when a business's expenses are more than its revenues.
All owners share in operating the business and in assuming liability for the businesses' debts.
What is General Partnership?
Is defined as creating a vision for the organization and guiding, training, coaching and motivating others to work effectively to achieve the organization’s goals and objectives.
What is leading?
Are the managers who are directly responsible for supervising workers and evaluating their daily performance.
What is Supervisory Management?
Ethical standards that define the organization’s guiding values, create an environment that supports ethically sound behavior, and stress shared accountability among employees.
What is integrity-based code of ethics?
The total amount of money that is received during a given period for goods sold, services rendered, and other financial profits.
What is Revenue?
Is one with one or more general partners and one or more limited partners.
What is limited partnership?
Is a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.
What is planning?
Is a leadership style that consists of managers and employees working together to make decisions.
What is democratic?
Selling products to another country.
What is exporting?
The amount of money a business earns above and beyond what they pay in salaries and manufacturing expenses.
What is Profit?
A legal entity with authority to act and have liability separate from its owners.
What is a corporation?
A management function that includes designing the structure of the organization and creating conditions that ensure success in achieving objectives.
What is Organizing?
Is a leadership style that involves making managerial decisions without consulting others.
What is autocratic?
Buying products from another country.
What is importing?
In business, it includes the responsibility to pay all normal debts and to pay because of a court order or law, for performance under a contract, or payment of damages to a person or property in an accident.
What is liability?
The right to use a specific business’s name and sell its goods or services in a given territory.
What is a franchise?
Includes measuring whether or not a business meets it goals; that is, measuring achievement against predetermined objectives and deciding if corrective action is needed.
What is controlling?
Is a leadership style that involves setting objectives and employees being relatively free to do whatever it takes to accomplish these objectives.
What is laissez-faire?
A nation’s ratio of exports to imports.
What is Balance of Trade?
A business that is owned and usually managed by one person.
What is sole-proprietorship?
An organization that is owned by its members and customers, who pay an annual membership fee and share in any profits.
What is a cooperative?
The level of management that includes general managers, division managers and branch and plant managers, who are responsible for tactical planning and controlling.
What is middle level management?
Ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers.
What is compliance-based code of ethics?
A long-term partnership between two or more companies established to help each company build competitive market advantages.
What is a Strategic Alliance?