CH:1 busn. functions & models
this is an organization involved in professional activities aimed to produce or deliver goods or services
what is business
this type of business ownership is owned by one person. They have unlimited liability
what is sole proprietor
what is it called when the quantity that you have supplied exceeds the quantity demanded.
what is surplus
what part of the workplace helps with the planning, organizing, staffing, controlling, and leading people in order to achieve a common goal
what is management
What does SWOT stand for?
what is: Strengths, weaknesses, opportunities, threats
a business _____________ is a roadmap of the business's overall objectives and how those objectives will be achieved
what is PLAN
LLC stands for:
what is limited liability company
the law of demand says that when the demand for a good decreases, the price for that good will also ____________
company ________ is the shared beliefs, values, goals, attitudes, and behaviors of a company's employees. It combines employees feelings about their work with how it motivates them to serve the company's mission
what is culture
are strengths and weaknesses internal or external factors?
what is internal
a business ___________ is how a company sells its products to customers. This is its plan for making a profit
what is MODEL (franchise, brick&mortar, manufacturing, wholesalers)
what company can raise money by selling "units".
what is LLC
the law of supply says that when price of a good increases, the supply for that good will ____________
what is increase.
this is a plan and process for new employees to learn the company culture, mission, vision, and expectations to become a contributing member of the team
what is onboarding
what are some examples of opportunities?
new customers in your area, less competition, new trends
what is retailer
This type of corporation faces double taxation. which means the company pays taxes and then the owner pays taxes on their dividends
C-Corp
price __________ is the degree to which the demand for a product changes based on the changes in the price of a product
what is price elasticity
what leadership style involves gathering employees input before making the final decision. They are collaborative but also will make the best decision moving forward
what is Democratic
do companies rely on strengths or opportunities to make sales and profits?
what is: strengths! (if it helps make money, it's probably a strength
list the 6 business functions
what is: Human Resources, Strategy, Information Management, Operations, Marketing, and Finance/Accounting
this type of corporation serves some public service and gets special tax treatments
Non-profit corp
name something that has inelastic demand
list all 7 leadership styles (if you get all 7, you will get 700 points! each correct one is 100 points)
what is: autocratic, authoritative, affiliative, democratic, delegative, coaching, servant
what is: all key stakeholders! (key managers, employees, current customers, key suppliers)