Forms of Business
This type of business has a lot of risk and difficulties with personal exposure, credibility, and raising additional capital.
Sole Proprietorship
What is the integration and movement of people, goods,services, and capital across national borders called?
Globalization
What is the process used to accomplish organizational goals through planning, organizing, leader, and controlling people and other organization resources called?
Management
What is a civil wrong inflicted on other people or their property called?
Insides who report illegal or unethical behavior are called?
Whistleblowers
This type of business is owned by multiple people, has unlimited liability, limited life, and limited access to capital
Partnerships
What is the tax that is levied on imports that raise the cost of imported products relative to domestic products?
Tariffs
What is the process of influencing and inspiring others to work to achieve a common goal and giving them the power and freedom to achieve it called?
Leadership
A dispute between two individuals that can be punishable with fines falls under which law?
Civil Law
When an honest debtor is given a "fresh start" in life by relieving the debtor of most debts is called?
Bankruptcy
This type of business is a separate legal entity with limited liability, unlimited life, and easy access to capital.
Corporation
What is the term for when a firm provides the right to manufacture its product or use its trademark to a foreign company for a fee?
What type of planning is used to determine major goals of the organization and possible policies, resources, or strategies to achieve said goals?
Strategic Planning
A dispute between a government and an individual that can be punishable with fines and/or imprisonment falls under which law?
Criminal Law
______ is when two firms voluntarily join into one, while an _______ is when one firm buys another.
1. Merger
2. Acquisition
This type of business protects owners from being pursued for liabilities and avoids double taxation.
Limited Liability Corporation
What is the outcome of a trade between countries with abundant natural resources trade and countries that have the needed technological resources?
Mutually Beneficial Exchange
What type of planning is used as an alternative course of action if the primary plans fail to achieve the organization’s objectives?
Contingency Planning
The alternative dispute resolution method called _______ can be binding or non-binding, while the other alternative dispute resolution method called is ________ always non-binding.
2. Mediation
_____ advantage is when a country should sell the products it produces most efficiently and buy what they can't produce as efficiently from other countries.
______ advantage is when a country has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries.
1. Comparative Advantage
2. Absolute Advantage
This type of business aims to meet high standards of environmental performance, accountability, and transparency
B Corporation
What is the buying of permanent property and businesses in foreign nations called?
Foreign Direct Investment
What type of planning involves setting work standards and schedules necessary to implement the firm’s tactical objectives?
Operational Planning
For the following types of property:
____ is when inventors get exclusive right to inventions (20 years)
_____ are symbols used by firms to identify
_____ is when authors have exclusive rights to documents
1. Patent
2. Trademark
3. Copyright
What are the 5 levels of corporate governance?
Owners/Stockholders (they elect the board of directors)
Board of directors (hire officers)
Officers (set corporate objectives and select managers)
Managers (supervise employees)
Employees