Business
What is the purpose of a business?
Maximize profits for its owners and stakeholders
What is the first step in how to face an ethical dilemma?
Define the problem
What is the easiest and cheapest type of business to form?
Sole proprietorship
What are the 4 functions of management?
Plan, organize, direct, control
What is the 1 to 3 page overview in a business plan?
Executive summary
What is one external factor that influences business?
Economy, government, consumer trends, public pressure
The application of ethical behavior in a business context is an example of...
Business ethics
A business owned jointly by 2 or more people is an example of...
Comparing performance with set goals and taking corrective action is an example of...
Controlling
What is the EEOC?
Equal employment opportunity commission
What is the least risky way that a business can become global?
Licensing
What is a whistle blower?
Someone who exposes illegal activity
What is a legal entity separate from the parties that own it?
A corporation
What type of management style makes decisions without seeking input?
Autocratic
Something that prevents job dissatisfaction, like job security, and company policies are examples of...
Hygiene factors
What is a document a business has to describe the principles and guidelines that members of a business must follow?
Code of conduct
Whistleblower protection act (1989)
Who owns corporations?
Shareholders
Which level of management uses the most technical skills?
Lower levels
Oligopoly
What are the 5 functions of a business?
Management, operations, marketing, finance, accounting
Asking questions like..."is the action legal?"
"would I be ashamed to tell my family?"
"will I feel bad about it?" is an effort to avoid what?
An organization that is formed to serve a public purpose, rather than for financial gain is a...
Non-profit corporation
Motivating and encouraging employees is an example of...
Directing
What are the 3 measures to determine the health of an economy?
GDP, employment rate, inflation