Intro to Business
This is someone who starts a business, takes on risk, and is willing to lose money to make a profit
Entrepreneur
What is the activities a company undertakes to promote the buying or selling of its products or services
Marketing
What is the process of recording, analyzing, and reporting a company's financial information
Accoutning
What grants property rights to the owner of an invention or new way of doing something
Patent
This is a material that comes from the earth or agricultural products that can be bought and sold
Commodity
A person within a company's overall workforce, with each person lending their skills and talents to the organization to help it succeed
Human resource
What is a specific group of potential customers who a business aims to reach with its products or services
Target Market
What is the Accounting Equation
Assets=Liabilities+Owners Equity
What are 2 areas that workplace accommodations are required to be made for
Disabilities and Religion
This is a formal detailed 7 part plan outlining important data and information about a company
Business Plan
List 2 different types of Business ownership
sole proprietorship, partnership, LLC, Private corporation, cooperative, non profit, c corporation, s corporation
What does SWOT analysis stand for
Strengths, weaknesses, opportunities, threats
Which of the 8 basic consumer rights is protected by this scenario: The Internet company told Amy that she MUST go with their service and had no choice in the matter.
Right to consumer choice
What agency assures safe and healthful working conditions for working men and women; by authorizing enforcement of the standards
OSHA
What is the difference between an import and export
Imports are goods brought into the country, exports are goods sent to another country
What are the 4 types of businesses (they either make, do, sell, or collect something)
Manufacturing, service, extracting, merchandising
What type of leadership style is characterized by individual control over all decisions and little input from group members
Autocratic
What employee rights act protects employees from Illness, Caring for a qualifying sick family member, the birth or adoption of a child, military caregiving or other emergencies related to a family member’s active duty service
FMLA
What white collar crime is recreation of signatures without the other person
Forgery
What is the SEC
Securities and Exchange Commission
What are two elements that must be present to make a contract valid?
All parties must be in agreement (after an offer has been made by one party and accepted by the other)., Something of value must be exchanged -- such as cash, services, or goods (or a promise to exchange such an item) -- for something else of value.
What are the 4 P's of marketing
product, price, place, and promotion
What 2 T charts will always be in the Debit column
Assets, Dividends, Expenses
Identify which federal agency would take responsibility to oversee that business transaction or activity… Investigate a new vaccine for dogs to protect them from Lymes Disease.
FDA
List 4 different ways to invest
stocks, bonds, mutual funds, real estate, cash, ETFS, hedge funds, commodities