Intro to Business Review

I

100

What do you need to make a corporation

Article of Incorporation

200

Exporting vs Importing

Exporting is defined as the sale of products and services in foreign countries that are sourced or made in the home country. Importing is the flipside of exporting. Importing refers to buying goods and services from foreign sources and bringing them back into the home country.

300

The ability to produce a product more efficiently than any other product

Competitive advantage

400

Corporation double taxation (when do corporations get taxed)

once when profit is earned and once when a dividend is distributed to stockholders

500

Unlimited vs limited liability

Limited liability means the business owners' liability for debts is restricted to the amount they put into the business. With unlimited liability, the business owner is personally responsible for any loss the business makes.

am

100

What do you need to make a partnership or sole proprietorship?

DBA

200

3 factors that affect ethics

Individual, Social, Opportunity

300

The ultimate goal of all businesses

Satisfy consumer needs

400

Triple Bottom Line (the 3 Ps)

People, Profit, Planet

500

Protective vs Revenue Tariff

Protective tariffs are designed to shield domestic production from foreign competition by raising the price of the imported commodity. Revenue tariffs are designed to obtain revenue rather than to restrict imports

the

100

Who created the idea of command economy

Karl Marx

200

stakeholder vs stockholder

Stockholders are partial owners of the companies in which they purchase stock and have access to certain rights associated with ownership. Stakeholders, apart from business owners, rarely have any claims of ownership to the company in which they have interests.

300

Monopoly vs a monopolistic competition?

A monopoly is the type of imperfect competition where a seller or producer captures the majority of the market share due to the lack of substitutes or competitors. A monopolistic competition is a type of imperfect competition where many sellers try to capture the market share by differentiating their products.

400

What are the four factors of production

Land, Capital, Labor, Entrepreneurship

500

The national progression of international trade after GATT

WTO

best

100

Define Licensing

A business arrangement in which one company gives another company permission to manufacture its product for a specified payment.

200

Moral vs ethics

Moral --> From the inside / Ethics --> Some set standards of behavior on what is right and wrong

300

The study of how wealth is distributed

Economic

400

Balance of trade vs balance of payment

Balance of trade (BoT) is the difference that is obtained from the export and import of goods. Balance of payments (BoP) is the difference between the inflow and outflow of foreign exchange. Transactions related to goods are included in BoT. Transactions related to transfers, goods, and services are included in BoP.

500

Totally Owned Facilities vs Joint Venture

A joint venture is a firm that is set up, owned and operated by two or more companies. A joint venture may be an equal partnership, or one of the partners may have a greater share of the business. A wholly owned subsidiary is owned by a single company that maintains control over it

student

100

S corporation vs LLC

LLCs can have an unlimited number of members; S corps can have no more than 100 shareholders (owners). Non-U.S. citizens/residents can be members of LLCs; S corps may not have non-U.S. citizens/residents as shareholders. S corporations cannot be owned by corporations, LLCs, partnerships or many trusts.

200

Macroeconomic vs Microeconomic

Microeconomics has applications in trade, industrial organization and market structure, labor economics, public finance, and welfare economics. Macroeconomics is the study of the decisions of countries and governments. The term analyzes entire industries and economics rather than individuals or specific companies.

300

What is the best form of business ownership if you want to be your own boss?

Solo Propretorship

400

Who developed the theory of the invisible hand and capitalism?

Adam Smith

500

the most common ethical issue among US businesses

Discrimination then harrasment