Life Cycle Stages
At what stage does the business introduces itself to the market and attempts to catch the attention of potential customers.
Stage 1 Existence
What are the (3) basic torts?
Intentional, negligent, strict liability
A chief executive officer (CEO)
Owners of equity include:
Founders, Partners, Shareholders
Employees most affected by minimum wage laws are paid?
Hourly
At what stage does the business have expansion strategies implemented and investment is balanced with potential?
Stage 4 Take-Off
What are the 5 common torts?
Assault, battery, damage to personal property, conversion of personal property, and intentional infliction of emotional distress.
Which role is ultimately responsible for making managerial decisions.
CEO; focuses on long-term strategy, oversees the overall business operations, and reports to the board of directors.
True or False: U.S. SBA counts companies with $35.5 million in sales and 1,500 employees as "small business" depending on the industry.
True
True or False: There is no mechanism to calculate pay for employees based on Commission or Piece Work.
True
At what stage does the business focus shifts to revenue, expenses, and growth? Cash flow is the major issue.
Stage 2 Survival of the Fittest
What are the four elements to every successful tort?
Duty, breach of duty, causation and injury.
The senior executive responsible for managing the financial actions of a company.
chief financial officer (CFO)
Paying a field laborer for the amount of fruit they pick is called?
Piece Work
Sell products and services directly to other businesses.
Business to Business (B2B)
At what stage does the business separate from the owner with responsibilities delegated to staff. The business is a household name.
Stage 5 Maturity
Identify the Four Tort Elements
The accused had a duty to act in a way that did not cause you to become injured. The accused committed a breach of that duty. An injury occurred to you. The breach of duty was the proximate cause of your injury.
Responsible for the processes for managing, evaluating, and assessing how well the agency is managing its IT resources.
CIO (Chief Information Officer)
Employee receives a set amount of pay each month without overtime pay for extra hours worked is called?
Salary
Sells products and services directly to customers for personal use
Business to Customer (B2C)
At what stage does the company become stable and profitable?
Stage 3 Success
What are 4 intentional torts?
Battery, assault, false imprisonment, trespass to land, trespass to chattels, and intentional infliction of emotional distress
The corporate executive who oversees ongoing business operations within the company.
Chief operating officer (COO)
An employee who is paid a percentage of a sale is paid by?
Commission
(x2 pts) What are the six different types of damages?
Compensatory, incidental, consequential, nominal, liquidated, and (sometimes) punitive.