Chapters 1 & 2: The Foundation and Ethics of Business
Any organization or activity trying to earn a profit by providing goods and services.
What is a Business?
The government taxes on imports.
What are Tariffs?
The most common form of business (in terms of numbers not dollars).
What is a Sole Proprietorship?
An individual who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of the opportunity
What is an Entrepreneur?
The interrelationships of a firm's positions can be shown on this chart.
What is an Organization Chart?
Beliefs and moral decisions that affect others.
What is Ethics?
The practice of selling domestic products to foreign customers.
What is Exporting.
A business owned jointly by two or more people.
What is a General Partnership?
This business can be categorized as a service business
What is a Legal Firm?
This level of management directly supervises production employees.
What are First line managers?
Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions.
What is Unethical Behavior?
An Alliance in which the partners fund a separate entity (partnership or corporation) to manage their joint operations.
What is a Joint Venture?
A legal condition under which an owner or investor is personally liable for all the debts of a business.
What is Unlimited Liability?
Subway and McDonald's are examples of which of the following?
What is a Franchise?
Having healthy employees and safe working conditions.
What is Work Hygiene?
These four fundamental elements that businesses need in order to achieve their objectives- natural resources, capital, human resources, and entrepreneurship.
What is the Factors of Production?
The condition whereby a county is the only source of a product or is able to make more of product using the same or fewer resources than other countries.
What is Absolute advantage
A business owned and controlled by those who use its services.
What is a Cooperative?
This part of the US GDP makes up 50%.
What are Small businesses?
The type of leadership where managers that retain authority and make the final decisions, while gain input from subordinates.
What is a Democratic?
This Acronym represents a international trade agreement that lowers tariffs and promotes free trade worldwide.
What is General Agreement of Tariffs and Trade (GATT)?
This acronym represents lending money to countries with troubled economies.
What is the International Monetary Fund (IMF)?
This gives small business owners limited liability protection, but taxes company profits only once.
What is a S- Corporation?
Attracting investors, obtaining loans or both.
What is the Main Purpose of a Business Plan?
Developing the employees skills set by relocating them.
What is Job Rotation?