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Foundations of Business
Vocabulary
Biz Ethics and Social Responsibility
Forms of Business Ownership
Starting a Business
100
An activity that provides goods or services to consumers for the purpose of making a profit.
What is a Business
100
A business owned and controlled by those who use its services
What is a cooperative
100
If they don't do this, they'll likely suffer from dwindling customer bases, employee turnover and investor mistrust
Why a business should act ethically
100
The easiest and cheapest type of business to form
What is a sole proprietorship
100
An ongoing guide to your business and its operations, as well as a yardstick for measuring performance
What is a business plan
200
The economic system in which most businesses are owned and operated by individuals
What is the free market system / capitalism
200
Individual who exposes illegal or unethical behavior in an organization
What is a whistleblower
200
Caving in to the pressure from your boss to be fraudulent with your employer's books
What is an ethical lapse
200
A legal entity that is entirely separate from the parties who own it
What is a corporation
200
Inability to handle growth, poor management, not enough cash reserves, inadequate market research, competition
What are the reasons businesses fail
300
Perfect, monopolistic, oligopoly, monopoly
What are the four types of economic competition?
300
Parties who are interested in the activities of a business because they're affected by them
What are stakeholders
300
A document describing the principles and guidelines that all employees must follow in the course of all job-related activities
What is a code of conduct
300
An organization formed to serve some public purpose rather than for financial gain
What is a not-for-profit corporation
300
A bank, investors, self, friends and fools
What are 4 Sources of Money for starting a business
400
What are the 5 main functional areas of a business?
Accounting, Finance, Operations, Management, Marketing
400
Group of people who are legally responsible for governing a corporation
What is the Board of Directors
400
The principle of providing products today that don't compromise the ability of future generations to meet their needs
What is sustainability
400
An act of assuming control that's resisted by the targeted company's management and its board of directors
What is a hostile takeover
400
700+, experience, collateral, skin in the game
What are things you need to get a loan
500
A business cycle where GDP decreases, unemployment rises and business revenues decline
What is a recession?
500
Statement describing an organization's purpose - its reason for existence - and telling stakeholders what the organization is committed to doing
What is a mission statement
500
Using planet, profit, & people to measure the success of a business
What is the Triple Bottom Line
500
A well-planned document that specifies everyone's rights and responsibilities and includes the contributions made by each partner and conditions for settling disputes
What is a partnership agreement
500
A person who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it
What is an entrepreneur