Characteristics and Functions of Business
Business is all about _________ handling business functions
People
The __________ model means selling your product directly to your customers, the end user, without third-party retailers, wholesalers, or other middlemen
Direct to Consumer (D2C)
This is the way in which a Government collects funds from businesses and citizens.
Taxes
__________ is also known as absolute risk, when two possibilities exist – loss or no change.
Pure Risk
The "P" of PSCL of Management stands for _________. This is how a manger maps out the course of action. He/she determines what people and resources are needed and what actions need to be taken.
Planning
This business function refers to the people assets who work for an organization, and the business function responsible for recruiting, hiring, onboarding, training, evaluating, and terminating employees.
Human Resources
________ is a business model with traditional physical street-side locations. A physical location that sells good or services
Brick and Mortar!
An economic system where companies can be owned by individuals versus being owned by the government, and that assumes companies are built with a purpose of creating economic value through innovation. Competition is encouraged.
Capitalism
Mr. Reitter deciding to invest 30,000 dollars in to his business is a ____________
Speculative Risk
While management is about planning, staffing, organizing, and other skills...... ___________ is about inspiring, motivating, influencing and maximizing the efforts of people towards a common purpose.
Leadership
This business function handles and oversees the daily functioning of an organization, managing the inputs and outputs, and includes manufacturing, purchasing, and logistics.
Operations
___________ models, such as Chick-Fil-A, require owners to pay a small fee to obtain a location of an already established brand.
Franchise
A ________ is when one company controls the supply of a good or service, where other options for consumers aren't readily available, and where the barriers to entry for other companies are highly restrictive.
Monopoly
________ is a process that identifies and tracks risks, and creates a strategy to prepare for and lessen the impact of certain risks and threats.
Risk Mitigation
________ is an organizational structure that shows who each person reports to above them, and who they are responsible for below them
Chain of Command
This business function handles the advertising and selling for a business. Its main focus is the delivery of profitable products and services to targeted customers
Marketing
__________ is the legal responsibility of an individual (or entity) for business actions, debts, and obligations. The type of business you own will determine how much of this you have!
Liability
The ______ sector is the sector of business that is owned by the government. An example of this is a post office
Public
Mr. Reitter buying car insurance is a good way to ____________ from him to the insurance company
Transfer risk
the shared beliefs, values, goals, attitudes, and behaviors of a company’s employees;
Company culture
This business function handles the money of a company, including the accounting and distribution of funds.
A sole proprietor has all of the liability of a company, meanwhile owning a __________ means that your liability is limited.
Limited Liability Company (LLC)
a general increase in prices in an economy is called _______
Inflation
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats.
The "S" of PSCL in management refers to _________ which means to recruit, interview, hire, and orient the appropriate people to fill organizational roles
Staffing