Business Ownership
Name one advantage of a sole proprietorship.
Easy to start, full control, or owner keeps all profits.
What type of intellectual property protects original written or artistic works?
Copyright
Name two management styles.
Autocratic, democratic, or laissez-faire.
What is corporate culture?
The shared beliefs, values, perceptions, and practices within a company.
What are the three components of the triple bottom line?
People, Planet, Profit
What is one disadvantage of a partnership?
Shared liability or disagreements between partners
What protects inventions or new processes?
Patent
What is benchmarking in operations management?
Comparing processes, products, or performance to best-in-class standards.
Name one challenge businesses face when managing globally.
Cultural differences, communication barriers, or regulatory differences.
Give one example of a “People” consideration in sustainability.
Employee well-being, customer satisfaction, or community impact.
Which type of business ownership protects owners from personal liability?
Corporation or LLC
Which form of intellectual property protects brand names, logos, and slogans?
Trademark
Which continuous improvement method emphasizes eliminating waste and maximizing efficiency?
Lean Production
How can corporate culture affect employee behavior?
It influences motivation, teamwork, ethics, and overall productivity.
Give one example of a “Planet” consideration in sustainability.
Reducing emissions, recycling, or conserving resources.
Name one alternative form of ownership besides sole proprietorship, partnership, or corporation.
Franchise, cooperative, or nonprofit.
True or False: Using a small portion of a copyrighted work without permission is always illegal.
False (may be allowed under fair use)
What is Six Sigma primarily used for in operations management?
Reducing defects and improving quality.
Give one way to study or evaluate corporate culture in a business.
Surveys, interviews, observation, or reviewing company policies and rituals.
How is Profit evaluated in the triple bottom line?
Profit = Revenue – Costs; financial performance ensures business sustainability.
Explain one key difference between an S corporation and a C corporation.
S corporations have pass-through taxation, while C corporations are taxed separately at the corporate level.
Give one example of a copyright infringement case that affected a business or artist.
Examples: Napster music sharing, Disney character infringement, or any notable court case where copyrighted material was used without permission.
Explain how Total Quality Management (TQM) differs from Kaizen.
TQM is a company-wide quality focus, while Kaizen emphasizes small, continuous incremental improvements.
Explain why understanding global corporate culture is important for international business.
It helps avoid misunderstandings, improve collaboration, and increase global competitiveness.
Describe one way a business can improve long-term sustainability while balancing people, planet, and profit.
Examples: Implement eco-friendly processes, engage in corporate social responsibility, improve employee conditions, or make ethical financial decisions.