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Business
Question | Answer |
---|---|
Small Business | One that is independently owned and operated for profit and is not dominant in its field |
Advantages to Small Business | Personal relations, ability to adapt to change, Independence |
Disadvantages to Small Business | Risk of failure, limited potential, limited ability to raise capital |
Contributions small business makes to the economy | Providing technical innovation, providing employment, providing competition, filling needs |
Money that is invested in small (and sometimes struggling) firms that have potential to become successful | Venture Capital |
What is SBA | Small Business Administration, Government agency that assists, counsels, and protects the interests of small business in the United States |
What are the two types of mergers | Horizontal: similar products/ similar markets Vertical: operate at different but related production |
SCORE | Service Corps of Retired Executives: group of business people who volunteer their services to small businesses through SBA |
When management and board of directors of a firm targeted for acquisition disapprove of a merger | Hostile Takeover |
A study of right and wrong in the choices individuals make? (acceptable and ethical behavior) | Code of Ethics |
What is the law of protecting employees who report corporate misconduct | Sarbanes-Oxley Act |
Guide to acceptable and ethical behavior as defined by the organization | Code of Ethics |
Informing the press or government officials about unethical practices within one's organization | Whistle Blowing |
What is social responsibility | Recognition that business activities have an impact on society and the consideration of that impact in business decision making |
3 examples of social responsibility | Clean Energy, donate to the community, donate to charity |
A market economy is referred to as | Free Market |
Capitalism | Individuals own and operate the majority of business that provide goods and services (USA) |
Communism | gov. owns everything (North Korea) |
Socialist | Collective governmental ownership and administration of the means of production and distribution of goods (Ireland) |
What are the four factors of production | Land,Labor, Capital, Entrepreneurship |
Person who risks time and effort | Entrepreneur |
What is the contamination of land, water, and air | Pollution |
Business owned and operated by one person | Sole proprietorship |
Gov. agency that provides ownership for minority own business | SBA |
License to operate an individually owned business as though it were part of a chain of outlets or stores | Franchise |
What is the Federal Reserve and who is in charge | Janet Yellen, central banking of the United States, Regulate interest rates |
3 rights a franchise has | use of trademarks, use of brand image, use of secret methods |
3 obligations a franchise has | observe minimum operating house, pay franchise fee, follow the accounting system |
University based groups that provide individual counseling and practical training to owners of small business | SBDC's, Small Business Development Centers |