Final Exam Business 101

"How would I like to be treated in a given situation?"

"How can I change my behavior so that I can move up a notch by ethical standards?" If you find that question hard to answer, perhaps you could rephrase it as _____

virtual company

A _____ has no significant physical presence, relying on third parties to produce, warehouse, price, and deliver the products that it sells over the Internet.

it helps you build credit

A big advantage of a credit card is that:

web server

A computer that retrieves Web pages is called a _____.

Make-to-Order

A fast food hamburger restaurant that uses a ___________ production method will generally have a low level of hamburgers sitting around.

marketing

A firm's _____ department will coordinate sales activities and handle customer-relationship management.

accounting

A firm's _____ department will record sales and payments and track the company's performance.

human resources

A firm's _____ department will recruit, train, evaluate, and compensate its salespeople.

finance

A firm's _____ department will report on customers' credit ratings and current sales prices.

Information System

A firm's _____ system consists of the combination of technologies, procedures, and people who collect and distribute the information needed to make decisions and coordinate and control companywide activities.

intermediate-term goal

A goal that you expect to achieve in 2 to 5 years is a(n) _____.

short-term (less than 2 years), intermediate-term (2-5 years), and long-term (more than 5 years).

A good way to approach your financial goals is by dividing them into three time frames:

total net worth

A personal balance sheet lists the value of what you own, the amounts you owe, and the difference between the two, which is called _____.

firewall

A(n) _____ is a software program that controls access to a company's intranet.

initial public offering (IPO)

A(n) _____ is the process of taking a privately held company public by selling stock for the first time.

local area

A(n) _____ network links computers that are in close proximity-in the same building or office complex.

budget

A(n)_____ is a document that itemizes expected sources of income and expenditures for the coming year, along with the relevant money amounts for each.

you would get an influx of cash that doesn't have to be paid back.

About 10 years ago you founded an energy company that operates as a privately-held corporation with only limited stock ownership. You are considering selling stock to the public for the first time through an initial public offering. All of the following are disadvantages for taking a company public except:

early 20's

According to experts, individual financial planning should begin in your _____.

money insurance

All of the following are among the Fed's three major goals except _____.

initial public offering

All of the following are common methods of financing a new business except_____.

Goods Production

All of the following are daily activities involved in the process of materials management except _____.

brokerage firms

All of the following are depository institutions except _____.

By using cloud computing companies are able to match technology available with their exact needs.

All of the following are disadvantages of cloud computing except:

individual finance

All of the following fall into one of three broad areas of finance except _____.

piracy

Although technology makes it easier to create intellectual property, it also makes stealing it, a crime called _____, easier.

conflict of loyalty

An employee finds herself caught between loyalty to her employer on the one hand and loyalty to a friend who works in her office on the other. The potential ethical issue that she's facing is best characterized as a matter of _____.

insider trading

An employee learns from a coworker at her pharmaceutical company that one of the firm's most profitable drugs will be pulled off the market. Before the news becomes public, she sells all of her stock in the company. This action is best characterized as _____.

conflict of interest

An employee must choose between taking actions that promote personal interests and the interests of others at work. The ethical issue that he's facing is best characterized as a matter of _____.

Continuous Improvement

An integral part of TQM (total quality management) is _____, which can be characterized as the commitment to making constant improvements in design, production, and delivery.

decision support

An interactive _____ system extracts, integrates, and displays data from multiple sources to help managers make non-routine decisions.

senior exectuives

An organization's culture is strongly influenced by its _____, who inform members what's considered acceptable behavior and what happens if it's violated.

prime

As a loan officer at a commercial bank, you must determine the _____ rate that you'll charge your best customers.

management information

As a manager, you can use a(n) _____ system to extract data from a database and compile records that help you make routine decisions.

viruses

As a means of committing cyber crime, _____ are particularly dangerous because they can copy themselves over and over again.

if you issue stock to the public, your percentage ownership of the company will not change.

As founder and CEO of a growing public company, you are considering issuing shares of stock to finance an expansion. All of the following statements about stock are true except:

All of these

As operations manager for Consolidated American Tanks, Jim Sherman's major task is _____.

make-to-order

Because it uses a _____ approach, Burger King can encourage patrons to customize burgers and other menu items.

the time value of money

Because of _____ a dollar received today is worth more than a dollar received in the future.

Function

Both product and process layouts arrange work by _____.

make-to-order

Businesses, such as print or sign shops, that produce low-volume, high-variety goods according to customer specifications use a process called _____.

data-mining

By _____ its customer-based data warehouse, a firm can discover previously unknown relationships between customers in general and certain groups of customers.

web site

By posting a(n) _____, a company can tell people about itself, its products, and its activities.

Chapter 13

Chapter 13

Chapter 15

Chapter 15

Chapter 16

Chapter 16

Chapter 4

Chapter 4

Chapter 8

Chapter 8

Cellular Layout

Collins' Computers arranges its computer assembly into teams working in a U- shaped formation so that they can share the work and some of the equipment. What type of production layout does Collins" Computer use"

Reduce Product Design Costs

Companies decide to outsource for the following reasons with the exception of:

have frequent contact with their suppliers.

Companies that use a just-in-time (JIT) production system:

wide area

Consisting of computers connected by telephone lines, wireless technology, or satellite, a(n) _____ network covers a relatively large geographical area.

governers

Coordinated by a board of _____, the Federal Reserve System consists of 12 districts, each with a member-owned Federal Reserve Bank.

they can cause you to overdraft your checking account and consequently incur an overdraft fee.

Debit cards can be expensive to use because:

Business Ethics is defined as a form of ethics which examines the ethical principles and also ethical and moral problems that occur in a business. The focus is on ethical practices these days. To Act Ethically means, to act in the right manner. It includes right gestures, right dealing etc. Everyone must keep in mind the rights of others and only then acting ethically is possible, Ethics in business reflect the attitude that the business would keep in mind the general rights of the people. It will not violate the rights of anyone through its operations.

Define business ethics and explain what it means to act ethically in business.

Advantages: Easy implementation. Cloud hosting allows business to retain the same applications and business processes without having to deal with the backend technicalities. Readily manageable by the Internet, a cloud infrastructure can be accessed by enterprises easily and quickly. Accessibility. Access your data anywhere, anytime. An Internet cloud infrastructure maximizes enterprise productivity and efficiency by ensuring your application is always accessible. This allows for easy collaboration and sharing among users in multiple locations. No hardware required. Since everything will be hosted in the cloud, a physical storage center is no longer needed. However, a backup could be worth looking into in the event of a disaster that could leave your company's productivity stagnant. Cost per head. Overhead technology costs are kept at a minimum with cloud hosting services, enabling businesses to use the extra time and resources for improving the company infrastructure. Flexibility for growth. The cloud is easily scalable so companies can add or subtract resources based on their needs. As companies grow, their system will grow with them. Efficient recovery. Cloud computing delivers faster and more accurate retrievals of applications and data. With less downtime, it is the most efficient recovery plan Disadvantages: No longer in control. When moving services to the cloud, you are handing over your data and information. For companies who have an in-house IT staff, they will be unable to handle issues on their own. However, Stratosphere Networks has a 24/7 live help desk that can rectify any problems immediately. May not get all the features. Not all cloud services are the same. Some cloud providers tend to offer limited versions and enable the most popular features only, so you may not receive every feature or customization you want. Before signing up, make sure you know what your cloud service provider offers. Doesn't mean you should do away with servers. You may have fewer servers to handle which means less for your IT staff to handle, but that doesn't mean you can let go of all your servers and staff. While it may seem costly to have data centers and a cloud infrastructure, redundancy is key for backup and recovery. No Redundancy. A cloud server is not redundant nor is it backed up. As technology may fail here and there, avoid getting burned by purchasing a redundancy plan. Although it is an extra cost, in most cases it will be well worth it. Bandwidth issues. For ideal performance, clients have to plan accordingly and not pack large amounts of servers and storage devices into a small set of data centers.

Define cloud computing and identify its advantages and disadvantages

cloud computing - the practice of using a network of remote servers hosted on the Internet to store, manage, and process data, rather than a local server or a personal computer.

Define cloud computing and identify its advantages and disadvantages

Corporate social responsibility refers to the approach that an organization takes in balancing its responsibilities toward different stakeholders when making legal, economic, ethical, and social decisions. What motivates companies to be "socially responsible" to their various stakeholders? We hope it's because they want to do the right thing, and for many companies, "doing the right thing" is a key motivator. The fact is, it's often hard to figure out what the "right thing" is: What's "right" for one group of stakeholders isn't necessarily just as "right" for another. One thing, however, is certain: Companies today are held to higher standards than ever before. Consumers and other groups consider not only the quality and price of a company's products but also its character. If too many groups see a company as a poor corporate citizen, it will have a harder time attracting qualified employees, finding investors, and selling its products. Good corporate citizens, by contrast, are more successful in all these areas.

Define corporate social responsibility and explain how organizations are responsible to their stakeholders.

information systems - a computer system or set of components for collecting, creating, storing, processing, and distributing information, typically including hardware and software, system users, and the data itself: the use of information systems to solve business problems. tasks: Accomplishes information systems staff results by communicating job expectations; planning, monitoring, and appraising job results; coaching, counseling, and disciplining employees; initiating, coordinating, and enforcing systems, policies, and procedures. Maintains staff by recruiting, selecting, orienting, and training employees; developing personal growth opportunities. Maintains safe and healthy working environment by establishing and enforcing organization standards; adhering to legal regulations. Sustains information systems results by defining, delivering, and supporting information systems; auditing application of systems. Assesses information systems results by auditing application of systems. Enhances information systems results by identifying information systems technology opportunities and developing application strategies. Safeguards assets by planning and implementing disaster recovery and back-up procedures and information security and control structures. Accomplishes financial objectives by determining service level required; preparing an annual budget; scheduling expenditures; analyzing variances; initiating corrective action. Maintains professional and technical knowledge by attending educational workshops; reviewing professional publications; establishing personal networks; benchmarking state-of-the-art practices; participating in professional societies. Contributes to team effort by accomplishing related results as needed.

Define information system (IS) and identify the tasks of the information systems manager

If they focus on environmental issues. people will recognize their actions and appreciate what they are doing, potentially increasing their profits from the incoming new buyers who support the businesses involvement with the environment

Define sustainability and understand why companies are now focusing on environmental and socially responsibility issues.

The process layout groups together workers or departments that perform similar tasks. At each position, workers use specialized equipment to perform a particular step in the production process. In a product layout, high-volume goods are produced in assembly-line fashion—that is, a series of workstations at which already-made parts are assembled. In a cellular layout, small teams of workers handle all aspects of building a component, a "family of components," or even a finished product. A fixed-position layout is used to make large items (such as ships or buildings) that stay in one place while workers and equipment go to the product.

Describe four major types of facility layouts: process, product, cellular, and fixed position.

The United States (US) Congress makes laws on the regulation of the financial services industry. The securities market is regulated by the Securities and Exchange Commission (SEC), which is the primary overseer and regulator of the US securities market. The SEC's mission is to protect investors and maintain the integrity of the securities market. Because the prices of 30 different stocks affect the DJIA, falls can result from smaller decreases in the value of several Dow stocks, or they may occur because of a dramatic decrease in the value of only one or two stocks.

Describe how the securities market operates and how it's regulated (including Dow-Jones Industrial Average).

During production planning, managers determine how goods will be produced, where production will take place, and how manufacturing facilities will be laid out. Once the production process is under way, managers must continually schedule and monitor the activities that make up that process. They must solicit and respond to feedback and make adjustments where needed. At this stage, they also oversee the purchasing of raw materials and the handling of inventories. Finally, the operations manager is directly involved in efforts to ensure that goods are produced according to specifications and that quality standards are maintained.

Describe the decisions made in planning the production process in a manufacturing company.

Manufacturing operations usually are larger in size and operation. Service operations meet direct contact with customer and hence they are relatively smaller in size and operation.

Describe the differences between service operations and manufacturing operations

Central Banks Central banks are the financial institutions responsible for the oversight and management of all other banks. In the United States, the central bank is the Federal Reserve Bank, which is responsible for conducting monetary policy and supervision and regulation of financial institutions. Retail and Commercial Banks Traditionally, retail banks offered products to individual consumers while commercial banks worked directly with businesses. Currently, the majority of large banks offer deposit accounts, lending and limited financial advice to both demographics. Products offered at retail and commercial banks include checking and savings accounts, certificates of deposit (CDs), personal and mortgage loans, credit cards, and business banking accounts. Internet Banks A newer entrant to the financial institution market are internet banks, which work similarly to retail banks. Internet banks offer the same products and services as conventional banks, but they do so through online platforms instead of brick and mortar locations. (For related reading, see: The Pros and Cons of Internet Banks.) Credit Unions Credit unions serve a specific demographic per their field of membership, such as teachers or members of the military. While products offered resemble retail bank offerings, credit unions are owned by their members and operate for their benefit. Savings and Loan Associations Financial institutions that are mutually held and provide no more than 20% of total lending to businesses fall under the category of savings and loan associations. Individual consumers use savings and loan associations for deposit accounts, personal loans, and mortgage lending. Investment Banks and Companies Investment banks do not take deposits; instead, they help individuals, businesses and governments raise capital through the issuance of securities. Investment companies, more commonly known as mutual fund companies, pool funds from individual and institutional investors to provide them access to the broader securities market. Brokerage Firms Brokerage firms assist individuals and institutions in buying and selling securities among available investors. Customers of brokerage firms can place trades of stocks, bonds, mutual funds, exchange-traded funds (ETFs), and some alternative investments. Insurance Companies Financial institutions that help individuals transfer risk of loss are known as insurance companies. Individuals and businesses use insurance companies to protect against financial loss due to death, disability, accidents, property damage, and other misfortunes. Mortgage Companies Financial institutions that originate or fund mortgage loans are mortgage companies. While most mortgage companies serve the individual consumer market, some specialize in lending options for commercial real estate only.(For related reading, see: Banking: How to Choose a Bank.)

Distinguish among different types of financial institutions & their role in expanding the money supply

Data and information are interrelated. Data usually refers to raw data or unprocessed data. It is the basic form of data, data that hasn't been analyzed or processed in any manner. Once the data is analyzed, it is considered as information. Information is "knowledge communicated or received concerning a particular fact or circumstance." Information is a sequence of symbols that can be interpreted as a message. It provides knowledge or insight about a certain matter.

Distinguish between data and information

service providers cannot store their services for later use

Estimating capacity needs (goods/services to provide) for a service business is more difficult than for a manufacturer because

the ability know right from wrong and to know when you're practicing one instead of the other

Ethics refers to _____.

tuition

Examples of personal liabilities include the following except_______.

ethical lapse

Executives at a book company had uncovered an internal problem involving embezzlement in the royalty department. In having to decide whether to go to the police or handle the problem themselves, they were faced with the possibility of a(n) _____.

Compound interest definition - interest computed on the sum of an original principal and accrued interest. Time Value of Money - concept that recognizes the relevant worth of future cash flows arising as a result of financial decisions by considering the opportunity cost of funds

Explain compound interest and the time value of money

dividend - a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves). impact - For investors, dividends serve as a popular source of investment income. For the issuing company, they are a way to redistribute profits to shareholders as a way to thank them for their support and to encourage additional investment. Dividends also serve as an announcement of the company's success. Because dividends are issued from a company's retained earnings, only companies that are substantially profitable issue dividends with any consistency.

Explain dividends and how they impact your stock choices

The term data used to describe information, under whatever form of words you will be using. A data communication system may collect data from remote locations through data transmission circuits, and then outputs processed results to remote locations. Figure provides a broader view of data communication networks. The different data communication techniques which are presently in widespread use evolved gradually either to improve the data communication techniques already existing or to replace the same with better options and features. Then, there are data communication jargons to contend with such as baud rate, modems, routers, LAN, WAN, TCP/IP, ISDN, during the selection of communication systems. Hence, it becomes necessary to review and understand these terms and gradual development of data communication methods.

Explain how four networking technologies—the Internet, the World Wide Web, intranets, and extranets—make data communication possible

Companies using a TQM approach focus on customer satisfaction, engage all members of the organization in quality efforts, and strive for continuous improvement in the design, production, and delivery of goods and services. They also benchmark other companies to find ways to improve their own performance.

Explain how manufacturing and service companies use total quality management and outsourcing to provide value to customers

The Internet provides an additional benefit to purchasing managers by helping them communicate with suppliers and potential suppliers. They can use the Internet to give suppliers specifications for parts and supplies, encourage them to bid on future materials needs, alert them to changes in requirements, and give them instructions on doing business with their employers. Using the Internet for business purchasing cuts the costs of purchased products and saves administrative costs related to transactions. It's also faster for procurement and fosters better communications.

Explain how manufacturing companies use technology to produce and deliver goods in an efficient, cost-effective manner

Treating employees, customers, investors, and the public fairly Making fairness a top priority Holding every member personally accountable for his or her action Communicating core values and principles to all members Demanding and rewarding integrity from all members in all situations

Explain how you can recognize an ethical organization.

Financial Planning Financial Planning is the process of estimating the capital required and determining it's competition. It is the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise

Explain the financial planning life cycle.

1. Do An Audit Before you even consider the best ways to get cash for startup costs, you need a clear idea of how much cash you actually need. This requires you to conduct a thorough audit of your resources. This includes savings, salary, and any financial assets you can either cash in or use as collateral. Keep in mind that you should only invest assets that you can afford to lose when starting a new business. 2. Reach Out to People You Know Don't overlook your own circle as a possible source of funding. This includes family, friends, and acquaintances who might be interested in becoming investors. At the same time, getting involved in financial transactions with friends and family can be complicated. Make sure you agree on the terms and put everything in writing just as you would when dealing with outside investors or banks. 3. Create a Solid Business Plan Many new entrepreneurs don't appreciate just how crucial it is to have a comprehensive business plan. Financial institutions and serious investors will want to see that you've done your research and have everything well planned. You need to explain who your target audience is, why your business will fill a demand and how you plan to market it. If you want someone to invest in your business, you must be able to explain exactly what you plan to do with their money and why your strategy is likely to succeed. 4. Consider All Your Options As noted, there are more possibilities for startup finances now than ever before. It's best to consider both traditional and innovative sources of funding. Here are a few possibilities. Bank Loans. Borrowing money from banks is the traditional approach and often require a solid track record and credit history. SBA Loans. These loans are often easier to secure than those from traditional banks. You may, however, need to put up collateral. Venture Capital. Venture capitalists may be interested in funding your business, especially if it shows promise for fast growth. Crowdfunding. Websites such as Kickstarter, GoFundMe, Indiegogo and many others let you raise capital independently. Invoice Factoring. This is a creative type of financing that allows you to collect cash immediately for accounts receivable. Newer businesses that are turned down for bank loans may still be eligible for invoice factoring. 5. Be Creative and Persistent It's best to get as creative as possible with your get cash for startup plans. You also need a great deal of persistence and determination as you may get turned down by many investors. You have nothing to lose by researching different methods and talking to different people and companies. Don't overlook any possible source of funding and consider using multiple sources of funding. Invoice factoring is a simple, yet powerful way for businesses to quickly improve their cash flow situation. If you want to learn more about how invoice factoring works and how it can benefit your business, contact Riviera Finance, the experts for more than 49 years.

Explain the ways in which a new business gets start-up cash.

stock - A variable or measurement that is defined for an instant in time (as opposed to a period of time). 52 Week High: The highest price the stock has reached over the last 52 Week period (year). This price might have held for a few minutes or a few days. 52 Week Low: The lowest price the stock has reached over the last 52 Week period (year). Again, the price could represent a minute in time or a price that held for a few days. 52 Week Range: Details the lowest price the stock reached and the highest price the stock reached over the past 52 weeks. Simply displays the 52 Week Low and 52 Week High within one component. Name and Ticker Symbol: Usually the name of the company the stock represents will be visible within a stock table, but it is a certainty the ticker symbol will be represented. Ticker symbols are viewed as abbreviations of the company name, though usually represent the company in some way. Exchange: The market the stock is sold on is also defined. Dividend: This information details the amount you will receive in a dividend per year, per share of stock. If the dividend column shows 1.00 that means you will earn $1 per every share of stock, per year. The dividend can be paid out monthly, quarterly, yearly or in other time frames. Yield: The percentage of the dividend to the current stock price. Investors always seek high yield stocks, as dividend payments are another form of earnings. Dividend and Yield can sometimes be defined within one column. Volume: The amount of shares traded that day. This generally shows an interest to buy and sell in a company. Average Volume: This amount shows the average volume over a period of time, such as 3 months, 6 months or a year. This amount gives a more long term display of how the stock is trading. P/E: Often referred to as Price per Earnings, Earnings Multiple or just Multiple. This figure represents the ratio between the price of the stock and the earnings of the company. This number is often a strong indicator in determining whether or not a stock holds good value. Previous Close: The amount the stock price was at the previous day's close. Open: The amount the stock price was at the open of the market. Day's Range: The price fluctuations of the stock on that particular day. Beta: The figure that expresses the volatility involved with a stock's price. The higher the beta is, the more likely the stock price will fluctuate with the market. Bid: The stock price current buyers are willing to pay. Ask: The stock price current stockholders are willing to sell for. Next Earnings Date: This information provides insight into the company's reporting of their quarterly data. The prices of stock can often fluctuate once earnings are reported.

Explain what a stock is, and how to read stock tables

tangibility

For money to be useful, it must possess all of the following properties except _____.

assembly line

High-volume goods are produced efficiently by people, equipment, or departments arranged in a(n)_____.

An absence of online identity verification Delivering an omnichannel customer experience competitor analysis Stuck in at the old school way of approach to selling shopping cart abandoned maintaining customer loyalty The headache of product return and refund The struggle of competing on price and shipping Competing against retailers and manufacturers a problem of data security

Identify and discuss challenges faced by companies engaged in e-commerce.

1. Consumer segmentation To understand your demand, you must identify consumer segments that share common characteristics. These characteristics can be "hard" variables such as age, gender, place of residence, educational level, occupation and level of income or "soft" variables such as lifestyle, attitude, values ​​and purchasing motivations. 2. Purchase situation analysis Purchase situations must also be examined to uncover expansion opportunities. Questions to ask when reviewing purchase analysis are: When do people buy our product or service? Is it when they need it? Where do people make the purchase? How do they pay? 3. Direct competition analysis In addition to analyzing demand and purchasing situations, it is important to analyze supply. Knowing the existing players in the market where you are competing or going to compete is important when evaluating opportunities. Relevant questions in this case are: What are the products and brands of our industry that are growing more significantly and why? What is their value proposition? What competitive advantage do we have over them? 4. Indirect competition analysis Opportunities can also be found by analysing substitute industries. For example, thanks to the decrease in airfares, airlines may look for opportunities in consumer segments currently supplied by other means of transport. Air carriers should research how many people travel on long-distance buses and trains, which routes are the most in-demand, how much travelers pay for their tickets, what the occupation rate of long-distance buses and trains is and what is necessary to persuade a current passenger of buses or trains to choose to travel by plane instead. This type of analysis helps establish competitive advantages against indirect competitors and provide insight on additional opportunities for growth. 5. Analysis of complementary products and services Companies should monitor the performance of other companies' products, which are complementary to their own. For instance, a packaging company should monitor sales of products that it could potentially package, while a company producing coffee machines should gather insights on the evolution of different types of coffee sales. Trends in complementary markets should be taken into account when making investment decisions. 6. Analysis of other industries In some cases, the objective of companies is not to continue operating within an industrial sector but to expand a certain business model or philosophy. For example, a British holding of companies, Easy Group, started maximising the occupancy rate of flights with the airline Easy Jet. Easy Group understood that it was preferable to sell a seat at a lower price than not selling it at all. Easy Jet opted for a rate management model that depended on the occupancy rate of flights and the time remaining until the day of the flight. With this business model, it managed to increase occupancy rates. Easy applied the same model to cinemas when it created Easy Cinema and then with buses for Easy Bus. In any case, to enter a new industry it is important to learn about competition first: market sizes, market shares, growth rates, unit prices, per capita sales and brands positioning. 7. Foreign markets analysis When a company operates in a mature or saturated market, exploring other countries may lead to additional opportunities. Markets in different countries grow at different paces for several reasons, including disparities in the level of economic development and local habits. Knowing the evolution of per capita consumption of a given product in a given country can serve as an indicator of the maturity of the product's life cycle. Having information on the size of the market and competitors in other countries will help to estimate the business potential. In addition to product sales, you can also investigate what happens in more developed countries in terms of consumption habits. For example: What is the percentage of people who use the smartphone to pay for their purchases? What is the market share of private labels in a certain industry? 8. Environment analysis Market opportunities can also be identified by analysing changes in the environment with technological and scientific developments generating new business opportunities. For example, the growth of the Internet and smartphones' penetration has enabled the arrival of companies with new business models such as Airbnb and Uber. According to Euromonitor International, the share of mobile internet subscriptions to mobile telephone subscriptions in the world was 20% in 2011, reaching 53% in 2016. And while globally only 17% of households possessed a smartphone in 2011, this percentage reached 45% in 2016. Beyond mobile and the Internet, artificial intelligence, robotisation, internet of things, biotechnology and renewable energy sources also provide multiple business opportunities.

Identify approaches used by existing companies to finance operations and growth

Is it OK to accept a pair of sports tickets from a supplier? Can I buy office supplies from my brother-in-law? Is it appropriate to donate company funds to my local community center? If I find out that a friend is about to be fired, can I warn her? Will I have to lie about the quality of the goods I'm selling? Can I take personal e-mails and phone calls at work? What do I do if I discover that a coworker is committing fraud? Analyzed: The behavior isn't really illegal or immoral. The action is in everyone's best interests. No one will find out what I've done. The company will condone my action and protect me.

Identify ethical issues that you might face in business, and analyze

You manage the inventory of raw material needed to manufacture your company's product, ensuring enough is on hand to follow through on orders. Analyzing production numbers allows you to monitor the performance of workers and the manufacturing process as a whole. Using this data, you adjust manufacturing methods to increase the efficiency of the process. As operations manager, you verify the quality of the product and perform technical support and repairs when needed. Production duties may vary according to the type of product your company manufactures.

Identify the activities of the operations manager in the production process in a manufacturing company

Medium of exchange: The most important function of money is that it acts as a medium of exchange. Money is accepted freely in exchange for all other goods. Barter system is very inconvenient. So the introduction of money has got over the difficulty of barter. Measure of value: Money acts as a common measure of value. It is a unit of account and a standard of measurement. Whenever, we buy a good in the market, we pay a price for it in money. And price is nothing but value expressed in terms of money. So we can measure the value of a good by the money we pay for it. Just as we use yards and meters for measuring length, and pounds for measuring weights, we use money for measuring the value of goods. It makes economic calculations easy. Store of value: A man who wants to store his wealth in some convenient form will find money admirably suitable for the purpose. It acts as a store of value. Suppose the wealth of a man consists of a thousand cattle. He cannot preserve his wealth in the form of cattle. But if there is money, he can sell his cattle, get money for that and can store his wealth in the form of money. Standard of deferred payments: Money is used as a standard for future (deferred) payments. It forms the basis for credit transactions. Business in modern times is based on credit to a large extent. This is facilitated by the existence of money. In credit, since payment is made at a future date, there must be some medium which will have as far as possible the same exchange power in the future as at present. If credit transactions were to be carried on the basis of commodities, there would be a lot of difficulties and it will affect trade. 3 goals of the federal reserve: price stability, sustainable economic growth, and full employment.

Identify the functions of money and describe the three goals of the Federal Reserve

Water, Energy, Food, Population Businesses are investing time and money into these studies to figure out what can be down in order to help the environment

Identify threats to the natural environment and explain how businesses are addressing them.

up to a specified amount as the need arises.

If a bank issues you a line of credit, you can borrow:

Conflict of interest

If a manager makes a decision that financially benefits the manager but harms the company, this is an ethical issue related to _______

call your lenders and explain the situation

If for some reason you can't pay your debt you should:

business plan

If you are seeking a bank loan to start a small business, your banker will want to see a _____.

barter

If you're a farmer who needs help clearing his fields and has plenty of food to spare, you might enter into a _____ transaction with a laborer who has time to clear fields but not enough food.

e-commerce

If you're conducting business over the Internet, you're engaged in _____.

unsecured loan

If your bank does not ask you to put up collateral, you're getting a(n)_____. Selected Answer: unsecured loan

dividends

If your company does well, stockholders may benefit either through appreciation in the value of their stock or through distributed earnings called _____.

pay more than the minimum balance due on your credit cards

If your credit score has been damaged, what can you do to improve it?

spent more than you earned and removed cash from your savings for the period in question

If your personal savings rate is negative it means that you

Product

In a(n) _____ layout, high-volume goods are produced efficiently by people, equipment, or departments arranged in a series of workstations at which previously made parts are assembled.

"cookies"

In addition to data that you supply willingly, information about you can be gathered online without your knowledge or consent by means of so-called _____.

corporate social responsibilty

In balancing its responsibilities toward all stakeholders when making legal, economic, ethical, and social decisions, Condare Upholstery Supply Inc. takes an approach to organizational activities called _____.

Production output of your closest competitor.

In calculating the quantity of products to be produced you should consider all except the following:

income

In compiling your credit score, the credit bureaus considers all of the following except_____.

ethical decision

In contrast to the "right-versus-right" problem posed by an ethical dilemma, the problem posed by a(n) _____ entails a "right-versus-wrong" decision.

chief information officer (CIO)

In most large organizations, the information system is operated by a senior management team, including a(n) _____ who oversees information and telecommunications systems.

chief information officer (CIO)

In most large organizations, the senior management team includes a _____ who oversees information and telecommunications systems.

take out a cash advance on one card and pay off the others with the cash received.

In order to get out of debt, it is recommended that you do all of the following except:

fixed-position

In producing large items, manufacturers often use a(n) _____ layout, in which workers go to products that stay in one place.

Primary Destinations

In seeking new locations, Burger King officials look for busy intersections or such _____ as shopping malls or movie theaters.

chief technology officer

In your position as _____, you oversee IT planning and implementation and report to the CIO (chief information officer).

determining the salaries of data-team members.

Information managers perform all of the following tasks except:

That fact that services can't be held or touched

Intangibility refers to which of the following:

Sales

Keeping inventory levels too high costs money, while running out of it causes _____ to suffer.

check references for credit customers

Large companies need finance professionals to do all of the following except _____.

Electronic Data Interchange

Let's say that you bought a TV on eBay and paid for it electronically. To process your transaction and transmit all of your purchasing documents, the manufacturer might use an _____ system.

The Operations Manager

Making decisions on how to hold down the costs of materials and labor is the job of _____.

Optimal Enhancement

Managers focus on all of the following as quality assurance principles except _____.

fiuciary

Managers have a(n) _____ responsibility to owners to safeguard a company's assets and handle its funds in a trustworthy manner.

activities

Manufacturing managers focus on scheduling the _____ needed to transform raw materials into finished goods.

electronic data interchange

Many companies now use a technology called _____ to process transactions and transmit purchasing documents directly from one IS to another.

financial plan

Mary Matthews is creating a(n) _____ that calculates the amount of funds that her company needs for a specified period of time.

cars

Monetary or liquid assets include all of the following except _____.

medium of barter

Money serves all of the following basic functions except _____.

Transaction Processing

Most of a business's daily activities are recorded and processed by its _____ system, which receives input data and converts them into information intended for various users.

all of these

New businesses are generally financed by _____.

capacity

Once you've forecasted the demand for a product, you can calculate the _____ requirements of your production facility.

hold employees accountable for their conduct

Organizational leaders must be willing to _____ and take appropriate action.

capital

Owners are the stakeholders who invest _____ in a firm in expectation of financial return.

unprocessed

Quite simply, data are _____ facts.

conflict of interest

Richard works for a company with a contract to cater events for a community college while his uncle owns a bakery which also caters locally. The potential ethical issue that he's facing is best characterized as a matter of _____.

Short Answers

Short Answers

Be a role model and be visible Communicate ethical expectations Offer ethics training Visibly reward ethical acts and punish unethical ones Provide protective mechanisms

Specify actions that managers can take to create and sustain ethical organizations.

Define the problem and collect the relevant facts. Identify feasible options. Assess the effect of each option on stakeholders (owners, employees, customers, communities). Establish criteria for determining the most appropriate option. Select the best option, based on the established criteria.

Specify the steps that you would take to solve an ethical dilemma and make an ethical decision.

Mass Production

Standardized products that have come off assembly lines are produced by a process known as _____.

FDIC

The _____ is a government agency that regulates banks and insures deposits in member banks up to $250,000.

Dow Jones Industrial Average

The _____ is by far the most widely reported market index.

store of value

The fact that people are willing to save money for future purposes describes which function of money _____.

consumer confidence remained strong

The financial crisis that began in 2006-2007 in the banking industry as a result of the subprime mortgage crisis caused all of the following problems except:

evaluate your current financial status, set financial goals, develop and use a budget.

The financial planning process consists of three steps:

Operations Management

The management of the process that transforms resources into products is known as _____.

firewalls

The practice of installing _____ to keep fires that start in one part of a building from getting into another has a direct application in information technology.

the New York stock exchange

This stocks of the largest, most prestigious corporations in the world are traded on _____.

credit union

To bank at a(n) _____, you must be linked to a particular group.

do all of these

To convince consumers that it's safe to buy things over the Internet, businesses must _____.

compound interest

To understand the value of saving money, the most important thing to learn is the power of _____.

barter

Under _____ systems, people trade goods and services directly for one another.

borrowing cost - The total charge for taking on a debt obligation that can involve interest payments and other financing fees. risks associated with credit card: Getting into credit card debt Missing your credit card payments Carrying a balance and incurring heavy interest charges Applying for too many new credit cards at once Using too much of your credit limit how to build a good credit rating - Experts advise keeping your use of credit at no more than 30 percent of your total credit limit. You don't need to revolve on credit cards to get a good score. Paying off the balance each month helps get you the best scores. A long credit history will help your score.

Understand the cost of borrowing, the risks associated with credit cards and how to build a good credit rating.

Project managers create PERT charts to gauge the minimum time necessary to complete the project, analyze task connections, and asses project risk. PERT charts make it easy to visualize and organize complex projects illustrating the dependencies between each step in the project. In essence, the critical path is the bottleneck route. Only by finding ways to shorten jobs along the critical path can the over-all project time be reduced; the time required to perform noncritical jobs is irrelevant from the viewpoint of total project time.

Understand the use of a PERT Chart and the Critical Path—bottlenecks

federal student aid grants loans work study scholarships

Understand the ways to finance a college education

spoofing

Using a technique called _____, computer criminals disguise their identities by modifying the addresses of the computers from which they launch their schemes.

data communication

Using a variety of wired and wireless communication channels, _____ networks transmit digital data from one computer to another.

go online and request a free copy

What is the best way to get a copy of your credit report?

net cash flow

What is the bottom line of a cash flow statement?

Deciding which type of production process is best for your company.

What is the first step in the production process?

Proximity to your customers

When choosing a location for an online stock trading broker company, you would want to consider all of the following except:

communites

When companies give employees time off to do volunteer work, which stakeholders are they being responsible to?

How much capital does it take in each year?

When investors look at the overall quality of a company, all of the following are among the basic questions that they ask except.

PERT

When production processes reach a certain level of complexity, operations managers may use _____ charts to schedule activities.

"No one will find out what I've done."

When you ask yourself the question, "If I didn't get caught, did I really do it?" which of the four common rationalizations for misconduct are you using?

"My action is in everyone's best interest."

When you say to yourself, "I know I lied to make the deal, but it'll bring in a lot of business and pay a lot of bills," which of the four common rationalizations for misconduct are you using?

All these criteria are helpful in distinguishing a bribe from a gift

Which of the following criteria are not helpful in distinguishing a bribe from a gift?

All of these

Which of the following do service providers have to consider when estimating demand and capacity?

Security issues, such as unauthorized access to data, increase.

Which of the following is a disadvantage of cloud computing?

financial advice and brokerage services

Which of the following is least likely to be outsourced by a bank?

The practice of competing fairly and declining to put your own interests above those of your company or its stakeholders.

Which of the following is the best definition of business ethics?

Money is a more precise measure of value.

Which of the following is the best reason why money exchange is more efficient than barter?

prime

Which of the following is the highest rate?

Inventory Control

Which of the following materials management activities is concerned with making sure the company has enough materials on hand to meet its production schedule?

compound interest

With _____, the interest earned on your savings is added to the money in your savings account, and the new total (principle plus interest) earns more interest.

Process Layout

Workers or departments that perform similar tasks may be grouped together in a _____ layout.

time required to train you on several jobs can be extensive.

You work on Just Born's production line decorating Peeps. Arranging work in this way, by function, creates the following problem with one exception:

net worth

Your _____ is the difference between your assets and your liabilities.

URLs

Your own computer monitors your Internet activities and keeps track of the _____ that you access.

savings bank

____ were originally set up to encourage personal savings and provide mortgages to local home buyers.

databases

_____ are electronic collections of related data that can be accessed by various members of an organization.

angels

_____ are willing to invest in start-up ventures that they believe will succeed.

information

_____ consists of data that have been processed or turned into some useful form.

Quality Assurance

_____ includes all of the steps that a company takes to ensure that its goods and services are of sufficiently high quality to meet customers' needs.

A data warehouse

_____ involves a centralized database in which data from several databases are consolidated and organized so that they can be easily analyzed.

ISO 9000

_____ is a set of international quality standards established by the International Organization for Standardization (ISO).

The World Wide Web

_____ is just a portion of the Internet.

Benchmarking

_____ is the practice of comparing a company's own performance with that of a company which excels in the same activity.

cash-flow management

_____ is the process of monitoring cash inflows and outflows to ensure that a company has sufficient cash on hand.

venture capitalists

_____ pool funds from private and institutional sources and invest them in businesses with strong growth potential.

quality

_____ refers to "the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs."

finance professionals

_____ review and recommend prospective investments to company managers.

insurance companies

______ sell protection against losses incurred by illness, disability, death, and property damage.