study guide

When deciding to buy stock

Investors

Which of the following is a true statement regarding information management:

It's used primarily for decision making.

As a successful businessperson, Ben wanted to take the next step to expand his mid-size com-Pany internationally. He knew he didn't have enough capital and know-how to get into foreign markets. He contacted a former business associate who owned a garment manufacturing company in Australia. Together, they worked out a deal that would benefit both of their com-ponies in a relationship that would last no longer than one year.

Joint venture

When deciding to give pay raises

Managers

Realizing the need for support for our troops overseas, three friends decided to start a business to collect goods and donations to purchase needs of our troops. After contacting several branches of the military for information concerning the needs of the troops, the three realized it was a larger task than anticipated. Rather than abandon their idea, they decided to solicit support from local residents. People could contribute money and the company would, in turn, obtain the items needed by our troops. The three would run the company and receive a salary for their efforts, but all profits would be returned to the company to purchase additional goods. After several months of advertising and promoting their business contributions began to be received. The needed legal documents were obtained and a new business was begun.

Non-profit

Industrial Goods

Outputs categorized as industrial goods are sold to producers who will use them to make other products

Tom purchased franchise rights to open a Maggie Moos ice-cream shop. Since this was his first business ownership venture, he decided to take advantage of the business proposition that a local merchant offered. The merchant owned a discount store in the center of town and asked Tom if he would like to open his business in the discount store. The arrangement proved beneficial to both Tom and the store owner.

Piggyback franchise

You are considering purchasing a business that is for sale in your hometown. This is your opportunity of becoming a business owner by purchasing an existing business. Mr. Jacobs, the present owner, wishes to retire so he is looking for someone to purchase his business including the inventory and shop. After some market research and auditing his books, you decide to purchase the business.

Sole-proprietorship

Production Inputs

Specific economic resources used in producing goods and services

Tangible Production Outputs

Tangible products are products you can touch, feel, take home with you.

What Is Production?

The creation of goods and services from economic resources/factors of production

When auditing tax records

The government

Why is it important to take notes during meetings or presentations?

This information will be needed later.

It is easier for employees to develop positive customer/client relations if employees understand that each customer is:

a unique individual.

After an employee collects the necessary facts, what is the next step that an employee should take to solve a problem?

analyze the information

Appropriate information management can

create more jobs.

Information is created from

data.

What are liabilities?

debts that the business owes

An MIS (management information system) involves people, processes, and

financial statements.

In the decision-making process, which step occurs after the need is determined?

gathering the information

Joe is a Controller when it comes to communication style. If you are communicating with Joe, you should make sure you:

get to the point.

A paradigm innovation occurs when:

major shifts in thinking cause change.

An important problem-solving skill for individuals to have is the ability to be:

objective

A social media post is a type of __________ information.

physical

Sue is an Analyzer when it comes to communication style. If you are communicating with Sue, you should make sure you:

present facts and data.

If you were doing a presentation to the Chamber of Commerce you would present your message differently than if you were presenting it to a 4th Grade class. This is because you need to consider your:

target audience

Accounting is defined as:

the process of keeping financial records.

Employees who have innovation skills are able to:

think in new ways.

Production Outputs

Goods and services produced as a result of combining inputs

Chip and Charlie own a local pizza shop. The pizza was the talk of the neighborhood. When customers suggested that they open more stores, Chip and Charlie were hesitant. They didn't have the money. Chip and Charlie went ahead with plans to open another shop across town. To finance the venture, the partners formed a private corporation and sold shares of stock to friends. They chose a legal arrangement that allowed them to avoid dual taxation.

"S" corporation

If two employees each work 40 hours a week and produce a total of 800 items, what is their total hourly productivity level?

10

If four employees each work 37 hours a week and produce a total of 18,210 items, what is their total hourly productivity level?

123.04

If 800 employees each work 42 hours a week and produce a total of 152,316 items, what is their total hourly productivity level?

4.533

If one employee works 40 hours a week and produce a total of 352 items, what is their total hourly productivity level?

8.8

If eight employees each work 35 hours a week and produce a total of 23,793 items, what is their total hourly productivity level?

84.975