Exam one study guide

The definition of e-commerce

- is buying and selling goods over the Internet

All organizations require the following ;

- planning -capital -information management

Which two factors are key and making a global environment of business so important that it encompasses all other environmental influences?

- the growth of global competition -the negotiation trade agreement among nations

What are three ways in which companies manage diversity?

- they create a sense of belonging to a community -they are sensitive to those from other cultures -they are inclusive of those who are different

Managing a small business became relatively easy with the advent inexpensive personal computers. Inexpensive commuter systems and off-the-shelf or even free open source software and make it easy for the small business manager

- to follow the daily sales and expenses -manage customer records

What do tasks are important to complete when writing a business plan?

-Calculate how much money you need to start -analyze the competition

Some local governments are making efforts to adapt to a more diverse population by

-Changing website and telephone messaging to include more language choices -changing signs to include languages other than English -developing pressures in more than one language

Which of these are elements of the business environment?

-Economic and legal environment - competitive environment -technological environment

Individuals who possess search attributes as being self-directed action oriented and tolerant of uncertainty can become______ like Bill Gates and Steve Jobs.

-Entrepreneurs

Contributions of nonprofit organizations include

-Feeling an educational need -filling a societal need

What are two reasons that many companies strive for high-quality products with zero defects?

-If you were defect means less material we still doing over -their customers are happy hour with their products

Select the characteristics of an entrepreneurial team that will be developing and marketing a new product.

-Members have complementary skills and our creative -each from different areas of business -a group of experienced people

What should government of developing countries do to promote entrepreneurship?

-Minimize the interference with the free exchange of goods and services

The difference between revenues and expenses needed to operate the business is it's...

-Profit or loss

. Since entrepreneurs can't compete with the larger firms pay and benefits what are the ways they can motivate employees?

-Provide more challenging opportunities -to learn be respectful of employees opinions -maintain good employee relations.

Which of the following are good ways to learn how to run your own business?

-Run a small business during your off hours -talk to other business owners -work for a successful entrepreneur

As a result of changes in________we are able to communicate with people around the world instantaneously

-Technology

Technology improves the productivity of a former by enabling access to the latest prices of poor commodities using satellite view is fields what are two ways technology has improved the productivity of a farmer?

-Using satellites to show the farmer which field to have the best yields -accessing websites to communicate with farmers around the world

What are the two advantages of being an entrepreneur?

-You get to be your own boss do -you have the opportunity to keep any profit from business

What is the most likely reason you see made in China stickers on product sold in the United States ?

-an increase in globalization

Dealing with a diverse workforce requires managers to

-be sensitive to workers and cultures around the world

Companies strive for zero defects in making products

-because it increases customer satisfaction

Why might you choose to work for a company instead of being an entrepreneur?

-because the company assumed the risk if the business fails

Businesses use barcodes on products that you purchase in order to

-build databases about customer preferences

Among the hurdles small businesses must overcome and starting to operate globally are

-bureaucratic paperwork -difficulty finding a financing -understanding cultural differences.

Among the hurdles small businesses must overcome and starting to operate globally are;

-bureaucratic paperwork -difficulty finding financing -understanding cultural differences

Businesses can be more successful by responding to a customers needs and wants they track and using;

-databases of customer buying preferences -database is that use barcode to try customer purchases -database is a track a customer specific choices

The study of the characteristics of human population such a size density age race gender and income is known as

-demography

When companies create a workplace Deborah not inclusion and belonging they are

-effectively managing diversity

Among the benefits businesses provide to their communities are

-goods and services -tax payments - jobs

New technologies that connect people all over the world and the increased amount of information available to institutional wholesale and retail consumers have created

-greater levels of competition among businesses than ever before

Expenditures on war and terrorism have

-increased risk for businesses -drained money for the economy

The SBA defines a small business as

-independently owned and operated is not dominant in the field of operation and meet certain standards of size in terms of employees or annual receipts.

In the information Age a companies value is based on it's

-intellectual capital

It is extremely important to develop a business plan before going to a bank for a loan because

-it shows that you are aware of who the target market is -who is a competition is -how much money you need and exactly -how you intend to turn a profit.

What are two characteristics that to find a business?

-it's six to provide goods and services; -it's goal is to operate at a profit

Entrepreneurs start businesses because they expect to be profitable and add to their wealth it is also true that

-many small businesses fail to be profitable

The businesses that will succeed in today's economy will be those that are

-most responsive to customer wants and needs

Legal and illegal immigrants have had a significant effect on the operations

-of businesses schools and hospitals

The small business administration is the US government agency that advises in assist small businesses by

-providing management training -providing financial advice -providing loans

What four items are addressed in a business plan?

-qualifications of owners -target market -any competitive advantages the business has -the nature of the business

The sector of the US economy that generates 85% of its value is the

-service sector

Groups that have a strong interest in the success in outcomes of a business such as employees neighbors and government regulators are called

-stakeholders..

Some common causes of small business failures include;

-starting with too little capital -under pricing or over pricing goods or services -no experience in that business or industry

Equipment such as phones fax machines and computers are all examples of which of the elements of the business environment?

-technological

Learning from others is a useful way to avoid pitfalls when starting a small business. Somethings you may be told would include;

-that finding and retaining good workers is hard, -to hire a good lawyer and accountant, -starting with enough money

A business plan is a detailed written statement that describes

-the target market -the resources and qualifications of it of its owners

Farmers now do use computers to drag each year's harvest and show where to spread fertilizer and seed. This relates to which aspect of business environment?

-the technological environment

Managers today must be sensitive to different cultural backgrounds because

-the workforce is increasingly diverse with workers around the world

An inexpensive marketing research study may help you determine which of the following

-whom to select as your target market -what is an effective strategy for reaching your target market -where to locate

Important affective change communication technologies that we can communicate

-with people worldwide instantly

Match the goals with the type of business person" . Entrepreneur———- Micropreneur———- **desire to grow the business and generate wealth. ———— ***** -desire to remain small and balanced lifestyle with work.

. Entrepreneur—goes to desire to grow the business and generate wealth. Micropreneur —desire to remain small and balanced lifestyle with work.

True or false /; the principles of management are similar for a small neighborhood business and a giant global firm

True

True or false/ ; Most entrepreneurs do not get their ideas from a flash of inspiration they come from their passions or looking at problems

True

True/False; In 2019 online retail sales reached over 365 billion were approximately 12% of all retail sales.

True

An organizations _____ gives it a sense of purpose and a set of values that units workers in a common destiny.~

Vision

After working for a large auto manufacturing company for over 20 years Sylvia decided to open her own auto accessory store. Well facing new challenges every day Sylvia enjoys being free to manage her company as she desires. This example illustrates;

Why people take risks with entrepreneurship

Managers practice the art of getting things done using organizational resources such as:

Workers, - financial resources, -information, - and equipment.

Businesses cannot succeed in the future without the cooperation of ________ and social leaders throughout the world

_government

What is the executive summary component of a business plan?

a short description of the business along with major goals in objectives.

To keep track of daily sales expenses profits inventory control customer records and payroll a small business need a good

accounting system

What is a good tactic for entrepreneurs to implement in order to keep you company growing ?

delegate authority to employees

_____ is creating a vision for the organization and guiding training coaching and motivating others to work effectively to achieve the organization,s goals and objectives.

leading

Match the element of the business environment with the correct sector/// legal -Contract laws technological -The Internet social -Demographic changes competitive-Customer service

legal -Contract laws technological -The Internet social -Demographic changes competitive-Customer service

The ______ ______ Should address the organizations self concept, its philosophy, long-term survival needs, social responsibility, and the nature of the product or service.~ mission statement

mission statement

The definition of a _____ ______ states an online of the fundamental purposes of an organization.~

mission statement

An ____ is a specific, short term statement of how to achieve the organization,s long term _____. ~ objective ; goals

objective ; goals

Entrepreneurial attributes include;

tolerant of uncertainty highly energetic action oriented

More personal ________ service and the ability to respond quickly is an advantage for small businesses.

Customer

An _____ team Is a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop make and market a new product.

Entrepreneurial

A good business plan takes a lot of time to write but you only have a few minutes to convince the reader's not to throw it away this is why your ________ summary is very important.

Executive

The five _________of ____________our land labor capital entrepreneur ship and knowledge

Factors ; production

.. True or false /// addressing the cover letter on your business plan to whom it may concern is considered preferable

False

Business ________or centers that offer businesses in the critical stage for early dinner development low-cost offices and access to basic services such as accounting legal advice and secretarial help.

Incubators

_______Our creative people who work as entrepreneurs is within corporations

Intrapreneurs

Let's you bye and sell goods and services anywhere in the worldIt is important for a government to have a currency that is easily exchanged in the world markets because it

Let's you bye and sell goods and services anywhere in the world

Make a contribution to the welfare of societyWhat is the goal of a nonprofit organization?

Make a contribution to the welfare of society

The best way to define a ________ is all consumers with unsatisfied wants and needs to have both resources and the willingness to buy

Market

The most important things investors want to know or what makes the product more desirable than what's already available and whether or not the product can be patented. In which section of the business plan should investors look to find this information?

Marketing plan

Entrepreneurs start a business with the desire to grow the business and generate wealth while ________ start a business that will stay small allowing them to have a balanced lifestyle and the ability to do the kind of work they want to do.

Micropreneurs

To advantages small firms have over large firms include more personal customer service and the ability to respond quickly to ________.

Opportunities

The expansion and development of the Internet has sprouted the world of small web-based businesses. This among many other reasons me explain the online sales are rapidly _______.

increasing

According to a recent study offering low-cost offices with basic services to new business in the early stages of development results in 87% success rate of -________ -graduates.

incubator

The reasons why people become entrepreneurs Include;

independence, opportunity, profit,

Why is planning a key management function?

Accomplishing the other functions depends heavily on having a good plan.

Becoming a ____ is one Of the best ways to learn about how to run a business.

Apprentice

What type of business relationship benefits both a trainee and a business owner and occurs when a trainee is hired to learn small business management while assisting the owner and getting daily work done?

Apprenticeship

Which part of the business plan summarizes the most attractive point of your project in his few words as possible

Cover letter

Allocating research resources repairing the structure recruiting selecting and placing employees where they will be the most effective's are tasks associated with the _______function of management.

Organizing

The management function that anticipates trends and determines strategies and tactics to achieve them is _______?

Planning

Which management function is considered to be key because of accomplishing the other functions depends heavily on it?

Planning

Although there are many functions that are important in both the start up and management phases of the business what two functions are considered to be primary concerns?

Planning and financing

Management is the process used to accomplish organizational goals by the use of which for functions?

Planning, controlling, organizing, leading.

Changes in the technological environment include the emergence of information technology that includes tools such as -The Internet, the cell phones, computers

The Internet, the cell phones, computers

_______ Refers to excepting the risk of starting in running a business

entrepreneurship

What term is given to individuals or companies that invest in new business in exchange for partial ownership to these businesses ?

venture capitalists

Top management sets the vision for the organization and may work with others to establish a mission statement that outlines its

~ self concept. ~ product or service offering.

Which three tasks are associated with the management function known as organizing?

~Organizing creates an organization chart showing lines of responsibility and authority ~organizing designs the structure of the organization ~ organizing places employees and resources will they will be effective in achieving the organization's goals.

An organization that sets its vision hopes to achieve what two objectives? ~giving the organization a sense of purpose ~giving the organization a set of values

~giving the organization a sense of purpose ~giving the organization a set of values