Mitchell study guide

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

It's necessary for making even small business decisions.

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-panies in a relationship that would last no longer than one year.

Joint venture

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Marketing

Tangible items that are consumed within a short time

Nondurable goods

Economy

People in a community that take care of the earth

The form of promotion that determines client needs and wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities

Personal selling

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

The people who make or provide goods and services

Producers

Business

Someone who is in charge of a business

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

This information will be needed later.

Marketing

Trading stuff between people

Money

Usually cash but developing into online cashing

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

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

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

practices.

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.

Appropriate information management can

save time and money.

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

Information is created from

technology

Employees who have innovation skills are able to:

think in new ways.

A social media post is a type of __________ information.

virtual

Tax

A percentage cut out of your paycheck

Shawna, Maya, and Andre's interior design business was taking off in a big way. Their talent was in high demand. It wasn't long before the trio needed to hire more employees. Since the needs of their company were changing, they reviewed their personal circumstances, finances, and goals. They decided to legally organize the company so it had a limited life as well as limited liability.

Business-format franchise

Tangible items that should last a long time

Durable goods

Sarah decided on a hot day in July that she wanted to sell lemonade on her street from 4:00 until 6:00 when neighbors and friends were returning home from work. She talked with her mother about her plan. She and her mom figured what it would cost her to make a gallon of lemonade and the cost for cups and ice. They then calculated how much she would need to charge for each cup. Sarah had to pay for her supplies but any money left was her profit.

General Partnership

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

Rachel worked in one of her family's two furniture stores. When her grandfather decided to expand the business and build three more stores, Rachel realized that he would need a lot of capital to get the construction started. She suggested that her grandfather raise the money by selling shares of stock in the company to just a few people, not to the general public. Her grandfather filed Articles of Incorporation with the government. He sold 1,000 shares of stock to 100 people and kept 1,500 shares.

"C" 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