BADM 120 final

Perhaps you can develop a product that is better than the SoapStandle, which entrepreneur Mr. Gould sold for around ___________.

$5

Chapter ___________ (number) is a form of ___________ that involves a reorganization of a company's business affairs, debts, and assets, and for that reason is known as a "reorganization". It gives the debtor a fresh start. Our example in WSJ was Friendly's Restaurants.

11 bankruptcy

Respondents in a Gallup Poll were asked if they trusted various U.S. institutions. Sadly big businesses ranked number ____ of 15 institutions. They have not earned our trust.

12

According to a recent WSJ article, the average rate on a 30-year fixed-rate mortgage was just under _____ percent.

3

Raising the federal minimum wage is an idea that seems to be gaining popularity. An important fact to consider about minimum wage is that about _____ % of hourly workers in the U.S. earn the current federal minimum wage.

3

The U.S. has approximately ________ million businesses, the great majority of which are _______________.

30 sole proprietorships

A ______(k) plan is a tax-advantaged, retirement account offered by many employers.

401

A widely accepted definition of "small" business is ______ or fewer employees.

500

How many Fortune 100 CEOs donated to a presidential candidate or supporting group in 2020?

6

________________ is the process of recording, summarizing, analyzing, and reporting financial transactions of a business to oversight agencies, regulators, and the IRS. It is one of our ten topics in BADM120.

Accounting

_____________ is the stock symbol for a stock trading above $300,000 per share.

BRK.A

In order which countries have the largest and second largest populations in the world?

China India

What is the stock symbol for either Dollar General or Dollar Tree?

DG

Use one D word to name this big four accounting firm.

Deloitte

Inevitably, humans are faced with limited resources and unlimited needs and wants. We have to make choices. ______________ is the study of how humans make choices under conditions of scarcity. These decisions can be made by governments, individuals, families, businesses, or societies and involve supply of and demand for those resources.

Economics

________ & Young is the name of one of the big four accounting firms.

Ernst

EY is one of the Big Four accounting firms, whose audits are meant to give investors confidence in companies' figures. EY missed red flags or failed to aggressively pursue them at some of the companies ahead of their scandals, and for the most part it was outsiders who raised questions first, a review based on publicly available documents and interviews with people close to the events shows. Now, regulators are scrutinizing EY's work. EY stands for_________

Ernst Young

Stimulus payments, relief from the Cares Act, and shifts in consumer behavior helped to push the average FICO credit score to 711 in July, 2020—the highest on record for the metric used in most lending decisions. FICO (________________) Corporation

Fair Isaac

A very high savings rate for a country would make the economy surge.

False

A U.S. budget deficit occurs when ___________.

G>T

You viewed the Fight of the Century--a YouTube video about economics. Bottom up? Or top down? That is the question. Famous economist ____________ (one word last name) was an ardent defender of free-market capitalism and is considered by most experts as one of the greatest critics of socialist economics.

Hayek

The __________ stock index is especially top heavy with tech stocks.

NASDAQ

The Wall Street Journal says the leader of ________________ (country) may be human and not a god after all. He appears to be humbling himself a little. Yet his country is said to be (World Factbook) the most "centrally directed" in the world. What do you say about a country many of whose citizens want to escape.

North Korea

___________________ is the administration of business practices to create the highest level of efficiency possible within an organization. It is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization.

Operations

The U.S. ____________________ is an independent federal government regulatory agency responsible for protecting investors, maintaining fair and orderly functioning of the securities markets, and facilitating capital formation. It was created by Congress in 1934 as the first federal regulator of the securities markets. The SEC promotes full public disclosure, protects investors against fraudulent and manipulative practices in the market, and monitors corporate takeover actions in the United States.

Securities and Exchange Commission

According to one of our WSJ readings, lockdown restrictions have hurt business in __________ so badly the economy shrank 51% in a recent quarter.

South Africa

Provide the stock symbol of one of the two very famous high-tech companies that recently have had stock splits only to see the share prices rise sharply after the split

TSLA

Which of the following is true of the current investing world?

There is a boom in small-dollar investment--low-price stocks.

We observed in class, and studies of successful entrepreneurs have shown, that they possess certain characteristics that differentiate them from the average Joe like me. Which of the following is characteristic of successful entrepreneurs?

They have a higher level of risk tolerance than most people.

Walmart is a _____ company, using the scheme explained in the lectures

Tier 1

According to Phelps scheme, which group of businesses is most trusted?

Tier 3

U.S. employers added 638,000 jobs in October 2020—the sixth straight monthly gain—and the jobless rate fell a percentage point to 6.9%, the Labor Department said. This unemployment rate is the ________ unemployment rate (one letter one number no spaces) and is the rate popularly reported in the news. We compared it to one other unemployment rate by looking at BLS (Bureau of Labor Statistics) figures.

U3

The voters of California just voted YES on Proposition 22, which allows _________________ to view its drivers as independent contractors and not employees. (Name one of the two companies.)

Uber

A ____________ good is a good for which demand increases as the price increases. Examples include designer jewelry and yachts--usually high quality goods, exclusive, and serve as a status symbol.

Veblen

The South American country of ________________ is rich in natural resources, especially oil reserves, yet its socialist economy is in shambles--even lacking a decent provision of food for its citizens.

Venezuela

In the BADM120 you learned of a particular source you could use to discover facts about the nations of the world--facts ranging from population to economic to cultural. In particular we observed figures from ________________ regarding the per capita GDP of China compared to that of the United States.

World Factbook

Data __________ (one a word) is the science of analyzing raw data in order to make conclusions about that information. Many of its techniques and processes of have been automated into mechanical processes and algorithms that work over raw data for human consumption. In a WSJ reading we noted its use in marketing. We have also noted its use in operations management including sports events.

analytics

The employment doctrine in the United States is ____________ employment--meaning that either the employer or employee can end the employment relationship for almost any reason without breaking any law

at-will

A(n) ________ committee is one of the major operating committees of a company's board of directors. It is in charge of overseeing financial reporting and disclosure and for choosing the company's accounting firm. All U.S. publicly-traded companies must maintain such a committee to be listed on a stock exchange. A minimum of one person on the committee must qualify as a financial expert.

audit

The ___________________, an influential group of some 200 corporate CEOs headed by Chase's Jamie Dimon, met in August of 2019 to "redefine" the purpose of a corporation to emphasize a commitment to all stakeholders, not just to stockholders. Critics think the meeting and resulting statement of purpose were mostly for show and publicity.

business roundtable

One popular measure of a corporation's size is market _________________, often referred to in its shorter form as "market cap". It is the aggregate market value of a company represented in dollar amount. Since it represents the "market" value of a company, it is computed based on the current market price of a share multiplied by the total number of outstanding shares.

capitalization

A central focus of corporate social responsibility demands on business is the environment. To incentivize businesses to be good environmental stewards, _____________________ were devised as a market-oriented mechanism to reduce greenhouse gas emissions. A company will be fined for exceeding an emission standard but can earn "kudos" to sell (or keep) if it pollutes at a level lower than the standard.

carbon credits

The general public may be angry that CEOs sometimes get paid hugely (by most standards) even when their company's stock price has fallen in a big way. But the CEO pay package is set by the ________ committee of a company's Board of Directors. The committee has the primary responsibility of reviewing and approving the pay of the company's CEO and other named executive officers.

compensation

The Wall Street Journal praises Airbnb CEO Brian Chesky for his quick thinking. He was able to pull his company back from the brink during the pandemic by using his ability to see signs of life in parts of his business. This ability to make sense of things and see through the confusion--see the forest and the trees--means the manager is in possession of considerable _______________ skills.

conceptual

Name a c word and a word that describe the work of large accounting firms.

consulting auditing

_______________ spending is the main engine of the U.S. economy.

consumer

One of Charles Scharf's tasks at Wells Fargo is to develop a healthy __________________. The meaning is: the beliefs and behaviors that determine how a company's employees and management interact and handle outside business transactions--implied, expressly defined and develops organically over time from the cumulative traits of the people the company hires--reflected in its dress code business hours, office setup, employee benefits, , hiring decisions, treatment of clients, client satisfaction, and every other aspect of operations.

corporate culture

____________________means that (especially) big companies have a moral duty to act in the best interests of their environment and society as a whole or all of their stakeholders.

corporate social responsibility

Name the business type or structure that accounts for approximately eighty percent of business sales.

corporation

Companies have two broad options for financing business operations. (one d word one e word)

debt equity

A _____________ is the distribution of some of a company's earnings to a class of its shareholders, as determined by the company's board of directors.

dividend

ESP or (_______________________) is the portion of a company's profit allocated to each outstanding share of common stock-a widely used indicator of a company's profitability.

earnings per share

Following an ice cream making correspondence course, Jerry Greenfield and Ben Cohen paired $8,000 in savings with a $4,000 loan, leased a Burlington, Vt., gas station and purchased equipment to create uniquely flavored ice cream for the local market. Twenty years later, Ben & Jerry's hauls in millions in annual revenue. Ben and Jerry are good examples of _______________ in action--taking the risk to start a business.

entrepreneurship

All companies in Tier 1 would say that they operate by ESG criteria, and many investors say they want to invest in companies who meet ESG criteria. Beware of "greenwashing". What are the E, the S, the G? (three words no punctuation)

environment social governance

Currently, Americans are starting new businesses at a ______ pace.

fast

_____________ is a term for matters regarding the acquisition and use of funds especially by corporations and individuals. It includes the management, creation, and study of money and investments.

finance

FASB or _________ is an independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States, following generally accepted accounting principles (GAAP) .

financial accounting standards board

Investment funds who claim to be ESG purposely avoid what they consider to be sin stocks. We named three categories of sin stocks. Name one category of sin stock--meaning the ESGs would not include them in their portfolio. (g or t or f)

gambling

Part of the overall management task is ___________________ management--the division of a business that is charged with finding, screening, recruiting, and training job applicants, as well as administering employee-benefit programs. HR plays a key role in helping companies deal with a fast-changing business environment and a greater demand for quality employees in the 21st century.

human resource

Geert Hofstede has developed a model to compare cultural dimensions of countries. In his scheme, the strongest dimension of U.S. culture is _______________.

individualism

A chief benefit of a ___________________ inventory system is that it minimizes the need for a company to store large quantities of inventory, thereby improving efficiency and providing a substantial cost saving.

just-in-time

Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. These include any resource needed for the creation of a good or service. Name the factors of production.

land labor capital entrepreneurship

Private equity firms are experts at LBOs. What is an LBO? (two words)

leveraged buyout

You would expect that the trading volume of Berkshire Hathaway A would be __________.

low

The process of ______________ is that of bringing a product to market, which includes these steps: researching customer needs and wants, targeting a product or service to a particular demographic or socioeconomic group, determining distribution, pricing and promotion strategies, and developing a communications strategy;

marketing

A _________________ (two words) is a type of financial vehicle made up of a pool of money collected from many investors to invest in securities like stocks. They are operated by professional money managers (Fidelity, Vanguard, T. Rowe Price), who allocate the assets and attempt to produce capital gains or income for the investors.

mutual fund

__________ growth of a business is growth that a company can achieve by increasing output and enhancing sales, as opposed to growth from mergers or ___________ like that of Inspire Brands and Dunkin'.

organic acquisitions

A stock that trades at less than $5.00 a stock is called a ________ stock.

penny

Name the shortest (number of letters) and the longest of the 4 P's of marketing.

place promotion

The strategy management scholars explain that a company can compete by a differentiation strategy or compete on the basis of ________--like Dollar General does. (one word)

price

Economics Professor Walter Williams explains that capitalism is moral because it consists of voluntary actions between individuals . One must give something to others to get things in return. Person A mows B's yard. B gives A a twenty-dollar bill. A goes to the butcher and pays the $20 for a steak. The twenty-dollar bill Professor Williams calls a certificate of ______________.

purchase

The PMI (___________________) is a measure of the prevailing direction of economic trends in the manufacturing and service sectors. It summarizes whether market conditions are expanding, staying the same, or contracting. The purpose of the PMI is to provide information about current and future business conditions to company decision makers, analysts, and investors.

purchasing manager's index

One reason to move your business from California to Texas or Louisiana is that the latter are both ________________ (three words hyphenated) states where workers are allowed to choose whether or not to join a union in their workplaces.

right-to-work

An entrepreneur is an individual who creates a new business, bearing most of the ________ and enjoying most of the rewards. The entrepreneur, like Ms. Dittmar in our readings, is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

risk

So, you think you know management trends? Name one of the three management philosophies explained in the lecture.

scientific management

McNeese State University has the SEED Center at an SBDC (_______________________).

small business development center

A typical CEO's overall pay is a combination of salary, bonus, and ________ awards.

stock

A corporation's top management is ultimately responsible for ___________________. That means helping their company find ways to be more competitive by crafting a plan and putting it into practice.

strategy management

According to a study in WSJ, the average tenure of CEOs is longer than that of CMOs.

true

Immanuel Kant's first formulation of the categorical imperative is: "Act only according to that maxim by which you can at the same time will that it should become a _________________ (one word) law."

universal

Strategy analysts (business experts) likely would give fairly high marks to Tesla with regard to a VRIN analysis of the company' competitive resources. Name one of the VRIN components.

valuable

Want a job with long hours, doing any and every job as called for, workers not showing up--these all are management challenges . If you can handle them, you could be earning six figures in five years. After all, if you can manage a _____________ you can manage anything .

waffle house

_____________(ZBB) is a method of budgeting in which all expenses must be justified for each new period. Every function within an organization is analyzed for its needs and costs.

zero-based budgeting