BUSN 101

Cloud Computing

-The use of Internet-based storage capacity, processing power, and computer applications to supplement or replace internally owned information technology resources.

Supply & Demand

-the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price

Ethics, Ethical Dilemma, Social Responsibility

E: A set of beliefs about right and wrong, good and bad. ED: A decision that involves a conflict of values; every potential course of action has some significant negative consequences. negative consequences SR: The obligation of a business to contribute to society.

E-Commerce & impulse purchasing

EC: The marketing, buying, selling, and servicing of products over a network (usually the Internet). IP: unplanned decision to buy a product or service, made just before a purchase. One who tends to make such purchases is referred to as an impulse purchaser or impulse buyer.

Bait and Switch

First, customers are "baited" by merchants's advertising products or services at a low price, but when customers visit the store, they discover that the advertised goods either are not available or are not as good as was expected, or the customers are pressured by sales people to consider similar, but higher-priced, items ("switching")

Steps in Decision making process

SEE PICS

Leading, including styles of leadership

SEE SHEET

How people pay for government goods and services

Taxes, borrowed funds, fees, cash, debit/credit, check, prepaid card, gift cards

Breakeven analysis including formula

The process of determining the number of units a firm must sell to cover all costs. -Divide the total fixed costs by the desired level of production

Mission Statement

a formal summary of the aims and values of a company, organization, or individual. why the exist

Entrepreneur

a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

Offshoring

-Moving production or support processes to foreign countries. -is the most costly form of direct investment. It also involves significant risk. But the benefits include complete control over how the facility develops and the potential for high profits, which makes the approach attractive for corporations that can afford it

Budgeting

-Process of expressing quantified resource requirements (amount of capital, amount of material, number of people) into time-phased goals and milestones - A management tool that explicitly shows how a firm will acquire and use the resources needed to achieve its goals over a specific time period.

Marketing strategies

-Product -Price -Distribution -Promotion - Target market - group of peeps who are most likely to buy a product - Consumer marketers (B2C) - direct efforts toward people who are buying products for personal consumption - BUSN marketers (B2B) - direct effort towards peeps who are buying products to use directly/indirectly to produce other products

Comparative Advantage

-The benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries. -meaning that they tend to turn out those goods that have the lowest opportunity cost compared to other countries.

FIFO inventory usage

-first in, first out (FIFO) method of inventory valuation is a cost flow assumption that the first goods purchased are also the first goods sold. In most companies, this assumption closely matches the actual flow of goods, and so is considered the most theoretically correct inventory valuation method.

GDP

-gross domestic product (GDP) (GDP) The total value of all final goods and services produced within a nation's physical boundaries over a given period of time. -usually calculated on an annual basis, it can be calculated on a quarterly basis as well.

Commodity Products

-produced to satisfy wants or needs -tend to be raw materials like corn, wheat, copper, crude oil, etc -People that produce commodities are referred to as "price takers."

Business Plan Definition

-written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and operational viewpoint.

Number of Federal Reserve Districts

12.

Dividends

A dividend is a distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders. Dividends can be issued as cash payments, as shares of stock, or other property.

Trademark

A mark, symbol, word, phrase, or motto used to identify a company's goods.

Phishing

A scam in which official-looking emails are sent to individuals in an attempt to get them to divulge private information such as passwords, usernames, and account numbers.

Consumerism

A social movement that focuses on four key consumer rights: (1) the right to be safe, (2) the right to be informed, (3) the right to choose, and (4) the right to be heard.

Durable & Non-durable goods

D: goods not for immediate consumption and able to be kept for a period of time. ND: A good which is immediately used by a consumer or which has an expected lifespan of three years or less. Examples of non-durable goods include food and clothing

Shortage

a state or situation in which something needed cannot be obtained in sufficient amounts.

Surplus

an amount of something left over when requirements have been met; an excess of production or supply over demand. (Excess)

Capital Resources

goods produced and used to make other goods and services. Basic categories of capital resources include tools, equipment, buildings, and machinery.

Mass customization

The creation of products tailored for individual consumers on a mass basis.

4 basic financial ratio categories & where the numbers come from to input into ratios

- Currency - Liquidity: pay short term liabilities. current assets/current liabilities - Inventory Turnover - Asset Management: how firm is using assets to generate revenue. cost of goods/average inventory - debt to Equity - leverage: extent to which firm relies on debt. total debt/Total owners equity. - Average Collection Period - profitability - effectively a firm is using its assets to generate revenue. accounts receivable/ 365

Income Statement, profit, loss

- IS: The financial statement that reports the revenues, expenses, and net income that resulted from a firm's operations over an accounting period. - P: The money that a business earns in sales (or revenue), minus expenses, such as the cost of goods, and the cost of salaries. Revenue − Expenses = Profit (or Loss). L: When a business incurs expenses that are greater than its revenue.

Management Definition

- The branch of accounting that provides reports and analysis to managers to help them make informed business decisions. -Operations management Managing all of the activities involved in creating value by producing goods and services and distributing them to customers. -first-line management Managers who directly supervise nonmanagement employees. -total quality management An approach to quality improvement that calls for everyone within an organization to take responsibility for improving quality and emphasizes the need for a long-term commitment to continuous improvement. -middle management Managers who supervise lower-level managers and report to a higher-level manager. -The directors and managers who have the power and responsibility to make decisions and oversee an enterprise.

Non-profit organization ownership restrictions

- does not make profit - In many aspects, a not-for-profit organization is similar to other business entities. Both forms of businesses must possess board members, committee members, or a trustee who offers the company a fiduciary duty. A notable exception to this relationship; however, involves churches, which are not required to disclose financial statements to anyone.

Sole Proprietorship

- is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. - A form of business ownership with a single owner who usually actively manages the company. - Heavy workload, limited financial resources, lack of permanence - Control, looks good, tax formation, profits

FDIC

-A federal agency that insures deposits in banks and thrift institutions for up to $250,000 per customer, per bank. -Banking Act of 1933 The law that established the Federal Deposit Insurance Corporation (FDIC) to insure bank deposits. It also prohibited commercial banks from selling insurance or acting as investment banks.

Theory X&Y

-A motivation theory that suggests that management attitudes toward workers fall into two opposing categories based on management assumptions about worker capabilities and values. - Theory X is bad, Theory Y is more kind

GAAP (generally accepted accounting principles)

-A set of accounting standards that is used in the preparation of financial statements. -Through GAAP, the FASB aims to ensure that financial statements are relevant, reliable, consistent, and comparable

Hacker

-A skilled computer user who uses his or her expertise to gain unauthorized access to the computer (or computer system) of others, sometimes with malicious intent.

Supply Chain

-All organizations, processes, and activities involved in the flow of goods from the raw materials to the final consumer.

TQM

-An approach to quality improvement that calls for everyone within an organization to take responsibility for improving quality and emphasizes the need for a long-term commitment to continuous improvement. -recognizes that quality should be defined by the preferences and perceptions of customers -American firms using TQM attempt to reduce defects by using poka-yokes—the Japanese term for "mistake proofing." Poka-yokes are simple procedures built into the production process that either prevent workers from making mistakes or help workers quickly catch and correct mistakes if they do occur (total quality management (TQM) -Ethics. Integrity. Trust. Training. Teamwork. Leadership. Recognition. Communication

Free Trade

-An international economic and political movement designed to help goods and services flow more freely across international boundaries. - Reasons create restrictions: protect domestic industry, protect domestic jobs, retaliate against countries who have engaged in unfair trade, pressure other countries - Reasons to eliminate restrictions: use more resources, increase domestic jobs, reduce prices and increase choices for consumers, build exporting opportunities - GATT - encourages free trade - WTO - promote international free trade - WB - reducing poverty - IMF - stable growth - Trading bloc - allowing free flow of trade - common market - free flow, harmonizing - NAFTA -Mexico, US & Canada, 15 years, eliminate trade restrictions - EU - largest common market, 28