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Business 101Final Study Guide

Business 101Final Study Guide - Business 101 Study Guide...

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Business 101 Study Guide Intro to Business Primary Stakeholders - Owners - Employees (receive benefits, rarely contractual) - Customers (B2B and B2C) - Suppliers (mostly contractual, raw material inputs and debt capital) - Society o Potential employees o Environmental concerns o Don’t fit anywhere else Basic Forms of Ownership - Sole Proprietorship, 72% of businesses, 6% of sales o Advantages – Flexible, Simple tax rules. o Disadvantages – Unlimited liability, limited resources, limited growth - Partnership, 8% of businesses, 13% of sales o Advantages – More resources, share load, longer survival, no special taxes o Disadvantages – Unlimited liability in some forms, Division of profit. o Types General – Each partner manages firm, each has unlimited liability. Limited – Silent partners (investors) and at least one GP, GP has liability. - Corporation, 20% of businesses, 81% of sales o Limited Liability o Structure (from bottom) Employees (Employees and Managers) Officers – Manage and make day to day decisions for company. BOD – Govern, hire officers Stockholders – Own company; majority rules. Elect BOD o Private – not traded on any SE (Hallmark, Bose, MasterCard). Even individuals and incorporate. Don’t have to share financials. o Public – Financial statements open to public. o NPO – public service, special tax considerations. Private Enterprise System (aka capitalism) - Runs on competition . - Meets needs of consumers. - Other systems o Socialism – Govt owned and private owned industries. o Communism – All property owned by govt. o Democratic Socialism – Heavy govt involvement in the economy. Critical Thinking Skills Confused Fact-Finder - Approx 50% of First-Year College students. - Contradictory arguments, 1 answer, textbooks are always right. Biased Jumper - Majority of U.S. College Seniors - Jumps to conclusions, Stacks evidence for own position, ignores contradictory evidence. Perpetual Analyzer - Doesn’t actually reach a solution, always analyzing, wishy-washy. Pragmatic Performer
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- Considers alternatives, finds a solution and sticks to it. - Comes across as a Biased Jumper Strategic Revisioner - Seeks lifelong learning, contingency plan. Business Ethics Big 12 (expand our vocabulary) - Taking things that don’t belong to you - Saying things that you know aren’t true - Giving/allowing false impressions - Buying influence or engaging in a conflict of interest - Hiding information - Taking unfair advantage o Requires complex equation with a knowledge gap - Committing personal decadence - Perpetrating interpersonal abuse - Permitting organizational abuse - Violating rules - Condoning unethical actions - Balancing dilemmas o Stakeholder vs. Stakeholder
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