mid term study guide World of Bus.

mid term study guide World of Bus. - WOB Midterm Study...

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WOB Midterm Study Guide ISO 9000 : A European standard for quality management and quality assurance. Gov’t Privatization : A country’s government sells government agencies and businesses in an effort to create more wealth. Profit : The amount a company earns above the amount it pays for expenses – inventory, salaries, advertising, ect. General Partner : takes an active role in managing the business and accepts unlimited liability for claims against the firm. Limited Partner : is an investor who does not enter into the management and is limited in the risk to her/her investment. Service Sector : dominates US economy Intrapreneur : someone who seeks to develop new products and generate new profit for a corporation. Six Sigma : detects potential problems before they occur. Napster : There was an ethical problem where in artists and recording companies felt that their property was being stolen. Merger : two firms combining to form one company. Small Businesses NOT involved internationally : they don’t know how to get started. Information Based Sector : expected to dominate US economy in the future. Ethical Dilemma : have to choose between two equally unsatisfactory options. Mission Statements : include self-concept of the business and company philosophy Royalty Fee : the franchisee pays to the franchisor as a share of profits or a percentage of sales.
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**Agricultural Sector : Autocratic Leadership : Leadership style that involves making managerial decisions without consulting others. Baby Boomer : (1946- 1964) optimism about future and were poor. (Social Security) Balance Sheet : The financial statement that reports a firm’s financial condition at a specific time. Bonds : A corporate certificate indicating that a person has lent money to a firm Brainstorming : Coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas. Bureaucratic Organization : An organization with many layers of managers who set rules and regulations and oversee all decisions. Business Incubator : Centers that offers new business low-cost offices with basic business services. Low cost and shared space for a new/start-up business Business Plan : a detailed written statement that describes the nature of the business, the target market, and the advantages the business will have in relation to competition, and the resources and qualifications of the owner(s). Centralized Organization : An organization structure in which decision-making authority is maintained at the top level of management at the company’s headquarters CEO : chief executive officer, the highest management position CFO : Chief financial officer, makes recommendations to top executives regarding strategies for improving the financial strength of a firm. The CFO controls the accounting and finance functions of a large or medium sized organization.
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