MIE 201 > Test 2 > Flashcards

Test 2 Flashcards

Chapters 4-6 (94 cards)

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1
Q

Sole Proprietorships

A

businesses owned and operated by one individual, are most common form of business organization in the US
Ex. hair salons, dog kennels

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2
Q

Partnership

A

an association of two or more persons who carry on as coowners of a business profit

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3
Q

General Partnership

A

involves a complete sharing in the management of a business

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4
Q

Limited Partnership

A

has at least one general partner, who assumes unlimited liability, and at least one limited partner, whose liability is limited to their investment in the business

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5
Q

Articles of Partnership

A

legal documents that set forth the basic agreement between partners

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6
Q

Corporation

A

legal entity, created by the state, whose assets and liabilities are separate from its owners

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7
Q

Stock

A

corporations are typically owned by many individuals and organizations who own shares of the business

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8
Q

Dividends

A

stockholders are entitled to all profits that are left after all the corporation’s obligations have been paid. these profits may be distributed in the form of cash payments

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9
Q

Private Corporation

A

owned by just one or a few people who are closely involved in managing business

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10
Q

Public Corporation

A

one whose stock anyone may buy, sell, or trade

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11
Q

Initial Public Offering (IPO)

A

becoming a public corporation by selling stock so that it can be traded in public markets

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12
Q

Quasipublic Corporations

A

are owned and operated by the federal, state, or local government

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13
Q

Nonprofit Corporations

A

focus on providing a service rather than earning a profit, but they are now owned by a government entity

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14
Q

Board of Directors

A

elected by the stockholders to oversee the general operation of the corporation, sets the long- range objectives of the corporation

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15
Q

Preferred Stock

A

special class of owners because, although they generally do not have any say in running the company, they have a claim to profits before any other stockholders

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16
Q

Common Stock

A

do not get such preferential treatment with regard to dividends, they do get some say in the operation of the corporation. their ownership gives them the right to vote for members of the board of directors and on other important issues

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17
Q

Joint Venture

A

a partnership established for a specific project or for a limited time

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18
Q

S Corporation

A

a form of business ownership that is taxed as though it were a partnership

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19
Q

Limited Liability Company (LLC)

A

a form of business ownership that provides limited liability, as in a corporation, but is taxed like a partnership

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20
Q

Cooperative (co-op)

A

an organization composed of individuals or small businesses that have banded together to reap the benefits of belonging to a larger organization

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21
Q

Merger

A

occurs when two companies (usually corporations) combine to form a new company
Ex. Discovery and AT&Ts WarnerMedia unit struck a $43 billion merger deal

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22
Q

Acquisition

A

occurs when one company purchases another, generally by buying most of its stock

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23
Q

Leveraged Buyout (LBO)

A

a group of investors borrows money from banks and other institutions to acquire a company (or a division of one), using the assets of the purchased company to guarantee repayment of the loan

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24
Q

Entrepreneurship

A

the process of creating and managing a business to achieve desired objectives

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25
Entrepreneurship
process of creating and managing a business to achieve desired objectives
26
Microentrepreneurs
entrepreneurs with five or fewer employees
27
Social Entrepreneurs
individuals who use entrepreneurship to address social problems
28
Small Business
any independently owned and operated business that is not dominant in its competitive area and does not employ more than 500 people
29
Small Business Administration (SBA)
an independent federal agency that offers managerial and financial assistance to small businesses
30
Sharing Economy
an economic model involving the sharing of underutilized resources
31
Gig Economy
refers to an economic model involving independent contractors selling their services on- demand
32
Undercapitalization
the lack of funds to operate a business normally
33
Business Plan
a precise statement of the rationale for the business and a step-by step explanation of how it will achieve its goals
34
Venture Capitalists
persons or organizations that agree to provide some funds for a new business in exchange for an ownership interest or stock
35
Franchise
license to sell another's products or to use another's name in business or both
36
Franchiser
company that sells a franchise
37
Franchisee
the purchaser of a franchise
38
Intrapreneurs
take responsibility for or "champion" the development of innovations of any kind within the larger organization
39
Management
process designed to achieve an organization's objectives by using its resources effectively and efficiently in a changing environment
40
Managers
make decisions about the use of the organization's resources and are concerned with planning, organizing, directing, and controlling the organization's activates so as to reach its objectives
41
Staffing
hiring people to carry out the work of the organization
42
Downsizing
managers reduce the workforce Ex. Covid- 19 people got laid off
43
Planning
the process of determining the organization's objectives and deciding how to accomplish them, is the first function of management
44
Mission
is a declaration of an organization's fundamental purpose and basic philosophy
45
Goals
expressed in general terms and do not contain specific, quantifiable metrics of where the firm is now or where it is going
46
Objectives
measurable benchmarks that derive from the organization's mission and goals
47
Key Performance Indicators (KPIs)
specific and quantitative metrics that are measured, tracked, and analyzed to measure progress toward objectives
48
Strategic Plans
establish the long- range objectives and overall strategy or course of action by which the firm fulfills its mission
49
Tactical Plans
short range and designed to implement the activities and objectives specified in the strategic plan
50
Operational Plans
very short term and specify what actions specific individuals, work groups, or departments need to accomplish in order to achieve the tactical plan, and ultimately, the strategic plan
51
Crisis Management (contingency planning)
deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer viruses, pandemics, or even a reputation crisis due to unethical or illegal conduct by one or more employees
52
Organizing
the structuring of resources and activities to accomplish objectives in an efficient and effective manner
53
Business Model
relates to how a firm creates, delivers, and is organized to operate and provide value to stakeholders
54
Directing
motivating and leading employees to achieve organization objectives
55
Controlling
the process of evaluating and correcting activities to keep the organization on course
56
High- level Managers
include the president and other top executives, such as the chief executive officer, chief financial officer, and chief operations officer, who have overall responsibility for the organization
57
Middle Managers
responsible for tactical and operational planning that will implement the general guidelines established by high- level management
58
Front- line Managers
those who supervise workers and the daily operations of the organization
59
Operations Management (OM)
the development and administration of the activities involved in transforming resources into g an s
60
Production (manufacturing)
the activities and processes used to making tangible products
61
Operations
processes used in the making of both tangible and intangible products
62
Inputs
resources such as labor, money, materials, energy
63
Products
goods, services, ideas
64
Standardization
making identical interchangeable components or even complete products
65
Modular Design
building an item in self- contained units, or modules, that can be combined or interchanged to create different products
66
Customization
making products to meet a particular customer's needs or wants
67
Capacity
maximum load that an organization unit can carry or operate
68
Fixed- Position Layout
brings all resources required to create the product to a central location
69
Project Organization
make a unique product, rely on highly skilled labor, produce very few units, and have high production costs per unit
70
Process Layout
organize the transformation process into departments that group related processes
71
Intermittent Organizations
deal with products of a lesser magnitude than do project organizations, and their products are not necessarily unique but possess a significant number of differences
72
Product Layout
requires that production be broken down into relatively simple tasks assigned to workers, who are usually positioned along an assembly line
73
Continuous Manufacturing Organizations
set up, run continuously, creating products with many similar characteristics
74
Computer- Assisted Design (CAD)
operations function makes great use of computers in all phases of the transformation process Ex. helps engineers design components
75
Computer- alded Manufacturing (CAM)
employing specialized computer systems to actually guide and control the transformation processes
76
Flexible Manfacturing
computers can direct machinery to adapt to different versions of similar operations
77
Computer- Integrated Manufacuring (CIM)
a complete system that designs products, manages machines and materials, and controls the operations function
78
Supply Chain Management
connecting and integrating all parties or members of the distribution system in order to satisfy customers include: logistics, procurement, outsourcing, routing, scheduling
79
Purchasing
part of procurement involved in buying of all the materials needed by the organization
80
Inventory
every raw material, component, completed or partially completed product, and piece of equipment a firm uses
81
Inventory Control
process of determining how many supplies and goods are needed and keeping track of quantities on hand, where each item is, and who is responsible for it
82
Economic Order Quantity (EOQ) model
identifies the optimum number of items to order to minimize the costs of managing (ordering, storing, and using) them
83
Just- in-Time (JIT) Inventory Managment
eliminates waste by using smaller quantities of materials that arrive "just in time" for use in the transformation process and, therefore, require less storage space and other inventory management expense
84
Material- Requirements Planning (MRP)
a planning system that schedules the precise quantity of materials needed to make the product
85
Routing
sequence of operations through which the product must pass
86
Scheduling
assigns the tasks to be done to departments or even specific machines, workers, or teams
87
Quality Control
refers to the processes an organization uses to maintain its established quality standards
88
Total Quality Management (TQM)
a philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers' perceptions of reality
89
Statistical Process Control
a system in which management collects and analyzes information about the production process to pinpoint quality problems in the production system
90
ISO (International Organization for Standardization 9000
designed to ensure the customer's quality standards are met
91
ISO 14000
a comprehensive set of environmental standards that encourages a cleaner and safer world
92
poison pill (stockholder rights plan)
tactic employed by a company's board of directors to protect against unwanted takeover attempts (make company less attractive or prohibitively more expensive for potential acquirers)
93
vertical merger
business combination between two or more companies that operate at different stages of the supply chain for a common product or service
94
horizontal merger
a business consolidation that occurs between companies operating in the same industry, typically direct competitors to increase market share and achieve economies of scale
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