Intro to business: Final Exam
Management - ANS-organizational supervision and leadership
Operations - ANS-converting inputs to outputs
Marketing - ANS-identifying customers' needs, designs product/services to meet those
needs, and develops strategy for promoting products/services
Accounting - ANS-provide information pertaining to the company's funds
HR - ANS-acquiring and nurturing talent; people (recruitment, benefits, legal)
Two categories of distinctive competencies? - ANS-new niche in an established market,
and a whole new market
Ethics - ANS-moral values about what is right and wrong
Business ethics - ANS-ethical or unethical behavior by employees in the context of their
jobs
Corporate Social Responsibility (CSR) - ANS-A business's concern for the benefit of
society.
Who are organizational stakeholders? - ANS-Customers, Employees,
Owners/Investors, Local/global community, Suppliers, and environment
Four dimensions of CSR? - ANS-economic, legal, ethical, philanthropic
insider trading - ANS-illegal practice of confidential information about a firm to profit
from the purchase of sale or stocks
market research - ANS-study of what customers need and want and how best to meet
those needs and wants
What are the 4 P's? - ANS-Product, Price, Place, Promotion
SWOT analysis - ANS-strengths, weaknesses, opportunities, threats
, Market Segmentation - ANS-Dividing a market into distinct groups of buyers who have
different needs, characteristics, or behaviors, and who might require separate products
or marketing programs
Accounting - ANS-A comprehensive system for collecting, analyzing, and
communicating financial information
What is the accounting equation? - ANS-Assets = Liabilities + Owner's Equity
3 types of financial statements - ANS-balance sheet, income statement, statement of
cash flows
balance sheet - ANS-A financial statement that reports assets, liabilities, and owner's
equity on a specific date.
current assets - ANS-items that can or will be converted into cash within one year
fixed assets - ANS-Long-term assets that are relatively permanent such as land,
buildings, or equipment.
intangible assets - ANS-long-term assets (e.g., patents, trademarks, copyrights) that
have no real physical form but do have value
Current Liabilities - ANS-liabilities due within a short time, usually within a year
long-term liabilities - ANS-liabilities owed for more than a year
Income Statement - ANS-A financial statement that reports a company's revenues and
expenses and resulting net income or net loss for a specific period of time.
statements of cash flows - ANS-financial statement describing a firm's yearly cash
receipts and cash payments
Startup Expenses - ANS-One-time expenses needed to get your business running. The
minimum expenses necessary to get a business off the ground.
startup assets - ANS-might include cash in the bank and starting inventory, and/or either
current or long-term assets, such as equipment, office furniture, etc.
debt financing - ANS-term loans, bonds, and mortgage loans
