SBM II Qtr Final

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studytaz
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216408
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SBM II Qtr Final
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2013-05-01 16:37:14
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SBM II Qtr Final
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  1. A business which is independently owned and operated and is not dominant in its field of operations.
    Small Business
  2. Private investors who are willing to supply financing for new and/or risky smallventure startups.
    Angels
  3. A source of market data that complies population statistics with regard to distribution of population by region, area, etc.
    Census of population
  4. An association of business people who atternpt to protect and promote the commercial interests in a community.
    Chamber of Commerce
  5. A management function which compares organizational and individual performance with predetermined standards or expected results.
    Controlling (Evaluating)
  6. The registered right of a creator to reproduce, publish, and sell the work which is the product of the intelligence and skill of that person.
    Copyright
  7. A legal form of organization whereby a legal entity is authorized by a state to operate a business under the entity's charter or articles of incorporation.
    Corporation
  8. The wealth produced in or near a community that provides employment and income to the local population.
    Economic base
  9. The quantlty to be purchased which minimizes total costs.
    Economic order quantity (EOQ)
  10. Obtaining cash before payments are received from customers by selling off one's accounts receivable to a third party.
    Factoring
  11. An intangible asset such as the name of a funeral home; also, an intangible asset which
    enables a business to earn a profit in excess of the normal rate of profit earned by other businesses of the same kind.
    Goodwill
  12. Those goods or stock of goods which are held for resale.
    Inventory
  13. A group of potential customers possessing purchasing power and unsatisfied needs.
    Market
  14. A study that is used by a business to determine where the potential customers are located.
    Market survey
  15. To arrange or constitute in interdependent parts, each having a specific function or relation with respect to the whole; the way in which work is arranged and  istributed among members of the firm.
    Organizing
  16. The registered right of an inventor to make, use, and sell an invention.
    Patent
  17. That function of determining in advance what needs to be accomplished in order to achieve a particular goal.
    Planning
  18. A business which is independently owned and operated and is not dominant in its field of operations.
    Small business
  19. A legal form of organization whereby the business is owned and operated by one person.
    Sole Proprietorship (Proprietorship)
  20. A physical asset that possesses genuine value.
    Tangible asset
  21. An intangible asset that is a distinct name, sign, or symbol that the federal government grants exclusive rights to use for specified period of time.
    Trademark
  22. The difference between current assets and current liabilities; the current asset items consisting of cash, inventories, and accounts receivable.
    Working Capital (Circulating Capital)
  23. The art of making the public aware of the services or commodity that the business has for sale.
    Advertising
  24. A qualification that is absolutely necessary for the job; it is an allowed and approved reason for discrimination.
    Bona Fide Occupational Qualification (BFOQ)
  25. An insurance that protects companies during the period necessary to restore property damaged by an insured peril, Coverage pays for lost income and other expenses related to recovery.
    Business Interruption Insurance
  26. Insurance that provides monetary benefits to a business that has experienced an unforeseen peril such as flood, fire, etc.
    Casualty insurance
  27. A cost that, for a given period of time and range of activity called the relevant range, does not change in total but becomes progressively smaller on a per-unit basis as volume increases; these expenses do not increase with increased business, nor do they decrease with declining business activity.
    Fixed Expenses
  28. A document that lists the major responsibilities and tasks of the job.
    Job description
  29. The difference between merchandise cost and selling price, i.e., gross margin.
    Markup
  30. A written description of a new idea that projects marketing, operational,  and financial aspects of proposed business.
    Business Plan (New Venture Plan)
  31. Any cost not specifically associated with production of identifiable products and services; expenses incurred in the normal operation of a business.
    Overhead
  32. The process of forming a pool of qualified applicants for tasks that need to be filled.
    Recruitment
  33. a condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for.
    Risk
  34. All efforts designed to preserve assets and earning power associated with a business
    Risk management
  35. A form of risk management whereby a part of the firm's earnings is earmarked as a contingency fund for possible future losses, specifically for individual loss categories such as property, medical, or worker's compensation.
    Self-insurance
  36. Life insurance that has no cash value whenever the policy expires.
    Term Life Insurance
  37. A form of credit that is extended by one business to another business to help finance distribution of producer's goods.
    Trade credit
  38. Types of media most used by professionals in funeral industry
    • 1. telephone book
    • 2. newspaper
    • 3. radio
    • 4. trade magazine
    • 5. billboards
    • 6. direct mail
    • 7. public transportation
    • 8. specialty products
    •     a. pens
    •     b. calendars
    •     c. specialty advertising
    •           1) lasting medium
    •           2) functional item
    • 9. television
  39. Good personal selling characteristics
    • 1. product knowledge
    • 2. good sales presentation
    • 3. practice
    • 4. prospecting, networking, referals
  40. Prestige pricing
    to price something higher than justified by the cost of producing it
  41. Loss leader pricing
    this is the pricing of some merchandise at close to or below cost to attract customers who will purchase other goods while there
  42. Types of merchandise
    novelty goods
    new or unusual goods, that are intended mainly for personal or household adornment
  43. Types of merchandise
    Staple or convenience goods
    inexpensive goods that customers expect readily available at handy locations
  44. Types of merchandise
    fashion goods
    the goods appeal rests upon design, appearance, or style, seasonal goods
  45. Types of merchandise
    shopping goods
    goods that consumers shop around for before they buy
  46. Types of consumer credit
    ordinary charge accounts
    payments are due when bills is sent to customer
  47. Types of consumer credit
    revolving charge accounts
    open-end credit
    customers paying a specified % of the outstanding balance
  48. Types of consumer credit
    installment credit
    the consumer paying in installments for durable goods of high unit value and they may be repossesed
  49. Types of consumer credit
    credit card
    • Visa
    • Master Card
    • Discover
    • etc.
  50. Examples of fixed expenses
    • 1. rent/mortgage
    • 2. supervisory salaries
    • 3. depreciation
    • 4. long term debt reduction
    • 5. insurance
  51. Economic contributions of Small Businesses in the U. S.
    Interdependence of business
    Small business are essential to enable a few large ones to concentrate on those economic activities where their efforts are more effective. S.B. creates 52% of all private employment and 51% of the nations total output of goods & services (as of 2002 data)
  52. Economic contributions of Small Businesses in the U. S.
    Stimulating economic competition
    Economic development of the U.S. has resulted from the efforts of small business.
  53. Economic contributions of Small Businesses in the U. S.
    Innovation
    individuals and small business provide the major source of new ideas, inventions, and innovations.
  54. Various areas of a retail store differ markedly in sale value
    • 1. because customers generally turn to the right, the right front space is more valuable
    • 2. the center front & right middle spaces are second most valuable
    • 3. third most valuable to left front & center middle spaces
    • 4. 4th, left middle
    • 5. least is back, service facilities
    • 6. first floor (ground) has greater value than second or higher floors in multistory buildings
    • 7. generally the higher the floor, the lower its selling value
    • 8. basement is less desirable for sales
  55. Factors to look for as you look for your business location
    • 1. nearness to your target market
    • 2. accessibility of labor
    • 3. availability and cost of utilities
    • 4. attitudes of potential neighbors towards your business
    • 5. character of the neighborhood, does it reflect the image of your business?
    • 6. room for expansion?
    • 7. personal preference
  56. Feasibility study
    designed to help you to determine whether it is possible to open your business and whether its chances of success are good

    • includes four factors
    •    1. market for your product
    •    2. location for your business
    •    3. financial requirements for your business & your ability to meet them
    •    4. legal requirements of your business
  57. A specialized debt vehicle used by certain retailers such as car, boat, and furniture dealers. In a flooring arrangement, the lender retains retains a security interest in the merchandise. The business pays a monthly interest charge and pays off the principal as each item is sold. generally, flooring arrangements are revolving and can be renewed periodically.
    Flooring

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