Business 10

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  1. What are the text hints for professional behavior?
    • First impression
    • Good Grooming
    • On time
    • Considerate
    • Netiquette
    • Cell Phone
    • Be prepared
  2. Name the study hints from the text.
    • Attend Class
    • Listen to professor
    • Take notes
    • Quiet study place
    • Read material
    • Use study guide
    • Flashcards
    • Use Online learning center
    • Review old exams
    • Use all senses
  3. What are the text suggestions for a job search strategy
    • Self analysis
    • Work you enjoy
    • Network
    • Internet
    • Resume
    • Interview Skills
    • Follow-up
  4. What are the ways the government can reduce the risk of going into business?
    • Minimize tax and regulations
    • Freedom of ownership
    • Contract laws
    • Tradable currency
    • Elimination/Minimization of corruption
  5. Define: Demography
    Demography is the statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income.
  6. Define: Revenue
    the total amount of money a business takes in during a given period by selling goods and services
  7. Define: Profit
    the amount of money a business earns above and beyond what it spends for salaries and other expenses needed to run the operation.
  8. Define: Empowerment
    Allowing workers to make other decisions essential to producing high-quality goods and services.
  9. Define: Outsourcing
    contracting with other companies to do some or all the functions of a firm.
  10. Define: Insourcing
    Setting up design and production facilities in the US. (Book definition.... Clarify disagreement with professor.)
  11. Define: Goods
    tangible products such as computers, food, clothing, cars, and appliances.
  12. Define: Services
    intangible roducts (i.e., products that can't be held in your hand) such as education, health care, insurance, recreation, and travel and tourism.
  13. Define: Business
    any activity that seeks to provide goods and services to others while operating at a profit.
  14. Define: Entrepreneur
    A person who risks time and money to start and manage a business.
  15. Define: Loss
    When a business' expenses are more than its revenues.
  16. Define: Risk
    The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
  17. Define: Standard of Living
    The amount of goods and services people can buy with the money they have
  18. Define: Quality of Life
    The general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.
  19. Define: Stakeholders
    All the people who stand to gain or loss by the policies and activities of a business and whose concerns the business needs to address.
  20. Define: Nonprofit organization
    An organization whose goals do not include making a personal profit for its owners or organizers.
  21. What is the difference between revenue and profit?
    Revenue is the total amount of money a business earns during a certain time frame. Profit is the amount of money a business earns, after paying the cost of running the business; expenses, salaries, etc.
  22. What is the difference between standard of living and quality of life?
    Standard of Living is the relationship between ones' salary and cost of purchasing goods and services. Quality of Life is the overall freedom gained by being financially well-off.
  23. What is risk, and how is it related to profit?
    Risk is the gamble of losing time and money on a business that may not turn profit.
  24. What do the terms stakeholdersoutsourcing, and insourcing mean?
    • Stakeholders are all the people who may gain or lose off a business' choices.
    • Outsourcing is contracting out tasks/jobs to an outside vendor, City, or Country.
    • Insourcing is having direct ownership of tasks/jobs within ones' own company, City, or Country.
  25. Define: Factors of Production (5)
    The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge.
Card Set:
Business 10
2014-10-07 07:15:54
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