Shared Flashcard Set

Details

MGT 140
For exam II
89
Management
Undergraduate 1
10/20/2010

Additional Management Flashcards

 


 

Cards

Term

A business owned, and usually managed, by one person.

a) Corporation

b) Partnership

c) Sole Proprietorship

d) Entrepreneuer

Definition

Sole Proprietorship

Term

Two or more people legally agree to become co-owners of a business.

a) Corporation

b) Partnership

c) Sole Proprietorship

d) Entrepreneuer

Definition

Partnership

Term

A legal entity with authority to act and have liability apart from its owners.

a) Corporation

b) Partnership

c) Sole Proprietorship

d) Entrepreneuer

Definition

Corporation

Term

any debts or damages incurred by the business are your debts, even if it means selling your home, car or anything else.

a) Limited Liability

b) Unlimited Liability

c) Enterprise Zones

d) Transparency

Definition

Unlimited Liability

Term

All owners share in operating the business and in assuming liability for the business’s debts.

a) General Partnership

b) Limited Liability Partnership

c) Limited Partnership

d) Master Limited Partnership


Definition

General Partnership

Term

A partnership with one or more general partners and one or more limited partners.

a) General Partnership

b) Limited Liability Partnership

c) Limited Partnership

d) Master Limited Partnership

Definition

Limited Partnership

Term

A partnership that looks much like a corporation but is taxed like a partnership and thus avoids the corporate income tax.

a) General Partnership

b) Limited Liability Partnership

c) Limited Partnership

d) Master Limited Partnership

Definition

Master Limited Partnership

Term

Limits partners’ risk of losing their personal assets to the outcomes of only their own acts and omission and those of people under their supervision.

a) General Partnership

b) Limited Liability Partnership

c) Limited Partnership

d) Master Limited Partnership

Definition

Limited Liability Partnership

Term

An owner (partner) who has unlimited liability and is active in managing the firm.

a) General Partner

b) Limited Partner

c) Limited Liability Partner

d) Master Limited Partner

Definition

General Partner

Term

An owner who invests money in the business but enjoys limited liability.

a) General Partner

b) Limited Partner

c) Limited Liability Partner

d) Master Limited Partner

Definition

Limited Partner

Term

means that liability for the debts of the business is limited to the amount the limited partner puts into the company; personal assets are not a risk.

a) Limited Liability

b) Unlimited Liability

c) Enterprise Zones

d) Transparency

Definition

Limited Liability

Term

---- Ease of starting and ending the business

---- Being your own boss

---- Pride of ownership

---- Leaving a legacy

---- Retention of company profit

---- No special taxes

a) Advantages of a Sole Proprietorship

b) Disadvantages of a Sole Proprietorship

c) Advantages of a Partnership

d) Disadvantages of a Partnership

Definition
Advantages of a Sole Proprietorship
Term

---- Unlimited Liability

---- Limited financial resources

---- Management difficulties

---- Overwhelming time commitment

---- Few fringe benefits

---- Limited growth

----         Limited life span

a) Advantages of a Sole Proprietorship

b) Disadvantages of a Sole Proprietorship

c) Advantages of a Partnership

d) Disadvantages of a Partnership

Definition
Disadvantages of a Sole Proprietorship
Term

---- More financial resources

---- Shared management and pooled skills and knowledge

---- Longer survival

---- No special taxes

a) Advantages of a Sole Proprietorship

b) Disadvantages of a Sole Proprietorship

c) Advantages of a Partnership

d) Disadvantages of a Partnership

Definition
Advantages of a Partnership
Term

---- Unlimited Liability

---- Division of profits

---- Difficult to terminate

---- Disagreements among partners

a) Advantages of a Sole Proprietorship

b) Disadvantages of a Sole Proprietorship

c) Advantages of a Partnership

d) Disadvantages of a Partnership

Definition
Disadvantages of a Partnership
Term

---- Limited liability

---- Ability to raise more money for investment

---- Size

---- Perpetual life (Company lives on even though a(n) owner(s) die(s))

---- Ease of ownership change

---- Ease of attracting talented employees

---- Separation of ownership from management

a) Advantages of a Corporation

b) Disadvantages of a Corporation

c) Advantages of a Partnership

d) Disadvantages of a Partnership

Definition
Advantages of a Corporation
Term

---- Initial cost

---- Extensive paperwork

---- Double taxation

---- Two tax returns

---- Size

---- Difficult of termination

---- Possible conflict with stockholders and board of directors.

a) Advantages of a Corporation

b) Disadvantages of a Corporation

c) Advantages of a Partnership

d) Disadvantages of a Partnership

Definition
Disadvantages of a Corporation
Term

the result of two firms joining to form one company.

a) Conglomerate Merger

b) Horizontal Merger

c) Merger

d) Vertical Merger

Definition
Merger
Term

joins two firms in different stages of related business.

a) Conglomerate Merger

b) Horizontal Merger

c) Merger

d) Vertical Merger

Definition
Vertical Merger
Term

Joins two firms in the same industry and allows them to diversify or expand their products.

a) Conglomerate Merger

b) Horizontal Merger

c) Merger

d) Vertical Merger

Definition
Horizontal Merger
Term

Unites firms in completely unrelated industries in order to diversify business operations and investments

a) Conglomerate Merger

b) Horizontal Merger

c) Merger

d) Vertical Merger

Definition
Conglomerate Merger
Term

an arrangement whereby someone with a  good idea for a business (franchisor) sells the rights to use the business name and all a product or service (franchise) to others (franchisees) in a given territory

a) Corporation

b)Franchise Agreement

c) Incubator

d) Transparency

Definition
Franchise Agreement
Term

---   Management and marketing assistance

---   Personal ownership

---   National recognized name

---   Financial advice and assistance

---   Lower failure rate

a) Advantages of a Franchise Agreement

b)Disadvantages of a Franchise Agreement

c) Advantages of a Matrix Organization

d) Disadvantages of a Matrix Organization

Definition
Advantages of a Franchise Agreement
Term

---   Large start-up costs

---   Shared profit

---   Management regulation

---   Coattail effects

---   Restrictions on selling

---   Fraudulent franchisors.

a) Advantages of a Franchise Agreement

b)Disadvantages of a Franchise Agreement

c) Advantages of a Matrix Organization

d) Disadvantages of a Matrix Organization

 

Definition
Disadvantages of aFranchise Agreement
Term

accepting the risk of starting and running a business.

a) Entrepreneurship

b) Incubators

c) Intrapreneur

d) Micropreneur

Definition
Entrepreneurship
Term

Entrepreneurs willing to accept the risk of starting and managing a business that remains small, lets them do the work they want to do, and offers a balanced lifestyle

a) Entrepreneurship

b) Incubators

c) Intrapreneur

d) Micropreneur

Definition
Micropreneur
Term

a creative person who works as an entrepreneur within a corporation.

a) Entrepreneurship

b) Incubators

c) Intrapreneur

d) Micropreneur

Definition
Intrapreneur
Term

Specific geographic areas to which governments attract private business investment by offering lower taxes and other government support.

a) Entrepreneurship

b) Enterprise Zones

c) Intrapreneur

d) Micropreneur

Definition
Enterprise Zones
Term

Offer new businesses low-cost offices with basic services.

a) Entrepreneurship

b) Incubators

c) Intrapreneur

d) Micropreneur

Definition
Incubators
Term

a detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and owners.

a) Business Plan

b) Goals

c) Objectives

d) Vision

Definition
Business Plan
Term

more than a goal, it’s a broad explanation of why the organization exists and where it’s trying to go.

a) Business Plan

b) Goals

c) Objectives

d) Vision

Definition
Vision
Term

Outlines the organization’s fundamental purposes.

a) Business Plan

b) Goals

c) Mission Statement

d) Vision

Definition
Mission Statement
Term

The broad, long-term accomplishments an organization wishes to attain.

a) Objectives

b) Goals

c) Mission Statement

d) Vision

Definition
Goals
Term

Specific, short-term statements detailing how to achieve the organization’s goals.

a) Objectives

b) Goals

c) Mission Statement

d) Vision

Definition
Objectives
Term

A visual device that shows relationships among people divides the organization’s work; it shows who reports to whom.

a) Matrix Organization

b) Organization Chart

c) Gantt Chart

d) Flat Organization Structure

Definition
Organization Chart
Term

Managers and employees work together to make decisions.

a) Autocratic Leadership

b) Free-Rein Leadership

c) Participative or Democratic Leadership

d) Management Leadership

Definition
Participative or Democratic Leadership
Term

Managers set objectives and employees are free to do whatever is appropriate to accomplish those objectives.

a) Autocratic Leadership

b) Free-Rein Leadership

c) Participative or Democratic Leadership

d) Management Leadership

Definition
Free-Rein Leadership
Term

SWTO

a) Strengths, Weaknesses, Threats, Opportunities

b) Strengths, Wrongs, Treats, Opportunities

c) Strong, Weak, Threat, Opportunity

d) Strong, Weakness, Treats, Opportunities

Definition
Strengths, Weaknesses, Threats, Opportunities
Term

Recruiting, hiring, motivating and retaining the best people available to accomplish the company’s objectives.

a) Vision

b) Staffing

c) Objectives

d) Management

Definition
Staffing
Term

Making managerial decisions without consulting others.

a) Autocratic Leadership

b) Free-Rein Leadership

c) Participative or Democratic Leadership

d) Management Leadership

Definition
Autocratic Leadership
Term

---   Core competencies in key areas

---   An acknowledged market leader

---   Well-conceived functional area strategies

---   Proven management

---   Cost advantages

---   Better advertising campaigns

a) Potential Internal STRENGTHS

b) Potential External OPPORTUNITIES

c) Potential Internal WEAKNESSES

d)Potential External THREATS

Definition

Potential Internal STRENGTHS

Term

---   Ability to serve additional customer groups

---   Expand product lines

---   Ability to transfer skills/technology to new products

---   Falling trade barriers in attractive foreign markets

---   Complacency among rival firms

---   Ability to grow due to increases in market demand

a) Potential Internal STRENGTHS

b) Potential External OPPORTUNITIES

c) Potential Internal WEAKNESSES

d)Potential External THREATS

Definition