Conducting business in a way that is in line with society's values.

corporate social responsibility (CSR)

An agreement among Canada, the U.S., and Mexico to allow freer trade among the three countries.

North American Free Trade Agreement (NAFTA)

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BBI2O1 - Introduction to Business (Chapters 1, 2, 3, 4, 7)

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Terms for BBI201 (Introduction to Business) Chapters 1, 2, 3, 4 & 7.

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1
Exporting a product directly to an importer, without using an intermediary.
indirect exporting
exports
imports
direct exporting
2
The legal document that establishes a partnership and each partner's responsibilities.
partnership deal
handshake
settlement
partnership agreement
3
An amount added by a country to the cost of an imported product.
surcharge
customs duty
tariff
tax
4
A situation where demand for a product or service exceeds the available supply.
surplus
synergy
equilibrium
shortage
5
The reward that an owner receives for taking risks.
captial
revenue
expenses
profit
6
All business transactions needed to create, ship & sell goods/services across national borders.
domestic trade
foreign trade
gross net product (GNP)
gross national product (GDP)
7
A sum of money paid regularly by a company to its shareholders out of its profits (or reserves)
share
bond
dividend
bonus
8
A situation where a difficult choice must be made between two or more options.
dilemma
double
dualism
dichotomy
9
A person who takes risks & starts a venture to solve a problem or to seize an opportunity.
seller
entrepreneur
inventor
investor
10
Any evidence that an invention is already known which disputes the originality of an invention.
patent troll
intellectual property
prior art
patent
11
The decision of an employee to inform officials or public about a legal or ethical violation.
reporting
cat-calling
whistle-blowing
snitching
12
Conducting business in a way that is in line with society's values.
return on investment (ROI)
corporate social responsibility (CSR)
gross national product (GNP)
gross domestic product (GDP)
13
Short for "small office, home office," These are home-based businesses.
SOHO
GNP
FMA
GDP
14
Having the ability to pay all debts and other obligations.
liquid
efficient
solvent
obsolete
15
Making an individual or group feel uncomfortable in a work situation due to religion, race, etc
bullying
mobbing
harrassment
backstabbing
16
The manager responsible for ensuring that products get sold by developing sales strategies.
marketing manager
production manager
distribution manager
comptroller
17
The means through which goods and services are made available to consumers.
human resources
natural resources
capital resources
economic resources
18
The actual cost for an imported purchased item, composed of charges like duties, fees & taxes.
environmental cost
operating cost
social cost
landed cost
19
Mutually dependent; relying on others who also rely on you.
dependent
interdependent
independent
codependent
20
A leader who encourages employees to participate in the decision-making process.
laissez-faire leader
autocratic leader
democratic leader
ineffective leader
21
When consumers have the power to choose where & how much they will pay for goods & services.
purchasing power
consumer purchasing power
sales promotion
pricing power
22
An agreement among Canada, the U.S., and Mexico to allow freer trade among the three countries.
Association of Caribbean States (ACS)
North American Free Trade Agreement (NAFTA)
Free Trade Area of the Americas (FTAA)
Trans-Pacific Partnership (TPP)
23
An accountant who investigates legal and financial documents looking for evidence of tampering.
tax accountant
forensic accountant
auditor
consultant
24
A group of individuals who run a corporation and make decisions on behalf of the shareholders.
association
committee
board of directors
general assembly
25
A situation in which a country pays less for its imports than it earns from its exports.
trade deficit
foreign trade
trade surplus
balance of trade
26
The value of a product or service expressed in a given currency.
profit
price
sale
cost
27
The point where supply equals demand for a product where the supply & demand curves intersect.
shortage
surplus
equilibrium
value added
28
A person who provides and innovative product or service to meet a consumer want or need.
investor
inventor
seller
entrepreneur
29
A rule used to decide what is good or bad.
moral
value
religion
ethics
30
The manager responsible for focusing on sales, often attempting to improve product distribution
distribution manager
comptroller
production manager
marketing manager
31
Legal debts or obligations that arise during the course of business operations.
equipment
plant
liability
asset
32
Responsibility for claims against the business that extends to one's personal assets.
limited ownership
unlimited liability
limited liability
unlimited ownership
33
Disposable income (after-tax income) minus all payments necessary to meet current bills.
profit
discretionary income
disposable income
revenue
34
Patrons of a particular store or business.
customers
buyers
consumers
sellers
35
A person who buys goods or services. Also referred to as a customer.
buyer
producer
consumer
proprietor
36
An individual or business that makes a product.
supply
consumer
producer
buyer
37
Exporting a product to an intermediary, who then conveys the product to the importer.
direct exporting
imports
exports
indirect exporting
38
A situation in which a country pays more for its imports than it earns from its exports.
trade deficit
foreign trade
trade surplus
balance of trade
39
Helping producers in developing countries so they can sell their products for a profit.
fair trade
aid
buying green
free trade
40
A business owned by, but existing separately from, its shareholders.
sole proprietorship
franchise
corporation
partnership
41
The money a business owes after the costs and expenses have been paid and revenue received.
profit
debt
loss
loan
42
Expenditures that help a business generate revenue.
revenue
costs
capital
expenses
43
A personal or corporate belief about what is important.
ethics
religion
moral
value
44
The formal name for a city or town.
private corporation
municipal corporation
crown corporation
public corportation
45
Controls, other than tariff barriers, to restrict or deter the importing of goods and services.
non-tariff barriers
customs officers
excise taxes
customs duties
46
Total personal income minus personal current taxes.
disposable income
revenue
profit
discretionary income
47
The amount of an asset or resource that exceeds the portion that is utilized.
shortage
surplus
synergy
equilibrium
48
The total value of all goods & services produced in a country during a specific period of time.
gross domestic product (GDP)
gross national product (GNP)
budget spending
equity financing
49
A situation in which businesses try to sell the same type of product or service to a customer.
competition
collusion
monopoly
capitalism
50
The percentage of an industry that is earned by a company over a specified time period.
consumer purchasing power
market share
business cycle
fiscal year
51
A profitability measure that evaluates business performance by dividing net profit by net worth
gross domestic product (GDP)
return on investment (ROI)
first-mover advantage (FMA)
gross national product (GNP)
52
Equal pay for work of equal value.
gender bias
trading partner
pay equity
emancipation
53
A process whereby one company combines with or takes over the ownership of another company
multinational corporation
strategic alliance
merger
joint venture
54
The quantity of a good or service that consumers are willing and able to buy.
demand
need
want
supply
55
A method of direct distribution that uses the internet to sell products directly to consumers.
e-transfer
e-mail
e-commerce
e-transfer
56
A movement that develops from the bottom up.
monopoly
grass roots
trickle down
democracy
57
The spending of money on luxury goods and services to publicly display economic power.
disruptive technology
disposable income
discretionary income
conspicuous consumption
58
The money a business receives for the products and/or services it sells or from its investments
expense
profit
cash
revenue
59
A decrease in owner's equity resulting from a personal withdrawal of funds/assets by the owner.
revenue
drawings
expenses
profits
60
An item necessary for survival such as food, clothing, or shelter.
demand
supply
need
want
61
Something that consumers no longer want because it has been replaced by a new/improved product.
good
takeover
export
obsolete
62
A business owned by members who utilize the goods and services offered.
corporation
franchise
co-operative
partnership
63
A good or service brought into a country for sale.
export
global product
import
transaction
64
An agreement between countries to allow goods & services to flow more freely across borders.
foreign trade
trading partnership
balance of trade
trade agreement
65
A process by which required items are delivered immediately before they are needed.
first-mover advantage (FMA)
World Trade Organization (WTO)
gross domestic product (GDP)
just-in-time (JIT)
66
The extent to which shareholders of a corporation are personally responsible for its debts.
common-law partnership
common-law partnership
limited partnership
team partnership
67
The economic principle that demand goes up as prices come down & comes down when prices go up.
matching principle
law of supply
law of demand
principle of objectivity
68
The amount of money that is required for each stage of production.
cost
currency
supply
price
69
A good or service produced in one country and sold in another.
global product
transaction
import
export
70
The principles of morality & proper conduct that people/businesses use to guide their behaviour
morals
values
religion
ethics
71
When businesses are in control and can charge high prices and raise prices when costs go up.
consumer purchasing power
purchasing power
demand
pricing power
72
An item not necessary for survival but that adds pleasure and comfort to life.
supply
demand
need
want
73
A corporation owned by a small number of shareholders.
private corporation
public corporation
municipal corporation
crown corporation
74
A transaction in which the production and sale of an item occur within the same country.
domestic transaction
import
international transaction
global product
75
Ingredients that are transformed into another product.
raw materials
natural materials
solid materials
refined materials
76
The most common form of partnership.
common partnership
elite partnership
general partnership
common-law partnership
77
A five-step procedure that assists in making the most best choice among competing alternatives.
product research
market research
product mapping
decision-making model
78
A debt of the business.
expense
liability
profit
loss
79
Money left over from sales after the costs and expenses of operating a business have been paid.
capital
profit
expenses
revenue
80
An effort by a country to protect its domestic industry by raising the cost of imported goods.
tariff barrier
border crossing
excise tax
customs officer
81
When an accountant/senior executive invents phony accounts & redirects money for personal gain.
extortion
graft
embezzlement
bribery
82
A document that describes specifically how employees should respond to different situations.
report
memorandum
computer code
code of ethics
83
The parent company who grants the franchise & provides goods and/or services to the franchisees
franchiser
franchisee
Francesco
franchise
84
An invisible barrier faced by some groups as they approach senior leadership positions.
glass ceiling
mail room
Peter principle
locked door
85
A reduction in the value of an asset with the passage of time due in particular to wear & tear.
decrease
depreciation
appreciation
increase
86
A resource such as equipment, a building, or money, that is used to produce goods and services.
human resources
economic resources
capital resources
natural resources
87
The manager responsible for keeping financial records & controlling the company's money.
marketing manager
distribution manager
production manager
comptroller
88
A sum of money granted by a government to assist an industry or business.
loan
bailout
handout
subsidy
89
Any business that employs fewer than 500 people.
sole proprietorship
corporation
small- or medium-sized business
partnership
90
A business project that matches the skills of two individuals or businesses for mutual benefit.
multinational corporation
merger
strategic alliance
joint venture
91
A competitive advantage a company earns by being the first to enter a specific market/industry.
first-right of refusal
loss-leader
market leader
first-mover advantage
92
Any location where producers and consumers come together to engage in buying or selling.
shop
venue
marketplace
store
93
An accountant from outside the company who checks the financial records.
consultant
auditor
accountant
tax inspector
94
Money a business receives for the products and/or services it sells or from its investments.
capital
expenses
revenue
profit
95
The relationship between a country's imports and exports.
trading partners
global trade
balance of trade
board of trade
96
Borrowing money to finance operations of the business.
bank loan
equity financing
debt financing
credit spending
97
Involving two parties or countries.
bilateral
mulitlateral
partnership
unilateral
98
Predicting future conditions.
dreaming
expecting
prognosticating
forecasting
99
A moral problem with a choice between potential right and wrong answers.
decision-making
marriage
morality
ethical dilemma
100
The crime of lying or pretending.
imbezzlement
theft
fraud
piracy
101
A politico-economic union of 28 member states that are located primarily in Europe.
European Union (EU)
United Nations (UN)
North Atlantic Treaty Organization (NATO)
The Commonwealth
102
An obligation to disclose all important information.
duty to report
duty to accommodate
duty to consult
duty to disclose
103
A business owned and operated by the provincial or federal government.
municipal corporation
private corporation
crown corporation
public corportation
104
The manager responsible for ensuring that a business makes the things it is supposed to make.
marketing manager
production manager
distribution manager
comptroller
105
The way business and government work together to provide goods and services to consumers.
economic system
networking
operating budget
globalization
106
A leader who makes all the decisions and expects employees to do as they are told.
democratic leader
ineffective leader
laissez-faire leader
autocratic leader
107
A leader who leaves employees alone to do their job.
democratic leader
ineffective leader
autocratic leader
laissez-faire leader
108
People who work to produce goods and services in a business; also known as workforce or labour.
economic resources
human resources
capital resources
natural resources
109
The manager responsible for negotiating deals for the supply and delivery of raw materials, etc
comptroller
production manager
distribution manager
purchasing manager
110
The phenomenon that occurs when many items consumers need & want are created in other countries
global dependancy
global player
global product
global economy
111
A business's trade secrets or the ideas or talent of its workforce.
intellectual property (IP)
patents
wordmarks
trademarks
112
Raising money using the owner's resources or money from investors.
equity financing
credit spending
debt financing
bank loan
113
A person who owns shares in a corporation; also called a stockholder.
director
owner
stockbroker
shareholder
114
The production or sale of goods/services to satisfy the needs, wants, & demands of customers.
society
association
charity
business
115
The quantity of a good or service that producers can provide.
quality
supply
demand
quantity
116
An organization that does not seek to make a profit from the operation of the business.
not-for-profit organization
co-operative organization
for-profit organization
non-profit organization
117
Work directed toward the innovation, introduction, & improvement of products and processes.
return on investment (ROI)
first-mover advantage (FMA)
quality and assurance (Q&A)
research and development (R&D)
118
Voluntary activities by a company to operate in a social & environmentally sustainable manner.
research and development (R&D)
human resources (HR)
market research
corporate social responsibility (CSR)
119
Assets that are consumed in the process of generating revenue.
expenses
revenue
tax
price
120
A body of elected or appointed members who jointly oversee activities of a company/organization
board of trade
board of directors
chief executive officer
board of governors
121
A list or schedule of the percent of the product price to be charged as customs duty.
tax
tariff
surcharge
standard
122
Illegal buying/selling of company shares based on confidential info not available to the public
inside information
insider dealing
inside sales
insider trading
123
The relocation of some of a company's operations to another country.
tax paradise
offshore outsourcing
downsizing
subsidary
124
The net value of property or assets after subtracting any mortgage or liabilities.
principal
rate
downpayment
equity
125
A charitable organization or charity that raises funds for a specific goal.
co-operative organization
not-for-profit organization
for-profit organization
non-profit organization
126
A person who runs a franchise operation & is under an agreement with the franchiser.
franchisee
franchiser
franchise
Francesco
127
A corporation with many shareholders, whose shares can be bought and sold on a stock exchange.
public corportation
private corporation
municipal corporation
crown corporation
128
The sum of a country's way of life, beliefs, and customs.
ethics
ideology
religion
culture
129
The paths of ownership that goods or services follow as they pass from producer to consumer.
marketplaces
franchises
inroads
distribution channels
130
A standardized item offered in the same form in all the countries in the world.
global village
global village
global product
global player
131
The exchange of goods and services among people in different countries throughout the world.
domestic economy
mixed economy
command economy
global economy
132
An agreement between businesses to commit resources to achieve a common set of objectives.
strategic alliance
merger
joint venture
multinational corporation
133
The consumption of natural resources faster than nature can replenish them.
environmental jobs
environmental health
environmental issues
environmental degradation
134
Hidden costs of doing business that have a negative impact on people or the environment.
opportunity costs
taxes
operating costs
social costs
135
A transaction in which the production and sale of an item take place in different countries.
import
international transaction
global product
domestic transaction
136
A business operating in or involving several countries. Also known as a transnational.
public corporation
multinational corporation
municipal corporation
crown corporation
137
A group of countries that share the same trade interests.
trade embargo
trading group
trading club
trading bloc
138
An employer's obligation to take appropriate steps to stop discrimination against employees
duty to accommodate
duty to disclose
duty to report
duty to consult
139
An accounting measure designed to gauge the financial health of a business or industry.
profit margin
asset
expense
equity
140
Those raw materials that we get from the earth, the water, and the air.
human resources
economic resources
natural resources
capital resources

BBI2O1 - Introduction to Business (Chapters 1, 2, 3, 4, 7) Flashcards | StudBud