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Complete Business Studies Exam – Questions and Solutions.

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Complete Business Studies Exam – Questions and Solutions. Sole Proprietorship One person has complete control over a business Advantages of Sole Prop ... [Show More] rietorship Easiest to start Least regulated Single owner keeps all the profits Taxed once as personal income Disadvantages of Sole Proprietorship unlimited liability lack of continuity lack of financing limited management skills unlimited liability Is a business incurred any debt the owner is personally liable Partnership a business owned by two or more people partnership agreement specifies everyone's rights and responsibilities partnership agreement examples division of income amount of cash contributions made by each partner Unlimited liability in partnership Each partner is liable for their actions AND their partners actions limited partnership Partnership where one person (general partner) runs the business and in turn has unlimited liability and another partner (limited partner(s) have limited involvement are are limited to their amount an investment general partner runs business and is responsible for liabilities limited partner(s) More of an investor - limited involvement and losses are limited to their amount of investment Advantages of Partnership Two or more owners More capital available Relatively easy to start Income taxed once as personal income Continuity is not an issue Disadvantages of Partnership Unlimited liability share devision making share profits IPO Initial Public Offering - a company becomes a corporation as it begins to sell stock Corperation a separate legal entity that is entirely separate from the parties who own it -acts as a separate entity as they can enter contracts, buy and sell property, etc. Shareholders Those who invest money in a business buy buying stock and therefore owning part of the corperation Stock Shareholders buy shares of what? Board of directors elected by shareholders and are legally responsible for governing the corperation functions of board of directors set goals and hold management responsible for meeting them hire and evaluate CEO approves distribution in form of cash payments Dividends earnings distributed to stockholders Advantages of a corporation Limited liability Potential unlimited life Separation of ownership and management Transfer of ownership is easy Easier to raise capital specialized management (able to attract high skilled workers as thy are able to pay more) limited liability A form of business ownership in which the owners are liable only up to the amount of their individual investments. limited liability in corporations invests can lose no more than the amount they originally invested Disadvantages of a corporation corporate managers and shareholders may have different plans more costly to set up subject to regulation and government oversight double tax double tax corporations are taxed on their profits and on distribution of dividends -corperation pays first time and shareholders pay second time limited liability corporation (LLC) provides business owners with limited liability and no double taxation -referred to as a hybrid between corporation and sole proprietorship nonprofit organization organization founded to serve some public purpose rather than for financial gain -exempt from paying taxes -those who contribute can take a tax reduction examples: churches Merger When two companies combine to form a new company acquisition when one company purchases another horizontal merger/acquisition company mergers/buys with another company on the same level example: apple and Samsung merge vertical merger/acquisition company is merging/buying with a company that is either higher or lower than it such as a company buying a producer example: ford buying a steel production company Synergy the power that results from the combination of two or more forces growth synergies access to new markets reduce competition innovation power cost synergies procurement eliminate double function jobs -people lose their jobs hostile takeover an act of assuming control that is resisted by the targeted company's management and its board of directors example: enough stockholders agree that another company should buy the company they have invested in without the owner wanting to sell it Three characteristics of entrepreneurs Innovation Running a business Risk Taking Entrepreneur Innovators who start companies to create or improve a product Product Something that you can market because it satisfies a need Small Business Administration SBA Innovation vs Idea Innovation is when you are able to make money off your idea IP Intellectual property ways to protect IP patents trademarks copyrights trade secrets crowd funding utilizes crowd-funding platforms (like kickstarter) - might offer tokens of appreciation in exchange for funds or even ownership stake angel investors affluent investors who provide capital to start-ups in exchange for ownership -not only to make $ but also to help aspiring business owners succeed venture capitalism invest in private start-up companies at larger dollar amounts and later stages -receive ownership in exchange for funds -higher expectations that angel investors seed money starting money used to grow a company what do patents allow? for businesses to get a return on investment small business independently owned and operated, exerts little influence in its industry, fewer than 500 employees industry a group of companies that compete with one another to sell similar products goods-producing sector all businesses that provide tangible goods -usually manufacturing, construction, agriculture -20% of small business service-producing sector all businesses that provide services but don't make tangible goods --retail, finance, food service -80% of small business FFF Friends, Family, and Fools retailers buy goods from other firms and sell them to consumers, in store, by phone, through direct mailing, or over the Internet wholesalers sell products to businesses that buy them for resale or for company use advantages of small business ownership independence lifestyle financial rewards learning opportunities creative freedom personal satisfaction disadvantages of small business ownership financial risk stress time commitment undesirable duties business plan a document that identifies the goals of your proposed business and explains how these goals will be achieved financing money needed to get business off the ground business idea identifying something that consumers want for fulfill an unmet need unmet need consumer need that has yet to be met by the market intellectual property a right that can be protected under law starting from scratch start with a clean slate and allows one to build the business the way you want buy an existing business already have a proven product, current customers, active suppliers, a known location, and trained employees buy a franchise a franchiser grants the franchise the right to use a brand name and to sell its goods or services franchiser the company that sells a franchise franchisee A person who buys a franchise franchise agreement the methods used to store, prepare, and serve the food, and the price charged why businesses fail bad business ideas cash problems managerial inexperience or incompetence lack of customer focus inability to handle growth failure to adapt Management The process of planning, organizing, leading, and controlling to achieve specific goals -minimize risks -example: game-manager (Alex smith)- -"How to get there in the best way" Plan enables one to take a business concept beyond idea stage Strategic planning the process of establishing an overall course of action mission statement describes the purpose of your organization—the reason for its existence -should be short and concise core values small set of guiding principles that one identifies as crucial to the company -how company acts -fundamental beliefs SWOT analysis strengths (example: "good location") weaknesses: (example: "higher costs") opportunities (example: "new product") threats (example: "government regulation") weakness and opportunities external factors strengths and weaknesses internal factors Efficency doing things right example: analyzing notes to find the information to study Effectiveness doing the right things example: studying over the weekend of a test goals Major accomplishments that a company wants to achieve over a long period of time -financial objectives -stakeholder specific objectives objectives shorter-term performance targets that direct the activities of the organization planning set goals and how to accomplish them organizing arrange tasks, people, and other resources to accomplish the work Leading/Directing The function of management that involves determining what needs to be done in a situation and getting the right people to do it. controlling monitoring progress toward goal achievement and taking corrective action when needed tactical plans short-term, more manageable components operation plans cover a brief period of time (about a month) contingency planning managers identify those aspects of the business that are most likely to be adversely affected by change and create another course of action (such as a fallback plan) crisis management preparation for the management of crises that threaten an organization's health and well-being leading providing focus and direction to others and motivating them to achieve organizational goals - more "what to do, where to go", "follow me" -takes risk -example: mahomes leadership styles ways of interacting with and influencing others autocratic style -decision making without soliciting input from subordinates -exercise authority and expect subordinates to take responsibility to do tasks without explanation - "finish this by midnight or you're fired" democratic style seek input from subordinates while retaining the authority to make the final decisions -more likely to keep subordinates informed free-rein style "Hands-off' approach and provide relatively little direction to subordinates -may advise employees but usually give them considerable freedom to make decisions Transactional Leaders exercise authority based on their rank in the organization -They let subordinates know what's expected of them and what they will receive if they meet stated objectives transformational leaders -mentor and develop subordinates, providing them with challenging opportunities -working one-on-one to help them meet their professional and personal needs -encouraging people to approach problems from new perspectives control function 5 step process 1.set the standards by which performance will be measured 2.measure performance 3.compare actual performance with the standard and identify deviations 4.determine reasons for deviation 5.take action if needed benchmarking done in order to improve a firm's overall performance -comparing own business to other practices and processes with the objective of learning and improvement in both efficiency and effectiveness -learning from other companies technical skills skills needed to preform specific tasks interpersonal skills the ability to get along with and motivate other people conceptual skills the ability to reason abstractly and analyze complex situations communication skills ability to communicate both oral and in writing time-management skills ability to manage and prioritize tasks decision making skills process in which one must define a problem, analyze possible solutions, and select the best outcome six step approach to decision making 1.identify the problem 2.gather relevant information 3.clarify problem 4.generate possible solutions 5.select best option 6.implement your decision and monitor your choice first line managers require technical skills, probably in operations and perhaps in accounting Middle Managers require strong interpersonal skills to maintain positive relationship with subordinates Top Managers (president) require conceptual skills to solve problems and come up with creative solutions to keep business growing Operations manager upper-level manager who directs transformation process Operations Management (OM) consists of all the activities involved in transforming a product idea into a finished product -transforming input to output Operation Management objectives -quality -dependability -speed -flexibility -low cost -finding a balance between cost and efficiency manufacturing set out to perform the same basic function: transform resources into finished goods production planning During , managers determine how goods will be produced, where production will take place, and how manufacturing facilities will be laid out Strategic: location; capacity; technolgy production control -Once the production process is under way, managers must continually schedule and monitor the activities that make up that process -Must solicit and respond to feedback and make adjustments where needed -oversee the purchasing of raw materials and the handling of inventories -objective: demand and production forecasting quality control The operations manager is directly involved in efforts to ensure that goods are produced according to specifications and that quality standards are maintained make-to-order products customized to meet the needs of buyers example: buying a suit, print or sign shops -low volume high variety goods mass production producing high volumes of identical goods at a low enough cost to price them for large numbers of customers mass customization requires a company to interact with the customer to find out exactly what the customer wants and then manufacture the good, using efficient producing methods to hold down costs procurement the right product at the right time at the right place at the right cost site selection criteria -availability to skilled labor -close to suppliers -desirable area to live site selection choosing a location for the business -key for service industry forecasting estimating the number of units one will sell over a given period capacity requirements the maximum number of foods that a production facility can produce -too few supplies leaves profits on the table -too many supplies wastes resources purchasing the process of acquiring the materials and services to be used in production Supplier Selection finding a vendor that provides quality supplies for a fair price E-procurement companies use the Internet to interact with suppliers -similar to online shopping just-in-time (JIT) production the manufacturer arranges for materials to arrive at production facilities just in time to enter the manufacturing process material requirement planning (MRP) relies on sales forecasting and ordering lead times for materials to calculate the quantity of each component part needed for production and then determine when they should be ordered or made master production schedule (MPS) detailed sales foreast , scheduling manufactures focus on scheduling the activities needed to transform raw materials into finished goods services schedule workers to handle fluctuating customer demand quality the characteristics of a product or service that bear on its ability to satisfy stated or implied needs Total Quality Management (TQM) all the steps a company takes to ensure that its goods or services are sufficiently high quality to meet customer's needs -element of operation management TQM goals 1.customer satisfaction 2.employee involvement 3.continuous improvement quality circles employees who perform similar jobs work as teams continuous improvement the commitment to making constant improvements in the design, production, and delivery of goods and services statistical process control technique that monitors production quality by testing a sample of output to see whether goods in process are being made according to predetermined specifications six sigma process in which 99.9996% of all opportunities to perform an operation are free of defects - only 3.4 defects per million opportunities outsourcing having outside vendors manufacture associated parts Human Resource Management consists of all actions that an organization takes to attract, develop, and retain quality employees strategic human resource planning the process of developing a plan for satisfying the organization's human resource needs job description lists the duties and responsibilities of a position job specification lists the qualifications—skills, knowledge, and abilities— needed to perform the job forecast future hiring 1.identify the HR resources currently available in the organization 2.forecast the HR resources needed to achieve the organization's mission and objectives recruiting process of identifying suitable candidates and encouraging them to apply for openings in the organization discrimination when a person is treated unfairly on the basis of a characteristic unrelated to ability -monitored by the Equal Employment Opportunity Commission (EEOC) selection process gathering information on candidates, evaluating their qualifications, and choosing the right one contingent workers hired to supplement a company's permanent workforce internal recruiting hiring from within -cheaper -motivating to workers -still have to replace employees position (the one you hire) -limited choice external recruiting hiring from outside of a company -bring in fresh ideas and perspective -entry-level jobs generally filled by this -takes longer than internal -higher chance of making the wrong hire key player retention keeping those employees that are crucial to the operation of your building behavioral based interview questions Situation Task Action Result Recruitment process 1.candidate search 2.pre-screening 3.interview 4.job offer hiring process application employment tests interview physical exam and reference checks (drug checks) final decision positives of contingent workers can be hired/fired easily cheaper than permanent workers negatives of contingent workers increased training costs decrease in company loyalty Developing Employees function carried out by HR New Employee Orientation the way a company introduces new employees to the organization and their jobs training and development employees must be trained to do their jobs -requires time and money job redesign modifying jobs to make them more interesting and challenging job rotation allows employees to rotate from one job to another on a systematic basis but not necessarily cycling back to their original tasks job enlargement the policy of enhancing a job by adding tasks at similar skill levels job enrichment the practice of adding tasks that both increase responsibility and opportunity for growth work/life quality balance between work and home lives Alternative Work Arrangements accommodates different employee needs and provide scheduling flexibility fixed compensation monthly salary variable compensation commission, piecework rate, bonus, incentives, stock options flextimes set guidelines that allow employees to designate starting and quitting times -people are given freedom for when they work compressed workweeks ability to have a three day weekend if you work 10 hrs a week job sharing two people share one full-time position, splitting the salary and benefits of the position as each handles half the job Telecommuting regularly working from home family-friendly benefits -dependent care -paid parental leave -caring for yourself (choosing what days one is off) -unmarried without children compensation and benefits -competitive pay attracts good workers and creates less job turnover wages rate paid per hour salary rate paid for fulfilling responsibilities -no matter how long it takes piecework worker's pay depends on the amount of product they are able to garner example: amount of crab Commission getting paid a percentage of the total dollar amount one sells -attempt to stimulate performance incentive plans bonus plans profit-sharing plans stock-option plans stock-option plans able to buy stock of a company at reduced price profit-sharing plans getting bonus based on the performance of the business Legally Required Benefits social security, workers' compensation, unemployment insurance, medicare performance appraisal (3 steps) 1.managers set goals and performance expectations 2.managers complete written evaluations that rate employee performance 3.managers meet with employees to discuss evauluation 360-degree feedback ensures that employees get feedback from all directions- supervisors, reporting subordinates, coworkers, and even customers upward feedack only requires manager's subordinates to provide feedback employer goals -retain valuable employees -create positive work environment -employer-friendly workplace -recognizing employee contriubtions -involving employees in decision making why people quit their jobs -unreasonable work demands -refusal to value their opinions -no clear objectives -showing favoritism forced ranking all employees within a business unit are ranked against one another and grades are distributed along some sort of bell curve [Show Less]

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University of Toronto

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business

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business

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2025-2026

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Complete Business Studies Exam – Questions and Solutions.