Business Fundamentals and Society
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Questions and Answers

Which of the following factors are included in the PESTEL framework?

  • Technological (correct)
  • Economic (correct)
  • Personal
  • Financial

Which internal stakeholder is primarily responsible for overseeing company operations and guiding employees?

  • Customers
  • Creditors
  • Suppliers
  • Managers (correct)

What is a major disadvantage of a sole proprietorship?

  • It lacks flexibility in decision-making.
  • Profits are solely retained by the owner.
  • It is unable to obtain funding easily.
  • There is unlimited liability. (correct)

What does the 'E' in ESG reports stand for?

<p>Environmental (A)</p> Signup and view all the answers

Which of the following best describes a corporation's primary advantage?

<p>Limited liability (A)</p> Signup and view all the answers

What unique structural characteristic does Patagonia have?

<p>It is owned by two non-profits. (A)</p> Signup and view all the answers

Which form of business structure is typically considered to have no double taxation?

<p>Non-profit (C), Partnership (D)</p> Signup and view all the answers

What is a downside of being a non-profit organization?

<p>It requires volunteers to operate. (B)</p> Signup and view all the answers

What was the estimated financial loss for GM due to the strike?

<p>$3 billion (A)</p> Signup and view all the answers

Which of the following is NOT considered a top business career today?

<p>Financial analyst (D)</p> Signup and view all the answers

Which emerging career pathway focuses on environmental issues?

<p>Sustainability consultant (B)</p> Signup and view all the answers

What significant financial impact did the VW business ethics scandal have on the company?

<p>$34.8 billion (B)</p> Signup and view all the answers

Which of the following is one of the first steps in building a financial plan?

<p>Assess current financial condition (A)</p> Signup and view all the answers

What is required to double your money in terms of interest rate?

<p>Greater than 8% (B)</p> Signup and view all the answers

How are federal tax liabilities calculated?

<p>Apply tax rate to taxable income (D)</p> Signup and view all the answers

In which of these tax brackets does an income of $200,000 fall?

<p>$182,101 - $231,250 (C)</p> Signup and view all the answers

Which of the following is true about pharmaceutical companies and public funding?

<p>The government receives a share of the profits (A)</p> Signup and view all the answers

What type of roles are expected to expand due to advances in technology?

<p>Data science and cybersecurity roles (A)</p> Signup and view all the answers

What distinguishes an income statement from a cash flow statement?

<p>An income statement reflects revenue and expenses over time. (D)</p> Signup and view all the answers

Which of the following is NOT a key component of effective networking?

<p>Focusing solely on quantity of contacts (C)</p> Signup and view all the answers

What is an example of risk transfer in risk management?

<p>Acquiring insurance (C)</p> Signup and view all the answers

Which statement accurately describes a responsibility of Human Resource Management?

<p>Ensuring legal compliance and mitigating risks (C)</p> Signup and view all the answers

What trend was observed in US union membership from 1960 to 1980?

<p>It peaked and began a steady decline. (A)</p> Signup and view all the answers

Which branch of government is primarily responsible for enforcing laws?

<p>Executive (C)</p> Signup and view all the answers

What main purpose does a balance sheet serve?

<p>It shows a company’s financial position at a point in time. (C)</p> Signup and view all the answers

What was one of the resolutions to the GM strike in 2019 regarding healthcare costs?

<p>Worker healthcare contributions were maintained at current levels. (B)</p> Signup and view all the answers

Which of the following is a characteristic of charisma in networking?

<p>A special magnetic charm or appeal. (B)</p> Signup and view all the answers

Which factor contributed to the US national debt reaching an all-time high in 1945?

<p>Increased military spending during World War II. (B)</p> Signup and view all the answers

What is the primary difference between GNP and GDP?

<p>GNP measures production value based on nationality while GDP measures it based on location. (D)</p> Signup and view all the answers

What is a key feature of money market mutual funds?

<p>They buy a collection of short-term, low-risk securities. (A)</p> Signup and view all the answers

How do high reserve requirements affect banks?

<p>They decrease the bank's ability to lend money. (C)</p> Signup and view all the answers

Which of the following stages is NOT part of the consumer decision-making process?

<p>Interest generation (B)</p> Signup and view all the answers

What does brand equity refer to?

<p>A brand’s reputation and consumer recognition. (A)</p> Signup and view all the answers

Which social media platform is characterized by a visually-driven content focus and high engagement?

<p>Instagram (D)</p> Signup and view all the answers

What risk is associated with low prices set to maximize market share?

<p>Predatory pricing (B)</p> Signup and view all the answers

What principle is NOT a reason why ethics matter in marketing?

<p>Promotes aggressive competition (A)</p> Signup and view all the answers

Which step is NOT part of the product development process?

<p>Advertising campaign creation (C)</p> Signup and view all the answers

What describes a behavioral market segment?

<p>Segmented by purchasing patterns and behaviors. (D)</p> Signup and view all the answers

What is NOT a characteristic of effective digital marketing strategies?

<p>Guarantees high conversion rates. (A)</p> Signup and view all the answers

Which of the following is an example of legal price discrimination?

<p>Setting different prices for first-class vs. economy airline tickets. (B)</p> Signup and view all the answers

Which of the following strategies would typically be included in a marketing plan?

<p>Conducting market research (D)</p> Signup and view all the answers

Which financial model estimates all cash flows available to equity shareholders after paying capital and operating expenses?

<p>Free Cash Flow Model (B)</p> Signup and view all the answers

What does 'excess earnings' refer to in finance?

<p>Actual earnings minus expected earnings (A)</p> Signup and view all the answers

Which type of risk affects all investments in the market and cannot be diversified away?

<p>Market risk (D)</p> Signup and view all the answers

Preferred stock is considered moderately risky due to its susceptibility to what financial factor?

<p>Interest rate fluctuations (A)</p> Signup and view all the answers

What is a key characteristic of a savings account as a financial instrument?

<p>Low risk, low return (A)</p> Signup and view all the answers

What is a characteristic of a dual class share structure?

<p>Allows public capital access without losing control (B)</p> Signup and view all the answers

What is one key characteristic that must be present for a company to be considered a public company?

<p>They must file reports with the SEC (B)</p> Signup and view all the answers

If interest rates decrease, what happens to the present value of future cash flows?

<p>It increases (C)</p> Signup and view all the answers

Which of the following best defines the Glass Ceiling?

<p>A barrier faced by women when receiving promotions (B)</p> Signup and view all the answers

Which fund involves financing for startup companies and has a high risk-high return profile?

<p>Venture Capital Fund (A)</p> Signup and view all the answers

What are the components classified under M1 in the money supply?

<p>Cash and checkable deposits (B)</p> Signup and view all the answers

What is typically true about corporate bonds compared to common stocks?

<p>Corporate bonds are riskier due to potential bankruptcy (D)</p> Signup and view all the answers

What is a primary function of the Federal Reserve?

<p>To supervise and regulate financial institutions (B)</p> Signup and view all the answers

Which of the following is a primary function of managers?

<p>Organizing (D)</p> Signup and view all the answers

How is a convertible bond defined?

<p>A bond that can be changed into stock (D)</p> Signup and view all the answers

How does a decrease in the Federal Funds Rate typically affect the economy?

<p>It leads to lower interest rates on loans and stimulates borrowing (B)</p> Signup and view all the answers

What best describes the concept of empathy in leadership?

<p>Recognizing and understanding others' emotions (A)</p> Signup and view all the answers

What mechanism do banks use to profit from the Federal Funds Rate?

<p>Borrowing at low rates and lending at higher rates (D)</p> Signup and view all the answers

What does the term 'Time Value of Money' imply?

<p>A dollar today is worth more due to potential earning capacity (C)</p> Signup and view all the answers

Bid-ask spreads are generally narrower for which type of securities?

<p>Highly liquid securities (C)</p> Signup and view all the answers

Which of the following best describes 'Future Value'?

<p>The value of a current sum of money at a specified point in the future (A)</p> Signup and view all the answers

What type of risk is associated with the possibility of not receiving expected cash flows from a bond?

<p>Credit risk (D)</p> Signup and view all the answers

When a company is described as being on the 'Glass Cliff', what situation does this indicate?

<p>Women are often placed in leadership roles when a company is failing (C)</p> Signup and view all the answers

What are Debt Securities generally used for?

<p>To derive cash flows through interest payments (C)</p> Signup and view all the answers

Which market is known for trading shares of public companies?

<p>Stock exchanges like the New York Stock Exchange (C)</p> Signup and view all the answers

What is a liquidity risk associated with securities?

<p>Difficulty in selling an asset quickly without incurring major losses (B)</p> Signup and view all the answers

What is the Federal Funds Rate primarily used for?

<p>To influence the short-term borrowing costs between banks (A)</p> Signup and view all the answers

Which statement regarding the Apple credit card is correct?

<p>Men had a higher credit limit on Apple credit cards. (A)</p> Signup and view all the answers

What is an example of form utility in service operations?

<p>A movie theater providing seating and projection equipment for films. (C)</p> Signup and view all the answers

What type of layout allows for flexibility in handling a wide variety of products?

<p>Process layout. (C)</p> Signup and view all the answers

Which aspect does NOT contribute to quality planning?

<p>Increasing production speed. (D)</p> Signup and view all the answers

The concept of 'veracity' in big data refers to what?

<p>The accuracy and quality of the data. (B)</p> Signup and view all the answers

What is a disadvantage of an assembly line layout?

<p>Inability to adapt to product changes. (C)</p> Signup and view all the answers

Which distribution channel is characterized by a direct transfer of products from producer to consumer?

<p>Direct channel distribution. (D)</p> Signup and view all the answers

Which element is NOT a characteristic of big data?

<p>Integrity. (B)</p> Signup and view all the answers

Which act is primarily focused on curbing the negative impact of conflict minerals mining?

<p>Dodd-Frank Act. (B)</p> Signup and view all the answers

In which layout does production occur at a fixed geographic location with resources brought to that site?

<p>Fixed-position layout. (C)</p> Signup and view all the answers

Which of the following is an example of unstructured data?

<p>Customer comments on social media. (B)</p> Signup and view all the answers

What is an advantage of a product layout in manufacturing?

<p>Increased production speed. (A)</p> Signup and view all the answers

What does capacity planning address?

<p>Current and future capacity requirements for customer demand. (D)</p> Signup and view all the answers

Which of the following best represents retail distribution?

<p>Purchasing groceries at a convenience store. (B)</p> Signup and view all the answers

Flashcards

Sole Proprietorship

A business structure where one person owns and manages the entire business. They are responsible for all profits and losses.

Partnership

A business structure where two or more individuals share ownership and responsibility. Similar to a sole proprietorship, but with multiple owners.

LLC (Limited Liability Company)

A business structure that combines features of a sole proprietorship and a corporation, offering limited liability for owners and pass-through taxation.

Corporation

A business structure recognized as a separate legal entity from its owners, with limited liability and the ability to raise capital through the sale of stock.

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Cooperative

A business structure owned and controlled by its members, who are also its customers. Profits are distributed among the members.

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Non-Profit Organization

An organization that operates for a public benefit, rather than profit. They are often exempt from taxes.

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ESG (Environmental, Social, and Governance)

The practice of a company considering the environmental, social, and governance impacts of its operations. It's about being a responsible and ethical business.

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Public Company

A company whose stock is publicly traded on a stock exchange, meaning anyone can buy or sell shares of the company.

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Balance Sheet

A statement that shows the financial position of a company at a specific point in time, including assets, liabilities, and equity.

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Income Statement

A statement that shows a company's revenue and expenses over a period of time, resulting in net income or net loss.

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Statement of Cash Flows

A statement that shows the cash flows generated and used by a company over a period of time, categorized into operating, investing, and financing activities.

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Double Entry Bookkeeping

The practice of recording financial transactions in a way that every entry impacts two or more accounts, ensuring that the accounting equation (Assets = Liabilities + Equity) always balances.

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Networking

The process of building and maintaining relationships with professionals in your field or industry, often with the goal of advancing your career or business.

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Risk Management

Steps involved in identifying, analyzing, and managing potential threats to a company or organization.

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ESG

A framework that assesses a company's environmental, social, and governance performance, often used by investors and other stakeholders to make informed decisions.

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Human Resource Management (HRM)

The management of an organization's workforce, including recruitment, training, compensation, benefits, employee relations, and legal compliance.

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Pay Gap

A situation where women or minority groups earn significantly less than their male or white counterparts for performing the same or similar work.

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Labor Union

An organization that represents workers' interests and negotiates on their behalf with employers.

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Equity Financing

The process by which a company raises money by selling ownership shares to investors.

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Glass Ceiling

A barrier that prevents women from advancing to higher positions in a company, often due to unconscious biases or systemic obstacles.

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Glass Cliff

Situation where women are more likely to be appointed to leadership roles in companies that are struggling or at risk of failing.

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Portability (Characteristic of Money)

Something that can be easily carried or transported, making it practical for exchanging goods and services.

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Divisibility (Characteristic of Money)

Something that can be divided into smaller units, allowing for flexible transactions.

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Durability (Characteristic of Money)

Something that can withstand wear and tear over time, maintaining its value.

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Stability (Characteristic of Money)

Something that retains a relatively stable value over time, preventing rapid fluctuations.

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M1 (Money Supply)

The most liquid form of money, including cash, checking accounts, and traveler’s checks, representing the economy's current spending power.

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M2 (Money Supply)

A broader measure of money supply, including M1 plus less liquid assets like savings accounts and money market funds, representing the economy's potential spending power.

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The Federal Reserve (Fed)

The central bank of the United States, responsible for managing the nation's monetary policy and financial stability.

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Federal Funds Rate

The interest rate at which banks lend and borrow reserves from each other overnight.

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Fed Funds Rate (Set by FOMC)

The rate at which banks lend and borrow money from each other overnight, set by the Federal Open Market Committee.

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Time Value of Money

The concept that a dollar today is worth more than a dollar in the future due to its potential earning capacity.

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Present Value (PV)

The current value of a future payment or receipt, discounted at a specific interest rate.

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Service Operations

Activities that produce intangible and tangible products, such as entertainment, transportation, and education.

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Goods Operations

Activities that produce tangible products, such as smartphones, coffee, clothing, buses, and textbooks.

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Form Utility

When production makes products available to consumers. Raw materials and human skills are transformed into finished goods and services.

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Time Utility

When products are made available at times that are convenient for consumers.

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Place Utility

When products are made available in locations that are convenient for consumers.

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Capacity Planning

Determining current and future capacity needs to meet customer demand.

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Process Layout

A physical arrangement of production activities that groups equipment and people according to function. It offers flexibility to handle a wide variety of products.

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Product Layout

A physical arrangement of production steps designed to make one type of product in a fixed sequence. It increases efficiency for large-volume production.

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Assembly Line Layout

A type of product layout where a product moves step-by-step through a plant on conveyor belts until it is complete. It’s efficient but inflexible.

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Fixed-Position Layout

Labor, equipment, materials, and other resources are brought to one location for production. It is used for projects that are difficult to move.

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Quality Planning

A combination of characteristics that satisfies customers. It includes performance and consistency.

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Methods Planning

Defining the steps of production to improve efficiency.

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5 Vs of Big Data

The amount, speed, type, accuracy, and usefulness of data.

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Direct Channel

A distribution channel where goods are shipped directly from the producer to the consumer.

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Retail Distribution

A distribution channel that uses retailers to sell consumer products, requiring large and costly floor space.

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Bid-Ask Spread

The difference between the highest price a buyer is willing to pay for an asset and the lowest price a seller is willing to accept.

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Free Cash Flow Model

A model that estimates the present value of a company's future cash flows available to equity shareholders after paying all other capital and operating expenses.

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Private Equity

A type of investment involving ownership or interest in a company that is not publicly traded or listed.

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Dual Class Share Structure

A stock with multiple share classes, differing in voting rights and economic benefits.

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Residual Income Model

An investment model that values a company based on its 'excess' earnings, which are the difference between actual earnings and expected earnings.

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Return

The return expected to be earned from an investment. It can be expressed as a percentage of the initial investment.

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Systematic Risk (Market Risk)

Risk that affects all investments in the market, such as inflation, interest rates, and economic recessions. It is non-diversifiable.

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Unsystematic Risk (Specific Risk)

Risk that affects a particular company or industry, such as business risk, financial risk, and operational risk. It is diversifiable.

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Leveraged Buyouts

A strategy involving the acquisition of another company using a significant amount of borrowed money (bonds or loans) to meet the cost of acquisition.

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Venture Capital

A type of financing provided to startup companies and small business with long-term growth potential, and a form of private equity.

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Private Placement

An issue of securities offered to a single or few investors instead of being publicly offered. These issues do not need to be registered with the SEC.

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Corporate Bonds

Bonds issued by a company. They are considered riskier than government bonds.

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Common Stock

Shares of ownership in a company, representing a claim on the company's assets and profits. They are considered riskier than bonds.

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Municipal Bonds

A type of investment that involves purchasing bonds issued by local governments. They often offer tax advantages.

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Money Market Funds

Funds that invest in short-term, high-quality assets, offering low risk and low returns. Examples include money market accounts and treasury bills.

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Economic Impact of a Strike

The impact of a strike on the company's finances, often leading to losses due to halted production and supply chain disruptions.

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Data Scientist

A professional who analyzes and interprets large datasets to identify trends, patterns, and insights that can inform business decisions.

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Supply Chain Manager

A professional who manages the movement of goods and services from origin to consumer, ensuring efficiency, cost-effectiveness, and timely delivery.

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VW Business Ethics Scandal

A major ethical scandal involving Volkswagen's emission testing, where cars were programmed to cheat on regulatory emissions tests.

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Personal Balance Sheet

A financial statement summarizing your current assets (what you own) and liabilities (what you owe) to determine your net worth (assets minus liabilities).

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Developing Financial Goals

Specific financial goals you aim to achieve, including the desired outcome, cost, and timeline for accomplishment.

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Gross Income

Income received from various sources, such as wages, salaries, bonuses, and investments.

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Taxable Income

The amount of income subject to taxation after deductions and exemptions are applied.

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Financial Action Plan

A set of financial guidelines that outline your financial goals, strategies for achieving them, and ongoing monitoring of progress.

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FICO Score

A credit score based on an individual's credit history, used by lenders to assess creditworthiness.

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What is a basis point?

A basis point is one one-hundredth of a percent. For example, 50 basis points represent a 0.5% change.

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What is the difference between GNP and GDP?

Gross National Product (GNP) includes the value of goods and services produced by a country's citizens and businesses, both domestically and internationally. Gross Domestic Product (GDP) only measures the value of goods and services produced within a country's borders.

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What is a Money Market Mutual Fund?

A money market mutual fund is a type of investment fund that invests in a collection of short-term, low-risk financial securities. Returns and losses are shared among the fund's investors.

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What are finance companies?

Commercial finance companies lend to businesses needing capital or long-term funds, while consumer finance companies offer small, noncommercial loans to individuals.

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What are reserve requirements?

Reserve requirements are the percentage of deposits banks must hold with a federal reserve bank. High requirements reduce the money supply available for lending, while low requirements allow the supply to expand.

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What influences the consumer's decision to buy?

The consumer's decision to buy is influenced by the perceived value of a product or service, which is determined by comparing its benefits against its costs.

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What are the 5 Ps of marketing?

The 5 Ps of marketing, also known as the marketing mix, are Product, Price, Place, Promotion, and People. It includes marketing strategies and tactics to achieve a specific goal.

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What does Place in marketing refer to?

Place, one of the 5 Ps of marketing, includes distribution channels, location, logistics, and market coverage, ensuring the product reaches the right customers in the right place.

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What is the purpose of market research?

Marketing research is conducted to understand consumer behavior, market trends, competitor activities, and potential opportunities. It helps businesses make informed decisions.

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What is brand equity?

Brand equity represents a brand's reputation in the market. High brand equity means consumers recognize, prefer, and trust the brand, leading to stronger customer loyalty and sales.

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What is a Unique Selling Proposition (USP)?

A Unique Selling Proposition (USP) is a clear and concise statement of what makes a brand different from its competitors. It highlights the unique benefits and value proposition offered.

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What is a behavioral market segment?

A behavioral market segment is a group of consumers who exhibit similar purchasing habits, decisions, and preferences. For example, consumers who regularly buy in bulk or prioritize healthy food.

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What are some examples of digital marketing strategies?

Digital marketing strategies, such as Search Engine Optimization (SEO), Search Engine Marketing (SEM), Content Marketing, Email Marketing, and Social Media Marketing, leverage online channels to reach and engage target audiences.

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What are the benefits of Social Media Marketing?

Social Media Marketing offers businesses the opportunity to interact with customers in real time, build relationships, promote brand loyalty, and precisely target specific demographics, interests, and behaviors.

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What is marketing ethics?

Marketing ethics ensures honesty, fairness, and trust in marketing practices, protecting brand reputation, avoiding legal penalties, and promoting fair competition.

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What are some current and future marketing trends?

Generative AI, social media marketing, AR/VR are emerging marketing trends. These technologies are leading to increased data and privacy concerns.

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Study Notes

Business Fundamentals

  • Business Definition: A business is an organization engaged in the activity of producing or supplying goods or services.
  • Macro Factor Assessment: PESTEL analysis (Political, Economic, Sociocultural, Technological, Environmental, Legal) is used to assess factors affecting an industry and business.
  • Cultural Environment: Key aspects include social orientation, power orientation, uncertainty orientation, goal orientation, and time orientation.

Business and Society

  • Stakeholders (Internal): Employees, managers, owners.
  • Stakeholders (External): Suppliers, society, government, creditors, shareholders, customers.
  • ESG Reporting: Environmental, Social, and Governance reports provide a framework for companies to disclose their impact on these areas. Examples include Patagonia.
  • CSR (Corporate Social Responsibility): A broader look at sustainability, encompassing social and environmental considerations. Example: Apple's past CSR practices.
  • Case Studies: Apple's poor CSR record, a Foxconn worker suicide, and the Argus Farm model showcase real-world situations and ethical considerations.

Organizational Structure

  • Sole Proprietorship: Complete control, no double taxation, but unlimited liability.
  • Partnership: No double taxation, but unlimited liability.
  • LLC (Limited Liability Company): Limited liability, no double taxation, continuity, but less control.
  • Corporation: Limited liability, but double taxation.
  • Cooperative: No double taxation, but lack of continuity.
  • Non-profit: Intrinsic rewards, longer lifespan, but no profit, requires volunteers.
  • Corporate Structure Example: Alphabet's structure, including a dual class share structure.
  • Public Company: Must have public securities, trade on exchanges (NYSE), and file with the SEC.
  • Public Debt/Equity: Companies raise money through various sources (bank loans, investor funds).
  • Glass Ceiling/Glass Cliff: Barriers and challenges for women for career progression.

Understanding Finance

  • Characteristics of Money: Portable, divisible, durable, and stable.
  • Functions of Money: Medium of exchange, store of value, and measure of worth.
  • Monetary Aggregates (M1/M2): M1 (cash, checkable deposits, traveler's checks) represents the economy's actual purchasing power. M2 includes M1 plus time deposits.
  • The Federal Reserve (The FED): The US central bank. Key functions include conducting monetary policy, maintaining financial stability, supervising financial institutions, and promoting consumer protection.
  • Federal Funds Rate: The rate banks charge each other for overnight borrowing. The rate set by the FOMC (Federal Open Market Committee).
  • Time Value of Money: A dollar today is worth more than a dollar in the future due to potential earnings. This is a fundamental concept in financial decision-making.

Valuing Securities

  • Debt Securities (Bonds): Valued by assessing cash flows, timing of future payments, and uncertainty associated with risks (credit risk, interest rate risk, etc.).

  • Equity Securities (Stocks): Valued by various models, including dividend discount models, free cash flow models, and earnings multiple models (e.g., Price-to-Earnings ratio).

  • Risk-Return Relationship: Higher risk investments often yield higher rewards.

  • Diversification: Important for managing risk.

  • Stock Examples: Common stock represents ownership in a company.

  • Bond Examples: Corporate bonds are issued by companies. Treasury bonds are low-risk.

  • Other Investments: Savings accounts, money market funds, municipal bonds, real estate investment funds, convertible bonds, preferred stock, venture capital.

Clifton Strengths and Leadership (and more)

  • 12 Competencies at Ross School of Business: communication, compassion & empathy, critical thinking, ethical reasoning, global perspective, etc.
  • Empathy: Recognizing and understanding emotions. Compassion: empathy with action to alleviate suffering.
  • Management Functions: Planning, organizing, controlling, and leading.

Additional Business Topics

  • Business Strategy: Choices influencing competitive advantage include what a company wants to be (aspirations), where it will compete, and how it will compete against competitors in that industry.

  • Marketing Mix (5 Ps): Product, Price, Place, Promotion, and People.

  • Consumer Decision Making Process: Need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation.

  • Brand Equity: A brand's reputation.

  • Price Discrimination: Examples include different pricing for different customer groups.

  • Operations and Decision Making: Service vs goods operations, utilization of value-adding utility, capacity/layout/methods planning for increased efficiency, quality planning.

  • Big Data Analysis: Characteristics of big data (volume, velocity, variety, veracity, value).

  • Distribution Channels: Direct, retail, wholesale, via agents/brokers.

  • Accounting Information: Balance sheet, income statement, statement of cash flows. Sources of accounting information for public companies.

  • Networking: Identifying goals, targeting key people, and focusing on quality interactions.

  • Risk Management: Prevention, control, and transfer strategies. Examples include financial and societal crises.

  • Government Policy and Politics: Relationship between branches of government.

  • HRM (Human Resource Management): Attracting, retaining, and developing talent. Legal aspects include equal employment, compliance, and compensation.

  • Pay Gap and Union Membership: Trends observed in various economies.

  • GM Strike (case study): Highlights worker/management negotiations, causes, and impacts.

  • Future Career Paths: Emerging business careers related to data science, sustainability, FinTech, and emerging technologies.

  • The National Debt: Size and impacts, and comparison to GDP.

  • Personal Finance: Steps for developing a financial plan, including assessing current finances, establishing goals, and implementing an action plan.

  • Cryptocurrency: An example of high-risk, high-reward investment options.

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Explore the essentials of business definitions, stakeholder analysis, and the cultural environment in which businesses operate. This quiz also covers the importance of ESG reporting and Corporate Social Responsibility. Enhance your understanding of the macro factors influencing businesses today.

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