GC Introduction to Business Final Exam Review PDF

**Introduction to Business Final exam review: Chapters 5,7,8,10** **Basic forms of ownership:** - - - - - **Sole proprietorship:** - - - - **Sole proprietorship pros & cons** **PROS:** - - - - - - **CONS** - - - - - - **Partnership** - - -...

**Introduction to Business Final exam review: Chapters 5,7,8,10** **Basic forms of ownership:** - - - - - **Sole proprietorship:** - - - - **Sole proprietorship pros & cons** **PROS:** - - - - - - **CONS** - - - - - - **Partnership** - - - **Partnership variations:** **General Partnership:** All owners share in operations and assume liability **Limited Partnership:** **General partner --** unlimited liability/active in the firm **Limited partner --** investor/no liability/no activity in the firm **partnership pros & cons** **PROS** - - - - **CONS** - - - - **Corporation** - - - **corporation pros & cons** **PROS** - - - - - - **CONS** - - - - - - - - **Corporation Variations** **S Corporation:** A corporation with 100 shareholders or less, taxed as a partnership S corps are pass-through entities, they don't pay corporate taxes and have limited liability protection for their owners/principals. **Limited Liability Companies (LLC):** - - - **Corporation Expansion -- m&A** **Merger:** - - - **Acquisition** -  **franchises** **Franchise Agreement** - - **Franchisor** - - - - - **Franchisee** - - - **Cooperatives (mainly done by farmers)** - - - - **Chapter 7: Management & leadership** **What is management?** the process of organizing and controlling people, resources, and tasks to achieve a specific goal **Management CHALLENGES:** - - - - - - **Management functions** **Planning** - **Organizing** - **Leading** - **Controlling** - **Planning process: ---\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\-\--\>\>\>** **Decision making** **Organizational structure** **leadership:** - - - - - - **Leadership styles** - - **Control & performance management** - - - **Chapter 8: Structuring organizations for today's challenges** **Origins of organizational design** **Visualizing the organization** **The Organizational Chart** - - - **Hierarchy & Bureaucracy** **Hierarchy** -- how the organization is **structured** **Bureaucracy** -- how the organization **runs** **Decisions in organizational structuring:** **Authority** - - **Span of Control** - - - **Departmentalization** - - - - - **Organizational models** **Line** - - **Line & Staff** - - **Matrix** - **Networking/virtual organization** - - - - - **Outsourcing vs. offshoring** **Outsourcing:** moving operations to a 3rd party - - - - **Offshoring:** relocating manufacturing/services - - - - **What is company culture?** **Chapter 10: Motivating Employees** **The importance of motivation** - - - - - - - **Intrinsic vs. extrinsic motivation** **Management concepts: Scientific** **Taylor:** Scientific Management - - **Gantt:** Charting - - **Gilbreth:** Motion Economy - - **Management Concepts: Behavioral** **Mayo:** Hawthorne Effect - - **Maslow:** Hierarchy of Needs - - **Herzberg**: Motivators & Hygiene - - **McGregor:** Theory X & Y - - **Ouchi:** Theory Z - - **Management Concepts:** [Maslow's pyramid] **Management Concepts:** [Herzberg 2 factor theory] **Management Concepts:** [Maslow & Herzberg] **Management Concepts**: [Mcgregor] **Management Concepts:** [Ouchi] **Goal setting & Management by objectives** **Goal Setting:** ambitious and attainable goals improve performance - - **Management By Objectives:** long range plans to achieve goals - - **Both ideas rely on feedback and agreement to be successful** **Employee Expectations:** [Vroom ] **Expectancy Theory\*** - - - **Equity Theory**\* is a similar model using "fairness" as the criteria **Strategies for employee motivation** **Job Enrichment:** Vertical - **Job Enlargement:** Horizontal - **Job Rotation:** Circular - **Communication** - **Diversity** -