Dayton Biz 201 Final Exam All Possible Questions and Answers with complete solution

value - Answer-The relationship between the price of a good or a service and the benefits that it offers its customers profit - Answer-money that a business earns in sales, (or revenue), minus expenses loss - Answer-occurs when a business incurs expenses that are greater than its revenue nonprofits - Answer-business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain dimensions of business environment - Answer-economic, competitive, technological, social, and global exchange rate - Answer-a measurement of the value of one nation's currency relative to the currency of other nations foreign outsourcing - Answer-contracting with foreign suppliers to produce products direct investment - Answer-open foreign office OR acquisition or purchase of an existing business sociocultural differences - Answer-language, attitudes, values importing - Answer-buying products domestically that have been produced or grown in foreign nations exporting - Answer-selling products in foreign nations that have been produced or grown domestically tariff - Answer-taxes levied against importsstrategic alliance - Answer-Agreement between two or more firms to jointly pursue a specific opportunity without actually merging their businesses competitive advantage - Answer-The benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries. trade barriers - Answer-economic differences, sociocultural differences, legal/political differences ethics - Answer-a set of beliefs about right and wrong, good and bad ethical dilemma - Answer-a decision that involves a conflict of values; every potential course of action has some significant negative consequences code of ethics - Answer-A formal, written document that defines the ethical standards of an organization and gives employees the information they need to make ethical decisions across a range of situations whistle blowers - Answer-employees who report their employer's illegal or unethical behavior to either the authorities or the media Social Responsibility - Answer-the obligation of a business to contribute to society stakeholders - Answer-any groups that have a stake - or a personal interest - in the performance and actions of an organization planned obsolescence - Answer-Deliberately designing products to fail in order to shorten the time between consumer repurchases corporate philanthropy - Answer-Business donations to nonprofit groups corporate responsibility - Answer-business contributions to the community through the actions of the business itselfSutainable development - Answer-doing business to meet the needs of the current generation without harming the ability of future generations to meet their needs social audit - Answer-Evaluation of how well a firm is meeting its ethics and social responsibility goals communication barriers - Answer-physical, language, body language, perceptual, organizational, cultural nonverbal communication - Answer-Communication that does not use words. Common forms: gestures, posture, facial expressions, tone of voice, and eye contact. active listening - Answer-pay attention, show you're listening, provide feedback, defer judgement, respond appropriately active voice - Answer-when the subject of a sentence performs the verb's action communication channels - Answer-texting, memo, email, voicemail, telephone convo, videoconference, in-person presentation, face-to-face meeting bias - Answer-A preconception about members of a particular group. Common forms: gender bias; age bias; and race, ethnicity, or nationality bias. business email - Answer-used for brief fast internal or external communication concerning business memo - Answer-specific format, often used to communicate changes in company policy, make announcements, request action from employees, and remind employees to take action franchise - Answer-A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area Franchisor - Answer-an individual or organization granting a franchisefranchisee - Answer-A person who buys a franchise entrepreneurial characteristics - Answer-vision, self-reliance, energy, confidence, tolerance of uncertainty, tolerance of failure angel investor - Answer-individuals who invest in start-up companies with high growth potential in exchange for a share of ownership