BUS 101 Exam 2 Review questions with verified
answers
acquisitions (def. and example) Ans✓✓✓one company's purchase of
the property and obligations of another company
brand name Ans✓✓✓a word, letter, or group of words or letters that
differentiates one seller's goods from a competitor's
business plan Ans✓✓✓a detailed written statement that describes the
nature of the business, the target market, the advantages the business
will have over competition, and the resources and owners' qualifications
corporation Ans✓✓✓a legal entity with authority to act and have
liability apart from its owners
customer relationship management Ans✓✓✓software "provides a
model for managing a company's interactions with current and future
customers" and uses technology to "organize, automate, and synchronize
sales, marketing, customer service and technical support"
entrepreneurship Ans✓✓✓accepting the risk of starting and running a
business
environmental scanning Ans✓✓✓the process of identifying factors that
affect marketing success
, ERP (enterprise resource planning) Ans✓✓✓"integrate all departments
and functions across a company onto a single computer system that can
serve all those different departments particular needs" and "gives a
company an integrated real-time view of its core business processes tied
together by ERP applications software and a common database
maintained by a database management system"
facility layout Ans✓✓✓focuses on "the physical arrangement of
resources, including people, to most efficiently produce goods and
provide services"
franchise agreement Ans✓✓✓an arrangement whereby someone with a
good idea for a business (franchisor) sells the rights to use the business
name and sell a product or service (franchise) to others (franchisees) in a
given territory
general partner Ans✓✓✓an owner (partner) who has unlimited liability
and is active in managing the firm
general partnership Ans✓✓✓all owners share in operating the business
and in assuming liability for the business's debts
intrapreneur Ans✓✓✓a creative person who works as an entrepreneur
within a corporation
ISO (international organization for standardization) Ans✓✓✓"is a
nongovernmental organization established to promote the development
answers
acquisitions (def. and example) Ans✓✓✓one company's purchase of
the property and obligations of another company
brand name Ans✓✓✓a word, letter, or group of words or letters that
differentiates one seller's goods from a competitor's
business plan Ans✓✓✓a detailed written statement that describes the
nature of the business, the target market, the advantages the business
will have over competition, and the resources and owners' qualifications
corporation Ans✓✓✓a legal entity with authority to act and have
liability apart from its owners
customer relationship management Ans✓✓✓software "provides a
model for managing a company's interactions with current and future
customers" and uses technology to "organize, automate, and synchronize
sales, marketing, customer service and technical support"
entrepreneurship Ans✓✓✓accepting the risk of starting and running a
business
environmental scanning Ans✓✓✓the process of identifying factors that
affect marketing success
, ERP (enterprise resource planning) Ans✓✓✓"integrate all departments
and functions across a company onto a single computer system that can
serve all those different departments particular needs" and "gives a
company an integrated real-time view of its core business processes tied
together by ERP applications software and a common database
maintained by a database management system"
facility layout Ans✓✓✓focuses on "the physical arrangement of
resources, including people, to most efficiently produce goods and
provide services"
franchise agreement Ans✓✓✓an arrangement whereby someone with a
good idea for a business (franchisor) sells the rights to use the business
name and sell a product or service (franchise) to others (franchisees) in a
given territory
general partner Ans✓✓✓an owner (partner) who has unlimited liability
and is active in managing the firm
general partnership Ans✓✓✓all owners share in operating the business
and in assuming liability for the business's debts
intrapreneur Ans✓✓✓a creative person who works as an entrepreneur
within a corporation
ISO (international organization for standardization) Ans✓✓✓"is a
nongovernmental organization established to promote the development
