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BUSN 115 Midterm Study Guide Answers
This file of BUSN 115 Midterm Study Guide Answers contains:
- Define importing and exporting.
- Explain free trade.
- Explain the difference between absolute advantage and comparative advantage.
- Explain business, goods, services, and revenue.
- Define and explain entrepreneurship.
- Explain economics and resource development.
- Summarize Adam Smiths theory.
- Define and explain the various forms of business organization to include partnerships, franchising, and corporations.
- Define and explain international and global marketing.
- Explain the major concepts related to a small business startup to include business plans, venture capitalists, the SBA, the SBIC, and SCORE
- Know the elements of a business plan.
- Explain acquisition, LBO, and LLP.
- Explain corporate policy and corporate responsibility.
- Describe corporate social initiatives.
- Define ethics.
- Define CSR.
- Describe insider trading.
- Explain various interested stakeholders.
- List and explain the steps to be considered when determining the ethics of an action.
- Explain the differences between compliance- and integrity-based ethics codes.
- Define balance of payments and balance of trade.
- Describe common market, countertrading, and devaluation.
- Identify and explain WTO, SWFs, NAFTA, and FDI.
- Describe an embargo.
- Describe and explain trade surplus, deficit, tariffs, a strategic alliance, and a multinational corporation.
- Explain the steps to establish a new business.
- Describe an intrapreneur.
- Explain microloans and the management team.
- Describe and explain GDP, communism, depression, recession, and capitalism.
- Explain some of the reasons for the success and failure of small businesses.
- Describe the forms of business ownership, know how they are used and the advantages and disadvantages of each one.
- Describe a franchise, and know its advantages and disadvantages.
- Define a business merger.
- Describe the purpose of a limited liability company.
- Describe what advantages a small business may have when entering a foreign countrys market.
- Describe what the difference is between privately and publicly owned businesses.
- Describe the reasons why some people become entrepreneurs.
- Explain the steps that should be taken in the buying of a franchise.
- Describe and explain SCORE.
- Describe the aspects of a limited liability company.
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