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STUDY GUIDE FOR THE EXAM ON INTRODUCTION TO THE WORLD OF BUSINESS I. (Fall 2016 – Updated on December 8, 2016) List of Terms and Expressions I: General Introduction business (definition, purpose) classification of businesses sectors of the economy (primary, secondary, tertiary and quaternary sectors) private and public sectors sole proprietorship (advantages, disadvantages) partnership (advantages, disadvantages) corporation (advantages, disadvantages) limited/unlimited liability general partnership limited partnership general/limited partners legal personality incorporation private limited company public limited company memorandum of association, articles of association stocks, shares dividend annual general meeting board of directors managing director, CEO, President liquidation, winding up double taxation cooperatives nonprofit organizations franchise offshore company turnover functions of businesses (5 main functions) entrepreneurship venture traits of entrepreneurs List of Terms and Expressions II: Management and Organization; III: Economy and Economics management (definition) shareholders Board of Directors senior management CEO, CFO, COO, CIO management functions: planning, organizing, leading, controlling business resources delegation and motivation levels of management first-line, middle, and top managers areas of management autocratic, democratic, free-rein leadership styles teams managerial structures line authority, line and staff authority centralized vs. decentralized organization departmentalization economics (definition) micro and macroeconomics (definition) goods and services wants and needs scarcity economic resources (natural, labor, capital, entrepreneurial) market economy command economy mixed economy supply and demand pure competition monopolistic competition oligopoly monopoly measuring economic activity/performance GDP standard of living unemployment rate rate of inflation business cycle (4 stages) fiscal and monetary policy List of Terms and Expressions IV: Marketing definition of marketing goals of marketing relationship marketing the marketing environment and the 7 major forces discretionary income buyer’s power SWOT analysis PEST analysis Porter’s Five Forces analysis the marketing mix 4Ps Types of promotion 7Ps positioning branding direct and indirect distribution market research target market market segmentation product life cycle – 4 stages advertising – definition informative vs. persuasive advertising infomercials transit advertising new forms of online advertising endorsement product placement List of Terms and Expressions V: Finance Financial management – definition Scope of Financial Management CFO Treasurer Controller Goal of Financial Management NYSE NASDAQ securities cash flow Primary and Secondary Markets over-the-counter deals (OTC deals) Dow Jones capital stock stocks and shares common vs. preferred stocks dividend shareholder IPO bond the bond issuer and holders underwriter of stock bear vs. bull market to quote a bid principal maturity hedge funds shorting leverage accounting, bookkeeping, and auditing (differences) financial statements: balance sheets, income statements, cash flow statements, statements of shareholders’ equity assets, liabilities and shareholders’ equity current assets noncurrent assets fixed assets tangible and intangible assets goodwill accounts receivable and payable current and long-term liabilities GAAP (generally accepted accounting principles) List of Terms and Expressions VI: Globalization and Sustainable Development globalization: definition the controversy over globalization: pro and contra McDonaldization International Monetary Fund, World Bank Greenpeace the political, social, environmental and cultural dimensions sustainable development: definition the Brundtland Report G8 out-sourcing near-shoring off-shoring List of Terms and Expressions VII: Business Etiquette and Ethics definition of business etiquette code of conduct dos and don’ts of office behavior fields affected by business etiquette (communications, behavior, handshakes, meetings, privacy, as a boss, as an employee, dress and fashion, etc.) cross cultural differences and etiquette (China, Switzerland) business ethics 3 sources for deriving standards of business ethics moral obligations: 6 principles List of Terms and Expressions VIII: Five Keys to s Successful Business Career (based on Louis Mattia’s talk and material) business asset, stock, goodwill agenda the FIVE P’s of professionalism to synergize Blake-Mouton Leadership Grid (country club, team, impoverished, authoritycompliance management) Meyer-Briggs character analysis 7 habits of highly successful people List of Terms and Expressions VIII: Human Resources and Recruitment party the guess lecture by Boglárka Kiss, Transcosmos Kft.) hiring recruiting and filling vacancies get short-listed turn-over rate R&D selection methods headhunting CV pool CV-screening Dos and Don’ts of CV writing job interview etiquette downsizing to lay off people payroll CI: continuous improvement roles of HR: create and define structures and guidelines, initiate and drive, coach managers, supply administration and reports L&D: learning and development benchmarking, benchmark analysis ROI (Return On Investment) probation List of Terms and Expressions: From the Guest Lecture on Assertive Communication assertive communication