1. Define importing and exporting.
2. Explain free trade.
3. Explain the difference between absolute advantage and comparative advantage.
4. Explain business, goods, services, and revenue.
5. Define and explain entrepreneurship.
6. Explain economics and resource development.
7. Summarize Adam Smith’s theory.
8. Define and explain the various forms of business organization to include partnerships, franchising, and corporations.
9. Define and explain international and global marketing.
10. Explain the major concepts related to a small business startup to include business plans, venture capitalists, the SBA, the SBIC, and SCORE
11. Know the elements of a business plan.
12. Explain acquisition, LBO, and LLP.
13. Explain corporate policy and corporate responsibility.
14. Describe corporate social initiatives.
15. Define ethics.
16. Define CSR.
17. Describe insider trading.
18. Explain various interested stakeholders.
19. List and explain the steps to be considered when determining the ethics of an action.
20. Explain the differences between compliance- and integrity-based ethics codes.
21. Define balance of payments and balance of trade.
22. Describe common market, countertrading, and devaluation.
23. Identify and explain WTO, SWFs, NAFTA, and FDI.
24. Describe an embargo.
25. Describe and explain trade surplus, deficit, tariffs, a strategic alliance, and a multinational corporation.
Explain the steps to establish a new business.
26. Describe an intrapreneur.
27. Explain microloans and the management team.
28. Describe and explain GDP, communism, depression, recession, and capitalism.
29. Explain some of the reasons for the success and failure of small businesses.
30. Describe the forms of business ownership; know how they are used and the advantages and disadvantages of each one.
31. Describe a franchise, and know its advantages and disadvantages.
32. Define a business merger.
33. Describe the purpose of a limited liability company.
34. Describe what advantages a small business may have when entering a foreign country’s market.
35. Describe what the difference is between privately and publicly owned businesses.
36. Describe the reasons why some people become entrepreneurs.
37. Explain the steps that should be taken in the buying of a franchise.
38. Describe and explain SCORE.
39. Describe the aspects of a limited liability company.
BUSN 115 Final Exam Study Guide
TCO I
1. Explain free market capitalism.
2. Describe and explain home-based entrepreneurial endeavors.
3. Explain how intermediaries perform the six marketing utilities.
4. Compare the business-to-business market and the consumer market.
5. Identify the new and traditional tools that make up the promotion mix.
6. Define and apply common economic indicators.
TCO 2
7. Define and discuss the ethical and social responsibilities of business.
8. Describe management’s role in setting ethical standards.
9. Describe and apply a business code of ethics.
10. Describe and explain the role of U.S. businesses in influencing ethical behavior and social responsibility in global markets.
11. Describe and explain sales law under the Uniform Commercial Code.
12. Define the elements of a contract.
13. Summarize several laws that regulate competition and protect consumers in the US.
14. Describe and explain the role of deregulation in the economy.
TCO 3
15. Discuss the changing landscape of the global market and the issue of offshore outsourcing.
16. Explain why nations trade.
17. Describe and explain the forces that affect trading in global markets.
18. Explain the advantages and disadvantages of trade protectionism.
TCO 4
19. Describe the role entrepreneurs play in the creation of jobs.
20. Explain why people take the risks of entrepreneurship; list the attributes of successful.
21. Analyze what it takes to start and run a small business.
TCO 5
22. Show how marketers use environmental scanning to learn about the changing marketing environment.
23. Explain how marketers apply the tools of market segmentation, relationship marketing, and the study of consumer behavior.
24. Discuss the four Ps of marketing.
25. Define marketing and apply the marketing concept to both for-profit and nonprofit organizations.
26. Show how word of mouth, e-mail marketing, viral marketing, blogging, podcasting, and mobile marketing work. 27. Contrast the advantages and disadvantages of various advertising media, including the Internet and social media. 28. Understand channel systems, and explain the various ways to build cooperation in them.
TCO 6
29. Describe and explain the four functions of management.
30. Relate the planning process and decision making to the accomplishment of company goals.
31. Describe the current state of U.S. manufacturing and what manufacturers have done to become more competitive.
32. Describe and explain planning issues as they relate to a firm’s operations, including its employees.
33. Show how managers put motivation theories into action through such strategies as job enrichment, open communication, and job recognition.
34. Show how managers personalize motivation strategies to appeal to employees across the globe and across generations.
TCO 7
35. Describe the various production processes, and describe techniques that improve productivity.
36. Describe and explain how to use a PERT chart and a Gantt chart.
37. Explain how flexible manufacturing is used.
38. Describe and explain when to use lean manufacturing.
39. Explain how mass customization can be used.
40. What are ERP and MRP?
41. How does vision apply to business?
42. Explain and apply facility location and layout to business.
TCO 8
43. Describe the four eras in the evolution of marketing.
44. Describe and explain the role of marketing managers and the marketing mix.
45. Describe the marketing research process.
46. Describe logistics and outline how intermediaries manage the transportation and storage of goods
47. Describe business-to-business marketing (B2B) and the business-to-consumer sales process.
48. Describe and explain how social media complements other promotions, including promotional strategies.
TCO 9
49. Describe and explain social media and Web 2.0.
50. Describe and explain privacy issues and stability issues as they apply to information networks.
51. Describe some of the common types of information used by business.
52. Describe and explain how information is managed.
53. Explain knowledge management and how it can be applied in a business setting.
54. Describe the types of computer software most frequently used in business.
TCO 10
55. Describe and explain business intelligence and how it is changing business.
56. Describe and explain virtualization and cloud computing.
57. Explain the different accounting disciplines.
58. List, describe, and apply business financial statements (income statement, balance sheet, statement of cash flows).
59. Describe the roles and responsibilities of financial managers
60. What are the finance concerns for small businesses?
61. List the types of financial budgets.