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 SCOREKnow 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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