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AAMI BUS 202 - Final Review: Business Concepts and Definitions, Exams of Nursing

A comprehensive list of business concepts and definitions relevant to aami bus 202. It covers key topics such as manufacturing and merchandising businesses, consumerism, patents, trademarks, business valuation approaches, startup ideas, organizational culture, franchising, business planning, market surveys, business models, capital, credit, marketing, and entrepreneurship. The document also includes true/false questions to test understanding of the concepts.

Typology: Exams

2023/2024

Available from 11/09/2024

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AAMI BUS 202 - Final Review
Manufacturing Business - correct answer A business that makes finished good from
raw materials by hand or machinery.
Merchandising Business - correct answer A business that purchases finished goods
for resale.
Consumerism - correct answer Emphasis placed on providing to customers the
products and services that are safe, reliable, and honestly advertised.
Patent - correct answer The registered right of an inventor to make, use, and sell an
invention.
Trademark - correct answer An intangible asset that is a name, sign, or symbol that
the federal government grants exclusive rights to use for a specified period of time.
Replacement Value Approach - correct answer The fair market price to purchase
similar products in a similar condition.
Earnings Value Approach - correct answer A business valuation approach that
centers on estimating the amount of potential income that may be produced by the
business in the next year.
Market Value Approach - correct answer Used in business valuation that determines
value based upon previous sales of similar businesses.
Type A Startup Ideas - correct answer Provides customers with a product or service
that is not in their market but exists somewhere else.
Type B Startup Ideas - correct answer Use a technically new process that provides
the basis for new product or service ideas.
Type C Startup Ideas - correct answer Perform an old function but in a new and
improved way.
Organizational Culture - correct answer Practices distinguishing a given firm, such as
beliefs about working beyond the closing hour or slowing down as closing time
approaches.
Franchisee - correct answer The party in a franchise contract who is granted selling
and other privileges whose power is limited by the organization.
Franchisor - correct answer The party in a franchise contract who specifies the
methods to be followed.
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AAMI BUS 202 - Final Review

Manufacturing Business - correct answer A business that makes finished good from raw materials by hand or machinery. Merchandising Business - correct answer A business that purchases finished goods for resale. Consumerism - correct answer Emphasis placed on providing to customers the products and services that are safe, reliable, and honestly advertised. Patent - correct answer The registered right of an inventor to make, use, and sell an invention. Trademark - correct answer An intangible asset that is a name, sign, or symbol that the federal government grants exclusive rights to use for a specified period of time. Replacement Value Approach - correct answer The fair market price to purchase similar products in a similar condition. Earnings Value Approach - correct answer A business valuation approach that centers on estimating the amount of potential income that may be produced by the business in the next year. Market Value Approach - correct answer Used in business valuation that determines value based upon previous sales of similar businesses. Type A Startup Ideas - correct answer Provides customers with a product or service that is not in their market but exists somewhere else. Type B Startup Ideas - correct answer Use a technically new process that provides the basis for new product or service ideas. Type C Startup Ideas - correct answer Perform an old function but in a new and improved way. Organizational Culture - correct answer Practices distinguishing a given firm, such as beliefs about working beyond the closing hour or slowing down as closing time approaches. Franchisee - correct answer The party in a franchise contract who is granted selling and other privileges whose power is limited by the organization. Franchisor - correct answer The party in a franchise contract who specifies the methods to be followed.

Product and Trade Name Franchising - correct answer Granting the right to use a widely recognized product name. Business Format Franchising - correct answer Obtains an entire marketing system and ongoing guidance from the franchisor. Piggyback Franchising - correct answer The operation of a retail franchise within the physical facilities of a host store. Sections of a Business Plan - correct answer 1- Title Page 2- Table of Contents 3- Executive Summary 4- Vision & Mission Statement 5- Company Overview 6- Products and/or Services Plan 7- Marketing Plan 8- Management Plan 9- Operating Plan 10- Financial Plan 11- Appendix Market Survey - correct answer A study used to determine where the potential customers are located. Census of Business - correct answer Explains where certain businesses are. Census of Housing - correct answer Keeps track of new home sales by region and/or the construction of new houses by region and specific area. Census of Manufacturing - correct answer Explains where certain manufacturers are located. Census of Population - correct answer Compiles population statistics with regard to distribution of population by things such as region and area. Business-to-Business Model - correct answer Selling to businesses. Business-to-Consumer Model - correct answer Selling to the general public. Current Liabilities/Debt Capital - correct answer Short term debt that is repaid within one year. Fixed Capital - correct answer Long-term capital that is invested in the small business; land, building, machinery, etc.

Better Business Bureaus serve primarily as assistants to district attorneys, helping expose corrupt business practices. - correct answer False