International Business Jeopardy

The Law & Legal Systems

Property & Contracts

Conflict Resolution

The Entrepreneur

The Business Plan

Operating your own small business

Operating a small business The Law & Legal Systems Property & Contracts Conflict Resolution The Entrepreneur The Business Plan Operating a small business $100 $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 $500

Code law is also referred to as this

What is Civil law?

Law established on a case by case basis

What is common law?

This responsibility holds the manufacturer & seller accountable for the safety of their product

What is product liability?

Laws that are enacted by a body of lawmakers or legislators

What is Statutory Law?

This term refers to the failure of a responsible party to follow “standards of due care”

What is negligence?

Land or anything built or attached to that land

What is real property?

This component is evidence that there is a “meeting of the minds”

What is mutual agreement?

Something of value must be given up by two or more parties

What is consideration?

This type of contract has both parties bound by their exchange of promises

What is a bilateral contract?

No funny farm for you…..

What is capacity?

Cannot enforce a binding agreement until all parties reach agreement

What is mediation?

Hi ho, hi ho, it’s off to court we go……

What is litigation?

Bad publicity, time consuming, and way expensive

What are reasons for not using litigation?

Third party expert, who can render a binding decision when parties cannot resolve a problem

What is an arbitrator?

For multinational corporations, these are the two preferred means of resolving conflict

What is mediation and arbitration?

A risk taker who owns a business

What is an entrepreneur?

Independently owned, not dominating an industry

What is a small business?

A major source of new products & often more personal service

What are economic benefits of the small business?

These entities grow food products or take raw materials from nature

What are extractors?

This business tactic can save workers commuting time and requires less office space for a business

What is telecommuting?

Limited cash, inexperienced management and a weak economy

What are reasons many small businesses fail?

A document that details the marketing activities of an organization

What is a marketing plan?

This acts as a guide used to start and operate a business.

What is a business plan?

This section covers the form of business, the number of owners and general methods of financing

What is the Organization section of a business plan?

This section includes promotion, pricing, distribution and the selling of your product

What is the marketing activities section of a business plan?

Hula hoops cost you $2 to make and you sell them for $4 -you know for kids…

How do you calculate your GPU?

This financial tool estimates a company’s funds and plans for the spending of those funds

What is a budget?

Calculated by subtracting liabilities from assets

What is your net worth or owners equity?

These costs change in proportion to your levels of production

What are variable costs?

“Units” required to cover your butt and allow your business to continue

What is your breakeven point?