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BUSN 101 - FINAL > BUSN FINAL > Flashcards

BUSN FINAL Flashcards

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1
Q

Accounting

A

the process of collecting, recording, classifying, summarizing, reporting, and analyzing financial activities

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2
Q

What accountants do (accounting careers)

A

Financial accounting, managerial accounting, and auditing

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3
Q

financial accounting

A

accounting that focuses on preparing external financial reports that are used by outsiders such as lenders, suppliers, investors, and government agencies to assess the financial strength of a business

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4
Q

managerial accounting

A

accounting that provides financial information that managers inside the organization can use to evaluate and make decisions about current and future operations

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5
Q

auditing

A

the process of reviewing the records used to prepare financial statements and issuing a formal auditor’s opinion indicating whether the statements have been prepared in accordance with accepted accounting rules

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6
Q

accounting terminology

A

balance sheet, assets, liabilities, owners’ equity, accounting equation, income statement, revenues, expenses, cost of goods sold, gross profit

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7
Q

balance sheet

A

a financial statement that summarizes a firm’s financial position at a specific point in time

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8
Q

assets

A

things of value owned by a firm

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9
Q

liabilities

A

what a firm owes to its creditors; also called debts

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10
Q

owners’ equity

A

the total amount of investment in the firm minus any liabilities; also called net worth. Includes owners’ investments (stock issues for a public company), net income, minus dividends since the inception of the company

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11
Q

accounting statement

A

assets = liabilities + owners’ equity

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12
Q

income statement

A

a financial statement that summarizes a firm’s revenues and expenses and shows its total profit or loss over a period of time

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13
Q

revenues

A

the dollar amount of a firm’s sales plus any other income it received from sources such as interest, dividends, and rents

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14
Q

expenses

A

the cost of generating revenues

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15
Q

cost of goods sold

A

the total expense of buying or producing a firm’s goods or services

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16
Q

gross profit

A

the amount a company earns after paying to produce or buy its product but before deducting operating expenses

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17
Q

What is Finance?

A

financial management, financial planning, investment(spending money), financing (raising money)

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18
Q

financial management

A

the art and science of managing a firm’s money so that it can meet its goals

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19
Q

financial planning

A

preparing the financial plan, which projects revenues, expenditures, and financing needs over a given period

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20
Q

investment (spending money)

A

investing the firm’s funds in projects and securities that provide high returns to their risks

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21
Q

financing (raising money)

A

obtaining funding for the firm’s operations and investments and seeking the best balance between debt (borrowed funds) and equity (funds raised through the sale of ownership in the business)

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22
Q

what finance professionals do (finance careers)

A

commercial banks, investment bankers, stockbroker

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23
Q

commercial banks

A

profit-oriented financial institutions that accept deposits, make business and consumer loans, invest in government and corporate securities, and provide other financial services (chapter 15)

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24
Q

investment bankers

A

help companies raise long-term financing. Firms that act as intermediaries, buying securities from corporations and governments and reselling them to the public

25
Q

stockbroker

A

a person who is licensed to buy and sell securities on behalf of clients

26
Q

finance terminology

A

equity, initial public offering (IPO), common stock, dividends, debt, bonds, interest

27
Q

equity

A

a form of business financing consisting of funds raised through the sale of stock (i.e., ownership) in a business

28
Q

initial public offering (IPO)

A

a company’s first sale of stock to the public

29
Q

common stock

A

a security that represents an ownership interest in a corporation

30
Q

dividends

A

payments to stockholders from a corporation’s profits

31
Q

debt

A

a form of business financing consisting of borrowed funds that must be repaid with interest over a stated time period

32
Q

bonds

A

long-term debt obligations (liabilities) issued by corporations and governments

33
Q

interest

A

a fixed amount of money paid by the borrower (for a bond, loan, mortgage) to the lender (or bondholder) on a regular schedule

34
Q

Marketing

A

the process of discovering the needs and wants of potential buyers and customers (whether organizations or consumers) and then providing goods and services that meet or exceed their expectations; Marketing is about creating exchanges. An exchange takes place when two parties give something of value to each other to satisfy their respective needs or wants.

35
Q

5Ps

A

the traditional 4Ps of marketing: product, price, promotion, place (distribution), now with people added as a key marketing component, which together make up the marketing mix

36
Q

Product

A

marketers use the term product to refer to goods, services, or even ideas

37
Q

price

A

something given in exchange for a product; Price may be monetary or nonmonetary. Price has many names, such as rent, fees, charges, and others

38
Q

place

A

some method of getting the product from the creator of the product to the customer; Place includes a myriad of important tasks: transportation, location, supply chain management (managing each entity that deals with the product in its route to the buyer), online presence, inventory, and atmospherics (how the office, store, or even the website looks)

39
Q

promotion

A

methods for informing and influencing customers to but the product; promotion includes several different components:
traditional advertising
sales promotion
public relations
personal selling
social media
e-commerce

40
Q

market segmentation

A

the process of separating, identifying, and evaluating the layers of a market in order to identify to a target market

41
Q

target market

A

the specific group of consumers toward which the firm could direct its marketing efforts. It is often divided into segments so that marketing strategies can be directed to a more specific target

42
Q

management

A

the process of guiding the development, maintenance, and allocation of resources to attain organizational goals

43
Q

four primary functions of managers

A

planning
organizing
leading (leadership)
controlling

44
Q

planning

A

the process deciding what needs to be done to achieve organizational objectives; identifying when and how it will be done; and determining who should do it

45
Q

organizing

A

the process of coordinating and allocating resources to carry out an organization’s plans

46
Q

leading (leadership)

A

the process of guiding and motivating others toward the achievement of organizational goals

47
Q

controlling

A

the process of assessing the organization’s progress toward accomplishing its goals; includes monitoring the implementation of a plan and correcting deviations from the plan

48
Q

types of planning

A

contingency plans
strategic planning

49
Q

contingency plans

A

plans that identify alternative courses of action for very unusual or crisis situations

50
Q

strategic planning

A

the process of creating long-range (one to five years), broad goals for the organization and determining what resources will be needed to accomplish those goals

51
Q

leadership

A

the process of guiding and motivating others toward the achievement of organizational goals

52
Q

leadership style

A

the relatively consistent way that individuals in leadership positions attempt to influence the behavior of others

53
Q

power

A

the ability to influence others to behave in a particular way

54
Q

coercive power

A

power that is derived from an individual’s ability to threaten negative outcomes

55
Q

expert power

A

power that is derived from an individual’s extensive knowledge in one or more areas

56
Q

legitimate power

A

power that is derived from an individual’s position in an organization

57
Q

reward power

A

power that is derived from an individual’s control over rewards

58
Q

referent power

A

power that is derived from an individual’s personal charisma and the respect and/or admiration the individual inspires

59
Q

corporate culture

A

the set of attitudes, values, and standards that distinguishes one organization from another

BUSN 101 - FINAL (1 decks)

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