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BUSA 101 > Chapters 6, 7, 14 > Flashcards

Chapters 6, 7, 14 Flashcards

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1
Q

Management

A

-achieve an organization’s objectives
-using its resources effectively and efficiently in a changing environment

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2
Q

Objectives of businesses (4)

A

Profit, competitive advantage, efficiency, and growth

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3
Q

Planning

A

-determining the organization’s objectives
-how to accomplish them
-First function of management

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4
Q

Organizing

A

-The structuring of resources and activities
-accomplish objectives in an efficient and effective manner

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5
Q

Staffing

A

The hiring of people to carry out the work of the organization

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6
Q

Controlling

A

-evaluating and correcting activities
-keep the organization on course

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7
Q

Directing

A

Motivating and leading employees to achieve organizational objectives

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8
Q

Mission

A

The statement of an organization’s fundamental purpose and basic philosophy

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9
Q

Goals

A

The result a firm wishes to achieve

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10
Q

Objectives

A

results desired by an organization derived from the mission

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11
Q

Strategic plans

A

Plans that establish the long-range objectives and overall strategy or course of action by which a firm fulfills its mission (long range)

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12
Q

Tactical plans

A

-short-range plans
-implement activities and objectives specified in the strategic plan (short range)

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13
Q

Operational plans

A

-very short term plans
-specify what actions individuals, work groups, or departments need to accomplish in order to achieve the tactical plan and ultimately the strategic plan (very short term)

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14
Q

Contingency plan

A

An element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer viruses, or airplane crash (disaster like covid)

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15
Q

Levels of management

A

-First line (supervisors)
-Middle (Division manager)
-Top (President/CEO)

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16
Q

Management level

A

6.3

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17
Q

Management functions

A

planning/ organizing/ staffing/ controlling/ directing

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18
Q

Employee empowerment

A

employees are provided with the ability to take on responsibilities and make decisions about their job

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19
Q

6 steps of the decision making process

A

-Recognize and define the decision situation
-develop options
-analyze options
-select the best option
-implement the decision
-monitor the consequences

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20
Q

organizational culture

A

A firm’s shared values, beliefs, traditions, philosophies, rules, and role models for behavior

21
Q

organizational structure

A

The arrangement of positions within an organization

22
Q

Departmentalization

A

Groups jobs into working units called departments, units, groups, or divisions

23
Q

Departmentalization types (4)

A

-geographic region (grouping of jobs based on location)
-customer (Grouping of jobs around customer needs)
-function (grouping of jobs with similar functions)
-product (organization of jobs in relation to products)

24
Q

Delegation of authority

A

Not only giving tasks to employees but empowering them to do whatever is necessary to carry out the task

25
Q

degree of centralization

A

-The extent to which authority is delegated throughout an organization
-centralized
-decentralized

26
Q

Span of management

A

-Number of subordinates who report to a particular manager
-narrow span
-wide span

27
Q

Committees

A

A permanent, formal group that performs a specific task

28
Q

task force

A

A temporary group of employees responsible for bringing about a particular change

29
Q

project teams

A

run their own operation and have total control over their work project

30
Q

downward communication

A

The traditional flow of communication from upper organizational levels to lower organizational levels

31
Q

upward communication

A

Flows from lower to higher levels of the organization

32
Q

Accounting

A

The recording, measurement and interpretation of financial information

33
Q

CPA

A

-An individual who has been state certified to provide accounting services ranging from the preparation of financial records and the filing of tax returns to complex audits of corporate financial records
-certified public accountant

34
Q

Managerial accounting

A

-internal use of accounting statements by managers
-planning and directing the organization’s activities.

35
Q

Accounting equation

A

Assets = Liabilities + Owners’ Equity

36
Q

Owner’s equity

A

-Equals assets minus liabilities and reflects historical values
-Owners investment within that company

37
Q

Accounting cycle (4)

A

Step one: examine source documents
Step two: record transactions
Step three: post transactions
Step four: prepare financial statements

38
Q

Income statement

A

Shows an organization’s profitability over a period of time

39
Q

revenue

A

The total amount of money received from the sale of goods and services, as well as from related business activities

40
Q

Cost of goods sold

A

-The amount of money spent to buy or produce the products sold during the income statement period
-Cost of goods sold = Beginning inventory + interim purchases − Ending inventory

41
Q

Net income

A

The total profit (or loss) after all expenses, including taxes have been deducted from revenue

42
Q

Balance sheet

A

A “snapshot” of an organization’s financial position at a given moment

43
Q

Assets (current)

A

Assets used or converted into cash within the course of a calendar year

44
Q

Assets (long)

A

-Land and equipment
-benefits company over time

45
Q

Liabilities (current)

A

A firm’s financial obligation to short-term creditors, which must be repaid within one year

46
Q

Liabilities (long)

A

-What you owe over time
-Bond

47
Q

Statement of cash flow

A

How the company’s cash changed from the beginning of the accounting period to the end

48
Q

Financial statement

A

-Income
-balance sheet
-Cash flow

49
Q

Ratio analyses

A

Calculations that measure an organization’s financial health
-Data from the income sheet and balance sheet

BUSA 101 (4 decks)

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