Entrep Flashcards
It is designing, developing, and executing the Enterprise Delivery System, from sourcing of the necessary input to the transformation of these input into the final output, which come in the form of goods or services or both, must carry all the features and attributes that customers are looking for
Operation Management
It represent factors that influence on results of any concern process. This was used to make product design and quality defect prevention to identify potential factors on cause and overall effect.
4M’s of Operation
What are the 4M’s of Operation
Method
Machine
Materials
Manpower
These are employees that processes and give insights on how to reduce cost, increase productivity to achieve a better business result.
Manpower
Used to make new products
Materials
It is a detailed procedure for accomplishing a particular job used when developing or innovating new product or service and expanding a business enterprise
Method
The process of acquiring the materials and services to be used in production is called?
Purchasing
It is marketing strategy that explains what a product is and why consumers should buy it.
Product description
TRUE OR FALSE
One of the necessary early steps in the inventing process is the creation of the prototype. It is the conversion of concepts into a viable product.
TRUE
What is the process of presenting a concept for a product to its target market and learns from those prospective buyers whether or not the idea is worth pursuing?
Market Validation
TRUE OR FALSE
Market validation typically takes place later-on in the conception stage, before any significant investment has been made in developing the product
FALSE
Market validation typically takes place early-on in the conception stage, before any significant investment has been made in developing the
It is the integration of all the activities that starts from the manufacturing of raw materials into the finished product and ends when the product reaches the customer.
Supply Chain
The series of input activities that focuses on creating or adding value to the product for its valued customers which often involves finding the raw material for manufacturers or just simply packaging and marketing for retailers.
Value chain
TRUE OR FALSE
Your success will depend on your capability to organize a team of highly qualified employees who are dedicated to the goals and objectives of your business.
TRUE
It is the processes of the companies use to find qualified candidates to fill job openings.
Recruiting/Recruitment
TRUE OR FALSE
When recruiting, you shouldn’t consider your actual needs of your business.
FALSE
When recruiting, you should consider your actual needs of your business.
It refers to a high-level plan for profitably operating a business in a specific marketplace; It identifies the products or services the business plans to sell, its identified target market, and any anticipated expenses.
Business model
It helps new, developing companies attract investment, recruit talent, and motivate management and staff.
Business model
not a question
These are the types of Business Model
•Retailer
•Manufacturer
•Fee-for-service
•Subscription
•Freemium
•Bundling
•Brokerage
•Marketplace
• Affiliate
•Razor Blade
•Reversed Razor Blade
•Franchise
•Pay-as-you-go
TRUE OR FALSE
In creating a business model, you should identify your audience and set monetization solutions.
TRUE
It is a tool used in planning that aims to support management or a business owner in its desire to adjust and cope up with uncertainties of the future.
Forecasting
It is the result when sales exceed the cost to produce goods or render the services.
Revenue
It refers to the amount of money used to produce or manufacture goods/merchandise as well as costs incurred in selling the goods/merchandise.
Cost
It refers to the amount added to the cost to come up with a selling price.
Mark-up
What is the mark-up (MP) formula?
MP = cost × desired mark-up percentage
(e.g. ₱30 × 13%)
What is the selling price (SP) formula?
SP = cost + mark-up
(e.g. ₱30 + ₱3.9)
It is a cost that a company (or other organization) becomes liable for.
Cost incurred
It refers to goods and merchandise at the beginning of operation of business or accounting period.
Merchandise Inventory: Beginning
It refers to the amount of merchandise or goods sold by the business for a given period of time.
Cost of Goods Sold/Cost of Sales
Refers to the merchandise or goods purchased
Purchases
It refers to goods and merchandise left at the end of operation or accounting period.
Merchandise Inventory: End
Refers to amount paid to transport goods or merchandise purchased from the supplier to the buyer. In this case, it is the buyer who shoulders these cost.
Freight-in
They are a group financial statement ratios that primarily determine the profitability of the business operation. They provide information on the efficiency of resource utilization.
Profitability ratios
It represents the difference between net sales and cost of sales of the entrepreneurial venture during a given period.
Gross profit
TRUE OR FALSE
Investors and financial analysts rely on financial data to analyze the performance of a company and make predictions about the future direction of the company’s stock price
TRUE
These are used by investors, market analysts, and creditors to evaluate a company’s financial health and earnings potential.
Financial statements
What are the three major financial statements?
Balance Sheet
Income Statement
Cash flow Statement
It provides an overview of a company’s assets, liabilities, and shareholders’ equity as a snapshot in time. The date at the top tells you when the snapshot was taken, which is generally the end of the reporting period.
Balance sheet
It measures how well a company generates cash to pay its debt obligations, fund its operating expenses, and fund investments.
Cash Flow Statement
Unlike the balance sheet, this statement covers a range of time, which is a year for annual financial statements and a quarter for quarterly financial statements. It provides an overview of revenues, expenses, net income, and earnings per share.
Income Statement
The process of recording and organizing a business’s financial transactions. It can also refer to the different recording techniques businesses can use.
Bookkeeping
The one who manages bookkeeping
Bookkeeper
In the world of bookkeeping, an
account doesn’t refer to an individual bank account. Instead, an account is a record of all financial transactions of a certain type, like sales or payroll.
Business account
Five basic types of business accounts
Assets
Liabilities
Revenue or Income
Expenses or expenditures
Equity
Back in the day, charts of accounts were recorded in a physical book called the general ledger (GL). But now, most businesses use computer software to record accounts. What type of software is used now?
Spreadsheet software
