Exam prep Flashcards
what is the equation for calculating future value
FV = PV [(1 + r/n) ^(nt)]
what is the equation for compound interest
Interest each year = (principal + interest already earned) X interest rate
what is the entrepreneurial process
- idea generation
- evaluate situations to develop opportunities
- solution
- future challenges
what are the four functions of management
planning organizing leading controlling
what is planning
decides where to take the company and how to get there
what is organizing
figures out how to achieve goals
what is leading
motivating employees
what is controlling
measures achievements to goals
what are the functions of hr
recruitment, selection, training, appraisals, compensation, employee relations
what are the four p’s of marketing mix
product, price, promotion, place
what are the four things accounting is used for
records, measures, communicate, analyzes business activities
what is the fundamental accounting equation
assets = liabilites + owners equity
what is in a balance sheet
assets (+accounts receivable), liabilities (+accounts payable), owners equity
what is in an income sheet
- for the month ended
- revenue
- expenses
- net worth
what is equilibrium price
when supply = demand
