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Intro to Business > final > Flashcards

final Flashcards

1
Q

What does management include?

A

efficiency and effectiveness

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2
Q

Functions of Management

A

planning, organizing, leading, controlling

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3
Q

What does management identify?

A

purposes, mission statement, core values

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4
Q

SWOT Analysis

A

Strengths, weaknesses, opportunities, and threats to a company

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5
Q

Goals and objectives in management

A

Create tactical and operational plans, then implement objectives

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6
Q

What are the 5 leadership styles in management?

A

Autocratic, democratic, free-rein, transactional, transformational

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7
Q

Autocratic leadership style

A

manager makes decisions without input from others

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8
Q

Democratic leadership style

A

manager seeks input when making decisions

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9
Q

Free rein leadership style

A

manager does not provide guidance, and lets employees solve their own problems

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10
Q

Transactional leadership style

A

manager exercises authority based on their rank in the organization, lets employees know what’s expected of them, steps in when mistakes are made

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11
Q

Transformational leadership style

A

manager mentors employees, motivating them to achieve organizational goals

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12
Q

What is the control process

A

Establishing standards, measuring performance, comparing performance with standards and identifying deviations, determining the reason for deviations, taking corrective action

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13
Q

Benchmarking

A

Process for improving company efficiency and effectiveness by comparing it to competitors

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14
Q

what is needed to be a top manager?

A

strong conceptual skills

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15
Q

what is needed to be a mid-level manager?

A

strong interpersonal skills

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16
Q

what is needed to be a low level manager?

A

technical skills

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17
Q

what is needed to be a good manager?

A

strong communication, decision-making, and time management skills

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18
Q

what is operational management?

A

management that oversees the process of transforming resources into goods and services

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19
Q

product planning

A

managers determine how goods will be produced where production will take place, and how manufacturing facilities will be laid out

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20
Q

what must be considered in the production process?

A

make-to-order, mass production, and mass customization

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21
Q

site selection

A

manager looks for locations that’ll minimize shipping costs, have a supply of skilled worked, will provide a favorable community for workers and their families, offer resources at a low cost, and have a good business climate

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22
Q

just in time production

A

inventory control method by which materials arrive just in time to enter the manufacturing process

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23
Q

material requirements planning

A

inventory control method by which a software tool determines material needs

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24
Q

what are the most common tools used by operational managers?

A

Gantt & PERT charts

25
Q

ganttt charts

A

help managers determine the status of projects

26
Q

PERT charts

A

activities and time needed to identify the critical path (sequence of activities that’ll require the most amount of time) are placed on diagrams

27
Q

what do service firms provide

A

intangible products that are customized

28
Q

what is total quality management

A

principles to which companies adhere to, allowing them to deliver quality goods and services

29
Q

outsourcing

A

saves companies’ money by using lower cost, specialized labor, and by being located either domestically or abroad

30
Q

what is accounting?

A

the process of measuring and summarizing business activities, interpreting financial information, and communicating results to management and other decision makers

31
Q

who are managerial accountants

A

accountants who deal with information produced for internal users

32
Q

who are financial accountants

A

accountants who deal with external reporting

33
Q

what is an income statement

A

statement that captures sales and expenses over a period of time. they show how much a firm made/lost in that time

34
Q

what is a balance sheet

A

information that reflects the financial position of a firm at any given point. it includes assets, liabilities, and owner’s equity

35
Q

what does a balance sheet include

A

assets, liabilities, and owner’s equity

36
Q

equation to find owner’s equity

A

assets minus liabilities

37
Q

what is the break even analysis?

A

a technique used to determine the level of sales needed to break even - to operate at a sales level at which you have neither profit or loss

38
Q

what is the ratio analysis?

A

analysis that assesses a company’s performance and financial condition over time. it also compares one company to similar ones

39
Q

ratio categories

A

profitability ratios, liquidity ratios, debt ratios, efficiency & effectiveness

40
Q

how do you find assets?

A

adding liabilities and the stockholders equity

41
Q

how do you find the net income?

A

revenue minus expenses

42
Q

what is the federal reserve?

A

the central bank of the U.S., which makes important decisions about monetary policy

43
Q

what happens if the federal reserve increases or decreases money supplies?

A

if they increase it, interest rates fall. if they decrease it, interest rates rise

44
Q

federal funds rate

A

interest rate at which depository institutions lend their excess federal reserve deposits to each other

45
Q

federal open market committee (FOMC)

A

is responsible for open market operations. it is the principle tool through which U.S. monetary policies are implemented to influence the availability and costs to help promote national economic goals

46
Q

understanding stocks: previous close

A

stock price when the market closed

47
Q

understanding stocks: open

A

stock price when the market opened

48
Q

understanding stocks: bid

A

price a person says they want to pay for a number of shares

49
Q

understanding stocks: ask

A

price at which a seller is willing to sell their stock

50
Q

understanding stocks: day’s range

A

differences between high and low prices of the day

51
Q

understanding stocks: 52 week range

A

differences between high and low prices within 52 weeks (calculates the average)

52
Q

understanding stocks: volume

A

how many times a stock was sold in a day

53
Q

understanding stocks: market cap

A

value of the company’s shares of stock (shares x price)

54
Q

understanding stocks: beta

A

measures a stocks’ volatility compared to the market’s votality. +1 = stock is more volatile than the market

55
Q

understanding stocks: PE Ratio (TTM)

A

share price/earnings per share, tells us how much investors are willing to pay for every $1 of earnings

56
Q

understanding stocks: EPS (TTM)

A

net income/shares outstanding, tells us how much each share is earned

57
Q

understanding stocks: forward dividend and yield

A

how many dividends a stockholder will receive per share purchased, and what percentage of a company’s share price the dividend will come to be

58
Q

understanding stocks: ex dividend date

A

date by which investors must hold stocks to receive a dividend (business pay shareholders)

59
Q

understanding stocks: 1y target est

A

what investors expect the company will be worth in a year

Intro to Business (1 decks)

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