Intro To Business 3 Flashcards
What is accounting?
A system of recognizing, organizing, analyzing, and reporting information about the financial transactions that effect an organization
What are the 3 types of accountants?
Public- provides services like tax preparation or management consulting on a fee basis
Management- accountants inside an organization
Gvt- work inside a government doing stuff for the federal, and state level
What is financial accounting?
Branch that prepares financial statements for use by owners, creditors, suppliers, and other external stakeholders.
What is owners equity?
The claims a firms owners have against their company’s assets
What is an income statement?
Financial statement that reports the revenues, expenses, and net income that resulted from a firms operations over an accounting period
Accrual-basis accounting
Method of accounting that recognizes revenue when it is earned and matches expenses to the revenues they helped produce
What is horizontal analysis?
Analysis of financial statements that compares account values reported on these statements over 2 or more years of to identify changes and trends
What is managerial accounting?
Branch of accounting that provides reports and analysis to managers to help them make informed business decisions
What is implicit cost?
Opportunity cost that arises when a firm uses owner supplied resources
What are the 3 main things accountants do?
Create balance sheets
Income statements
Statements of cash flows
What is marketing?
Organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stockholders
What are the types of utilities? What is utility?
Ability of goods and services to satisfy consumer wants
Form
Time
Place
Ownership
What are the different types of marketing?
Place: attract ppl to a business to certain place
Event: attract ppl to an event (SB, Olympics)
Idea: persuade ppl to think as you do
Ppl: trying to market yourself to others
What is a marketing plan?
A plan that directs ones effort and times to marketing something
What is market segmentation?
Dividing potential customers into groups of similar people or segments
What is target marketing?
Marketing to the group of ppl that you think is most likely to buy your product
What is the importance of demographics in marketing?
Want to make sure you are marketing to ppl that may buy your product
What is market research?
Why is it important?
The process of gathering, interpreting, and applying info to uncover marketing opportunities and challenges, and to make better decisions down the road
Gives input on where to market
Why is consumer behavior important?
If know behaviors in the past, you can better predict future
What is a product?
Anything that an organization offers to satisfy consumer wants and needs. Including both goods and services
What are the cycles of a product?
Intro
Growth
Maturity
Decline
What are the benifits to a product?
Provides a good or service
What is the classification of a product?
Convenience
Shopping
Specialty
Unsought
What is distribution?
Why is it important?
Actual movement of along distribution pathway
How you get product to ppl
