Q4 - Entrep Q2 Flashcards
A conceptual framework that encourages the sustainability of a company and describes how it works, makes money, and how it aims to achieve its objectives.
Business Model
A process that includes everything from recognizing, recruiting, searching, shortlisting, interviewing, choosing, hiring, and onboarding staff.
Recruitment / Recruiting
The amount of difference between the selling price and unit cost.
Markup Price
The product cost relative to the number of units produced.
Product costs / units produced
Unit Cost
An overview. Summarizes the key point of a document for its readers, saving them time and preparing them for the upcoming content. A synthesis of the entire plan.
Executive Summary
Determines whether or not your business idea is viable and will be the focus of any investors who may be attracted to your business idea.
Financial Plan
A diagram that visually conveys a company’s internal structure by detailing the roles, responsibilities, and relationships between individuals within an entity
Organizational Chart
Calculating or predicting future events that usually comes from the result of a study and analysis of available pertinent data.
Forecasting
Unchanging cost no matter how much a business increases or decreases its sales
Fixed Cost
The amount of revenue a company expects to earn at some point in the future. It’s a prediction that is synonymous with a sales forecast.
Sales Projection
Amount added to unit cost for profit
Markup
A written document that outlines a company’s advertising and marketing efforts for this coming year.
Marketing Plan
Used to record company’s transactions mentioned in Sales Journal, Purchase Journal, Cash Receipts Journal, and Cash Payments Journal
General Journal
Complete collection of all the accounts of an enterprise
Ledger
Properties or economic resources owned by the business
Assets
Cash transactions related to changes in equity and borrowings of the business
Financing Activities
The process of recording your company’s financial transactions into organized accounts on a daily basis.
Bookkeeping
A document either hard or soft copy that records business dealing
Business Records
Statement of Financial Position
Shows the assets, liabilities and equity in the business for a given period of time
Balance Sheet
Shows the income and expenses of the business for a given period
Income Statement
Provides an analysis of inflows and/or outflows of cash from/to operating, investing, and financing activities
Shows CASH TRANSACTIONS ONLY
Cash Flow Statement
The owner’s interest or claims in the assets of a business after subtracting the interest of the creditors
Capital / OE
