Unit 5 Management Flashcards
what are the four points in the managing process?
Planning
Organizing
Implementing
Evaluating
planning
Assess the situation – Start by writing down what you want to accomplish
Develop a task list – Expand on each goal by listing every step you need to take in order to achieve it.
Identify your resources – Write down all the human and material resources you will need to complete each task.
Decide on your priorities – Evaluate your different goals and determine those that are most important.
organizing
Develop a schedule – Indicate how much time you will need to perform each item on your task list. Then you can develop a sequence of events that charts your course of action.
Assemble the needed resources – Prepare all your resources so that they are ready to use.
Prepare to act – A key to preparing to act is to anticipate possible problems with a plan and develop an alternative course of action. (back up plan)
implementing
Put the plan into action – Using the resources you have assembled, follow the task list according to your schedule.
Monitor the plan and your progress – As you work according to plan, take the time to evaluate how you are progressing.
evaluating
Evaluate the plan – The first question, of course, is whether you have accomplished your goals.
Evaluate your performance – You also need to evaluate how well you followed the plan. Sometimes people have a perfectly good plan, but they miss reaching their goals because of their failure to follow the plan.
What are the time management trouble makers?
Explain them
Wasting time – Not every day needs to be loaded with accomplishment, but too much wasted time means that goals get lost. Try to identify what you do that might be considered wasting time.
Procrastination – Putting things off.
Over commitment – Taking on too much is a problem for some people. They wind up with so much to do that they cant do anything well, or they spend too much time under pressure.
What are the four steps to living with a budget?
Step 1: Determine income Income – the money you take in and have available to spend. Step 2: Record Expenses Fixed expenses Flexible expenses Step 3: Create a plan Step 4: Stick to your plan
Explain the four steps to living with a budget
Step 1 – Take a realistic look at the sources and the amount of your income. Decide on a period of time – for example a month – write how much money you expect to receive in that time period from each source of income.
Step 2 – Find out what your expenses are by keeping track of each amount you actually send for a period of time.
Fixed expenses – These are regular expenses that you have to pay – costs that you are committed to.
Flexible expenses – These are expenses that do not occur regularly or are not always the same amount.
Create a plan – To do this you need to know what your short term and long to goals are.
Stick to your plan – For a budget to be a meaningful money-management tool, you need to keep track of your income and expenses and to check them against your budget regularly.
define credit
Credit – an arrangement in which someone receives money or merchandise now and promises to pay for it later.
define savings account
Savings account – an account that holds the money you deposit and pays you interest on it.
Identify the four forms of advertisement
Print advertising
Electronic advertising
Direct mail advertising
Bill boards
types of credit?
Credit cards
Loans
Leasing
define creditor
Creditor – a bank, finance company, credit union, business, or individual to whom money is owed.
define finance charge
Finance charge – an addition to purchase price that is the cost of using the creditor’s money.
define checking account
Checking account – an account that holds your money and allows you to pay for things by writing a check or using a debit card rather than using cash.
