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Buis > Intro To Business 3 > Flashcards

Intro To Business 3 Flashcards

1
Q

What is accounting?

A

A system of recognizing, organizing, analyzing, and reporting information about the financial transactions that effect an organization

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2
Q

What are the 3 types of accountants?

A

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

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3
Q

What is financial accounting?

A

Branch that prepares financial statements for use by owners, creditors, suppliers, and other external stakeholders.

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4
Q

What is owners equity?

A

The claims a firms owners have against their company’s assets

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5
Q

What is an income statement?

A

Financial statement that reports the revenues, expenses, and net income that resulted from a firms operations over an accounting period

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6
Q

Accrual-basis accounting

A

Method of accounting that recognizes revenue when it is earned and matches expenses to the revenues they helped produce

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7
Q

What is horizontal analysis?

A

Analysis of financial statements that compares account values reported on these statements over 2 or more years of to identify changes and trends

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8
Q

What is managerial accounting?

A

Branch of accounting that provides reports and analysis to managers to help them make informed business decisions

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9
Q

What is implicit cost?

A

Opportunity cost that arises when a firm uses owner supplied resources

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10
Q

What are the 3 main things accountants do?

A

Create balance sheets
Income statements
Statements of cash flows

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11
Q

What is marketing?

A

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

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12
Q

What are the types of utilities? What is utility?

A

Ability of goods and services to satisfy consumer wants

Form
Time
Place
Ownership

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13
Q

What are the different types of marketing?

A

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

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14
Q

What is a marketing plan?

A

A plan that directs ones effort and times to marketing something

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15
Q

What is market segmentation?

A

Dividing potential customers into groups of similar people or segments

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16
Q

What is target marketing?

A

Marketing to the group of ppl that you think is most likely to buy your product

17
Q

What is the importance of demographics in marketing?

A

Want to make sure you are marketing to ppl that may buy your product

18
Q

What is market research?

Why is it important?

A

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

19
Q

Why is consumer behavior important?

A

If know behaviors in the past, you can better predict future

20
Q

What is a product?

A

Anything that an organization offers to satisfy consumer wants and needs. Including both goods and services

21
Q

What are the cycles of a product?

A

Intro
Growth
Maturity
Decline

22
Q

What are the benifits to a product?

A

Provides a good or service

23
Q

What is the classification of a product?

A

Convenience
Shopping
Specialty
Unsought

24
Q

What is distribution?

Why is it important?

A

Actual movement of along distribution pathway

How you get product to ppl

25
Q

What are distribution statagies?

A

Plan of delivering the right product, to the right place, to the right person, at right time

26
Q

Who are agents?

A

Connect buyers to sellers?

27
Q

Who are retailers?

A

Distributions that sell products to the ultimate users (typically small quantities, stored and merchandised on the premises)

28
Q

Who are whole salers?

A

By the products from producers, sell to other business or nonfinancial users like hospitals, nonprofits, and gvts

29
Q

What is a brand?

A

Products identity

30
Q

What is brand equity?

A

Extra money consumer will spend to buy that brand

31
Q

What is logistics?

A

Tactics involved in moving products

32
Q

What is a product mix?

A

Total number of product lines by a single firm

Buis (7 decks)

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