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BUSN 101 - FINAL > BUSN FINAL > Flashcards

BUSN FINAL Flashcards

(59 cards)

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1
Q

Accounting

A

the process of collecting, recording, classifying, summarizing, reporting, and analyzing financial activities

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2
Q

What accountants do (accounting careers)

A

Financial accounting, managerial accounting, and auditing

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3
Q

financial accounting

A

accounting that focuses on preparing external financial reports that are used by outsiders such as lenders, suppliers, investors, and government agencies to assess the financial strength of a business

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4
Q

managerial accounting

A

accounting that provides financial information that managers inside the organization can use to evaluate and make decisions about current and future operations

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5
Q

auditing

A

the process of reviewing the records used to prepare financial statements and issuing a formal auditor’s opinion indicating whether the statements have been prepared in accordance with accepted accounting rules

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6
Q

accounting terminology

A

balance sheet, assets, liabilities, owners’ equity, accounting equation, income statement, revenues, expenses, cost of goods sold, gross profit

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7
Q

balance sheet

A

a financial statement that summarizes a firm’s financial position at a specific point in time

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8
Q

assets

A

things of value owned by a firm

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9
Q

liabilities

A

what a firm owes to its creditors; also called debts

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10
Q

owners’ equity

A

the total amount of investment in the firm minus any liabilities; also called net worth. Includes owners’ investments (stock issues for a public company), net income, minus dividends since the inception of the company

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11
Q

accounting statement

A

assets = liabilities + owners’ equity

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12
Q

income statement

A

a financial statement that summarizes a firm’s revenues and expenses and shows its total profit or loss over a period of time

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13
Q

revenues

A

the dollar amount of a firm’s sales plus any other income it received from sources such as interest, dividends, and rents

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14
Q

expenses

A

the cost of generating revenues

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15
Q

cost of goods sold

A

the total expense of buying or producing a firm’s goods or services

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16
Q

gross profit

A

the amount a company earns after paying to produce or buy its product but before deducting operating expenses

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17
Q

What is Finance?

A

financial management, financial planning, investment(spending money), financing (raising money)

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18
Q

financial management

A

the art and science of managing a firm’s money so that it can meet its goals

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19
Q

financial planning

A

preparing the financial plan, which projects revenues, expenditures, and financing needs over a given period

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20
Q

investment (spending money)

A

investing the firm’s funds in projects and securities that provide high returns to their risks

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21
Q

financing (raising money)

A

obtaining funding for the firm’s operations and investments and seeking the best balance between debt (borrowed funds) and equity (funds raised through the sale of ownership in the business)

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22
Q

what finance professionals do (finance careers)

A

commercial banks, investment bankers, stockbroker

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23
Q

commercial banks

A

profit-oriented financial institutions that accept deposits, make business and consumer loans, invest in government and corporate securities, and provide other financial services (chapter 15)

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24
Q

investment bankers

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A

help companies raise long-term financing. Firms that act as intermediaries, buying securities from corporations and governments and reselling them to the public

25
stockbroker
a person who is licensed to buy and sell securities on behalf of clients
26
finance terminology
equity, initial public offering (IPO), common stock, dividends, debt, bonds, interest
27
equity
a form of business financing consisting of funds raised through the sale of stock (i.e., ownership) in a business
28
initial public offering (IPO)
a company's first sale of stock to the public
29
common stock
a security that represents an ownership interest in a corporation
30
dividends
payments to stockholders from a corporation's profits
31
debt
a form of business financing consisting of borrowed funds that must be repaid with interest over a stated time period
32
bonds
long-term debt obligations (liabilities) issued by corporations and governments
33
interest
a fixed amount of money paid by the borrower (for a bond, loan, mortgage) to the lender (or bondholder) on a regular schedule
34
Marketing
the process of discovering the needs and wants of potential buyers and customers (whether organizations or consumers) and then providing goods and services that meet or exceed their expectations; Marketing is about creating exchanges. An exchange takes place when two parties give something of value to each other to satisfy their respective needs or wants.
35
5Ps
the traditional 4Ps of marketing: product, price, promotion, place (distribution), now with people added as a key marketing component, which together make up the marketing mix
36
Product
marketers use the term product to refer to goods, services, or even ideas
37
price
something given in exchange for a product; Price may be monetary or nonmonetary. Price has many names, such as rent, fees, charges, and others
38
place
some method of getting the product from the creator of the product to the customer; Place includes a myriad of important tasks: transportation, location, supply chain management (managing each entity that deals with the product in its route to the buyer), online presence, inventory, and atmospherics (how the office, store, or even the website looks)
39
promotion
methods for informing and influencing customers to but the product; promotion includes several different components: traditional advertising sales promotion public relations personal selling social media e-commerce
40
market segmentation
the process of separating, identifying, and evaluating the layers of a market in order to identify to a target market
41
target market
the specific group of consumers toward which the firm could direct its marketing efforts. It is often divided into segments so that marketing strategies can be directed to a more specific target
42
management
the process of guiding the development, maintenance, and allocation of resources to attain organizational goals
43
four primary functions of managers
planning organizing leading (leadership) controlling
44
planning
the process deciding what needs to be done to achieve organizational objectives; identifying when and how it will be done; and determining who should do it
45
organizing
the process of coordinating and allocating resources to carry out an organization's plans
46
leading (leadership)
the process of guiding and motivating others toward the achievement of organizational goals
47
controlling
the process of assessing the organization's progress toward accomplishing its goals; includes monitoring the implementation of a plan and correcting deviations from the plan
48
types of planning
contingency plans strategic planning
49
contingency plans
plans that identify alternative courses of action for very unusual or crisis situations
50
strategic planning
the process of creating long-range (one to five years), broad goals for the organization and determining what resources will be needed to accomplish those goals
51
leadership
the process of guiding and motivating others toward the achievement of organizational goals
52
leadership style
the relatively consistent way that individuals in leadership positions attempt to influence the behavior of others
53
power
the ability to influence others to behave in a particular way
54
coercive power
power that is derived from an individual's ability to threaten negative outcomes
55
expert power
power that is derived from an individual's extensive knowledge in one or more areas
56
legitimate power
power that is derived from an individual's position in an organization
57
reward power
power that is derived from an individual's control over rewards
58
referent power
power that is derived from an individual's personal charisma and the respect and/or admiration the individual inspires
59
corporate culture
the set of attitudes, values, and standards that distinguishes one organization from another

BUSN 101 - FINAL (1 decks)

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