Exam prep Flashcards
what is the equation for calculating future value
FV = PV [(1 + r/n) ^(nt)]
what is the equation for compound interest
Interest each year = (principal + interest already earned) X interest rate
what is the entrepreneurial process
- idea generation
- evaluate situations to develop opportunities
- solution
- future challenges
what are the four functions of management
planning organizing leading controlling
what is planning
decides where to take the company and how to get there
what is organizing
figures out how to achieve goals
what is leading
motivating employees
what is controlling
measures achievements to goals
what are the functions of hr
recruitment, selection, training, appraisals, compensation, employee relations
what are the four p’s of marketing mix
product, price, promotion, place
what are the four things accounting is used for
records, measures, communicate, analyzes business activities
what is the fundamental accounting equation
assets = liabilites + owners equity
what is in a balance sheet
assets (+accounts receivable), liabilities (+accounts payable), owners equity
what is in an income sheet
- for the month ended
- revenue
- expenses
- net worth
what is equilibrium price
when supply = demand
what is a budget
how you plan to spend your money
what is a financial plan
how you plan to save your money in anticipation for a future goal
what is gross income
your pay before any tax or deductions
what is your disposable income
your pay after mandatory deductions are removed
what is discretionary income
your pay after all living expenses have been payed for
what are the mandatory deductions
cpp, ei, income tax
