Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
BUS 1201 Exam 3
| Question | Answer |
|---|---|
| What is Accounting | the art of recording, classifying, and summarizing in a significant manner and in terms of transaction, money, and events which are at least in part pertain to financial character and interpreting such results. |
| what are the benefits of accounting | helps evaluate performance, supports future projections, compliance with laws and regulations, supports and manages cash flow, helps obtain financing. |
| what is the annual financial report that companies must publish | 10-K form |
| Systems of Accounting | track and organize financial records and accounts, manages invoices purchases and funding, manual v complicated. |
| Accounting Frameworks | GAAP and IFRS |
| types of accounting | Financial accounting- creating fin statements for external viewing and assesment Public accounting- auditors and tax preparers that assess trustworthiness of statements Forensic accounting- fraud Governmental accounting- fin accounting w/ more rules m |
| what is digital prescence | the way a business promotes itself on the internet to all its various constituents who come across it |
| what is content marketing | strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience. |
| what is the 80-20 rule | 80 % of posts should inform, educate, and entertain the audience. 20 % should promote the brand |
| what is the two thirds rule | one third of the content promotes the business, converts leads, and generates profits. one third shares ideas and stories form thought leaders and other companies or individuals within the industry. the last thrds is about personal interactions with the a |
| what is a social media strategy | a blueprint for a company that will guide their efforts in creating, posting, and engaging with their social media. |
| 4 ways that social media is measures | awareness, engagement, conversion, and customer metrics |
| awareness metrics | measure business' current potential audience brand, audience, growth rate, post reach, impressions, social share and voice |
| engagement metrics | measure how audience is interacting with the brands content average engagement rate, applause rate, virality rate |
| conversion metrics | measure how effective social engagement is conversion rate, click through rate, bounce rate, |
| customer metrics | these metrics measure how effective social engagement is testimonials, satisfaction score, net promoter score |
| what are the digital platform strategies | learn SEO, build an email list, have a social media presence, setting up google my business, developing a website, invest in online advertising |
| what is reach | how many people have seen or been exposed to the social media post, not whether people clicked on it |
| what do buyer personas contain to represent the ideal customer | Goals, identifiers, real quotes, marketing messages, and an elevator pitch business can have as many as 20 |
| careers in accounting | |
| financial controls | internal controls activities that are added to the operating procedures of a business or organization to reduce error, protect assets and safeguard that operations are done in a way they were intended |
| Balance sheet ratios | a ratio in quantity or size of two things that determine how a business is doing |
| Balance sheet | provides detailed information about assets, liabilities, and owners equities |
| assets | resources owned by the business that hold intrinsic, quantifiable value |
| liabilities | debt that a business owes to an external business or person |
| owners equity | the amount of money remaining if a business sold all their assets and paid off all liabilities |
| what is the accounting equation | assets= Liabilities + owners equity |
| income statement | financial doc that presents a summary of the business sales expenses, gains or losses, and resulting net income from gains or losses over a period |
| cash flow statement | detailed narrative of what happened to a business' cash during a period of |
| combined ratios | uses data from more than 1 fin statement. Return on equity ratio tells shareholders how profitable their investment in a business is, net profit margin ratio measure how much net profit is generated compared to net sales. |
| what two things does finance come from | debt and equity |
| what is debt | an obligation (loan or bond) paid back with interest |
| what is equity | exchange or ownership for money |
| financing sources | Bank- lots of money and the intermediary gov agencies- small bus admin (SBA) favorable terms coorperate debt-commercial paper and bonds. market exchange |
| how does a company generate cash | partners invest money in the bus in exchange for responsibility, angel investors and venture capitalists provide early money to company and provide services or it comes from another company, or equity investments when IPO is issued |
| def of corperate finance | to make sure that the business has proper finances to conduct activity |
| liquidity | measure of current assets available to meet certain liabilities |
| forecastin | est baseline, forecast modeling, draggers, and drivers |
| Fin mgt | the proper amount of assets at the lowest cost to the business |
| NPV | net present value takes future cash and brings it into today money |
| revenue | when breakeven exceeds cost |
| what is snowballing debt | debt frows quickly once it begins |
| how to pay off debt | put it in order from lowest to highest |
| important concepts of investments | compound interest- money grows over time higher risk, higher reward |
| how to mitigate risk | diversification, bonds and equity are inversely proportional, asset allocation to different investing types. |
| internal controls | activities that are added to the operating procedures of a business or organization with the purpose of protecting assets, reduce errors, and safeguard that operations are done in ways intended. Preventative +detective=internal |
| Balance sheet ratios | current ratio which measures liquidity, quick ratio which measures current assets convertible to cash, debt equity ratio which measure amount of debts and liabilities against owners equity |
| ratio analysis | is the use of a financial ratio to determine how a business is doing |
| Careers in accounting | Financial accountants, public accountants, Forensic accounting, government accounting, managerial accounting, internal auditing |
| Financial accountants | create financial statements for external viewing and assessment |
| public accountants | are auditors and tax preparers that assess trustworthiness of statements |
| Forensic accounting | investigate for accounting fraud |
| governmental accounting | is financial accounting with more rules and regulations |
| internal auditing | looking at self to see what is strong and what needs improvement |
| what is microeconomics | studies how individuals, households, and companies make decisions and how they interact with others in the market |
| what is macroeconimics | studies the economy wide impact of phenomena |
| What is economics | is theory that uses numbers as support |
| what is supply | a quantity a business wants to supply at any given price |
| what is demand | the price a consumer demands for a given quantity |
| what is equilibrium | when the supply and demand are both maximized |
| Surplus v Shortage | too much of something v being unable to meet the demand. |
| inelastic demand v Elastic demand | with large changes in price there will be little changes in the quantity demanded. v when price increases, there can be large changes in demand quantity. |
| comparative advantage in Micro v Macro | micro-comparison of what your giving up (opportunity cost) macro- with trade it works the same way when setting economic policy. |
| 4 components of trade | Import- something brough in bc can't produce ourselves. export- what we're good at and shipping out tarrifs- protection against imports subsidy- promotes exports to the country |
| 4 types of competition | Pure competition- many buyers and seller, no price makers or takers Oligopoly- fewer sellers with more pricing power, more barriers to entering sector Monopoly-the single seller is the price maker Regulated Monopoly- government grants market entry. |
| elements of the business cycle | Peak growth (Bull)->Recession (Bear)->GDP(snapshot measuring economy as a whole)->Monetary Policy (supply of money and interest)->Fiscal Policy (gov. influence through spending and taxation) |
| opportunity costs | value missed out on when choosing between 2 or more options |
| scarcity | less than the quantity demanded |
| trade-offs | balancing giving up one thig for another |
| time | one of our most precious/scarcest resources |
| complementary v substitute goods | when things are purchased together v when hings are purchased instead of eachother |
| necessity good v luxury products | purchased regardless of incomes v non essential and can be substituted |
| 5 driving components of micro | scarcity, opportunity cost, trade offs, time, seen v unseen |
| seen v unseen | understanding what is easy to see in economic transactions v what not. |
| Manager | achieve vision by putting processes in place to for the business, organizing others so they can achieve their goals in coordination, leadership is positional. |
| Leader | provides vision, ensure alignment and influence others, leaders have a quality to inspire and encourage despite position |
| Authority v Power | the right given to someone to direct other's actions power is the ability to influence others |
| Components of affective leadership | confidence, connected, committed, courageous. |
| Decision making styles | directive, conceptual, analytical, behavioral |
| how leaders are poorly affecting employees helpfulness, purpose, sense of worth in company | micromanaging, poor delegation, fear of losing control, fear of failure. |
| SWOT analysis | establishing vision by analyzing strengths, weaknesses, opportunities, and threats |
| why employees leave | not being valued by organization and not being valued by manager |
| coaching v mentoring | development of abilities by providing direction and vision and offering instruction, resources, and support about specific skills. more experienced person helps by sharing knowledge to achieve their personal and/or professional goals. |
Created by:
ebelizabeth
Popular Business sets