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MNGT 101
| Question | Answer |
|---|---|
| Management | getting things done, persuading people to do things they don't want to do |
| Leadership | influencing and inspiring |
| formal leadership vs. informal | formal- has position informal- anyone can be through credibility, relationships, and initiative |
| management system | external environment- opportunities and threats leadership- vision, mission, values Strategy- goals and competitive choices organization- structure, people, systems outcomes- financial, social, ethical |
| performance management | connects individual work to organizational outcomes |
| performance management categories | planning- goals and expectations monitoring- progress and feedback reviewing- results and development rewarding- recognition and growth |
| smart goals | specific, measurable, achievable, relevant, and timely |
| Feedback SBI | situation- when and where did it happen behavior- what did the person do impact- what result did it create |
| mistakes managers make | halo effect- one strength influences the entire rating Recency bias- recent events outweigh the full review period leniency or severity- the manager rates everyone too high or too low Similarity bias- the manager favors employees who seem similar |
| what does finance study | People and organizations use, obtain, and manage money over time |
| stocks and bonds | financial statements |
| Financial institutions | connect suppliers and people who use capital |
| Major areas of finance | business finance, investments, markets and institutions |
| Equity equation | assets = liabilities + equity |
| new equity Intel pro and cons | pros- worth more cons- owners own a smaller percentage |
| Risks | Business risk- sales volume, price, or operating costs differ from the plan Credit risk- customer cannot meet a payment obligation Market risk- Interest rates, exchange rates, or market prices change. Liquidity risk-cannot access cash when it needs it |
| examples of risks: a large company can't pay an invoice interest rate rise before closing valuable asset but can't pay in cash | a. credit b. market c. liquidity |
| capital budgeting | building a new facility, longer term, new property what info is center, initial cost, timing, risk |
| opportunity cost | What you give up getting something else |
| Time value of money and risk | dollars are worth more today than tomorrow because of inflation |
| simple vs. compound interest | simple- interest is calculated only on the original principle compound- each period earns a return on principal plus prior growth |
| why can compound interest be a problem on a credit card | interest builds up over time |
| Break-even analysis | helps decision making; having a loss, make more units |
| Break-even equation | break-even units= fixed cost divided by (selling price per unit - Variable cost per unit) |
| Main purpose of accounting | Records and interprets financial activity |
| managerial vs. financial | Managerial- managers inside the business, budgets and product costs, tailored to the decision, and past results and future plans. Financial- Investors and lenders, financial statements, GAAP for U.S. GAAP reports, and past results, with estimates |
| GAAP | generally accepted accounting principles |
| financial statements | Income statement-reports revenue earned, and expenses incurred Balance sheet-reports financial position Statement of Cash flows-reports cash received and paid Statement of owners’ equity-reports changes in the owner’s equity |
| statements questions | Income statement- Did we earn a profit, period Balance sheet- What do we own and owe, one specific date c. Statement of Cash flows- Where did cash come from and go, period d. Statement of owners’ equity- Why did equity change, period |
| net income equation | net incomes= revenue - expenses |
Created by:
PSYC