Vocab 1
A company earns $100,000 in revenue and spends $70,000 on expenses. Using the formula from class, what is its profit?
What is $30,000?
Payments to stockholders from a corporation's profits
What are dividends?
Gross profit equation
What is revenue- costs of good sold?
This sentence introduces the paragraph's topic and identifies the three controlling ideas that will be developed.
What is the Topic Sentence?
This is the process of objectively analyzing and evaluating information in order to form a judgment.
What is critical thinking?
A company sells its inventory to another company, which then sells the products to customers. What type of business relationship is this?
What is B2B (Business-to-Business)?
Accounting Equation
What is Assets= Liabilities + Owner Equity?
A company selling its software directly to individual college students is an example of this type of business relationship.
What is B2C (Business-to-Consumer)?
You are starting a new paragraph. You know your general topic, but you haven't decided what specific direction your paragraph will take. What should you determine next?
What are your controlling ideas?
You read an article before using it for a research project. You check who wrote it, when it was published, why it was created, and whether the author has a particular perspective. What critical-thinking skill are you using?
What is critical reading and evaluation?
What is a specific point in time?
Expenses directly related to buying or producing a firm's good or service
What is costs of goods sold?
A company wants to maximize the value of the firm to its owners. Traditionally, what financial outcome would the company focus on increasing to accomplish this?
What is Profit?
A student writes: “College students should exercise regularly because it improves physical health, reduces stress, and increases energy.” Which part of this sentence tells you what the three major sections of the paragraph should discuss?
What are the three controlling ideas: improves physical health, reduces stress, and increases energy?
You are researching whether your university should add more parking. You find statistics supporting the idea, but you also find evidence suggesting more parking could create other problems. Instead of ignoring the opposing evidence, you investigate both sides. Which step of critical thinking are you primarily doing?
What is Step 3: Analyze the Information?
Process fo reviewing records used to prepare financial statements and issuing a formal opinion if they have been prepared in accordance to rules
What is auditing?
Two ways financing rasises money
What is debt and equity?
The difference between financial and managerial accounting
What are external financial reports that people evaluate to invest versus information used by managers to make decisions on operations?
You read a paragraph with three major ideas, but the writer gives three supporting details for the first idea, one for the second, and none for the third. What structural problem does this create?
What is each major detail should have two minor details supporting it.
A student argues, “Students who attend more office hours get higher grades, so attending office hours must cause higher grades.” What critical-thinking problem should you identify?
What is confusing correlation with causation?
A company launches a product that customers love, but competitors quickly copy it. The company decides to emphasize the specific benefit that makes its product different from competitors. What concept should it focus on?
What is a value proposition?
A mission statement focuses more on the ___ and ___ of a company
What is the what and how of a company?
A company makes a decision that increases profits for its shareholders but negatively affects its employees and the surrounding community. The employees, shareholders, and community members all fall under what broader business term?
What are stakeholders?
A student has written a strong topic sentence with three controlling ideas and has developed all three. Their final sentence says: “Another important reason college students should exercise is that it helps them make new friends.” What is wrong with this conclusion, and how should it be fixed?
What is It introduces a new major idea instead of concluding?
List all seven steps of the critical-thinking process in order.
1. Organize the Information 2. Define the Key Issue 3. Analyze the Information 4. Construct Your Argument 5. Critique Your Argument 6. Communicate Your Conclusions 7. Engage in Self-Reflection