Business Fundamentals
People who purchase good or services
What is a consumer?
The factors are Land, Capital, Labour, Information, and Entrepreneurship
What are the factors of production?
All the business activities to plan, price, promote, and distribute goods or services for consumers to purchase
What is Marketing?
Assets = Liabilities + Equity
What is The Fundamental Accounting Equation
This graph is good for showing a trend of data over time.
What is a line graph?
One of the fastest growing forms of business ownership. This typically expands businesses internationally.
What is a franchise?
A financial statement that illustrates the financial position of a person or business.
What is a balance sheet?
They will use newspapers, magazines, mail, television, and social media
What types of media are used by advertisers?
A statement that reports a business's income and expenses for a fiscal period.
What is an Income Statement?
A letter used to transmit information within an organization.
What is a memo?
Suppliers trying to earn more profit by better appealing to the consumers needs and wants than the other supplier.
What is competition?
They are responsible for hiring and training of employees, as well as dealing with conflict resolution.
What is Human Resources?
A group of consumers a business wants to reach.
What is a target market?
These statements allow companies to show statements for two years side by side, Show the percentage increase or decrease for revenue, and expenses and allow business groups to make decisions for a company.
What is a Comparative Income Statement
This chart depicts vertical bars instead of horizontal bars on the graph.
What is a Column chart?
A hierarchy of five columns that shows different types of needs.
What is Maslow's Hierarchy?
Accountant uses time periods of equal and appropriate length to measure the financial health of a business, and cannot just measure financial prosperity.
What is the Time Period Concept?
It Keeps Going and Going, and Going...
What is Energizer's slogan?
What are Generally Accepted Accounting Principles?
This chart shows the contributions of each value to the total in an easy way for most people to understand.
What is a pie chart?
Prosperity followed by Inflation, Recession, Depression, and Recovery.
What is The Business Cycle?
The amount of money earned by a business during a specific period of time related to the sale of goods and services calculated by subtracting expenses from revenue.
What is Net Income?
The division of a market into specific groups related to needs and characteristics of consumers.
What is Market Segmentation
All accounting for a business should be fair and reasonable.
What is the Principle of Conservatism?
What is a function in Excel?