Terms/Definitions
Of the 5 areas of business, this one involves planning for, organizing, staffing, directing, and controlling a company’s resources so that it can achieve its goals.
Management, Marketing, Operations, Accounting, Finance
Management
Of the 5 areas of business, this involves everything that a company does to identify customers’ needs and designs products to meet those needs.
Management, Marketing, Operations, Accounting, Finance
Marketing
An example of this external factor could be a new law recently passed that limits the materials companies can use.
Government
Give one example of an output that a household gives to a business.
Pays revenue (money) for goods/services
This is the formula to calculate Sales Tax.
Amounts x sales tax %
%5 = .05
Of the 5 areas of business, this entails measuring, summarizing, and communicating financial and managerial information.
Management, Marketing, Operations, Accounting, Finance
Accounting
Soft Skills: Repetition (practice), being open to feedback, being willing to change behaviors and training
Hard Skills: Formal Education, Training Programs, Effort
An example of this external factor would be consumers taste in clothing style or appearance changing over time.
Consumer Trends
Give one example of an output that a business gives to a household.
Goods and services
True or False, the sales tax is not added to the cost of the grand total.
False
Involves planning for, obtaining, and managing company funds.
Management, Marketing, Operations, Accounting, Finance
Finance
Specific abilities, capabilities and skill sets that an individual can possess and demonstrate in a measured way.
Hard Skills
An example of this external factor would be consumers not having the expendable or excess money or income to spend on the rising cost of goods.
Economy
Give one example of an input that a household gives to a business.
labor, capital, land, entrepreneurship
All amounts need to have these added at the end, even on whole dollar amounts.
.00 or cents
These are the inputs used to produce outputs
Resources
Character traits or interpersonal skills that support the pursuit of personal and organizational goals.
Soft Skills
An example of this external factor would be the expectations that a business would do some benefit to the environment or their community with profits.
Corporate Citizenship
Give one example of an input that a business gives to a household.
Income for inputs
The quantity field refers to what on an invoice.
The amount of an item that they ordered
Transforms resources (labor, materials, money, and so on) into products.
Management, Marketing, Operations, Accounting, Finance
Operations
List two hard and two soft skills that apply to our operation.
What goes in the description field?
Details of what was ordered.