Types of Business
________ develop products for distribution from raw goods
Producers
The employment process is carried out by ______
Human Resources
Is a system used to record, classify, summarize and report the financial position of a business.
Accounting
_____ is the action of promoting and selling products or services
Marketing
_______ provides services to consumers and other businesses
Service Firms
Juice factories, clothing factories, automobile factories are all examples of what?
Manufacturers
What is step two of the employment process?
Recruit potential employees
Item's of value owned by a business
Assets
What are the 2 important things to remember about Price when it comes to marketing
Price must be low enough to attract consumers
Price must be high enough to cover costs and create profits
Name 2 of the "on-the-job" training techniques
Companies train employees while at work
Employees have hands-on practice with supervision
Occurs typically on an individual basis
_____ are referred to as middleman and move finished goods from one business to another
Intermediaries
Evaluating performance helps when making decisions about what four things?
Transfers, Layoffs, Promotions, Terminations
_______ reports net income or net loss of a company
Income Statement
What stage on the product life cycle does the company need to focus on beating competition, improving the product and increasing sales
Stage 3/Maturity
Name the 5 stages of Maslow's hierarchy of needs.
From your notes, name me three examples of service firms
Beauty Salons, Landscaping companies, plumbing companies
What is the final stage of hierarchy of needs chart?
Self-Actualization
The responsibilities of the finance department are:
Managing the use of company funds, obtained needed funds, creating a financial plan
Production must be efficient and effective by doing the following:
Forecasting demand
Scheduling production of goods and services
Managing inventory
Controlling quality
What is the accounting equation?
Non-profit Organizations operate solely off of
Name the four main functions of managment?
Planning, Organizing, Directing, Controlling
The 4 sources of funding for finance
Borrowing funds, selling stock, looking for new investors, increasing owner contributions
What are the four modes of transportation distribution uses
Waterways, railroads, trucks, airlines
Business cannot exist without what?
(MOST IMPORTANT THING IN THE COURSE)
Cash Flow