Team Work
a group of people with complementary skills who work together to achieve a specific goal
Team
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings
Marketing
job that consists of all the activities involved in transforming a product idea into a finished product
operations management or, (OM)
statement showing revenues, or sales, and expenses
Income Statement
pulls money out of your checking account whenever you use the card to buy something or get cash from an ATM
Debit card
the tendency to conform to group pressure in making decisions
Groupthink
a specific group of consumers who are particularly interested in your product, who would have access to it, and who have the means to buy it
Target Market
a production style which produces low-volume, high-variety goods according to customer specifications.
make-to-order strategy
How to tell if a business is gaining or losing money by being in business
Breakeven Analysis
the application of financial principles to the monetary decisions that you make
Personal Finance
This type of role includes just about every activity that improves team “chemistry,”
relationship-building role or, "team building"
divides the market into groups based on such variables as age, marital status, gender, ethnic background, income, occupation, and education
Demographics or Demographic Segmentation
Practice of producing high volumes of identical goods at a cost low enough to price them for large numbers of customers
Mass Production
What are the two major fields of accounting?
Management accountants and Financial accountants
the ongoing process of managing your personal finances in order to meet goals that you’ve set for yourself or your family.
Financial Planning
Name three things that makes a group cohesive
Size, Similarity, Success, Exclusiveness, and Competition.
dividing a market according to such variables as climate, region, and population density
Geographic segmentation
Henry Ford
what does a balance sheet entail?
Your assets, your liabilities, your owner’s equity
Three main ways to finance college?
Scholarships, Grants, Loans
Three things team members need to succeed
Technical skills, problem solving/decision making, Interpersonal skills
What are the four P's of Marketing?
Product, Price, Place, Promotion
All the steps that a company takes to ensure that its goods or services are of sufficiently high quality to meet customers’ needs
Total quality management or, (TQM)
Assets=Liabilities+ ?
Owners Equity
Principle whereby a dollar received in the present is worth more than a dollar received in the future.
Time Value of Money