Money
What is the term for money that can be split into smaller units (ex. dollars, quarters, dimes, pennies, etc.)
Divisibility
What are the three functions of accounting
recording, measurement, interpretation
What is culture?
Traditions, values, behaviors, rules, beliefs
Sole proprietorship, partnership, limited liability company, S-corp, C-corp, non-profit
Difference between X and Y theory?
X- Tight control, assume you don't want to work, carrot + stick approach
Y- Believe you want to be there, freedom, encouragement involvement
Define fiat money
Money that is not backed up by a physical commodity in the government
What are the financial statements?
Income sheet, balance sheet, cash flow
Weekly meetings, project updates, reports
Group texts with jokes, memes, etc., spontaneous meetings, events and celebrations
What businesses no longer exist if owner(s) die?
Sole proprietorship and partnership
How is Z theory different?
Promotes wellbeing and health of staff, long term employment, generalist employees, and collaboration and consideration from all
What is the system for Bitcoin?
Decentralized
What does GAAP and FASB stand for?
Generally accepted accounting principles
Financial accounting standards board
line, line and staff, multidivisional, matrix
What businesses have pass-through taxation? What about double
pass-through: Sole proprietorship, partnership, LLC, S-corp
double: C-corp, non-profit (kind of)
What are the parts of 2 factor theory? Describe
Hygiene- Needed to lead to job satisfaction (relationships, job security, work conditions, pay, supervision, policies)
Motivation Factors: if not provided, wont necessarily lead to dissatisfaction (job itself, autonomy, authority, responsibility, advancement, recognition, achievement)
What is GPD (gross domestic product)
the sum of all goods and services produced by a country in a year
Financial vs Managerial
Financial: report for external stakeholders. Accountants furnish info to groups inside and outside the org. to assess financial preformance
Managerial: report for internal. Managers use to plan and direct activities within the business
Define matrix structure
There is a president/CEO who reports to the head department leaders. Project managers and head report to team
What is crowdfunding?
Individuals investing in company either through ownership (equity) or for product and perks (reward)
Name Maslow's prymid from bottom to top
Physical needs, security, belonging, self esteem, self actualization
What are all six of the characteristics of money?
What are the functions of money?
Stability, durability, divisibility, acceptability, portability, difficulty to counterfeit
Medium of exchange, store of value, and measure of value
How does the government prevent fraud?
Dodd-Frank created in response to 2008 crisis, Sarbanes-Oxley Act in response to 2002 cooperate scandals
Describe the difference between flat/wide and tall/narrow
flat/wide: broad span of control, fewer levels. Easier to get things done and rely info (small business)
tall/narrow: narrow span of control, many levels of hierarchy (large business)
What are angel investors and venture capitalist?
Venture: Invest others money
Name all of the theories of motivation?
Intrinsic vs extrinsic, Maslow's hierarchy of needs, McGregor's X and Y theory, Z theory, Herzberg 2-factor theory, Equity theory, Expectancy theory