Purpose of Management
A statement that expresses what the firm aspires to become in the future.
Vision Statement
How is the total cost of inventory calculated?
Carrying costs + ordering costs
A firm's benefit/cost ratio must be great than _____ to invest
1
This type of budget summarizes expected sales, production, and costs over a given period.
Operating Budget
What year was WTAMU founded
1910
A mission statement defines the firm's _______ and ______.
purpose & objectives
This refers to the point at which the level of inventory must be replaced to prevent an inventory shortage.
Reorder point
To solve the Average Rate of Return (ARR) you take ________ divided by ______ *100.
Average annual net return, initial cost
Monthly or trend indexes are used to account for this recurring pattern in data.
Seasonality
What is the name of WT's mascot?
Thunder
Strategic planning refers to _________ planning, while tactical planning refers to _________ planning.
Long-term, Short-term
The number of items to order that minimizes total inventory cost.
EOQ Economic order quantity
The payback period measures how long it takes to ______ the initial investment.
recover
per-capita basis
WT was originally established to promote what specific education/profession.
Teaching
A SWOT analysis includes:
Strengths and Weaknesses (internal factors) Opportunities and Threats (external factors)
How is the Contribution per unit calculated?
Selling price/unit - variable costs/unit
This method finds the sum of discounted future cash flows and then deducts the initial costs.
NPV Net present value
Extrapolation assumes "what happened in the _____ will happen again in the _____."
past, future
Before becoming apart of the A&M system, WTAMU was formerly known as what
West Texas State Normal College
What are the four functions of management?
Planning, Organizing, Directing, Controlling
What are the five key components of the Star Model of Business Organization?
Strategy, Structure, Processes, Reward and People
The discount rate that makes the NPV of all cash flows equal to zero
Internal Rate of Return (IRR)
Which two indexes can be used to adjust for inflation?
a) CPI & GDP
b) CPI & PPI
c) CPI & NPV
d) ARR & BCR
CPI (Consumer Price Index) and PPI (Producer Price Index)
In 1914, the only building on WT's was destroyed by a fire. What is the name of the building that was built in its place in 1916?
Old Main