Accounting
Accounting is the process of keeping ______
financial records
Finance involves managing _____
Money
Where does marketing occur?
In everyday places where ever customers are present in all kinds of businesses
Ensuring the degree of excellence of a good or service is called _______
quality control
Money owed to a business is known as _____
Accounts Receivable
Who uses accounting information? (What TYPE of users?)
Internal and External users
Money a business owes is known as ____
Accounts payable
What are the 4 Ps of marketing?
Product, Price, Promotion, Place
Deciding how to transport goods is part of which operations activity?
Logistics
The cash conversion cycle should be
As short as possible
What type of accounting method would be most likely used by a small business owner who does not offer credit?
Cash method
Selling shares in the company to raise money for a new venture is referred to as ___________ funding
Marketing element referring to what goods, services, or ideas a business will offer
What is product?
Determining when materials will arrive at a certain destination and how long they will stay there is called ___
Timing
A financial summary that shows how much money the business has made or has lost; also called the profit and loss statement
income statement
income statement
cash flow statement
balance sheet
The administration of assets refers to decisions about ______
Investments
Place is focused on getting a selected product in the ______ ________ at the ______ _____.
right place at the right time
What are the 2 areas that operation managers focus on?
Efficiency and Effectiveness
The money it takes to keep inventory in stock is called
Holding cost
What are the 6 steps of the accounting cycle? Name at least 3 for credit
Analyze financial transactions
Journalize transactions
Post to ledgers
Balance the books
Prepare financial statements
Close the Books
Decisions in regards to financing refer to the _____
Acquisition of funds
A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome
What is promotion?
When a business needs to decide the best location for a business, they must determine ________. Name 1 of the factors they must consider.
Cost
Labor
Community
Layout space
Determining which projects a business should invest in is known as _______
Capital budgeting