Financials
What is a Balance Sheet?
A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time
The U.S. is the world’s largest exporter of?
Services
What is the formula for Profit?
P=R-C
Product is...
anything a person receives in exchange for something else
How much money did DECA steal from us this year?
$20
What is an Income Statement?
shows the company's revenues and expenses during a particular period. It indicates how the revenues are transformed into net income or net profit
How Services Differ from Goods
Intangible, Inseparable, Heterogeneous, Perishable
What is Revenue?
Revenue is the price customers pay X units sold and Profit is what is left over after you pay for expenses.
Form Utility is...
Taking materials and putting them all together
to make one product. An example is taking
thread, denim, buttons, and a zipper and
taking all of those materials and creating
jeans.
How many headaches did Eggie get from DECA this year?
27
True or false
Most new businesses don't make any profit within their first year.
True
What are Nonprofit Organizations Target Market
Government
Museums
Theaters
Schools
Churches
What is a YMS – Yield Management Systems –
computer software that automatically changes pricing based on demand (airlines, hotels, etc)
What is a UPC
Universal Product Code
Who plays with Transformers?
DAVID!
What is equity?
equity is an ownership interest in property that may be offset by debts or other liabilities. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets owned.
What is Internal Marketing?
Treating employees as customers and developing systems and benefits that satisfy their needs.
Introduction -
high price, usually to recover development costs
What are the 3 functions of packaging?
contain & protect, promote and facilitate storage, use, and convenience.
Who comes in our class when its not even their period?
Lizzie & Anisha
In 2023 you have $200,000 in income and $160,000 in expenses
What is your gross profit and net profit?
$40,000 - gross
$30,000 - net
Name 1 Place (Distribution) Strategy…
Scheduling, Location, Direct or indirect, distribution, Number of outlets, Convenience
Predatory Pricing –
setting a price so low you kick competition out of the market (illegal under Sherman and FTC)
What is the third phase in the product life cycle?
Maturity
How many absences does Angelo have on the year in DECA?
390