vocabulary
What is Theory X?
Employees dislike work and need close supervision in order to get their work done
What is the most common economic indicators?
Gross domestic product (GDP)
What is the first P?
Product
What is the first function of management?
Controlling
What is the accounting equation?
Assets = Liabilities + Equity
What is Theory Y?
Employees like to work and do not need close supervision to get their work done
What is the second most commonly used economic indicator?
Inflation
What is the second P?
Price
What is the second function of management?
Planning
1. Poor planning
2. Lack of sales
3. Mismanagement
What is Theory Z?
What is the third most commonly used economic indicator?
Interest rates
What is the third P?
Place
What is the third function of management?
Organizing
Four stages of the business cycle (curve)
Expansion, peak, contraction, and trough
What is payroll?
A list of all employees working for the business and their earnings, benefits, taxes withheld, and other deductions.
What is the fourth most commonly used economic indicator?
Unemployment rate
What is the fourth P?
Promotion
What is the fourth function of management?
Staffing
What is economics?
Is a science that examines how goods and services are produced, sold, and used
What is the accounting cycle?
A sequence of steps businesses follow to records, summarize, and report financial information.
What is the least commonly used economic indicator?
Stock and bond markets
Why are the 4 P's important?
It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand
Leading
Assets are things a business owns such as__________.(3 things)
Property, equipment, and inventory