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Management Qualities and Skills
Vocab
Accounting
CFP/ Financial Planning
Miscellaneous
100
Process of creating goals and objectives as well as the strategies to meet them
What is planning
100
A type of business that you can buy into that has an established reputation and makes most decisions for you  
What is a franchise
100
Area of accounting aimed at serving external users
What is financial accounting 
100
What is something promoting you to get rich quick
What is a ponzi scheme
100
A written description of a new business venture that describes all aspects of the business 
What is a business plan 
200
Adhere to a code of ethical values such as honesty, loyalty and fairness
What is integrity
200
Stockholders do not have financial obligations to corporations and are said to have_____.
What is limited liablity
200
This involves testing business records and procedures for accuracy.
What is auditing
200
Professionals who help their clients with a variety of financial tasks and aid in making investment decisions to plan for the future 
What is a Financial Planner
200
Serves a limited geographic area and employs fewer than 500 people
What is a small business 
300
The ability to act and make decisions without the help of advice from others 
What is initiative
300
A type of partnership where both parties are financially responsible 
What is a general partnership
300
A=L+OE
What is the Accounting equation
300
Gathering clients income, expenses, assets, liabilities, future goals, and risk tolerance allows a CFP to develop _____.
What is a written financial plan
300
The process of dealing with or controlling people or things 
What is management 
400
Staying calm and knowing what to do under stress
What is confidence
400
Type of partnership where one partner is only partially responsible for the financial aspect of the business 
What is a limited partnership (Silent Partner)
400
What is the amount of liabilities if assets are $2500 and owners equity is $500 
What is $2000
400
The first step to creating a budget
What is tracking all income and expenses for at least a month 
400
Formalized rules and standards that describe what a company expects of its employees
What is a company's code of ethics 
500
Process of recognizing opportunity, testing in the market and gathering resources necessary to go into business 
What is entreprenurship
500
A business failure results in the owner losing their house, car, and other personal property this is referred to as_____.
What is unlimited liability 
500
What does GAAP stand for 
What is generally accepted accounting principles 
500
Arranging your money to spend save and invest to live comfortably and achieve goals 
What is personal financial planning 
500
Principles and standards that determine acceptable conduct in business 
What is business ethics