MGT 8803

The management process - ANSWER planning, organizing, leading, controlling planning - ANSWER setting performance objectives and deciding how to achieve them organizing - ANSWER arranging tasks, people, and other resources to accomplish the work leading - ANSWER inspiring and motivating workers to work hard to achieve organizational goals controlling - ANSWER measuring performance and taking action to ensure desired results strategy steps - ANSWER 1. set goals 2. superior (financial p...

Long-term decisions correct answer: Strategic Medium-term decisions correct answer: Tactical Short-term decisions correct answer: Operational Capabilities that drive performance and increase profit correct answer: Products and services features Time to market Costs Quality Ability to innovate Six Primary OSCM Processes correct answer: Plan (what you want to do) Source (where you will get your inputs) Make (make product or service) Deliver (delivery of product or service) ...

Cash correct answer: Current Asset Interest Expense correct answer: Expense Sales Returns correct answer: Contra-Revenue Wages Payable correct answer: Current Liability Taxes Payable correct answer: Current Liability Marketable Securities correct answer: Current Asset Mortgage Payable (specific form of notes payable that have collateral associated with them) correct answer: Long Term Liability Common Stock Paid in Capital correct answer: Equity Rent Expense correc...

Shareholders correct answer: owners of a corporation; residual claimants Primary Financial Goal of Public Corporation correct answer: To create economic value for its shareholders Capital Budgeting/Expenditure/Investment Decision correct answer: process of determining exactly which assets to invest in and how much to invest Future Value correct answer: = PV x (1+r)^t Present Value correct answer: amount of money you would need to invest today in order to duplicate some future do...

Marketing correct answer: the creation and satisfaction of demand for a product or service Strategy correct answer: a set of ideas that outline how a product line or brand will achieve its objectives Tactic correct answer: a specific action or method that contributes to achieving a goal Things a firm should do in marketing correct answer: analyze needs predict wants estimate demand determine where estimate price decide promotion estimate competition provide service Univers...

What is planning? correct answer: Identifying goals and strategies to get to those goals. What was the focus of classical management? correct answer: Productivity, making workers and organizations more efficient. What are Fayol's four functions of management? correct answer: 1. Planning (deciding business goals and how to achieve them) 2. Organizing - (determining the best allocation of people and resources) 3. Leading - coordination the directing the activities of the employees 4. ...

Ending Retained Earnings correct answer: beginning retained earnings + net income - dividends Statement of Stockholders' Equity correct answer: Beginning Stockholders Equity + Net Income - Dividends + Issuance of Capital Stock Net Income correct answer: Revenues Earned -Expenses Incurred Cost of Goods Sold correct answer: Beginning Inventory + Net Purchases - Ending Inventory Straight Line Depreciation (Contra Asset) correct answer: (cost - salvage value) / useful life Goodw...

Balance Sheet correct answer: A financial statement that reports assets, liabilities, and owner's equity on a specific date. Income Statement correct answer: A financial statement showing the revenue and expenses for a fiscal period. What is net income? correct answer: Revenues - Expenses What is net income also called? correct answer: Profit or "the bottom line" What is equity source? correct answer: Amount provided by the owner. What are liabilities? correct answer: Amo...

What are the (5) assumptions of financial accounting? correct answer: 1. Separate entity 2. Unit of measurement 3. Going concern 4. Periodicity 5. Materiality What does materiality mean? correct answer: The only information that needs to be disclosed in financial statements is information that will be useful for those who rely on the financial statements to make decisions. What are the qualities of financial statements? (6) correct answer: 1. Understandability 2. Timeliness 3. Ful...

Forms of Businesses: Proprietorship & Partnership • ____________liability • No ____________ (on the business; the owner, however days pay taxes) Corporation (Shareholders -> Board of Directors -> Top Managers) • ____________ liability • Taxation (corporations pay taxes, shareholders pay taxes on earnings) • Can be ____________ traded or ____________ held. correct answer: unlimited, taxation, limited, publicly, privately Assumption that we treat the business and ...