Podcast
Questions and Answers
What is the primary focus of accounting?
What is the primary focus of accounting?
- Creating financial statements
- Analyzing past financial decisions (correct)
- Managing day-to-day cash flows
- Projecting future financial outcomes
Which type of ownership structure offers the most limited financial liability?
Which type of ownership structure offers the most limited financial liability?
- Corporation (correct)
- Partnership
- Sole Proprietorship
- Limited Liability Company (correct)
In the context of finance, what is primarily dealt with in personal finance?
In the context of finance, what is primarily dealt with in personal finance?
- Saving, investing, and debt control (correct)
- Government taxation and budget plans
- Maximizing business profits and minimizing costs
- Financial projections and statements for companies
What is a disadvantage of incorporating as a corporation?
What is a disadvantage of incorporating as a corporation?
Which of the following describes business/corporate finance?
Which of the following describes business/corporate finance?
What is a key aspect of setting an achievable goal?
What is a key aspect of setting an achievable goal?
Which component of management involves arranging tasks and resources?
Which component of management involves arranging tasks and resources?
Which of the following is not a function of MyNevada?
Which of the following is not a function of MyNevada?
What does the 'relevant' aspect of goal setting emphasize?
What does the 'relevant' aspect of goal setting emphasize?
How does market segmentation benefit businesses?
How does market segmentation benefit businesses?
What does the controlling component of management entail?
What does the controlling component of management entail?
What factor is essential for a time-bound goal?
What factor is essential for a time-bound goal?
Which option best describes the importance of measurable goals?
Which option best describes the importance of measurable goals?
What does a vision statement describe?
What does a vision statement describe?
Which of the following best defines business casual attire?
Which of the following best defines business casual attire?
In what order should a resume be structured?
In what order should a resume be structured?
How is profit calculated for a business?
How is profit calculated for a business?
What does the 'A' in the STAR method represent?
What does the 'A' in the STAR method represent?
What does the term 'average volume' refer to in investing?
What does the term 'average volume' refer to in investing?
Which of the following is NOT one of the 4 P's of marketing?
Which of the following is NOT one of the 4 P's of marketing?
What does SMART stand for in SMART goals?
What does SMART stand for in SMART goals?
Flashcards
Vision Statement
Vision Statement
An organization's long-term aspirations. It defines where they aim to be in the future.
Mission Statement
Mission Statement
A concise statement outlining the organization's purpose, objectives, and approach to achieving them.
Business Professional
Business Professional
A formal dress code often found in traditional work environments like finance and law.
Business Casual
Business Casual
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STAR Method
STAR Method
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Average Volume (AVG Vol)
Average Volume (AVG Vol)
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4 P's of Marketing
4 P's of Marketing
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SMART Goal
SMART Goal
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What is the focus of accounting?
What is the focus of accounting?
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What is the focus of finance?
What is the focus of finance?
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What is a sole proprietorship?
What is a sole proprietorship?
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What is a partnership?
What is a partnership?
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What is a corporation?
What is a corporation?
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Market Segmentation
Market Segmentation
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Planning (Management)
Planning (Management)
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Organizing (Management)
Organizing (Management)
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Leading (Management)
Leading (Management)
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Controlling (Management)
Controlling (Management)
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MyNevada
MyNevada
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Enrollment & Finances
Enrollment & Finances
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Study Notes
Business Vision and Mission
- Vision: Explains where the organization wants to go, outlining future aspirations.
- Mission: Defines the organization's business, objectives, and how it will achieve them.
Business Professional and Casual Dress Codes
- Business Professional: Formal dress code, common in traditional workplaces (e.g., accounting, law).
- Business Casual: Allows for more personal expression and comfort, suitable for less formal environments.
Resume Format
- Include a header with personal details.
- List education, experience, and skills.
Profit Calculation
- Start with total income (sales revenue).
- Calculate total expenses.
- Subtract total expenses from total income to find the profit.
STAR Method for Interviewing
- Situation: Describe the situation or problem.
- Task: Explain the task you were responsible for.
- Action: Detail your actions taken to address the task.
- Result: Explain the positive outcome of your actions and quantifiable results.
Investing: Average Volume (AVG Vol)
- Average Volume: The average number of shares traded daily in a given stock.
- This average can be determined by averaging the daily volume over a set period (e.g., a week or a month).
Marketing: The 4 Ps
- Product: Creating a product that customers desire.
- Price: Determining a cost sufficient for profit but attractive to buyers.
- Place: Distributing products to locations where customers buy.
- Promotion: Targeted advertising campaigns reaching the intended market.
SMART Goals
- SMART Goals: Specific, Measurable, Achievable, Relevant, and Time-Bound.
Enrollment, Resources, & MyNevada
- Enrollment: Online course enrollment, course swapping, viewing enrollment dates.
- Finances: Making payments, viewing balances, financial aid information.
- Tasks: Viewing to-do lists, holds, and communications.
- Academic Records: Viewing course history, final grades, transcripts.
- Personal Information: Entering contact details.
Management Components
- Planning: Defining goals, strategies, and procedures.
- Organizing: Structuring tasks and resources.
- Leading: Motivating and guiding employees.
- Controlling: Monitoring and evaluating performance against goals.
Market Segmentation
- Market segmentation: Identifying customer groups for tailored products and brand strategies.
Accounting vs. Finance
- Accounting: Focused on past financial events, analyzing past financial statements.
- Finance: Future-oriented, creating projections and financial statements.
Types of Ownership
- Sole Proprietorship: Simplest business structure, ease of setup, unlimited liability.
- Partnership: Two or more owners, shared liability.
- Corporations: Complex structure, limited liability, but taxed twice.
- Limited Liability Company (LLC): Combines pros of partnerships/sole proprietorships and corporations, protecting personal assets.
Fields in Finance
- Business/Corporate Finance: Managing daily cash flow and long-term financing needs.
- Personal Finance: Managing personal finances, investments, and debt.
- Public Finance: Government financial management, taxation, budgeting, deficits/surpluses.
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