BUS 101 Study Guide PDF

**BUS 101 STUDY GUIDE** 1. **What is a vision and mission statement?** - **Vision: Details where the organization aspires to go, expressing aspirations for the future.** - **Mission: An organization's business, objectives, and how it will reach them.** 2. **Business Professional an...

**BUS 101 STUDY GUIDE** 1. **What is a vision and mission statement?** - **Vision: Details where the organization aspires to go, expressing aspirations for the future.** - **Mission: An organization's business, objectives, and how it will reach them.** 2. **Business Professional and Business Casual:** - **Business Professional: Formal dress code commonly found in more traditional workplace settings like accounting, law, and finance.** - **Business Casual: allows for more personal expression and comfort, making it suitable for less formal work environments.** 3. **The order/format a resume should be written:** - **Provide a header with your personal details, List your education, experience, and skills.** 4. **How to Calculate profits:** - **Start with a business's total income, (amount of money earned from sales), calculate business's total expenses, subtract total expenses from total income to get the profit.** 5. **The STAR method:** - **Situation, Task, Action, Result.** - Situation- Explain the situation so the interviewer understands the concept of your example. - Task- Talk about the task, problem, or challenge that you took responsibility for completing, or goal of your efforts. - Action- Describe actions that you personally took to complete the task or reach the end goal. HIghlight the skills or character traits addressed in the question. - Result- Explain the positive outcomes or results of your actions or efforts. Important to highlight quantifiable results. - You will want to use the STAR method when your interviewer 6. **Investing: AVG Vol definition:** - **Investing Average Volume: The average number of shares traded in a day in a given stock. Daily volume equates to how many shares are traded each day, but this can be averaged over a number of days to find the average daily volume.** 7. **The 4 P's (of marketing):** - **Product, Price, Place, and Promotion.** - **Product:** Developing a product the customer wants - **Price:** Pricing the product high enough to gain profit and low enough to attract customers - **Place:** Distributing the product to a place that customers will buy it - **Promotion:** Thoughtful advertising that reaches the target market and meets a marketing goal. 8. **SMART Goal:** - **A SMART goal must be:** Specific, Measurable, Achievable, Relevant, and Time-Bound. - **Specific:** When setting a goal, be specific about what you want to accomplish. Think about this as a mission statement for your goal. - **Measurable:** What metrics are you going to determine if you meet the goal? - **Achievable:** This focuses on how important a goal is to you and what you can do to make it attainable and may require developing new skills and changing attitudes. Meant to inspire motivation, not discouragement. Think on how to accomplish the goal, if you have the tools needed and if not, consider what you can do to attain them. - **Relevant:** Relevance refers to focusing on something that makes sense within the broader business goals. - **Time-bound:** Anyone can set goals, but if it lacks realistic timing, chances are you aren't going to succeed. Providing a target date for deliverables is imperative. 9. **Enrollment, Resources, & MyNevada** - **Enrollment: Used for enrolling into courses, adding courses into shopping cart, class search, dropping and swapping courses, access to planner, viewing enrollment date and time.** - **Finances: Used to make payments, view balances and payment history, all finance related activities.** - **Financial Aid: Used to view scholarships.** - **Tasks: Used to view to-do lists, holds, and communications.** - **Academic Records: Used for viewing course history, final grades, transcript requests, test scores, applying for graduation.** - **Personal Information: Used to input preferred contact details, third-party release, emergency contacts.** - **Academic Progress: Used to view progress of degree requirements** - **Schedule Planner: Used to plan and create schedules** 10. **Components of Management:** - **Planning, Organizing, Leading, Controlling** - **Planning: How to carry out goals, policies, and procedures** - **Organizing: Arranging tasks, people, and other resources to accomplish the work** - **Leading: Involves motivating, directing, and influencing people to achieve the organization's goals** - **Controlling: Monitoring performance, comparing performance with goals, taking corrective action if needed** 11. **Market segmentation:** - **Market segmentation is an extension of market research that seeks to find groups of customers and tailor products and branding towards that group.** 12. **Difference between accounting and finance:** - **Accounting: Focuses on what happened, analyzing financial statements of financial decisions that have already happened.** - **Finance: Future focused, creates financial statements and projects, predicts what will happen.** 13. **Types of Ownership:** - **[Sole Proprietorship]:** - **Pros: start and end the business with ease, simple taxes** - **Cons: unlimited financial liability** - **[Partnership]:** - **Pros: Start business with ease, simple taxes** - **Cons: Unlimited financial liability, ending business may be difficult** - **[Corporations]:** - **Pros: Little liability, a lot of managerial expertise** - **Cons: Taxed twice, ongoing costs, disclose financial info publicly** - **[Limited Liability Company]:** - **Pros: Little liability, chose how it is taxed** - **Cons: subject to self-employment tax, may have limited lifespan and growth potential.** 14. **Fields in Finance:** - **Business/Corporate finance: How businesses fund their operations in order to maximize profits and minimize costs. Deals with day-to-day demands on business cash flows as well as long-term financing goals.** - **Personal Finance: Involves saving, investing, debt control, retirement plans, and creating financial goals.** - **Public Finance: On a governmental level, Components include taxation, budget plans, expenditures, deficit/surplus, national debt.**