Clemson Business 1010 Exam

*The College of Business Major and Course Fee

$103 per credit hour (capped at 10 credit hours) per semester and $104 per credit hour (capped at 10 credit hours) per semester for out of state---> freshmen and sophomore business majors and for all four years of non business/ part time business majors $1031 in state and $1043 for out of state (capped at 4,000$ per semester)---> junior and senior business majors

*Academic Integrity

- Information can be found in the undergraduate announcements on page 30. - Lying, cheating or stealing is not tolerated for any reason. - When someone is accused of cheating, the accuser must submit a write up describing what was done wrong and submit it to the dean of undergraduate studies - it is up to every person at Clemson (students and faculty) to enforce the academic integrity policy

*Benefits and Importance of Participating in Activities Beyond the Class

- Jobs are not just focused on GPA - Being involved in extra curriculars allows you to demonstrate how you can juggle multiple responsibilities - also allows for networking

*Transfer Course Requirements

- Must fill out a "Request of Approval for Course to be taken Elsewhere" form - In order to gain credit, you must have a C or higher in the course to get the transfer credit - Courses taken at a 2 year institution will never count for 3,000- 4,000 level courses.

*Business Ethics Definition

-Business ethics is the application of ethical behavior in a business context. -Acting ethically in business means more than simply obeying applicable laws and regulations: -It also means being honest, doing no harm to others, competing fairly, and declining to put your own interests above those of your company, its owners, and its workers

*Benefits and Importance of Utilizing Student Enrichment

-They can help find you internships which will make you more appealing to employers---> many different opportunities and ways to get involved

What is financial accounting?

-concerned with the summary, analysis and reporting of financial transactions pertaining to a business. - his involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes.

What is corporate accounting?

-corporate accountants spend all of their time working for one company, they are extremely knowledgable about the accounting for the company they work for. This makes an accomplished corporate accountant valuable to her company and companies that sell similar products and services.

What services are generally performed by public accountants?

-preparation, review, and auditing of the clients' financial statements -tax work including the preparation of income tax returns, and estate and tax planning -consulting and advice involving accounting systems, mergers and acquisitions, and much more

What is public accounting?

-public accountants frequently serve many clients, sometimes in different industries. This gives them a breadth of knowledge about accounting issues at a variety of companies. This makes public accountants valuable to companies that are looking for employees with a large base of knowledge.

What is Financial Management?

-refers to the efficient and effective management of money (funds) in such a manner as to accomplish the objectives of the organization. It is the specialized function directly associated with the top management. -The term typically applies to an organization or company's financial strategy

Steps to Solve Ethical Dilemma

1. Define the problem 2. Identify feasible options 3. Assess the effect of each option on stakeholders 4. Establish criteria for determining the most appropriate action 5. Select the best option based on the established criteria:

*Academic dishonesty is considered any breach in the principles outlined in the Academic Integrity Statement. The catalog further identifies what three items or acts as academic dishonesty

1. Giving, receiving, or using unauthorized aid for academic requirements 2. Plagiarism 3. Attempts to copy, edit, or delete computer files that belong to another person

What skills are required to succeed in business analytics

1. Inquisitiveness 2. Interpretation skills 3. Understanding tools and methods 4. Detail Oriented 5. Quantitative Skills

What are the tips for aspiring entrepreneurs?

1. Learn from others' failures 2. Make sure this is what you want 3. Solve problems 4. Be passionate 5. Get advice from those who have done it

While free markets are considered a better solution than a planned economy (Communism), free markets can lead to some problems. What are the three problems are cited

1. The over production of negative externalities (e.g. pollution) 2. The underproduction of goods with positive externalities (e.g. education, health care, public transport). 3. Non provision of Public Goods

What are two main problems that can be managed with economic policies?

1. inflation 2. unemployment

Steps to Avoid Ethical Lapse

1. is this action legal? 2. is it unfair to some parties? 3. If i take it, will i feel badly? 4. will i be ashamed to tell people who are close to me? 5. if it is written about in the newspaper, will i be embarrassed?

*What year was Clemson University established?

1889

*What date did Clemson University first open its doors for education?

1893

*In what year did Clemson play its first football game?

1896

*What year did Clemson become a co-educational institution?

1955

*What year was Clemson integrated?

1963

*What year did our school adopt the name Clemson University?

1964

*When was the Tiger Paw adopted as Clemson's athletics symbol?

1970

*What year was Clemson first named a Top 20 Public University?

2014

*How many Clemson students and alumni served in WWII? How many gave the ultimate sacrifice?

6000 and 373 gave the ultimate sacrifice

Ethical Dilemma

A morally problematic situation Picking between two or more "right" decisions that are important to different groups A "right v. right" decision

Why is building a brand important?

A robust brand differentiates its products from the competitors and gives your business a leg up on the others, allowing you to increase sales and grow your business.

What is accounting?

Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies and tax collection entities.

*What was the school's name when it opened?

Clemson Agricultural College

If a student believes there is evidence that another student committed an act of academic dishonesty, what should they do?

Contact the instructor in which the act of dishonesty has been committed

Which academically forgiven courses must be repeated at Clemson?

Courses that are required for the major

What is inflation?

Inflation (measured in percent) is measure of how much a bunch of products have increased in price from last year

*What year did Clemson open to an all-male student body?

July, 1893

*Importance and Utility of Syllabus

Lays out the expectations, important dates, teacher contact info and other things that one needs to know to be successful in the class.

Where is LinkedIn most influential? Does the author consider LinkedIn as a revenue generating platform?

LinkedIn is the most influential in the job search - the author does not think it is a revenue generating platform

What are the key differences between MIS and Computer Science, especially in focus, objective and core skills?

MIS= more efficient or effective business (objective) and problem solving (core skill) Computer Science= reliable computer programming (objective) and logic/procedure (core skill)

What is managerial accounting?

Managerial accounting is the process of identifying, measuring, analyzing, interpreting and communicating information for the pursuit of an organization's goals. This branch of accounting is also known as cost accounting

*What was the name of the first woman to earn a degree at Clemson?

Margaret Marie Snider

What is the most important part of brand management?

Ongoing maitenence and control

What is Operations Management?

Operations management is chiefly concerned with planning, organizing and supervising in the contexts of production, manufacturing or the provision of services. As such, it is delivery-focused, ensuring that an organization successfully turns inputs to outputs in an efficient manner.

What platform does the author suggest is best at sales generation?

Pinterest

*The Study Cycle

Preview (before class look over chapter and agenda), Attend (go to class) Review (after class, and each day for ten minutes --> this will prevent you from forgetting) Study (3-5 short study sessions per week and then one over the weekend) Asses (asses your learning and make sure that you feel comfortable about the material)

*Products and services provided by the Student Enrichment

Products and services: Newsletter Resources for Major and Career Choices Career Coaching Resume and LinkedIn profile preparation Internship & Job Placement Professional Development (Career Preparation) Mentoring (Tiger Ties) Global Engagement

What are the two key terms for operations management?

Supply Chain Management- understanding global trends in supply chain management in order to meet client demand is often critical Logistics- the careful and considered use of resources, as well as cost-effectiveness, has become increasingly important

*Transfer Course Equivalency

TCEL= a tool to use that will allow you to see what courses from other schools, will transfer to Clemson and count for specific classes.

*Importance and Utility of Undergraduate Announcements

The Undergraduate Announcements AKA "The Catalog" has important information about class requirements, pre reqs needed for classes, the undergraduate calendar as well as what you need to do to graduate on time.

What is the new expectation for Human Resource Management at the executive table?

The new role of HRM involves strategic direction and HRM metrics and measurements to demonstrate their value. Employees who work in HRM must demonstrate their value by keeping their employer and company safe from lawsuits and the resulting workplace chaos. They must perform a balancing act to serve all of an organization's stakeholders: customers, executives, owners, managers, employees, and stockholders.

How do reports produced by accountants help management?

They help management make informed business decisions

What does Gross Domestic Product measure?

This is the fundamental measure of the size of an economy. This is conceptually equal to the sum of incomes of all people in the country

*Services provided by ASC

Tutoring, Course Support, Peer Assisted Learning, Learning and Studying Strategies, Academic Goal Setting and Accountability, Success Skills and Strategies, Online Workshops

Which platform is essential for relationship building with influencers and communication with the customer base?

Twitter

What is the core of entrepreneurship?

a mind-set — a way of thinking and acting. It is about imagining new ways to solve problems and create value

What is a Commercial Bank?

act as managers for deposit accounts for businesses and individuals, although they are primarily focused on business accounts, and they make public loans through deposit money that they hold.

What is the most important factor for Instagram marketers?

age demographics

*What is the Academic Forgiveness Policy?

allows a student enrolled beginning Fall 2013 to eliminate from the GPA calculation up to three courses in which a D or F was earned

Basic Categories of Ethical Situations

bribe conflicts of interest conflicts of loyalty issues of honesty and integrity whistle-blowing

Where will a corporate accountant be employed?

corporate accountants work in the accounting function of companies that produce goods and services, as opposed to selling accounting services. The organization of these companies varies, but many are publicly traded.

What is an Investment Bank?

expedite the purchase and sales of bonds, stocks and other investments and aid companies in making initial public offerings (IPOs).

What is Money Management?

he process of budgeting, saving, investing, spending or otherwise in overseeing the cash usage of an individual or group

*What is the main importance of economics?

helping society decide on the optimal allocation of our limited resources. The fundamental problem of economic is said to be scarcity - the idea that wants (demand) is greater than the resources we have. Frequently we face choices on: What to produce How to produce For whom to Produce

*Benefits and importance of Utilizing the ASC

higher GPA, better test grades, better time management skills and study habits etc.

What do Management Info systems students learn?

how businesses use information to improve the company's operations. Students also learn how to manage various information systems so that they best serve the needs of managers, staff and customers. MIS students learn how to create systems for finding and storing data and they learn about computer databases, networks, computer security, and lots more.

What are other names for Money Management?

investment management and/or portfolio management

What is Human Resource Management?

is the function within an organization that focuses on the recruitment of, management of, and providing direction for the people who work in an organization.

What is the primary difference between financial accounting and managerial accounting?

managerial accounting information is aimed at helping managers within the organization make decisions, while financial accounting is aimed at providing information to parties outside the organization.

What is the primary goal of corporate finance?

maximize or increase shareholder value

What is the name of the policy central banks use to control short-term interest rates?

monetary policy

What is an interest rate?

positive number that measures how much excess you get

What does Human Resource Management provide to help the rest of the organization be successful?

provide the knowledge, necessary tools, training, administrative services, coaching, legal and management advice, and talent management oversight that the rest of the organization needs for successful operation.

Corporate Responsibility

refers to the approach that an organization takes in balancing its responsibilities toward different stakeholders when making legal, economic, ethical, and social decisions.

ethical dilemma vs. ethical decision

right vs right = ethical dilemma and right vs wrong= ethical decision--> in the ethical decision, there is a right choice to make

What is Corporate Finance?

the area of finance dealing with the sources of funding and the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, and the tools and analysis used to allocate financial resources

What is brand management

the science of crafting and sustaining a brand. This means defining the brand, positioning the brand, and delivering the brand value constantly. Branding creates customer commitment to your business

What are the uses of market research?

to find out information about markets, target markets and their needs, competitors, market trends, customer satisfaction with products and services, etc

*What was the name of Clemson's first African-American student?

Harvey B Gantt