ENTR-187 10,12,13
Balance sheet; A statement of what a business owns (assets), what it owes to others (liabilities), and how much value the owners have invested in it (equity).
True
Business entity concept; The concept that a business has an existence separate from that of its owners. True False
True
Cash Flow Management Is Not: keeping large sums of cash on hand at all times obtaining all cash from business operations assuming that all sales and expenses happen instantly trusting customers to pay when the bill comes due providing lengthy credit terms without charging interest allowing large sums to "sit" in non-interest-paying account True False
True
Company book balance is the sum of cash inflows and cash outflows recorded in the firm's accounting records? True False
True
Going concern concept; The accounting concept that a business is expected to continue in existence for the foreseeable future. True False
True
Liquidity is a measure of the expected time before an asset can be converted into cash, and of the expected time before a liability must be paid. A completely liquid asset is one that can be converted instantly to cash, at its full value. True False
True
Liquidity- A measure of how quickly a company can raise money through internal sources by converting assets to cash. True False
True
Long-term; In accounting, the long term refers to an asset that will still have value to the business more than one year from now or a liability that will still be owed more than one year from now. False True
True
MACRS rate the Modified Accelerated Cost Recovery System lets taxpayers depreciate more of the cost earlier True False
True
Need to decide the voice or tone of you message i.e. humor, fear, patriotism, collegiality, etc. True False
True
Only two reasons to do accounting: 1.To produce information that is useful to you for managing your business 2.To meet legal or contractual requirements False True
True
________ is the most familiar form of cash: bills and coins that represent money. Demand deposits Bills and coins Demand deposits Currency
Currency
Money held in checking and savings accounts, called Demand deposits Bills and coins Demand deposits Currency
Demand deposits
A formal, rule-based set of accounting principles and procedures intended for use by outside owners, investors, banks, and regulators, is ________ Managerial accounting Tax accounting Financial accounting
Financial accounting
Sales leads who actually make some sort of effort to learn more about the product, service, or business in anticipation of a possible purchase, called: Impression Sales leads Prospects Marketing funnel
Prospects
To facilitate exchanges of unlike assets; To measure the value of things, both tangible; To keep track of wealth. Purposes of money Purpose of assets Purposes of business Purposes of cash
Purposes of Money
An increase in owners' equity caused by selling your product or service, called________ Expense Revenue Account Profit
Revenue
Financial statements - is formal summaries of the content of an accounting system's records of transactions? True False
True
Five common financial statements Income statement Statement of retained earnings Statement of owner's equity Balance sheet Cash flow statement True False
True
Generally accepted accounting principles (GAAP) is the standardized rules for accounting procedures set out by the Financial Accounting Standards Board and used in all audits and submissions of accounting reports to the government? True False
True
A marketing strategy in which a marketer selects one specific group of consumers and designs a marketing mix specifically for that group is: Predetermined market segments Market segmentation Undifferentiated strategy Concentrated strategy
Concentrated strategy
______ make up most of the no currency cash. Demand deposits Bills and coins Demand deposits Currency
Demand deposits
Articulate - is the concept that information flows from the income statement through the statements of retained earnings and owners' equity to the balance sheet? True False
True
Balance sheet-A statement of what a business owns (assets), what it owes to others (liabilities), and how much value the owners have invested in it (equity). True False
True
Cash Flow Management Is having enough cash available to meet the business need; being able to obtain cash quickly from a variety of sources; understanding how (and when) cash is used by your business; closely monitoring accounts receivable for late; providing motivation for customers to make prompt payments; taking advantage of the prompt payment discount only when it is cheaper than borrowing. True False
True
Cash can be obtained by selling the products and services of the business and collecting cash from customers, called cash flow from operations? True False
True
Cash can be obtained from investments the business has made, such as stocks, bonds, land, buildings, or equipment, called cash flow from investing? True False
True
Commercial paper and short-term debt are two forms of short-term financing (30 days to 1 year) whereby a company with good credit can issue a note for cash to another company. True False
True
Dividing the market can be done several ways: Geographically Demographically By the benefits sought True False
True
Expenses are reductions in owners' equity that recognize the value of goods (inventory) and services (labor) used to produce your product or service. True False
True
Public business is a business that has its stock bought and sold on an organized stock exchange, such as the New York Stock Exchange? True False
True
Retained earnings is the sum of all profits and losses, less all dividends paid since the beginning of the business? True False
True
Short-term debt is expected to be collected in less than a year, but it can be sold to other investors at any time. False True
True
Amounts that are owed to a business for merchandise that was sold on credit (see payables), called Receivables Payables Money Cash
v Receivables
In terms of accounting practice, an account is a chronological list of all additions to and subtractions from a single type of asset (e.g., cash, receivables, loans outstanding). Expense Revenue Account Power
Account
___________ outlets include newspapers, magazines, billboards, television, and Internet banner ads. Promotional Mix Brand name Logo Advertising
Advertising
___________is often used to support the corporate identity and value propositions that are established through public relations efforts. Advertising Promotional Mix Brand name Logo
Advertising
Something the business owns that is expected to have economic value in the future, called_____ Assets Owner's equity Liabilities Power
Assets
Any person or business entity who possesses a security.
Bearer
Commercial paper is issued to be paid to the _______ of the note and thus is fully transferable. Bearer Banks Friends Mother
Bearer
The name a firm puts on itself and its products to differentiate them from competitors' offerings, called: Firm Brand Logo Moto
Brand
The gains provided (i.e., the benefits) or the help is given (i.e., the pains removed) by the product or service your firm offers, called: Brand name Logo Brand promise Tactics
Brand promise
Money that is immediately available to be spent, called_____ Cash equivalents Money Cash Debt
Cash
Assets that may be quickly converted to cash, called_______ Cash equivalents Money Cash Credit
Cash equivalents
Planning and tracking the amounts and timing of money to be received and paid during the business cycle called_______ Money flow management Cash flow management Business management Accounting
Cash flow management.
________ is the Planning and tracking of the amounts and timing of money to be received and paid during the business cycle. Money flow management Cash flow management Business management Accounting
Cash flow management.
The time that is required for a business to acquire resources, convert them into the product, sell the product, and receive cash from the sale., and also called the operating cycle, called________ Cash-to-cash cycle Money order Cash flow Asset
Cash-to-cash cycle
Notes issued by credit-worthy corporations, called______ Commercial paper Short-term debt Loan Money
Commercial paper
____________simplify the accounting process by providing automatic error checking, entry screens that look like the common business forms, and automatic production of financial statements and management reports. Accounting Computerized systems Management Groupthink
Computerized systems
The bills and coins printed by governments to represent money, called_______ Demand deposits Bills and coins Demand deposits Currency
Currency
_____________________________ are accounts that let you withdraw (what bankers call demand) any amount of the balance immediately, without any advance notice to the institution Demand deposits Bills and coins Demand deposits Currency
Demand deposits
Regular and systematic reduction in income that transfers asset value to expense over time, called________ Depreciation Inventory Transfer Stock
Depreciation
A marketing strategy in which a marketer selects two or more distinct groups of consumers and designs specific marketing mixes to meet their needs, called: Predetermined market segments Market segmentation Undifferentiated strategy Differentiated strategy
Differentiated strategy
A decrease in owners' equity caused by consuming your product or service, called_________ Expense Revenue Account Power
Expense
Four common financial statements Statement of retained earnings Statement of owner's equity Balance sheet Cash flow statement True False
False
The accounting concept that a business is expected to continue in existence for the foreseeable future is the business entity concept? False True
False
The concept that a business has an existence separate from that of its owners is the going concern concept? True False
False
What it is called when someone notices a promotional effort? Impression Sales leads Prospects Marketing funnel
Impression
A statement that lists revenues and expenses and shows the amount of profit a business makes for a specified period of time. Balance sheet Cash flow Income statement Cash budget
Income statement
Accounting methods that are specifically intended to be used by managers for planning, directing, and controlling a business, is _______________________ Managerial accounting Tax accounting Financial accounting
Managerial accounting
The process of dividing the market into groups that have somewhat homogeneous needs for a product or service, called: Implementation strategy Predetermined market segments Market segmentation Undifferentiated strategy
Market segmentation
Stocks and bonds that are traded on an open market, called________ Marketable securities Commercial papers Short-term debt Loan
Marketable securities
____________________are made up of stocks and bonds for which there is an active auction market, such as the NASDAQ or the New York Stock Exchange. Commercial papers Short-term debt Loan Marketable securities
Marketable securities
____________represent either ownership or debt of publicly held firms and government-issued debt, in the form of bonds, notes, and bills. Marketable securities Commercial papers Short-term debt Loan
Marketable securities
The rule of thumb in marketing that it takes a large number of people to be made aware of your product in order to find a purchaser, called: Impression Sales leads Prospects Marketing funnel
Marketing funnel
A store of value that can be saved for later purchases, called______ Assest Cash Money Loan
Money
________________________a medium of exchange accepted by the community or what people buy things with and sell things for. Assest Cash Money Loan
Money
_________provides a standard for measuring value, so that the worth of different goods and services can be compared. Assest Cash Money Loan
Money
Amounts owed to vendors for merchandise or services purchased on credit (see receivables), called Payables Receivables Cash Flows
Payables
The accounts of assets, liabilities, and owners' equity, excluding accounts for revenues and expenses, called______ Permanent accounts Revenue Account Power
Permanent accounts
Professionally compiled target audiences based on shared demographic, financial, shopping, and psychographic characteristics, called: Implementation strategy Predetermined market segments Market segmentation Undifferentiated strategy
Predetermined market segments
______is how much of each message conveyance you will use to sell your product as well as your objective in using each one Promotional Mix SWOT PESTEL Adds
Promotional Mix
People who receive a promotional impression and who give some thought to buying the product, called: Impression Sales leads Prospects Marketing funnel
Sales leads
____________is the process of dividing the market into smaller portions of people who have certain common characteristics. Segmentation Target market Focus group SWOT
Segmentation
Any debt that must be paid in less than one year from the date of the financial statement on which it is reported. Short-term debt
Short-term debt
Effective messages are _________that will make your business clear to potential clients and customers. You will use more general messages to convey your firm's overall image. Effective messages Succinct messages General messages Text messages
Succinct Message
The key point in as few and as memorable words as possible is: Effective messages Succinct messages General messages Text messages
Succinct Message
Wha is effective______________? Effective messages Succinct messages General messages Text messages
Succinct Message
_________the segment or segments you select on which to concentrate your marketing efforts Segmentation Target market Focus group SWOT
Target market
An accounting approach based on specific accounting requirements set by governmental taxing agencies is called: Managerial accounting Tax accounting Financial accounting
Tax accounting
A brand is a promise. A good brand is a promise kept. True False
True
Accounting equation: The statement that assets equal liabilities plus owner's equity Assets = Liabilities + Owners' Equity True False
True
Accounting methods that are specifically intended to be used by managers for planning, directing, and controlling a business is called managerial accounting? True False
True
Approximately 55 percent of small businesses that fail do so because of cash flow problems with an immediate impact, not because of lack of profitability True False
True
The balance sheet, also called the Statement of Financial Position, presents a "snapshot" of the financial holdings and liabilities at the close of business on a specified date. True False
True
The income statement shows the amount of revenues earned minus its expenses which equals net income: Revenues - Expenses = Net Income True False
True
The message should combine the elements of your product or service's value proposition with the needs of your target customer. True False
True
Three primary causes of cash flow problems: 1. difficulty collecting money due from customers 2. seasonal variation in sales 3. unexpected decreases in sales True False
True
A marketing strategy that uses no segmentation called: Predetermined market segments Market segmentation Undifferentiated strategy Formatting process
Undifferentiated strategy
________assumes that all consumers have virtually identical needs and can be reached by the same marketing mix. Concentrated strategy Predetermined market segments Market segmentation Undifferentiated strategy
Undifferentiated strategy
Legal obligations to give up things of value in the future, called: Owner' equity Liabilities Assets Profit
liabilities
The difference between assets and liabilities of a business called_______ power owner's equity assets liabilities
owner's equity