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In general, as price of a good or service increases, the quantity demanded: remains the same irrespective of the product type. first increases and then decreases irrespective of the product type. increases. declines. - -declines. A graph showing the amount of a product that buyers will purchase...

Demand - -ability of buyers to purchase goods and services at different prices Supply - -amount of goods and services for sale at different prices What drives demand? - -consumer statistics preferences economic conditions What is the underlying cause of movement among the demand curve? - -price...

Evaluating Results - -Part of the organizing process that aids in effective and efficient progress toward planned goals and often results in changes within the organization. Increased decision making authority given to employees - -The result of a company increasing the delegation of authority an...

Financial managers - -Executives who develop and implement their firm's financial plan and determine the most appropriate sources and uses of funds. They are among the most vital people on the corporate payroll. Risk-return trade-off - -Financial managers strive to maximize the wealth of their f...

balanced budget situation in which total revenues raised by taxes equal the total proposed spending for the year. budget organization's plan for how it will raise and spend money during a given period of time. taxes, fees, and borrowing. The primary sources of government funds to cover the cos...

Which part of the organizing process aids in effective and efficient progress toward planned goals and often results in changes within the organization? A. Promoting vision B. Evaluating results C. Turning strategy into action D. Determining the specific activities - -B. Evaluating results Wha...

Which part of the organizing process aids in effective and efficient progress toward planned goals and often results in changes within the organization? - -Evaluating results What is the result of a company increasing the delegation of authority and the span of control? - - Increased number of di...

assembly line - -a series of workers and machines in a factory by which a succession of identical items is progressively assembled. benchmarking - -assessing how well other companies perform business functions or tasks. In other words, benchmarking is the process of determining other firms' stan...

Production - -Begins with inputs + add value = produce a good or service. Operations Management - relates to this process. Why is production such an important business activity? - -Without products to sell, companies cannot generate money. Goal: lower the cost of production, boost the quality of...

Marketing - -The process for discovering unmet customer needs, researching potential markets, producing goods or services to satisfy targeted customers, promoting, pricing, and distributing. The organizational function and set of processes for creating, communicating and delivering value to custo...

Balance Sheet - -Snapshot - permanent statement, amounts are carried over from year to year, shows the firm's financial position on a particular date. Close out at end of year. Income Statement - -Video - indicates the flow of resources that reveals performance over a specific period. Also cal...

Current assets / current liabilities - -Current Ratio Current assets - minus inventory / current liabilities - -Acid Test (Quick) Ratio Current assets $250 Inventory $20 Current Liabilities $100 250-20=230 230/100=2.2 $2.20 assets for every $1 in liabilities Acid Test (Quick) Ratio and Curre...

Financial Structure - -Chief Financial Officer, Vice President of Finance, Treasurer, and Controller Chief Financial Officer - -Leader of the financial team. Reports to Chief Executive Officer. May be on board of directors. This person and CEO must certify accuracy of financial statements. Vice...

Factors Influencing Demand - -Demand is driven by price, consumer preferences, the economy, the number of buyers in a market, customer incomes, price of substitutes and complimentary items. Factors of Production - -Natural resources, capital, human resources and entrepreneurship. What is the key ...