WGU C201 Business Acumen

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 decision-making authority given to employees Which two key elements does an effective organization include? Choose 2 answers - -Human interaction Structure Why does a line organizational structure function mo...

microeconomics - -study of small economic units, such as individual consumers, families, and businesses. demand - -willingness and ability of buyers to purchase goods and services Supply - -willingness and ability of sellers to provide goods and services. Economics - -social science that analyzes the choices people and governments make in allocating scarce resources. Supply curve - -shows the relationship between price and quantity supplied Pure Competition - -A market structure character...

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 direct reports per manager Which two key elements does an effective organization include? - -Human interaction, structure Why does a line organizational structure function most effectively in a crisis...

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 factor influencing demand? - -Price Demand Curve - -A graph of the amount of a product buyers will purchase at different prices. Supply Curve - -Shows the relationship between the price of a good or...

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 President of Finance - -Makes recommendations to CFO for where to invest capital. Prepares financial forecasts, analyzes investment decisions, and specifies funds needed for a time period: inflows ...

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 Current Ratio - -Liquidity Ratios Inventory Turnover, Receivables Turnover, and Total Asset Turnover - -Activity Ratios Cost of goods sold / average inventory - -Inventory Turnover. Equals the number of...

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 called a profit and loss statement. Statement of Owners Equity - -Shows changes in equity from the year end of one year to the next. Begins with the amount of owner's equity shown on last statement 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 customers, managing customer relations, advocates ideas or viewpoints and educating others. How does marketing create utility? - -Creates time, place, and ownership utility. Utility: ability of a good or...

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 goods and services, respond dependably to customers, and continuously improve. In what ways does production create value for the company and its customers? - -Can lower production costs. Improve ...

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' standards and best practices. computer-aided design (CAD) - -allows engineers to design products and test prototypes on computers more quickly and efficiently than traditional drafting methods computer...