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The balance according to the bank statement is $35,782. Outstanding checks total $19,573. Deposits in transit total $7,210. What is the adjusted bank balance?
$23,419
An invoice dated on March 10 with the terms 3/60, n/90 means that a 3 percent discount will be given if the invoice is paid on or before
May 9
What is a non-taxable source of income?
Child support payments
What are examples of good accounting skills?
-business knowledge
-tech. skills
-communication skills
-leadership
Top Five Skills?
-big data analysis
-coding and programing
-project management
-social media experience
-technical writing
Asset
property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
Equity
the value of the shares issued by a company.
Liability
a thing for which someone is responsible, especially a debt or financial obligation.
Capital
wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
Investment
The action of process of investing money for profit or material result.
Stock
the goods or merchandise kept on the premises of a business or warehouse and available for sale or distribution.
Balance Sheet
a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.
Income Statement
A financial statement showing the revenue and expenses for a fiscal period.
Statement of Cash Flows
A financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time.
Statement of Owner's Equity
record of the change in owners' equity from the end of one fiscal period to the end of the next
Net income
the difference between total revenue and total expenses when total revenue is greater
Bond
A debt instrument, a bond is essentially a loan that you are giving to the government or a company in exchange for a pre-set interest rate.
Stock
A type of investment that gives you partial ownership of a publicly traded company.
Mutual Fund
An investment vehicle that allows you to invest your money in a professionally-managed portfolio of assets that, depending on the specific fund, could contain a variety of stocks, bonds, or other investments.
Exchange-traded fund (ETF):
Funds - sometimes referred to as baskets or portfolios of securities - that trade like stocks on an exchange. When you purchase an ETF, you are purchasing shares of the overall fund rather than actual shares of the individual underlying investments.
asset allocation
This refers to how you divide up your portfolio among different asset classes, such as stocks, bonds, and cash alternatives, to help you work toward your financial goals.
Diversification
This is the practice of spreading your money across different investments to reach your desired asset allocation.
dollar cost averaging
A strategy that involves purchasing a fixed amount of an investment at a predetermined interval
Certification
in order to plan financially and investing, a certified financial planner is needed
Assisting Clients in Financial Plans
-understanding their needs/wants
Capital Asset
Anything you own and use for personal or investment purposes. Examples include your home, your car, and stocks or bonds.
Capital Gain and Loss
Profit or loss from the sale of an asset.
Capital Appreciation and Depreciation
The amount by which the value of an asset increases or decreases compared to the amount you paid for it.
Dividends
A distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.
Margin Account
An account that allows you to borrow money using securities and cash held in the account as collateral.
Prospectus
A document filed with the SEC that describes an offering of securities for sale to the public. The prospectus fully discloses the risks, policies, and fees of the offering.
Yield
The income return on an investment.
A family has a dual grids income totaling $72,000 a year, but both partners have concerns about their job stability and wants to ensure that they have an emergency fund equal to six months of their gross income. To meet their goals, the family would need to have an emergency fund totaling?
$36,000
The balance according to the bank statement is $49,215. Outstanding checks total $4985. Deposits in transit total $3692. What is the adjusted bank balance?
$47,922
Debbie's Diamond Jewelers has $8,000 in VISA sales during the day. Debbie is charged a 5% discount rate in VISA deposits. The entry record the VISA sales is?
Debit cash $7,600; debit credit card expense $400; credit sales $8,000
Comprehension
the action or capability of understanding something
point of view
the perspective from which a story is told
Thesis
the primary position taken by a writer or speaker
Evidence
proof
Business Communication
The transmission of business-related information among employees, management, and customers.
Business Intelligence
Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making
Credibility
the quality of being believable or trustworthy
Calculating Cost
find the before-tax cost of debt by calculating the YTM generated by the bond cash flows
Pricing
setting and communicating the value of products and services
Measure
To determine the size, amount, or degree of an object by comparison with a standard unit.
Analyzing statement
a helping style in which the listener offers an interpretation of a speaker's message
How to apply economic knowledge in a financial career environment?
-understanding of globalization
Economics
The study of how people seek to satisfy their needs and wants by making choices
Globalization
Actions or processes that involve the entire world and result in making something worldwide in scope.
GDP
Gross Domestic Product- the total market value of all final goods and services produced annually in an economy
currency
a system of money in general use in a particular country.
Global Trade
the exchange of goods or services between individuals, organizations, or governments of different nations
Personal Income
refers to salaries and wages as well as investment income and government payments to individuals
Family Income
depends on both the number of family members who work and the amount of money each person is paid.
Income Expectations
An Individual's expectation with respect to his income level in the future influences his buying behavior today.
Consumer Credit
The credit facility available to the consumer also influences his buying behavior. If the credit terms are liberal, and EMI scheme is also available, then the customers are likely to spend more on the luxury items, durable goods, and shopping goods.
Liquid Assets
cash and items that can be quickly converted to cash
Savings
Disposable income not spent for consumer goods.
Securities and Exchange Commission (SEC)
regulates the securities markets and is supposed to protect investors against mismanagement and fraud.
Environmental Protection Agency (EPA)
The US federal agency with a mission to protect human health and the environment.
Troubled Asset Relief Program (TARP)
A 2008 Federal government program that authorized the U.S. Treasury to loan up to $700 billion to critical financial institutions and other U.S. firms that were in extreme financial trouble and therefore at high risk of failure
marketing campaign
A specific, defined series of activities used in marketing a new or changed product or service, or in using new marketing channels and methods
Economic Conditions
The state of the economy in a country or region, change over time in line with the economic and business cycle, as an economy goes through expansion and contraction.
Personal Preference
this type of rule governs behaviors that are in the private sphere
Group Influence
ways in which group members influence attitudes, behaviors, and opinions of others within the group
purchasing power
the ability to purchase goods and services
business cycle
A repeated movement from good economic times to bad and back
What governmental program has the mission of promoting consumer protection and eliminating harm and anti-competitive business practices?
Federal Trade Commission
Recession
A slowdown in a nation's economy
Depression
A long-term economic state characterized by unemployment and low prices and low levels of trade and investment
prosperity
wealth or success
Small Business Administration (SBA)
A U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans.
Establish Company Behavioral Policies
specifying what is acceptable and what isn't acceptable among your employees. Behavioral guidelines typically address topics such as harassment, work attire and language.
Importance of Integrity
For many business owners, the productivity and skills of a prospective employee are the preeminent characteristics they seek, but stressing the importance of integrity is vital to future success.
Give Employees a System to Report Unethical Behavior
give your employees a means through which they can alert business owners about unethical behavior at the workplace. Business owners are often the last people to know that some members of their staff are behaving in ways that could negatively impact the long-term reputation of their companies
Promote Teamwork
A vital aspect of the workplace is working well with others. That includes everyone from peers to supervisors to customers. While not all employees will always like each other, they do need to set aside their personal or even work-related differences to reach a larger goal.
Consequences
Employees who violate the ethics rules you've established for your business must face consequences for their actions. This can range from a verbal warning, written reprimand, suspension or even termination for violations such as repeated sexual harassment, theft, physical abuse and embezzlement.
Business Ethics
the study of proper business policies and practices regarding potentially controversial issues such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities.
Insider Trading
an unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends
Fiduciary
is a person or organization that acts on behalf of another person or persons to manage assets.
Portfolio Manager
a person or group of people responsible for investing a mutual, exchange-traded or closed-end fund's assets, implementing its investment strategy
Accoutability
The expectation that employees will perform a job, take corrective action when necessary, and report upward on the status and quality of their performance
Transparency
the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders
Compliance
Conforming to a request or demand
Agency
the potential power of individuals and groups to contest cultural norms, values, mental maps of reality, symbols, institutions, and structures of power
Circular Economy
An economy model in which resources remain in use for as long as possible, from which maximum value is extracted while in use, and the products and materials are recovered and regenerated at the end of the product life cycle.
Deontology
ethics means that a business prioritizes society or the consumer over everything else.
Utilitarianism
one in which the actions a company takes are those that will have the most positive results and benefit the most people in the end.
Relativism
the position that every individual has an equally valid point of view, and the determination of morals depends upon the cultural norms for that individual.
Ethical Egoism
is the position that it is moral for the individual to promote his or her own welfare over that of others.
Reputation Risk
uncertainty associated with publicity that a financial firm may attract or changing public opinion regarding a firm's behavior and performance
A CEO urges employees to buy stock in the company and then sells his/her personal stock because of a coming change that will likely decrease the stock prices. The actions of the CEO showed
Unethical behavior
Business Communication
is information sharing between people within and outside an organization that is performed for the commercial benefit of the organization.