| A | B |
|---|
| manager | the person responsible for planning, organizing, staffing, implementing and controlling the operations of a business |
| management | the process of achieving goals by establishing operating procedures and making effective use of people and other resources. |
| Organizational structure | a plan that shows how the various jobs in a company relate to one another; often presented n a chart |
| strategic planning | planning for the three to five years ahead |
| intermediate-range planning | planning for a one-year period using target dates for task/goal completion |
| short-term planning | planning for daily operations of a business |
| management style | the way a manager behaves toward and works with employees |
| authoritative management | the manager is directive and controlling |
| democratic management | employees are involved in decision making and provides less direction for employees |
| operations manual | contains all the rules, policies and procedures that a business should follow to function effectively |
| employee handbook | this book details the rules, policies, and procedures that apply to employees |
| perpetual inventory method | monitors inventory levels daily; effecient; avoids inventory shortages |
| stock card | a paper inventory record for a single item |
| inventory | the stock of goods a business has for sale |
| inventory costs | storage; insurance; taxes; purchase price of inventory |
| Ending inventory equation | =beginning inventory + purchases - sales |
| Point-of-sales (POS) software system | updates inventory as each sale happens; provides up-to-date inventory levels |
| periodic inventory method | taking a physical count of merchandise at regular intervals |
| stock turnover rate | the rate at which inventory is sold and replaced with new inventory |
| cash budget | shows the projection of your cash coming in and going out |
| cash flow statement | financial statement that includes cash inflows and cash outflows |
| income statement | financial statement that includes revenues, expenses, and net income or loss over a specific period or time |
| balance sheet | financial statement that includes assets, liabilities, and owner's equity |
| Net Profit on Sales equation | =net income after taxes / Net sales |
| gross sales | dollar amount of all sales |
| net sales | =gross sales - returns |
| breakeven point | the volume of sales tha must be made to cover all business expenses; after this point, profit begins |
| Gross Profit equation | =net sales - cost of goods sold |
| Net income from operations equation | =gross profit - operating expenses |
| Net profit on sales equation | =Net income after taxes / net sales |
| Net income before taxes equation | =net income from operations - interest expense |
| Net income after taxes equation | Net income before taxes - income tax paid |
| Current ratio | =current assets / current liabilities |
| Return on Equity (ROE) | the rate of return the owners are receiving on their equity investment |
| Return on Equity equation | = net income / owner's equity |
| Return on Assets (ROA) | indicates how profitable a company is relative to the total amount of assets invested in the company |
| Return on Assets equation | = net income / total assets |
| Debt ratio | the amount of debt, relative to total assets, used to finance a business should be examined |
| Debt ratio equation | =total debt / total assets |
| Development | description of the partnership goals, description of planning activities used to build a partnership, and roles of business leaders and chapter members in developing the partnership |
| Implementation | description of activities, level of involvement from business leaders, and roles of business leaders and chapter members |
| Results | description of concepts learned from the project and the impact of the project |
| Degree of involvement | hours spent and contacts made |
| Evidence of Publicity | description of the recognition received as a result of the partnership |
