Balance sheets
Assests=Liability's + Owners equity
Assets: Anything owned with a dollar value
Liability's: Things that you owe but haven't paid for yet
Owners Equity: The money leftover also known as
the net worth
Capital: Assests-libilatys=Owners equity
Left side=Right side
1 day in time
$ dollar signs
Double underline shows end on math
Title, What it is, Date
Cash first
Income statement
Revenue - Expenses =Net Income (Loss)
Revenue: Money earned from performing a service
or selling goods
Expenses: Money spent(Cost of doing business)
Net loss: Expenses are greater then your revenue
Net income: Profit=Greater then your expenses
3 Dollar sighs
Double underline shows end of math
Title, What it is, Date
(Bracket) If its loss
Accounts rescebible
Outcrotic
Tells others what to do
not open to ideas
Democratic
All members are involved
Ask before tells
Leader always has the last say
Team work first
Laissez-faire
Gives no direction
advice afford if asked
no one seems to be in charged
Roles of management
Planning
Producing the future
starts with research
Organizing
the base of the organization
care for the employees
Controlling
insuring the company's has met their goals
profit is the unlimited measure of performance
Leadership
Leadership is a process of social influence
Leadership goals
providing diction
implementing plans
motivating people
Positive leaders
independence
developing oppurtunties
motivating the employees
Negative leaders
days of without pay
assinging unpleasant tasks
Yelling at workers for no reason
Cheques
Gross pay - deductions =net pay
need bank account
6 months before expire
you must open bank account at financial institutions
stale dated after 6 months
Always a signature
you need to have a chequing account
Payroll methods
Commission
a % of what you sell
Percenatage rate x amount sold
You must sell to get paid
sales jobs
Piece work
Number of items you make or sell
piece rate x number of items
Salary
Based on an annual year amount
Dived by 52 weekly
dived by 26 every two weeks
monthly dived by 12
Hourly rate
Number of hours worked
Hourly rate x the number of hours
Overtime pay
Time and a half
reg pay + ot pay
Mandatory Deductions
Income tax
anyone who earns income has to pay federal and provincial tax
Cpp Canada pension plan
anyone who works that is 18 year old is on cpp
pay into it every pay cheque
Employment insurance
pay it every paycheque
if you work 420 hours and get laid of you collect EI
Taxes
Anyone who earns income has to pay taxes
every year you have to file a income tax on april 30th
Non mandatory ductions (Voluntary deduction)
company pension plan
health care
savings plan
rrsp
life insurance
charitable donations
union dues
Rule of 72
how long it takes to double you money
72 divded by the interest rate (Not as a decimal)
72 divded by the number of years - will tell you the rate of interest you'd have to invest at)
compound interest
the interest earned on interest
present value x interest rate x time = interest
Savings account
Allows you to save you money
Chequing account
Allows you to use money on the day to day basis
slogans
Used for business name
Short catchy phrase
4 P.s
price
reflects what a customer is willing to pay
what competitions are there products for
Place
where a product is being distributed
how a product is being distributed
product
what to make
how to package
what brand name
what image
what make it different to other products
Promotion
how customers find out about the product
what the messages is
when it will be dropped off
Two C.s
Competition
a competition for whos products take off
increased collection
better prices
increase product activity
consumers
People buying the product
Marketing ethics
princibles that define acceptable behavior
be honsest to customers or employees
products or service are safe and fit
advertising is not decepitive
Overt
Done or shown openly
Implyed
Suggested but not dearely expressed
keeping your words to your self.