a Matthew McLaughlin 1 éve
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Compound interest formula: PV(Present value) x R(Interest rate) x T(Time) = I(Interest)
Chequing account: Meant for money you pal to use for day to day purchases
Savings account: For setting aside money for large purchases or emergencie
Credit unions: Run and owned by members who use the bank Sometimes charge a refundable fee to be a member
Trust companies and banks: These make money for share holders
More taxes payed: Hst (13%) Property tax Other taxes (Things like tobacco)
Company pension plan Savings Life insurance
Income tax employment insurance Canada pension plan
Piecework: Paid depending on the number of items you make or sell Formula: Money per item x Number of items(made or sold)
Comission: Based on a percentage of the item you sell
Salary+Commision: A small salary+a small percentage of what you sell Formula: Amount sold x commision percentage(decimal form) + salary
Straight commision: You sell to be paid Formula: Amount sold x commision percentage(decimal form)
Hourly: Paid per hour worked Formula: Hourly money x Hours worked
Overtime: one and a half more than the normal hourly pay Formula: Regular hours + Overtime hours(1.5)
Salary: Monthly-12 pay cheques bi-weekly-26 pay cheques weekly-52 pay cheques Formula: Salary/number of pay periods = Money paid per cheque
Payroll terms
Salary: Paid the same amount without any overtime hour money
Piecework: Paid for every time you make the item
Comission: Paid a precentage amout based on your sales
Hourly rate: The set amount of money you make per hour You also get paid 1.5 x more money per overtime hour you work
Criteria for making effective purchasing decisions
Warranties and guarantees: Warranties: provides services after-sale on a product for a certain period of time Guarantees: A formal promise that goods or services are at a certain quality
service: What you're paying someone else to do for you
Comparison shopping and product information: How you compare items compare must haves and pro's vs con's of items
Quality: Should you pay more and get better quality goods/services or Should you pay less and get low quality goods/services
Buyer behavoir: Every buyer has different needs and wants
Costs: What are your monthly costs?
Money available: How much money can you get?
About cheques: It has a line to write the amout of money, numerical and in word form you need to write you signature It has the bank branch adress
Void cheque: A cheque with "VOID" written covering it Used for direct deposits
When to use cheques: Large payments Income payments Payments
Land/natural resources/raw material Capital Human resources/labour Entrepreneurship
Training Capital investment Investment in technology New inventory systems
Grading: Checking products for quality and size
Quality control: Standards needed to be met for the product
Processing: making one item into another
Purchasing: Buying raw material
Income statement rules: 3 dollar signs underline to end something Double underline to end income statement sheet Happens over a period of time
Income statement equation: Revenue-expenses=net income or net loss
Net loss: Losses Revenue is smaller than expenses
Net income: Profit Revenue is bigger than expenses
Expenses: Costs already paid Product expense
Revenue: Money earned by doing a service or selling something Tutoring fees
30 days poem
Balance sheet rules: Total assets = Total liabilities 4 dollar signs Underline to end something Double underline to end the balance sheet Assets - Liabilities = Owners Equity On assets side cash is 1st, accounts receivable is 2nd On liabilities side Accounts payable is 1st Balance sheets are based on a certain time Formula: A=L+OE
Fundamental accounting equation: Assets=Liabilities- Owners equity
Owners equity: Net worth What you own - what you owe = networth assets-liabilities=networth Capital
Liabilities: Debts that are owed Something not yet payed it is payable Car payements
Assets: Anything that's owned and has a money value Cash Boat land
Indirect competition: Companies competing for consumers Subway vs McDonalds
Direct competition: Similar products meeting the same need Gatorade vs Powerade
Factors to select the medium: Reach Selectivity Lead-time Technical requirements Cost
Cost: The money used to make the ad Can you get someone to promote for a low price
Technical requirements: how difficult is the process of making the ad
Lead-time: How much time is necessary to get the ad ready
Selectivity: Is the selected media able to target in on the audience
Reach: The amount of the target audience that is exposed to the message
Advertising medium: Print advertising: Magazines, fliers Broadcast advertising: Radio, television Outdoor advertising: Billboards, events Digital advertising: Internet, social media
Aida (The selling formula)
Action: Directly tell the audience what to do Make them decide to get it
Desire: Make them want the product or service Appeal to their needs and wants Explain why they need the it
Interest: Hold the consumers attention Make them take their time to read over the message Help them pick out the message
Attention: Use something big and bold to catch people's attention
Promotion: Advertising the product What can make people buy it How people find out about the product
Place: Location to sell product Manufacter, Wholesaler, Retailer, Consumer
Price: How much the product costs Find the equilibrium
Product: The product itself Name and labeling How to make it
Maslows motivators
Reasons for demotivation: Lack of recognition Boredom Criticism
Needs: Existence needs(Basics and saftey) People work to earn money Relatedness needs(Belonging and self esteem) Work to earn money but don't want to get to know colleagues Growth needs(Self esteem and self actualization) Work for promotion
Growth needs motivators: Offer support on completing tasks Encourage thinking for themselves Keep people informed
Relatedness needs motivators: Show respect Delegate responsibilities Praise people
Existence need motivators: Pay enough money Good workplace Incentives
Laisezz-Faire: Small direction to members Mainly independent Advice is only given if asked
Democratic: Everyone is involved Supports teamwork Ideas are supported
Autocratic: Boss workers around One way to do things No other opinions or ideas
Controlling: Make sure company goals are met If not met figure out why If met try to surpass it
Organizing: Roles and responsibilities of workers Structure of organization
Planning: Researching Forecasting the future
