Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
MTTC Preparation MTTC # 98 Next test date is January 13, 2007 Regular registration deadline is December 1, 2006 http://www.mttc.nesinc.com/ Additional test dates: April 14 & July 7, 2007 Register by: March 2 and May 25, 2007 respectively Preparation Resources MTTC study guides http://www.mttc.nesinc.com/MI_viewSG_opener.asp Mail order through MTTC registration bulletin EMU Business Content Guidelines / Standards Matrix http://www.emich.edu/coe/program_update/bus_ed/m atrix.html Peers, Textbooks, Internet, Spark Charts Test Organization Areas include: Business Management Marketing Technology 25% 25% 25% 25% Test is not organized by area October was the first time the test was offered 100 questions – but not all are counted for your score Business Accounting Cycle 8. Prepare Post-Closing Trial Balance 7. Post Adjusting & Closing Entries 6. Journalize Adjusting & Closing Entries 5. Prepare Financial Statements 1. Analyze Transactions 2. Journalize 3. Post 4. Prepare Work Sheet Accounting Equation Assets=Liabilities + Owner’s Equity ______Debit_____________Credit_______ T-accounts are your friends Assets T-accounts are your friends Liabilities T-accounts are your friends Owner’s Equity Cash vs. Accrual Cash – Income is recognized as cash is received and expenses are recognized as cash is paid Accrual – Income is recognized as it is earned and expenses are recognized as they are incurred. Matching concept – Income and expenses are recognized in the same period Analyze transactions & journalize Source documents Invoices Check register Bills and more Journals Cash receipts, Accounts payable, Accounts receivable, Purchases, etc. Posting General ledger Symbolized using T-accounts Judy's Car Wash Worksheet August 31, 2006 1 2 TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT 3 4 5 ADJUSTMENTS DEBIT 6 INCOME STATEMENT CREDIT DEBIT CREDIT 7 8 BALANCE SHEET DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance 5 Accounts Payable 1040.00 1040.00 5 6 Judy Spreen, Capital 7860.00 7860.00 6 7 Judy Spreen, Drawing 8 Income Summary 9 Sales 10 Advertising Expense 11 Insurance Expense 12 Miscellaneous Expense 13 Supplies Expense 14 Utilities Expense 15 8600.00 8600.00 1 500.00 500.00 2 1100.00 (a) 500.00 600.00 3 340.00 (b) 220.00 120.00 4 1600.00 1600.00 7 8 5600.00 5600.00 500.00 (b) 220.00 260.00 (a) 500.00 1600.00 14500.00 14500.00 720.00 720 9 500.00 10 220.00 11 260.00 12 500.00 13 1600.00 14 3,080.00 16 2,520.00 17 5,600.00 5,600.00 5,600.00 11,420.00 11,420.00 8,900.00 15 2,520.00 16 11,420.00 17 18 18 19 19 Financial Statements Balance Sheet Income Statement Statement of Cash Flows Balance Sheet Assets Current Assets Fixed Assets Other Assets (long-term) Liabilities Current Liabilities Long-term Liabilities Owner’s, Stockholders’, Partner Equity Income Statement Revenue Cost of Goods Sold Gross Profit Expenses Net Operating Income Non-operating income expense Net income/loss Adjusting & Closing entries Adjusting entries Prepared from Worksheet To accomplish matching principle Closing entries Close temporary accounts Revenue (and other income stmt accts w/credit Expenses (and other income stmt debits Income summary Drawing account (sole proprietors and partners) Math to solve business problems Decimals Fractions Percents Ratios Proportions Algebra See math textbook Statistical calculations Mean= Average Median= Middle Mode= Most often Personal Finance-objectives Personal finance plan Debt management Investment options Credit Consumerism Personal finance-objectives How to manage economic risks Using a rational decision-making process Citizens Workers Consumers C. Apply principles of law to business situations Understanding the role of government in regulating business The structure of the court system Classifications of procedural law Classifications of substantive law U.S. Supreme Court U.S. Court of Appeals U.S. Court of Appeals (11 Territorial Circuits and DC Circuit) Fed. Admin Agencies U.S. District Courts (96 districts) U.S Bankruptcy Courts* (Federal Circuit) U.S. Tax Court* U.S. Claims Court* U.S. Court Of Internat. Trade* U.S. PTO Substantive vs. Procedural Law Substantive (Policy) Procedural (Method of Enforcement) Administrative Law Agency Bailments Commercial Paper Constitutional Law Contracts Corporation Law Criminal Law Insurance Partnerships Personal Property Real Property Sales Taxation Torts Trusts and Wills Administrative Procedure Appellate Procedure Civil Procedure Criminal Procedure Evidence C. Apply principles of law to business situations Relationships: contract, sales, consumer, employment, and agency laws Understanding laws related to commercial paper, insurance, secured transactions, and bankruptcy Understanding laws regarding personal property, real property, and intellectual property Analyzing the relationship between ethics and the law Applying U.S. and other law to national and international markets E. Apply principles of business communication Communicate effectively on both personal and professional levels Identifying the concepts, strategies, and systems needed to interact effectively with others E. Apply principles of business communication Applying appropriate social communication skills in personal and professional situations, including cover letters and resumes in a global environment Using appropriate technology to enhance the effectiveness of communications E. Apply principles of business communication Demonstrating appropriate leadership, supervisory, customer service, and ethical standards to communicate effectively with business constituents Demonstrating communication strategies necessary for effective international business relations. Management A. Understand types, structures & functions of business management Includes demonstrating leadership, communication, planning, controlling, organizing, problem-solving, and self management skills Demonstrating an understanding of professional ethics and social responsibility in business Management B. Understand HRM, labor relations, and the role of corporate, group, and interpersonal behavior in business mgmt. Applying human resource principles, systems, and contingency approaches to actual management scenarios Recognizing human resource practices to legally and effectively manage a diverse workforce Management B. Understand HRM, labor relations, and the role of corporate, group, and interpersonal behavior in business mgmt. Apply social theory (e.g. group dynamics, work groups, roles within teams, conflict resolution methods) to the workplace Economics Opportunity Cost Whatever must be given up to obtain some item “There’s no such thing as a free lunch” Links scarcity, choice, and cost Production Possibilities Curve (PPC) Maximum combination of two outputs that an economy can produce given available resources and technology. Law of Increasing Opportunity Costs Opportunity costs increase as the production of one output expands. Shifting the Production Possibility Curve Shift in PPC occurs with a change in: Physical Capital Human Capital Natural Resources Technology Supply, Demand & Equilibrium Law of Demand Change in Quantity Demanded Inverse relationship between price and quantity buyers are willing to purchase Source: fashiontribes.com Change in Demand Change in quantity demanded at each possible price Source: fashiontribes.com Law of Supply Price of Jeans Change in Quantity Supplied Quantity of Jeans Direct relationship between price and quantity Source: www.sparknotes.com Change in Supply Change in quantity supplied at each possible price Source: www.sparknotes.com Equilibrium SURPLUS Invisible Hand Theory SHORTAGE Market condition that occurs when quantity demanded = quantity supplied Source: www.sparknotes.com Monetary Policy Federal Reserve System Monetary Policy Key U.S. Economic Measures Gross Domestic Product (GDP) The market value of all final goods and services produced in a nation during a given period of time, usually a year. Expenditure Approach GDP = C + I + G + (X-M) Consumption Gross Private Domestic Investment Government Consumption Expenditures and Gross Investment Net Imports (Exports – Imports) GDP Income Approach = Compensation of employees + Rents + Profits + Net Interest + Non income adjustments Income Approach = Expenditure Approach GDP Nominal GDP = production of goods & services valued at current prices Real GDP = production of goods & services valued at constant prices Types of Unemployment Seasonal Structural Frictional Cyclical Unemployment Rate = (# of unemployed / labor force) x 100 Labor force = total number of workers including both the employed and unemployed Not in the labor force Retirees Homemakers Full-time student Employment Full employment does NOT mean 0% GDP Gap = Cost of Cyclical Unemployment Potential real GDP – Actual real GDP Inflation Based on % change of Consumer Price Index Inflation = increase in average price level of goods and services Demand-Pull = increase due to excess of total spending Cost Push = increase due to cost of production. Deflation = decrease in average price level of goods and services Nominal & Real Interest Rates Rational Expectations Theory= people use all information they have when forecasting future, including government policies Applicable for inflation and unemployment tradeoff Economic Systems, Competition & Risk Economic Systems Capitalism – private ownership of resources and markets and decentralized decision making Socialism – government ownership of resources and centralized decision-making Communism – all factors of production owned by workers and people share in production according to their needs Competition Competitive Market = many buyers and sellers with little impact on market price Other types of Markets: Monopoly Oligopoly Monopolistically Competitive Risk Most people are risk adverse Insurance Diversification Idiosyncratic risk is eliminated Aggregate risk is not International Trade & Global Economy International Strategy Opportunity Strategy Entry Increased Market Size Multidomestic Exporting Global Licensing ROI Transnational Strategic Alliance Economies of Scale Advantage in Location Acquisition New Subsidiary Risks Political Government regulation, legal authorities Economic Currency fluctuations, trade barriers, trade agreements (i.e. NAFTA) Marketing Fundamental Concepts The marketing concept is the idea that companies should determine the needs of their customers and meet them better than the competition. What do customers want? Can we develop it while they still want it? How can we keep customers satisfied? Effective Interaction with Others Focus on positive interaction with clients Positive interaction with other employees also important TWO HEADS ARE BETTER THAN ONE! Economics and Marketing Supply and demand affects production Market Equilibrium S Price D Quantity Career Exploration and Development Types of Careers in Marketing Sales Market Research Advertising & PR Retailing Product Management www.careers-in-marketing.com Finances and Decision Making How are decisions made based on finances? Do we have enough money? Do we have extra money? What can we cut? What can we add? What price should we charge for our product/service? Marketing Research WHY HAVE MARKETING RESEARCH (benefits, etc.)? WHAT CAN WE LEARN FROM MARKETING RESEARCH (consumer, competitor, etc.)? Pricing and Maximizing Return Price and ROI Company Profit Don’t Overcharge Customers Product Mix and Market Opportunities Target Market Marketing Research SWOT Analysis New Product? New Model? Concepts and Strategies Needed to Communicate Information Business Letters, E-mail, Memos, etc. Marketing/Introduction Letters Advertising Grammar, Spelling, Structure, Professionalism Face-to-face: Don’t forget to listen! Technology and Marketing Internet Organization One-Note, etc. Data Input E-mail Web page banners Customer service Web page Travel/Laptops Tablet PC Voice Input Movie Maker The owner of a hat shop pays $22.75 for a hat that sold for a retail price of $32.50. What approximate percent of the retail price is the markup on this hat a. 43% b. 33% c. 30% d. 10% A. B. C. D. A consumer electronic company is redesigning the controls on its handheld radios. The company has built several prototypes and would like to obtain consumer feedback before proceeding. Which of the following market research activities would best meet the company’s needs test marketing the prototypes in selected areas convening focus groups to critique the prototypes conducting direct-mail surveys using pictures of the prototypes analyzing consumer-response data to Compared with other print media advertising, magazine advertising is generally characterized by: A. high geographic specificity short lead times low audience high pass-along rates B. C. D. A razor blade manufacturer has decided to enter the market for pocket calculators. Which of the following will most likely be a result of the company’s decision A. a deeper product mix with higher inventory costs a wider product mix and high capital investment requirements a narrower product mix and less competition a shallower product mix and greater B. C. D. A. B. C. D. In retail sales situation, it is most effective for a salesperson to offer to demonstrate a product: immediately after attracting the customer’s attention to the product. when the customer’s interest appears to be waning. as soon as the customer has indicated an interest in it. when the customer declines the salesperson’s offer to be of service. Which of the following should be the first consideration of managers seeking to develop an employee training program A. Securing a training facility Establishing behavioral objectives Hiring experienced instructors Identifying training needs B. C. D. An increase in the price of a particular product generally results in: A. a decrease in producer profit an increase in consumer demand a decrease in productions costs an increase in product supply B. C. D. Technology Networking Hubs Routers Cables Different cables for different networks Types of networks Bus Topology Star Topology Ring Topology Hybrid Networks Star bus Hybrid Networks OSI 7 Layer Model Open Systems Interconnection Different layers of the network and what is required of each Physical (Layer 1) Data Link Network Transport Session Presentation Application (Layer 7) Found on wikipedia.org search for OSI 7 Layer Model Local Area Network (LAN) Local Area Network (LAN) Covers local areas Home, office, group of buildings Uses switched IEEE 802.3 Ethernet running at 10, 100 or 1,000 Mbit/s or on Wi-Fi technology Wide Area Networks (WAN) Covers broad geographical area Connect LANs together so users and computers in one location can communicate to users and computers in another location Metropolitan Area Network (MAN) Large computer networks spanning a city Use wireless infrastructure or optical fiber connections Ethernet Large and diverse family of frame-based computer networking technologies for local area networks (lan) Standard IEEE 802.3 Star topology, twisted pair wiring Ethernet Network Interface Card Supports coaxial based 10Base2 Supports twisted pairbased 10Based-T Twisted Pair 10Base-T Cable BPA Updates Save the Date December 4th (Monday) Student Teacher Portfolios Sill Hall - Time: 3 – 4:30 pm, Room: 138 or 141 December 13th (Wednesday) Student Teacher Panel: Next BPA meeting Sill Hall – Time: 7:30 pm, Room 138