Monday, December 15, 2014

Sem 1. Final

  1. 5 Functions of Management:
Planning-  Decisions made about the goals and how you're going to reach them. In planning there are three steps to it:
     1.Before: Management must decide on the concept, location, service. etc.
     2.Day-to-day planning: Actual running of business
     3.Future: planning for the future of the business helps the business decide how it to grow and keep up with changes.
Organizing- The manager will organize how to execute tasks that need to be done sometimes by dividing up the tasks to be done in divisions.
Staffing- staffing consists of recruiting, hiring, training, scheduling, and evaluating.
Leading- Consists of influencing workers to accomplish goals at hand.
 Controlling- Ensures the business is set to accomplish their goals.
  1. Social Responsibility of a business: Corporations and companies contribute money to improve society whether it be for the environment or a charity.
  2. Credit Union and a Bank: Anyone can get membership for a bank but as for a credit union you must qualify. Banks are for profit and answer to stockholders while a credit union is a non-profit organization, its more controlled by the members. Banks have interest rates that customers have to pay so the bank profits.
  3. Gross pay: The total income before deducting taxes or expenses.
  4. Net pay: The amount of money left after taxes and other deductions are withheld.
  5. Checking account: An account with the bank where you can make deposits.
  6. Savings account: A bank account that earns interest.
  7. Check number: Is located on the top right hand corner.
  8. Signing a check: You sign a check on the bottom right hand line.
  9. Pay to the order of-: It means that you're giving someone the permission to deposit your check.
  10. Paycheck: A paycheck comes from the employer.
  11. Deposit Slip: Is used for depositing checks and cash into your bank account or cashing your check. You list everything you're depositing and sign your name.
  12. Cash back on deposit slip: You fill out the less cash received row.
  13. Endorsing a check: You sign your name on the back left end of the check.
  14. Why endorse?: It prevents anyone else from cashing or depositing it.
  15. 3 ways to endorse a check: One way is if the check is made out to you, you just sign your name on the back when you're ready to deposit or cash it. Then there's Special Endorsement where you're signing the check over to someone else, you'd write "pay to the order of" then that's persons name then sign your name. The last way is Restrictive Endorsement, You write "for deposit only" and sign, this keeps your check safe from anyone else cashing it especially if its sent by mail.
  16. Strategic Planning: Setting the direction you plan on going when trying to reach a goal.

Friday, December 12, 2014

Deposit Slip

When you write a deposit slip for a check you first write out the date, you then write down the amount of money of the check on the bracket then write it again in the boxes. If you have cash you're depositing too you write down the amount in the boxes in the cash column. Then you add those up and write the amount in your sub total. If you want to receive cash back that won't go into your account, you write the amount in the cash back column. You then subtract the cash you want from your sub total then write the amount left in your last column. The cash you want back has to be less than your sub total. Also, you must sign your name on the line under the date. If you don't want cash back you don't have to sign.

Wednesday, December 10, 2014

Business Documents

Meeting Agenda: A meeting agenda is used to list the activities or topics that will be discussed in the order they are in at the meeting. It helps to keep them on track, it begins with the call and ends with adjournment.

Meeting Minutes: Notes taken about the meeting including the people who attended, the events of the meeting, statement of the issues participants bring up, related responses and decisions for the issue.
Travel Itinerary: A documentation of the route you plan on taking when going out of town.
Purchase Order: A document from the buyer to the seller describing the products type, quantity, and agreed prices for the products or services.
Invoice: Services provided or a list of goods sent with the amount due for them. A bill.

Monday, December 8, 2014

How to Write a Check


When writing a check you need to fill it our properly or it won't be valid. The steps are:
  1. Where the date goes
  2. Who you're paying the check to
  3. The amount of money, write kind of big so no numbers are added
  4. Write out the amount of money with the amount of cents over 100 and then add a line on the rest of the line so that an extra amount is added
  5. Sign your name
  6. What the check is for
Endorsing a Check
There are three different ways to endorse a check depending on what it is you want to do.


 The first way is to just sign your name the way it is on the front of the check if it's made out to you. Only do so if you're ready to cash or deposit it otherwise if you lose it, someone else can cash it and get your money.


 
 
 
 
 
The second way is called a Special Endorsement, this means you're giving the money to someone else, sometimes called "signing the check over to someone". You will write "pay to the order of(person's name)"
 
 
 
 
The last way of endorsing a check is called a Restrictive Endorsement, it makes your check safer if you're sending it by mail. You will write "for deposit only" and this means the bank can only deposit it into your account, it cannot be cashed. 
 
 

Wednesday, October 1, 2014

Personal Finanace

  1. The family earned $120,000 a year and had a debt of $109,000.
  2. They had five credit cards and got in debt by using it whenever they needed and would overspend, living paycheck to paycheck.
  3. He came up with a new money plan by looing things up on the internet and came across a book called 'The Total Money Makeover'.
  4. 5 things they did were: Cut up 4 of their credit cards and called the remaining company and had the credit limit dropped to $1,000, wrote down all expenses in a spreadsheet, cut out luxuries, stopped going out to eat, he called their local credit union and had them consolidate their debt and lowered their interest.
  5. Their children helped by allowing the father to cancel video game subscriptions and by not getting ice cream from the ice cream truck but instead buying it from the grocery store. The wife helped by returning to work in retail. Together they were bringing in $160,000 a year.
  6. Credit union helped by: Consolidating their debt and reduced the interest rate. One card had 18.5% interest and they had it reduced to 1.5%
  7. The name of his blog is Debt Discipline.
  8. His emergency fund had $1,000 in it and was used for emergencies. They put the money straight into the emergency fund from the accident lawsuit.
  9. It took the family 50 months, a little over 4 years to repay their debt. The family discusses budgeting and money during dinner.
  10. Their reward for getting out of debt is going out to a nice dinner.
  11. Now he is focusing on building a retirement savings and the kid's college fund.
  12. The best advice I learned from this article is always put money aside for emergencies and never spend more than you have or as much as you have. Living paycheck to paycheck and get you in a pickle.
  13.  Three things I learned from the blog: Reevaluating your budget is important, when trying to save the whole family must play a part, always put money aside whether you're investing it in something or is just for emergencies.

Monday, September 29, 2014

  1. The Five Main Functions of Management are:
 Planning- Decisions made about the goals and how you're going to reach them. In planning there are three steps to it:
     1.Before: Management must decide on the concept, location, service. etc.
     2.Day-to-day planning: Actual running of business
     3.Future: planning for the future of the business helps the business decide how it to grow and keep up with changes.
 Organizing- The manager will organize how to execute tasks that need to be done sometimes by dividing up the tasks to be done in divisions.
  Staffing- staffing consists of 6 processes:
     1.Recruiting: Looking for qualified workers
     2.Hiring: Learning about job applicants to find out if they're the right fit for the job.
     3.Training: Providing workers with specific education to help them do their jobs.
     4.Scheduling: what time workers will perform certain tasks.
     5.Evaluating: Recording how the workers are doing in their positions.
    Leading- Consists of influencing workers to accomplish goals at hand.
    Controlling- Ensures the business is set to accomplish their goals. If they don't, lead your staff members to the path that you feel your business should go in.
  

    2. Resume- Usually sent with a job application and used when looking for a job. It is used to give a brief history of a person's work experience, qualifications, and their education.
    3. Social Responsibility of a Business- refers to the idea that companies and corporations should contribute wealth or resources solely dedicated to the improvement of society as a whole.
    4. Savings account- A bank account that earns interest.
    5. Compound Interest- is interest added to the principal of a deposit or loan so that the added interest also earns interest from then on. This addition of interest to the principal is called compounding.
    6. Simple Interest- A quick method of calculating the interest charge on a loan
     7. Checking account-an account at a bank against which checks can be drawn by the account depositor.
      8. Check endorsement- A signature by the creator of an instrument, such as a check, which enables any holder of the instrument to assert claim for a payment.
      9. Check writing- The act of writing a check but there's a specific place for the amount being paid, what it's paying for, a signature and the amount paid written out.
      10. Check book reconciliation- is balancing your checkbook. Making note of what you bought, how much it cost, what you deposited into it and including the date. It helps if there's a mistake in your account.
    
     11. Bank statement- a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.
      12. Deposit slip-  A small written form that is sometimes used to deposit funds into your account. A deposit slip indicates the date, the name of the depositor, the depositor's account number and the amounts of checks, cash, and coin being deposited.
       13. Differences between banks and credit unions-
A Credit Union is a mot-for-profit cooperative financial institution that are owned and controlled by their members.
Banks-They have interest rates that their customer’s have to pay, the Banks benefit from it.
C.U.-They use the funding to reduce loan rates and offer low-cost member services and returns a small portion to the members by a dividend. So the customers benefit.
Banks are for-profit institutions who answer to stockholders and a paid Board of Director’s.
Credit Unions are non-profit organizations, owned and democratically controlled by the membership.
        14. Credit Card- a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
You have to pay it back.
      15. Credit history- A record of a consumer's ability to repay debts and demonstrated responsibility in repaying debts.
It has any loan you haven't paid back as well as bills you haven't paid.
      16. Credit Report-A report detailing a person’s financial history specifically related to their ability to repay borrowed money.
If you take out a loan to pay for school, you need to set up a plan that will set how much you'll pay every month until the full amount is paid off. If you don't pay it off, your credit score will go down.
      17. FICO Score- a person's credit score calculated with software from Fair Isaac Corporation      18. Debit Card- a card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
       19. Credit card interest rate-  the price you pay for borrowing money.        20. Insert/place graphics into documents:
In blog: You click on the Insert image picture next to the "Link", then you go to choose file, you click on your photo then hit "Add selected"
In Word: You go to insert, click on picture, then you just select your picture.
In Adobe: You place the pictures.

Friday, September 26, 2014

Credit Report Poster

Credit Report
  • What is it?
A report detailing a person’s financial history specifically related to their ability to repay borrowed money.
  • What's a good score and what's a bad score?
Your credit score is calculated from your credit report. However, lenders look at many things when making a credit decision including your income, how long you have worked at your present job and the kind of credit you are requesting. It’s sometimes hard to pin down. Some break from the 300-850 scale. The VantageScore ranges from 501-900.
A good credit score is generally considered a 720 or higher.
A bad credit score is between the low 300's.
  • How can you raise your credit score?
Pay your bills on time, keep balances low on credit cards and other revolving credit, apply for and open new credit accounts as needed, pay off debt rather than moving it around.
  • What are some reporting agencies?
Three agencies are Experian, Equifax, and TransUnion
 

 
 
 
 



Wednesday, September 3, 2014

Financial Advice

Financial Advice
A credit report is a report detailing a person’s financial history specifically related to their ability to repay borrowed money.
 
3 Facts:
  1. Identifying information, credit inquires, public records and collection items, and trade lines are contained in your credit report.
  2. You get a free credit report once every year.
  3. The three agencies for a credit report  are Experian, Equifax, and Transunion.
A credit score is a number calculated from your credit report.
3 Facts:
  1. It’s sometimes hard to pin down. Some break from the 300-850 scale. The VantageScore ranges from 501-900.
  2. Generally a good credit score is considered a 720 or higher.
  3. Unlike your credit report that you can get at no cost you usually have to pay for your credit score.
Advice on Identity Theft: Don't give put any personal information, keep sensitive mail and credit/debit cards secure. You should check all bank and credit card statements regularly. If you know you're identity has been stolen notify the police and your bank so they can put a stop on the credit card.
 



I.D. Theft

Identity Theft
  • Last year more than 20% of cases reported dealing with identity theft were filed by young adults, usually between the ages of 18 and 24.
  • The individuals being victimized don't realize that it's happening, it takes the average college-aged victim four and a half months to realize their identity has been stolen.
  • Sometimes when sensitive mail is sent to students, the school mailboxes aren't secure so anyone can easily access it.
  • Identity theft occurs most with college-aged individuals more than any other group and is a major problem across the United States.
 
Ways to Prevent Identity Theft
  • Don't give out personal information
  • Keep credit/debit cards secure 
  • Instead of mail being sent to the school mailboxes, have it sent to a permanent address.
  • Check all bank and credit card statements regularly.

Friday, August 29, 2014

Labor Day

Labor Day
Labor day is dedicated to the social and economic achievements of American workers. it's always on the first Monday of September.
 
The Government recognized Labor Day in 1885.
 
The founder of Labor Day is Grover Cleveland.
 
Activities that occur on labor day are street parades, festivals and things t=just to amuse the workers and their families.
 
I will celebrate labor day by not going to school and just relaxing on the three day weekend.
 

 
 
 



Monday, August 25, 2014

The Social Responsibility of Business

Social responsibility refers to the idea that companies and corporations should contribute wealth or resources solely dedicated to the improvement of society as a whole.

Communities are a social group of any size whose members reside in a specific locality, share government, and often have a common cultural and historical heritage.

Environment is the aggregate of surrounding things, conditions, or influences; surroundings.

Stakeholders are a person or group that has an investment, share, or interest in something, as a business or industry.

Closure: I think a business incorporates social responsibility into their business plan because their customers at any time can say that they put their profit before the people and destroy the earth making their products. It can make them go out of business if it goes far enough.  When they take into account that they have responsibility to society they can be smart about how they manufacture their products. Since they do somewhat destroy the environment, giving back is the least they can do. Whether it's charity, the employees working conditions, helping the environment, etc.

The Social Responsibility of Dunkin' Brands
 Dunkin Donuts and Baskin Robbins Franchises across the country have a foundation to serve the basic need of their communities through food for the hungry, safety and children’s health.




The Business Ethic Case
Chantale should tell a higher authority that would take the matter more seriously.
I think that when the company you're employed at is potentially harming the community, that's the limit that's hit when it comes to loyalty.
Yes, I think it would make a difference if Chantale was in a position of high authority, she feels strongly that's it's wrong and also knows it's illegal. I'm sure she would do her best to stop it.
It would also make a difference if she had scientific expertise because when she talked to the company's operation manager she said it's barely harming anyone, if she had the knowledge behind it she could defend her point on why it's a serious problem.


Friday, August 15, 2014

Five Functions of Management

The Five Main Functions of Management are: Planning- Decisions made about the goals and how you're going to reach them. In planning there are three steps to it 1.Before: Management must decide on the concept, location, service. etc. 2.Day-to-day planning: Actual running of business 3.Future: planning for the future of the business helps the business decide how it to grow and keep up with changes. Organizing- The manager will organize how to execute tasks that need to be done sometimes by dividing up the tasks to be done in divisions. Staffing- staffing consists of 6 processes: 1.Recruiting: Looking for qualified workers 2.Hiring: Learning about job applicants to find out if they're the right fit for the job. 3.Training: Providing workers with specific education to help them do their jobs. 4.Scheduling: what time workers will perform certain tasks. 5.Evaluating: