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.

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.

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.

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.