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.