U of U BUS 105 - Final Exam Study Guide (13 pages)

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Final Exam Study Guide

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Final Exam Study Guide


Compilation of notes from lecture 13 to 25. Also includes Sandomir Study Guide Answers from review and main points/answers.

Study Guide
University of Utah
Bus 105 - Foundations of Business
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BUS 1050 1st Edition Final Exam Study Guide Lectures 13 25 Lecture 13 October 22 Cicero and the story of gyges difference versus Plato interpretation of Gyges Plato belives any man would turn bad Cicero belives an educated man would not obligations of friendship Friendships are important in business and is necessary fairness doctrines People do not want to see others fail and instead succeed expediency principle of Aristides Morally right isn t expedient and what is expedient isn t always morally right conclusions on grain affair Grain story Cicero believes that you have the choice to sell grain at any price in demand but it s fair that if anyone asks you must be honest in saying there is more conclusions on house selling affair must report defects If there is something wrong with a product that is not obvious you must notify the buyer caveat vendor vs caveat emptor Seller Beware vs Buyer Beware Competitive pricing Cicero House and Ship example Responsibility of checking quality of product Seller should beware and take responsibility of what is being sold defects what is getting to yes Lecture 14 October 27 1 Gyges value of education 2 fairness doctrine Value of self interest and enlightened behavior 3 Two marketing cases enlightening strategic marketing 4Ps Aquinas 1234 Price Just price sin Product Substance quantity quality Promotion Safety Place Efficiency Anti Arstotelian Depth Number of products in a life Breadth Number of lines in company Total brands all products in company length New Products Price High Product Basic Add extras later to extend life Promotion Advertising Distribution Stages of product life Cycle Growth Price Lower a bit Product Leave basic work on improvements PromotionDistribution good Maturity Price Lower Product Stays Distribution Steady Promotion Reposition Moe to new market Move to new market New use for product baking soda Can protract life cycle Decline Price Lower in some markets raise in others Product Stays the same Promotion Way Lower Distribution Lower Lecture 15 October 29 Grain Story Tactical Strategies Penetration pricing may result in negative profit but secures market Skim Pricing charge highest prices for highest margins Necessities for Marketing Break even point BEP needed to decide to find a price Monopsony Intellectual Property IP Patents Fixed Costs Contribution Margin BEP Selling Price Variable Costs average variable costs Just Price cost of goods labor expense Lecture 16 Nov 3 Darwin Uncontrollable External Variables 1 Competition 2 Economic 3 Cultural 4 Legal Regulatory 5 Technological 6 Natural Physical 4 5 6 Effect on 4Ps Darwin Adaptation We are the way we are due to our genes that allowed us to adapt Ex Inclimate weather Promotion Inform Persuade Remind Forms Internet Radio Outdoor TV Publications Conclusion on all four articles Product selling product is not a sin but it is a sin to lie about substance quantity and quality Promotion do not inform buyer unless it endangers the buyer Place Manufacturer wholesaler retailers and consumers Price Sin to charge the incorrect price Should be just price Lecture 17 Nov 5 Veblen consumer behaviorist Pecuniary Emulation Trophy Hunting Desire to be as successful as someone you see that is successful Conspicuous Consumption as a habit of standard of living buying so people see what you have Women as trophies Historical perspectives and motives of men Example of seeing chief with a big hut and food Motivates other villagers to do the same Motive that lies at the root of ownership Emulation desire to want what others have and going through limitations What happens when people can t buy goods on emulative basis road to debt How Compspicuous consumption affects social classes division of social classes and changes society Canons of reputability and expenditure Canon of reputability buy something based on its reputation Canon of expenditure how much something costs Theory of the Liege of Class Power is not measured relative to income but rather possessions Brands represent power Buying family brands are middle class aspirations Buying luxury represent upper class aspirations Price of product represents aspirations for power Expenditure is product selling in relation to price The development of creating demand synthesis Marketing approaches advertisement Demand 2 is unjust to a moral society Galbraith Marketing is safest bet to civilization from war and de evolution Lecture 18 Nov 10 The Accounting System Inputs accounting documents sales purchasing shipping payroll bank travel records entertainment records Processing Entries are made into journals Recording The effects of these journals entries are transferred or posted into ledgers Classifying All accounts are summarized Output financial statements income balance sheet outside reports Assets Liabilities Owners Equity Accounts Receivable Accounts Payable Capital Stock Inventory Notes Payable Retained Earnings Investments Bonds Payable Equipment Taxes Payable Land Buildings Motor Vehicles Goodwill Cash Revenues Cost of Goods Sold Expenses Sales Revenue Cost of buying goods Wages Interest Rental Revenue Cost of storing goods Rent Donations Commissions Revenue Repairs Licenses Royalty Revenue Travel Fees insurance Supplies Utilities Advertising Entertainment Taxes Storage Classifications of Assets Current Asset cash inventory Fixed Asset Land equipment Intangible Other Intellectual property Bonds IOU For organizations equity value is determined by Retained earnings price earnings Lecture 19 Nov 12 Pacioli Directed to Merchants Inventory Memo Journal Ledger Financial Report public company 10k Report Balance Sheet Income statement Cashflow statement Assets liabilities and Owners Equity NP Ratio Net profit Net Sales Gross Profit Net Sales Cost of Goods Story of Taxation Accounts find a way to get what shareholders demand three things necessary to carry on a business 1 Cash 2 Bookkeeping 3 Arrange transactions in systematic way Debit Credit explain his system and how it works Everything in God s name explain his religious ideas Catholic Monks how does he keep his accounts Frugality cutting costs what is the purpose of accounting To get rich explain the cakes story Saikaku ordered rice cakes Assistant purchased the cake Pay by weight Saikaku was upset because after the cake cools down it would cost less Do whatever to honestly lower costs his attitude toward women in accounting Women make the BEST accountants Successful in accounting because of their

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