Career Counseling Midterm FLASHCARDS WRITE SPELL TEST MATCH GRAVITY Upgrade to remove ads Only 1month What are the three benefits of using theory for career counseling 1 Explain the phenomenon of career choice and change 2 Predict future events such as job satisfaction 3 Serve as guidelines for practice tools and techniques CLICK THE ARROWS BELOW TO ADVANCE 1 146 Terms in this set 146 What are the three benefits of using theory for career counseling 1 Explain the phenomenon of career choice and change 2 Predict future events such as job satisfaction 3 Serve as guidelines for practice tools and techniques What are three limitations to using theory for career counseling 1 Each researcher looks at career choice and development from hisher own perspective 2 Samples used from research may not represent total population 3 Theories may be culturally restrictive What are the two goals of career counseling 1 Selection of an occupation 2 Adjustment to an occupation What are four criteria by which to evaluate CDTs 1 It needs to be explicit about their rules and theorems 2 It needs to be precise about the limitations of their predictions 3 When developed it needs to be tested research needs to provide posneg support for the theory 4 It needs to be consistent and clear What is the key to any good career development theory It must provide a useful way of explaining and understanding career development What does Career Development Theory attempt to do Explain behavior that occurs over many years and is made up of reactions to thousands of situations experiences and people such as school hobbies and parents What three things should a counselor take into consideration when selecting a theory 1 Client population age gender setting etc 2 Own viewstyle of counseling 3 Whether its manageable and relatively easy to draw on in a counseling session What are the four basic conditions necessary for change as specified by Carl Rogers 1 Unconditional Positive Regard 2 Congruence 3 Genuineness 4 Empathy Name the eight helping skills in career counseling theory Attending Skills Questions Statements Reflections Continuation Responses Giving Information Not Opinion Reinforcement Family by Exploration and Assessment Interpretations What are attending skills in CDT The counselors nonverbal presence ie facing client squarely open posture good eye contact relaxed presence What are two types of reflection statements and how can they be achieved in CDT 1 Feeling rephrase what the client said to focus on the emotional content of the statement 2 Content restating what the client said to direct attention to the situation person or general idea What is a continuation response in CDT A verbal comment or nonverbal gesture indicating a need for more information ie nodding saying mhmm What are two essential factors of giving the client information 1 Information must be accurate uptodate and clear 2 If you dont know refer to the appropriate source What are two types of assessment instruments used in CDTs and what is the difference between them 1 Tests ability and achievement tests where individuals attempt to perform as well as possible 2 Inventories instruments that solicit a preference or viewpoint most common measure values and personalities What two roles do assessment instruments play in CDT 1 Can be used to develop and verify a theory 2 Can provide the counselor with information that can be used as a means of understanding the client from the pov of CDT Who is the Father of Career Development Frank Parsons What are four contributions Frank Parsons made to CD 1 Paved the way for vocational guidance in schools and colleges 2 Began training of counselors 3 Used the scientific tools available to him 4 Developed steps to be followed in the vocational progress of an individual What are the five basic principles to the Parsonian Approach 1 It is better to choose a vocation than merely hunt for a job 2 No one should choose a vocation without careful selfanalysis 3 Youth should survey many vocations not just drop into a convenient or accidental position 4 Considering expert advice provided by those who have made a careful study of people vocations and the conditions of success improves decision making 5 Putting thoughts down on paper is of supreme importance What is the goal of the Parsonian approach To make a decision based on the goal that was established at the beginning What are the three steps to the Parsonian Approach 1 SELFKNOWLEDGEdevelop a clear understanding of yourself attitudes abilities interests ambitions and resource limitations 2 OCCUPATIONAL KNOWLEDGEdevelop knowledge of requirements conditions of success advantages and disadvantages compensation prospects of jobs 3 DECISIONMAKING SKILLSuse true reasoning to relate these two groups of facts What are the five basic traits and factors that can be assessed by testing and interviewing 1 Aptitude 2 Achievements 3 Interests 4 Values 5 Personality What does aptitude reveal about a person Hisher probable FUTURE level of ability to perform a task What does ability measure and reveal about a person It measures the maximum performance and reveals the level of a persons PRESENT ability to perform a task What does achievement reveal about a person How much and individual HAS learned past What is the best indicator of academic performance PREVIOUS academic performance What are two types of interest scales 1 Basic interest scale activities 2 Occupational interest scale specific occupations Out of aptitude ability achievement interests and personality which has become the most important trait used in occupational selection Interests Which two traits and factors are often discussed together in career counseling aptitude ability achievement interests and personality Ability and Interests How were interest inventories such as the Strong Interest Inventory developed By measuring the interests of successful and satisfied people in an occupation What two types of values are most important in career counseling 1 General values 2 Workrelated values What path should you take for a client with strong values when selecting a career Focus on their values then narrow down by their interests What is the most important type of information for a counselor to know in regards to occupations The description of an occupation What often determines which career classification system is used by a counselor The classification system which is used by the occupational library in hisher setting According to trait and factor theory what is the major goal of career counseling Integrating information about ones self and the world of work Though computer guidance systems can provide immediate feedback for the client by combining tests and occupational information what dont they measure Personality What are two examples of computer guidance systems SIGI Plus and Discover The process of trait and factor theory requires moving between what two things The assessment of ones self and occupational information TF It is possible for ones abilities interests and personality to suggest three different groups of occupations True Which could essentially provide more useful information in making career decisions the counseling interview or an assessment instrument The counseling interview Who developed the Work Adjustment Theory Rene Dawis Lloyd Lofquist Define work adjustment as described by Dawis Lofquist A continuous dynamic process by which a worker seeks to achieve and maintain correspondence with a work environment indicated by tenure How is work adjustment different from other theories It is concerned with job tenure and performance What are the two major components to the prediction of work adjustment 1 Satisfaction 2 Satisfactoriness How is work adjustment theory a specific example of general trait and factor theory It makes use of clearly defined concepts and follows and articulated theoretical model Why are abilities and values the measurements of choice in WAT The measurement of skills and needs is awkward and difficult since so many of both may be required in a single job If abilities and values are used to measure individuals in WAT what concepts are used to measure the work environment 1 Ability requirements 2 Reward system Define satisfaction in terms of WAT The extent to which an individuals needs and requirements are fulfilled by the work heshe does Define satisfactoriness in terms of WAT The employers satisfaction with the individuals performance Together what do satisfactoriness and satisfaction equal Correspondence Who developed the General Aptitude Test Battery and what does it assess The US Department of Labor nine specific abilities Who developed the Minnesota Importance Questionnaire and what does it measure Dawis Lofquist 6 values that were derived from 20 needs How can counselors use ability patterns with clients It enables individuals to assess whether heshe has abilities similar to those of successful people in an occupation What instrument is used to assess value patterns and how can value patterns help the counselor with hisher client Minnesota Job Description Questionnaire helps counselors see how the values of their clients match the values that are met or reinforced by a large number of occupations What two things were combined to create the Minnesota Occupational Classification System MOCS Ability patterns and value patterns What are two practical uses of the WAT in career counseling 1 In job adjustment counseling assess abilities and needs and find patternsdiscrepanciesissues 2 In retirement find new nonwork environments that meet the clients abilities and needs What was found in Benbow Lubinskis study of 13 year old gifted students in regards to WAT and what do the findings suggest The two crucial concepts of WAT satisfaction satisfactoriness can be applied to the educational adjustment and achievement of those students which suggests that counselors should reinforce the effective behaviors of young adolescents rather than their feelings According to Hollands Theory of Types what two things are an extension of personality 1 Career choice 2 Career adjustment According to Hollands Theory of Types how do people express themselves their interests and values Through their work choice and experience What two psychological inventories were important in the development of Hollands Theory of Types 1 Vocational Preference Inventory VPI 2 SelfDirected Search SDS What do the Vocational Preference Inventory VPI and SelfDirected Search SDS measure Selfperceived competencies and interests which are an assessment of an individuals personality What factors did Holland acknowledge to have an affect on his theoretical model Age gender social class intelligence and education According to Holland how do the individual and environment interact with each other Through the development of the six types realistic investigative artistic social enterprising and conventional What two concepts does Holland use to describe the interaction between the person and environment Congruence and differentiation According to Hollands Theory of Types what is congruence The degree of fit between a persons code and environment TF According to Hollands Theory of Types the more alike a persons code is with hisher environment the more congruent the relationship True According to Hollands Theory of Types what is differentiation The difference between the lowest and the highest of the six scores of a profile TF According to Hollands Theory of Types a lower score means an individual is differentiated False According to Hollands Theory of Types what is consistency Refers to the similarity or dissimilarity of the types TF According to Hollands Theory of Types the closer types are to each other on Hollands type chart the more consistent similar they are True According to Hollands Theory of Types what is identity It refers to the clarity and stability of a persons current and future goals After completing counseling what question should the counselor ask to determine whether hisher client has achieved identity Does this client have a clear understanding of their career path are they aware of the resources available to them What two purposes do inventories have in Hollands Theory of Types 1 Used to develop the theory of types 2 Used for individuals in need of career assistant finding their code makes showing hisher career options easier How can a counselor best help undifferentiated types By setting a goal providing them with knowledge on an occupation working more deeply into values interests experiences and needs Hollands Theory of Types Sensitive to others genuine humanistic perceptive focus on people and their concerns rather than on things enjoy closeness with others sharing feelings being in groups solve problems primarily by feeling and intuition Social Hollands Theory of Types Thoroughly absorbed in their involvements selfmotivated leaders who are talented at organizing persuading managing enjoy power money status and being in charge solve problems by taking risks Enterprising Hollands Theory of Types Live primarily in their orderliness have a strong need to feel secure and certain get things finished attend to every detail follow a routine prefer to work for someone of power than have power solves problems by appealing to and following rules Conventional Hollands Theory of Types Handson enjoy exploring things fixing things and making things with their hands express and achieve primarily through their bodies rather than through words thoughts or feelings prefer concrete problems solve problems by doing something physical or handson Realistic Hollands Theory of Types Live primarily in their minds independent thinkers intellectually curious very insightful logical persistent when solving a problem express and achieve primarily through their minds enjoy complex abstract mental challenges solve problems by thinking and analyzing Investigative Hollands Theory of Types See new possibilities and want to express selves in creative ways attuned to perception of color form sound and feelings prefer to work independently need fairly unstructured environment solve problems by creating something new Artistic Which theorists work is the MyersBriggs Theory based on Carl Jung MyersBriggs Types Prefer to focus on here and now and reality work with known facts utilize their five senses to gather info prefer details use and perfect learned skills use standard ways of solving problems Sensing MyersBriggs Types Prefer to focus on future and what might be understand the big pictures perceive the possibilities prefer to rely on hunches enjoy learning new skills approach solving problems in new ways Intuitive MyersBriggs Types Prefer to make judgments and decisions objectively consider causes of events and where decisions lead tend to use their head when making decisions look at logical consequences of their choices Thinking MyersBriggs Types Prefer to make judgments and decisions subjectively consider how their decisions impact others prefer harmony tend to use their heart when making decisions allow decisions to be influenced by likesdislikes dislike and avoid unpleasant encounters Feeling MyersBriggs Types Prefer to live in a planned organized structured way of life like to get things settled may make decisions too quickly focus on one project at a time Judging MyersBriggs Types Prefer to live in a spontaneous flexible way aiming to understand life and adapt to it adapt well to changing situations tend to postpone decisions start too many projects and have difficulty finishing them Perceiving MyersBriggs Types Prefer to be expressive and around many people like variety and action impatient with long slow jobs that are done alone act quickly but sometimes without thinking it through Extroverted MyersBriggs Types Prefer to focus on inner world of concepts and ideas are reflective reserved private like to be around few people can work for long periods of time on a project wo interruptions think before actingspeaking Introverted Give a few examples of how the MyersBriggs Type Indicator MBTI can help you as an individual 1 Increase your selfawareness 2 Understand your work style 3 Understand how you like to make decisions 4 Extend your strengths 5 Compensate for weaknesses 6 Understand other people better 7 Help you learn more about yourself in the context of your career development What is the best way to approach clients in terms of MyersBriggs types Adjust your style of communication for each of the MyersBriggs types What is the primary method used for providing career development to younger students Career education programs Prior to entering elementary school children move through the first two of Eriksons eight stages For those who cope successfully what do they develop Trust and autonomy Which of Eriksons stages do elementary school children move through during these years Initiative and industry Briefly explain Supers Life Span Development Theory It described vocational development as the process of developing and implementing a selfconcept According to Super what is the most basic of all needs or drives Curiosity According to Super what two concepts should be encouraged in children in the elementary years Curiosity and fantasy Define exploration according to Supers LifeSpan Theory The act of searching or examining a behavior Identify four facts about exploration 1 Play and playful activities are an expression of exploration 2 Can use current or past experiences 3 Some exploratory behavior may benefit a child and help himher learn though some may just be enjoyment 4 Exploratory behavior builds upon exploratory behavior What can happen to a child if exploration is thwarted Heshe can become withdrawn which can cause difficulty in developing vocational maturity What combination of three things makes up Supers selfconcept Biological factors social roles and evaluations of the reactions of others TF Supers selfconcept is only a subjective view of self False It is a subjective AND objective view of self Identify five things Super believes the selfconcept develops through 1 Physical and mental growth 2 Observations of work 3 Identification with working adults 4 General environment 5 General experiences What are the nine life roles that Super identified Son or daughter student leisurite citizen worker spouse homemaker parents pensioner What three life roles take place during elementary years Leisurite student and child What two life roles prevail during adolescence Citizen and worker What four life roles come into play as we reach adulthood Spouse homemaker parent and pensioner TF Success in one life role has nothing to do with success in another life role Super False Super described the interaction between the individual and the world of work through five developmental stages that we go through Identify them Growth exploration establishment maintenance and disengagement What are the three substages of growth Fantasy interests and capacities What are the three substages of exploration Briefly explain each Crystallizing clarification specifying articulate preferences and implementing plans to get a job What are the three substages of establishment Briefly explain each Stabilizing settling into a job consolidating show competence and advancing more responsible higher pay What are the three substages of maintenance Briefly explain each Holding adapt to changes in a position updating new learning and innovating contributing to your field What are the three substages of disengagement Briefly explain each Decelerating decreasing responsibilities retirement planning financial other activities and retirement living change in activities What should counselors do if a childs observations of a key figure are inaccurate Correct the misinformation by describing the behavior of other key figures or different behaviors of the misperceived key figure What is the primary goal of Supers model in counseling children four subgoals 1 Help children become concerned about the future 2 Help children increase personal control over their lives 3 Help children convince themselves to achieve in school and work 4 Help children develop competent work habits and attitudes According to Erikson adolescence is a time of Identity and role confusion According to Piaget what processes occur during adolescence A gradual process of developing the ability to solve problems and to plan What are the five major components of Supers career maturity concept 1 Orientation to vocational choice 2 Information and planning about a preferred occupation 3 Consistency of vocational preference 4 Crystallization of traits 5 The wisdom of vocational preference The Career Development Inventory CDI is most concerned with the readiness of individuals to make good choices What five concepts are used to determine this within individuals Career exploration decision making worldofwork information knowledge of the preferred occupational group and career orientation total According to Supers conception of career maturity what does career planning measure How much thought people have given to a variety of informationseeking activities and how much THEY FEEL they know about various aspects of work According to Supers conception of career maturity what does career exploration measure An individuals willingness to explore or look for information as well as what information heshe has already acquired What is the difference between career planning and career exploration in Supers conception of career maturity Career exploration focuses on USING resources According to Supers conception of career maturity what does decision making measure The ability to use knowledge and thought in career plans According to Supers conception of career maturity what are the two important components of worldofwork information 1 Knowledge of important developmental tasks 2 Knowledge of job duties in a few selected occupations and job application behaviors According to Supers conception of career maturity what is career orientation A general term encompassing the previous concepts it gives a summary of all concepts except knowledge of the preferred occupation group and realism Which of Eriksons life stages acts as a bridge between the four stages in childhood and the three in adulthood Identity vs confusion Name the four developmental statuses developed by Vondracek and Marcia and very briefly describe what happens in each Diffusion what happens happens moratorium want to explore foreclosure follow established paths achievement pursuing plans Define role salience according to Super People differ in terms of the importance they assign to work in their lives What three aspects of life roles does the Salience Inventory measure Commitment participation and value expectations What five life roles are measured by Supers Salience Inventory 1 Studying 2 Working 3 Community service 4 Home and family 5 Leisure activities Define maxicycle in terms of Supers adult life stages The five major life stages Define minicycle in terms of Supers adult life stages The growth exploration establishment maintenance and disengagement that can occur within any of the stages in the maxicycle Define recycling in terms of Supers life stages When people reenter a stage that they have been through before Define crisis A negative term that refers to a situation in which a person has to develop new methods of dealing with a problem that has arisen suddenly and may be disorienting What are the four types of transitions identified by Schlossberg Give an example of each 1 Anticipated graduating high school 2 Unanticipated sudden death of a family member 3 Chronic hassles long commute to work 4 Nonevent a promotion that never happens Briefly describe the seven stages of Hopson Adams Model of Adult Transitions 1 Immobilization initial shock 2 Minimization denial of situation 3 SelfDoubt doubting ability to provide for self 4 Letting Go accepting what is happening 5 Testing Out gives advice has ideas to move on 6 Search for Meaning cognitive process of understanding 7 Internalization implies change in valueslifestyle Which theory addresses the fact that men and women tend to differ in their occupational aspirations Super or Gottfredson Gottfredson Briefly explain the purpose of Gottfredsons Theory It helps explain how people see themselves in terms of society and in terms of their individuality values feelings interests According to Gottfredson what influences cognitive growth The relationship between genetics and the environment TF According to Gottfredson children of the same age are very similar in term of their ability to learn False they can vary greatly TF According to Gottfredson genetic factors have no influence on how a child develops intellectually False genetics have an important influence on intellectual development According to Gottfredson what is selfcreation A view based on how we are active participants in our relationships between our biological factors and our environmental factors how they interact with each other as a child grows Define circumscription in terms of Gottfredsons theory The process of eliminating unacceptable occupational alternatives based primarily on gender and social class What are the four stages of cognitive development in circumscription 1 Orientation to size and power 2 Orientation to sex roles 3 Orientation to social valuation 4 Orientation to the internal unique self Define compromise in terms of Gottfredsons theory The process of modifying career choices due to limiting factors ie availability of jobs having to make tradeoffs between sextypes prestige and interests According to Gottfredson should a counselor encourage genderrole stereotypes Why or why not No Not reinforcing genderrole stereotypes will promote an atmosphere in which a wide variety of interests can develop

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O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O


Chapter 5 section 1 FLASHCARDS WRITE SPELL TEST MATCH GRAVITY Upgrade to remove ads Only 1month How states should be represented CLICK THE CARD TO FLIP IT People living in small states are more powerful than people living in big states CLICK THE ARROWS BELOW TO ADVANCE 1 7

O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O

political representation
foreign relationship


Marketing Chapter 7 Business Marketing The marketing of goods and services to individuals and organizations for purposes other than personal consumption The sale of a PC to a college or university is an example of business marketing Business Products Are used to manufacture other products Become part of another product Aid the normal operations of an organization A product that is purchased for personal use is considered a consumer good If the same product is purchased for use in a business it is a business product The key in classification as a business product is intended use The size of the business market in the US and most other countries substantially exceeds that of the consumer market Some large firms that produce goods such as steel computer memory chips or production equipment market exclusively to business customers What is the key of a Business Product INTENDED USE BusinesstoBusiness Electronic Commerce The use of the Internet to facilitate the exchange of goods services and information between organizations 1 In 1995 there were few commercial Web sites and those that did exist were static Today BtoB sites look more like consumer sites with social media valuable content and community building applications 2 A recent study found that in 2012 32 percent of marketers were very or fully engaged in marketing through social channels compared with 21 percent in 2011 3 Content marketing is becoming more and more important to BtoB marketing BusinesstoBusiness and Social Media The reviews on social media are mixed Many BtoB marketers are experimenting with how to use social media to build successful relationships with business customers Some companies are using social media listening tools to determine strategic topics to include in newsletters and videos BusinesstoBusiness and Social Media The reviews on social media are mixed Many BtoB marketers are experimenting with how to use social media to build successful relationships with business customers Some companies are using social media listening tools to determine strategic topics to include in newsletters and videos Measuring Online Success Stickiness A measure of a Web sites effectiveness calculated by multiplying the frequency of visits by the duration of a visit by the number of pages viewed during each visit Stickiness Frequency x Duration x Site Reach For marketers today three of the most important measurements of Web site hits are recency frequency and monetary value Combining frequency with the length of time a visitor spends on the Web site and the number of pages viewed during each visit can provide an analytical measure of a sites stickiness factor Relationship Marketing Loyal customers are more profitable than pricesensitive customers with little brand loyalty Longterm relationships build competitive advantage Relationship marketing has become an important business marketing strategy as customers have become more demanding and competition has become more intense Building longterm relationships with customers offers a way to build competitive advantage Strategic Alliances Licensing or distribution agreements Joint ventures Research and development consortia Partnerships Alliances succeed with commitment and trust Strategic alliances can take the form of licensing or distribution agreements joint ventures research and development consortia and partnerships Businesses form strategic alliances to leverage the assets they have such as technology financial resources market access by combining these assets with those of other firms Another rationale behind the formation of strategic alliances is to achieve economies of scale Sometimes alliance partners are fierce competitors Trust exists when one party has confidence in an exchange partners reliability and integrity Relationships in Other Cultures Keiretsu relationships are highly integrated Companies have executives sitting on each others boards Maintain dedicated trade efforts Joint development finance and marketing The concept of strategic alliances has been used in foreign cultures such as Mexico China Japan Korea and much of Europe for a long time For example in Japan the basis of exchange between firms is personal relationships that are developed through indulgent dependency Relationships between companies can develop into a keiretsua network of interlocking corporate affiliates Members of a keiretsu trade with each other and often engage in joint product development finance and marketing activity Many American firms have found the best way to compete in Asian countries is to form relationships with Asian firms Major Categories of Business Customers Producers OEMs profitoriented organizations that use purchased goods and services to produce or incorporate into other products Resellers Wholesalers and Retailers buy finished goods to resell at a profit Governments Federal state and local This may be the largest single market for goods and services in the world Institutions schools churches hospitals etc do not have the standard business goals of profit market share and return on investment North American Industry Classification System NAICS A detailed numbering system developed by the US Canada and Mexico to classify North American business establishments by their main production processes Introduced in 1997 is a joint development by the United States Canada and Mexico to provide a common industry classification system for NAFTA partners NAICS Provides a common industry classification system Valuable tool for marketers in analyzing segmenting and targeting markets Data can be used to determine Number size and geographic dispersion of firms Market potential market share estimates Sales forecasts New customer identification differences between business and consumer markets The basic philosophy and practice of marketing are the same whether the customer is a business organization or a consumer Purchase volume Business customers buy in larger quantities than consumers Number of customers Business marketers have fewer customers than consumer marketers An advantage is that it is easier to identify buyers monitor customer needs and build personal relationships A disadvantage is that each customer becomes crucial especially for those manufacturers who have only one customer Location of buyers Business customers are more geographically concentrated than consumers Distribution structure Business products typically have shorter channels of distribution and direct channels are common On the other hand consumer products pass through a distribution system that may include the producer the wholesalers and the retailers Nature of buying More people are involved in a business market purchase decision than in a consumer purchase Representatives from quality control marketing finance and purchasing may be grouped in a buying center Nature of buying influence Typically more people are involved in a single business purchase decision than in a consumer purchase Type of negotiations Negotiation is more common in business marketing decisions and may take months to work out the final contracts Use of reciprocity Business purchasers often choose to buy from their own customers It is not unethical or illegal unless the exchange is coerced Use of leasing Businesses commonly lease expensive equipment to reduce capital outflow keep state of the art products and gain tax advantages Primary promotional method Business marketers emphasize personal selling especially for expensive customdesigned products Demand in Business Markets Derived Inelastic Joint Fluctuating Derived Demand for business products results from the demand for customer products As a result business marketers must carefully monitor trends and patterns in final consumer markets as well as customers forecasts Inelastic A change in the price will not significantly affect the demand for product Joint Multiple items are used together in the final product Demand for one item affects all Fluctuating Demand for business products is more volatile than for customer products The demand for business products tends to be more unstable than the demand for consumer products A small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and manufacturing equipment needed to make the consumer product This is known as the multiplier effect 7 Types of Business Goods and Services 1 Major Equipment 2 Accessory Equipment less expensive and shorter lived than major equipment fax machines personal computers power tools Usually not depreciated Standardized and purchased by more customers 3 Raw Materials Unprocessed products such as minerals timber wheat corn fish Become part of finished products Personal selling is the marketing mix component used distribution channels usually direct from producer to business user 4 Component PartsFinished items ready for assembly or that need very little processing Two important markets for component parts original equipment manufacturer OEM and replacement market 5 Processed Materials Used directly in manufacturing other products Sheet metals chemicals and lumber Do not retain their identity in final products Price and service are important factors in choosing a supplier 6 SuppliesConsumable items that do not become part of the final product Short lives and inexpensive Generally fall into categories of maintenance repair or operating supplies MRO 7 Business ServicesExpense items that do not become part of the final product This includes janitorial advertising legal management consulting marketing research and maintenance services Examples of Business Goods Services Aluminum raw material Extruded metal processed material Propeller Blade component part paper supply extruding machine major equipment tool cart accessory equipment uniforms contracted service Intel Buys McAfee Intel creates nearly 80 percent of the microprocessors used in PCs and server systems Intels purchase of security software maker McAfee will allow it to produce chips that are directly integrated with McAfees security products Business Buyer Behavior 5 Aspects Buying Centers Evaluative Criteria Buying Situations Business Ethics Customer Service Buying Centers All those people in an organization who become involved in the purchase decision Number of people involved varies with each purchase decision Buying centers do not appear on formal organization charts Roles in Buying Centers 6 Initiator Influencers Gatekeepers Decider Purchaser Users Roles explained in Buying Centers Initiator The person who suggests the purchase InfluencersEvaluators Help define specifications and provide information for evaluating options Gatekeepers Group members who regulate the flow of information often the purchasing agent Decider The person with the power to choose or approve the selection Purchaser The person who negotiates the purchase Users Members of the organization who actually use the product Evaluative Criteria Quality Service and Price Quality refers to technical suitability Quality improvement should be part of every organizations marketing strategy Service includes prepurchase as well as postpurchase service along with dependability of supply Services that help sell the finished products are especially appropriate when the sellers product is an identifiable part of the end product Business buyers want to buy at low prices However a buyer who pressures a supplier to cut prices to the point of money loss may force shortcuts on quality It may force the supplier to quit selling to himher Buying Situations New Buy A situation requiring the purchase of a product for the first time Modified Rebuy A situation where the purchaser wants some change in the original good or service Straight RebuyA situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers Customer Service Divide customers into groups based on their value Create policies that govern how service will be allocated among groups YOU MIGHT ALSO LIKE 10 terms Chapter 7 Business Marketing 35 terms Chapter 7 Marketing CHAPTER 7 38 terms Marketing chapter 7

B O O O B O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O B O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O B O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O B O O O O B O O


Renaissance FLASHCARDS WRITE SPELL TEST MATCH GRAVITY Upgrade to remove ads Only 1month Merchants became a _____ Class Higher CLICK THE ARROWS BELOW TO ADVANCE 1 229 Terms in this set 229 Merchants became a _____ Class Higher Merchants since they are a higher class they could afford ____ ____ and ____ Wine Spice and Silk 1What was the Renaissance An explosion of New ideas inventions and Culture 2 When was the Renaissance the 1300s to the 1500s 3 Where did the Renaissance start Italy Why did it start there The feudal system never developed well and since it became a trade center the ports had lots of new products and ideas come in like cultural diffusion What two ports were vital in jumpstarting the Renaissance and why Venice and Florence Venices port gained a lot of money through shipping goods and it became a rich cosmopolitan city allowing them to buy more goods spreading others culture Florence as it was a major stop in most trade ships route culturegoods arrived everywhere in florence 4 During the Middle Ages life revolved around what The Church Hope the Black Death and the Manor 5 What happened to feudalism and manoralism during the Renaissance It was diminished away until it was gone What two things caused this Trade and Industry Grew The Feudal System never really was developed in Italy 6 What is a factory and why did they start to appear during the Renaissance A large Building used to make products Industry was growing 7 Why did peasants start to leave the manors and what effect did this have these 2 groups peasants They left for Wages this caused Nobles to appear in the towns nobles kings lords vassals They lost power as their slave would leave they went to the cities and towns and gained power 8 What happened to the Churches power during the Renaissance and how did that change Europe Its diminished when Secular interests gained interest learning spread in the secular ways 9 What did the trade and commerce in the important ports of the Renaissance promote cultural diffusion and spreading of Ideas 10 What did the Muslim world contribute to the Renaissance The knowledge they knew of Science Math and classical Greek and Roman Scholarships 11 What and who is a patron A person that gives money to support a person or group of people They are mostly the Nobles 12 What two groups competed for power in the new Renaissance Europe Wealthy MerchantsBankers and Old Aristocrats 13 How did did the wealthy being patrons effect the Renaissance It rose interest in the artists to rise in popularity and spread the word 14 Where was the major artistic center of the Renaissance Florence Why It was a port city and one of the major stops in the mediterranean sea people brought art supplies paintings and spread the artistic culture 15 What else was the major artistic center of the Renaissance known for Its amazing banking system even the pope kept his money there What family controlled this De medici Family for generations 16 What profession was highly sought after in the artistic center of the Renaissance Artists 17 During the Renaissance scholars considered Greek and Roman history what the Foundation of New Learning 18 What 3 new viewpoints of learning did the Renaissance start Humanism Secularism and Individualism 19 What is a cultural movement based on the study of classical works Humanism What 2 cultures did Renaissance people want to study the most Greek and Roman 20 What did Middle Ages thinkers focus on Spirituality and Faith Renaissance thinkers Religion is not the center of human affairs 21 The view that the Church need not be the center of life is called Secularism Its focus was to to entertain or inform people about the church rather than promote spirituality 22 Machiavelli wrote what book The Prince What was the book about About how Leaders Gain Lose and Keep Power In his book he asked the question is it better to be loved or feared leader What did he mean What would the people have and be least likely to rebel and more likely to enjoy the kingship Whats a Better King 23 What does individualism mean the belief that the individual is more important that the larger community How was this different from Medieval times Individuals needs are less than the Communitys How did it change artist and people looked at their work and their outlook on life They explored imagination and human potential rather than Glory for God 24 What major things did the people of Europe learn to do more Learn to Read and Write and made a new calender 25 In the Renaissance people began speaking what new languages in Europe Italian and French What language did they go away from speaking Latin What did these new languages help do Made books to be written in Italian or French and people could spread the knowledge of how to read and the literacy rate would go higher 26 How did the Renaissance period change the calendar Pope Gregory found flaws and made a new one in 10 years time What was the calendar used before the Renaissance Julian Calendar What was the calendar used during and after the Renaissance Gregorian Calendar 27 The focus of art before the Renaissance was on what Religion and God The focus of art after the Renaissance was on what Worldly Concerns mercantile Related to Commence or Trade vernacular Everyday Spoken Language utopia and Imaginary ideal place satire Work of literature making fun of the subjects often mocking Foolishness or bad behavior engraving and Art form with the artist sketching an images or words with a needle and acid on a metal plate censor to Ban dangerous or offensive ideas proportion using balanced or symmetric elements to form a pleasing design linear perspective a mathematical system for representing threedimensional space on a flat surface sonnet poem of 14 lines with a fixed rhyming pattern picaresque a series of comic episodes usually involving a mischievous character rationalism Belief that what you do should be affected by your reasoning and knowledge compared to religion heliocentric theory The Earth Revolves around the sun inductive reasoning reasoning of Facts to lead to a conclusion scientific method a process to test an invention or hypotheses natural rights Rights people deserve naturally or under natural law separation of powers making the executive legislative and Judicial different government and showing people their power as individual governments social contract agreement to be a society for benefits tolerance a democratic value with Protestants and catholics to accept there are different religions and beliefs from one another feminism the idea women deserve to be treated as equals to men What was the Renaissance a period of time in which developmental sciences were valued and nourished and a time where the arts prospered in europe When was the Renaissance 1300 to 1500 Where did the Renaissance start Why did it start there What two ports were vital in jump starting the Renaissance italy feudalism never formed correctly florence and venice because of lots of trade which gave people ideas During the Middle Ages life revolved around what religion What happened to feudalism and manorialsim during the Renaissance What two things caused this it was destroyed and it disappeared money and the black death What is a factory and why did they start to appear during the Renaissance a factory is an organization with people that work they were highly efficient and gave people jobs Why did peasants start to leave the manors and what effect did this have these 2 groups peasants and nobles kings lords vassals peasants started to make money nobles kings lords vassals lost power What happened to the Churches power during the Renaissance and how did that change Europe the church lost power and europe became less religious What did the trade and commerce in the important ports of the Renaissance promote free flow of ideas and people thought in new ways and did thing different What did the Muslim world contribute to the Renaissance helped spread the word of it What two groups competed for power in the new Renaissance Europe How did they do this the manor and the church they did it with money How did the wealthy being patrons effect the Renaissance patrons bought many goods therefore supporting the idea of the renaissance Where was the major artistic center of the Renaissance Why venice What else was the major artistic center of the Renaissance known for What family controlled this florence medici family What profession was highly sought after in the artistic center of the Renaissance scholar During the Renaissance scholars considered Greek and Roman history what fascinating What 3 new viewpoints of learning did the Renaissance start economy the arts and professions What is a cultural movement based on the study of classical works What 2 cultures did Renaissance people want to study the most christianity and humanism What was the Renaissance The renaissance was a great cultural revival that came through Europe during the 1300s to 1500s Where did the Renaissance start Italy During the Middle Ages life revolved around what Feudalism What happened to feudalism and manoralism during the Renaissance Feudalism and Manorialism broke down and declined in the Renaissance What is a factory and why did they start to appear during the Renaissance A factory is a place where things are produced by people holding jobs They started to appear so people could produce things and earn money Why did peasants start to leave the manors and what effect did this have these 2 groups Peasants Why did peasants start to leave the manors and what effect did this have these 2 groups To earn money and have jobs Nobles To take public office What happened to the Churches power during the Renaissance and how did that change Europe The churches power decreased it changed Europe because they had less power over the people because they werent religious What did the trade and commerce in the important ports of the Renaissance promote It allowed the people to become more wealthy and get other types of things from other countries and continents What did the Muslim world contribute to the Renaissance Math and Science What and who is a patron A patron is someone who gives money or support to a person What two groups competed for power in the new Renaissance Europe Secular Gov and Church How did they do this They both wanted control over the people Secular was winning most of the time How did did the wealthy being patrons effect the Renaissance They could help and support more people and invention Where was the major artistic center of the Renaissance Florence What else was the major artistic center of the Renaissance known for Strong Banking What family controlled it Medici What profession was highly sought after in the artistic center of the Renaissance Artist because they could earn the most money from work During the Renaissance scholars considered Greek and Roman history what The way they should live their lives What 3 new viewpoints of learning did the Renaissance start Humanist Math Science Who were Moorish Scholars They were Spanish Muslim scholars What did Moorish Scholars contribute to the Renaissance They influenced the Renaissance by bringing Italy Muslim information on math science and Greek and Roman knowledge by trade What is an example of a famous piece of literature made during the Renaissance The Prince by Machiavelli What is an important example of art in the Renaissance The Mona Lisa by Leonardo da Vinci What is an important example of science in the Renaissance The compass as it was introduced to Italy during the Renaissance What is a form of math introduced during the Renaissance Geometry was introduced during the Renaissance What is an example of cartography used in the Renaissance Maps of the known world were crafted during the Renaissance What is an example of engineering used in the Renaissance Inventions such as the water raising pump was invented to make work easier How did Renaissance thinkers show their understanding of human anatomy Leonardo da Vinci created multiple diagrams of the human body used during the Renaissance How did astronomy affect the Renaissance Inventions such as lunar compasses helped guide sailors on where to go What was the importance of The Last Supper in the Renaissance and who painted it The painting showed off new art styles and a different focus Leonardo da Vinci What was the importance of The Mona Lisa in the Renaissance and who painted it This piece resembles the effect of individualism on the Renaissance because it is focused one one person Leonardo da Vinci What was the importance of Sistine Chapel in the Renaissance and who painted it The ceiling of the Sistine Chapel was important because at the time religious art pieces were frowned upon Michelangelo What was the importance of the Statue of David in the Renaissance and who painted it The Statue of David was based on a biblical character Michelangelo Who invented the printing press Johannes Gutenburg What was the importance of the printing press This invention made it a lot easier to make books which helped the evolution of secularism List 3 of Shakespeares most important works and explain them Romeo and Juliet In this work two starcrossed lovers fight the power of fate to be able to hold eachothers hands Hamlet Hamlet is about a family that is affected by the undead Antony and Cleopatra This is a tragedy about a tyrant ruler neglecting his people What new ways did the Renaissance period give us to read and interpret new writings Vernaculars like Italian and French were starting to be used and more people could understand writings What new ways did the Renaissance period give us the ability to manufacture paper New products were being imported from China making paper widespread and easy to produce What new ways did the Renaissance period give us to translate the Bible People in the Renaissance found out how to switch languages so the Bible was translated to other languages What new ways did the Renaissance period give us to print new writings Johann Gutenberg invented the printing press which made it easier to print books and write books Mercantile having something to do with commerce or trade Vernacular an everyday spoken language Utopia an imaginary ideal place Satire work of literature that makes fun of its subject often mocking vice or folly Engraving an art form in which an artist etches a design on a metal plate with a needle and acid Censor to ban dangerous or offensive ideas Proportion A way of balancing the parts of a design to make a pleasing whole Linear Perspective a mathematical system for representing threedimensional space on a flat surface Sonnet a poem of fourteen lines with a fixed rhyming pattern Picaresque a series of comic episodes usually involving a mischievous character Rationalism a belief or theory that opinions and actions should be based on reason and knowledge rather than on religious belief or emotional response Heliocentric Theory The idea that the sun is at the center of the solar system Inductive Reasoning The process of looking at specific facts and making a rule or general principle based on those facts Scientific Method a procedure that specifies how to conduct proper science using observations measurements and experiments Natural Rights The rights that belong to all people from birth Separation of Powers an act of giving power to the legislative executive and judicial powers of government in separate bodies Social Contract The unwritten agreement between people and their government that gives the rights and duties of each Tolerance Allowing others to hold beliefs that are different from ones own Feminism The idea that women should enjoy the same rights as men What was the Renaissance The Renaissance is a great cultural rebirth in Europe The arts literature and learning prospered Feudalism and manorialism decreased and people began to move to cities from manors When was the Renaissance The Renaissance began in the early 14th century and began to go away during the 17th century Where did the Renaissance start Italy Why did the Renaissance start where it did Feudal order didnt define the structure of life in Italy What two ports were vital in jumpstarting the Renaissance Why Florence and Venice Florence was well known for architecture and prosper and the arts Venice held many foreign products and played a key role in trade What did life revolve around during the Middle Ages The manor and the church YOU MIGHT ALSO LIKE renaissance Renaissance Quiz 1 27 terms Renaissance Quiz 1 review questions renaissance quiz questions OTHER SETS BY THIS CREATOR 81 terms Reformation and Enlightenment 81 terms Combo with reformation and 1 other reformation 14 terms Reformation and Enlightenment THIS SET IS OFTEN IN FOLDERS WITH 34 terms Islam terms 91 terms Japan 100 107 terms Japan 100 SS 46 terms Islam

B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O B O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O B O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O B O O O O O O O O O B O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O B O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O B O O O O O O O O B O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O B O O O B O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O B O B O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O B O O O O O O O O O B O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O B O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O B O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O B O O O O O O O O O O B O O O O O O O O O B O O O O O B O O O O O O O O O B O O O O O O O O O B O O O O O O O O O B O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O B O O O O O B O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O 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Accounting 2301 Test 3 FLASHCARDS WRITE SPELL TEST MATCH GRAVITY Upgrade to remove ads Only 1month What is a current asset cash marketable securities accounts receivable notes receivable inventory prepaid expenses CLICK THE ARROWS BELOW TO ADVANCE 1 37 Terms in this set 37 What is a current asset cash marketable securities accounts receivable notes receivable inventory prepaid expenses what is current liabilities accounts payable notes payable salaries payable interest payable taxes payable current maturities of the longterm obligations what is the total current assets Accounts Amount Cash 16000 Accounts receivable 55000 Inventory 31000 Accounts payable 83000 Equipment 168000 Land 103000 Prepaid Insurance 13000 Bond payable 83000 Common Stock 143000 Retain Earnings 81000 Salary payable 18000 Cash 16000 Accounts receivable 55000 Inventory 31000 Prepaid Insurance 13000 155000 what is the total current liabilities Accounts Amount Cash 16000 Accounts receivable 55000 Inventory 31000 Accounts payable 83000 Equipment 168000 Land 103000 Prepaid Insurance 13000 Bond payable 83000 Common Stock 143000 Retain Earnings 81000 Salary payable 18000 Accounts payable 83000 Salary payable 18000 101000 Total longterm Accounts Amount Cash 16000 Accounts receivable 55000 Inventory 31000 Accounts payable 83000 Equipment 168000 Land 103000 Prepaid Insurance 13000 Bond payable 83000 Common Stock 143000 Retain Earnings 81000 Salary payable 18000 Bond payable 83000 What is the Working Capital Accounts Amount Cash 16000 Accounts receivable 55000 Inventory 31000 Accounts payable 83000 Equipment 168000 Land 103000 Prepaid Insurance 13000 Bond payable 83000 Common Stock 143000 Retain Earnings 81000 Salary payable 18000 Working CapitalCurrent AssetsCurrent Liabilities 15500010100054000 Warranty Expense In ABC sold merchandise for 1mln The merchandise had a cost of 500000 Company provided a tree month warranty on the merchandise sold Based on industry estimates the warranty claims would amount to 5 percent of merchandise sales Company paid 20000 for warranty repairs during the year 1 What is a warranty expense for the year 2 What is a cash outflow related to the warranties obligations 3 What is a warranty payable liability thus in BS at the end of the year 1 Warranty expenseRevenue x Estimate for warranty claims1000000 x 005 50000 2 20000 cash outflow 3 During the year warranty payable increased at the point of sale 50000 and decreased at the point of payment for repairs 20000 Thus warranty payable at the end of the year is 30000 5000020000 what are the characteristics of long term debt paying interest charges and repaying the principal what is a bond its borrowing money directly from the public and not a bank or financial institution practically anyone can buy a bond it is also the second cheapest way to raise cash for the company does a bond represent longterm or shortterm liability LONGTERM calculate bond interest expense Bobcat issued 100000 of bonds at face value on January 1 2012 The bonds carry an 7annual stated rate of interest Interest is payable in cash on December 31 of each year Please record bond issuance and the first interest payment 100000 x 07 7000 Cash Bond payable 100000 100000 7000 Expense NI Cash Flow 7000 7000 100000 FA 7000 OA what are the 3 business forms sole proprietorship partnership corporation partnership advantages simple to establish shared control broader skills and resources tax advantage partnership disadvantages partners personal liability for business debts difficulties in ownership transfer corporation advantages ease of ownership transfer professional management ease of fund raising unlimited life corporation disadvantages government regulations double taxation for shareholders BIGGEST What is the total stockholders equity based on the following account balances Common Stock 30000 PaidIn Capital in Excess of Par 70000 Retained Earnings 120000 Treasury Stock 10000 CS PIC Par RE TS SHs Equity 30000 7000012000010000 210000 Preferred Stock compared to common stock 1 priority payment of dividends 2 priority in distribution of assets upon liquidation 3 typically has no voting rights 4 typically has a fixed dividend rate authorized stock total amount of stock a corporation is authorized to sell issue per corporate charter issued shares of shares that have actually been issued to the public treasury stock the shares that company bought back contra equity account outstanding stock of shares owed by shareholders traded on the market issued shares treasury stock BobCat Inc was authorized to issue 100000 shares of common stock The company issued 50000 shares of stock and later purchased 2000 shares of treasury stock The number of outstanding shares of common stock is issued shares treasury stock 50000 2000 48000 outstanding shares Goldman Inc was organized on June 1 2014 It was authorized to issue 350000 shares of 11 par common stock and 55000 shares of 5 percent cumulative class A preferred stock The class A stock had a stated value of 25 per share The following stock transactions pertain to Goldman Inc 1 Issued 24000 shares of common stock for 15 per share 2 Issued 10000 shares of the class A preferred stock for 27 per share 3 Issued 44000 shares of common stock for 19 per share what are the reasons for buying shares back 1 to reissue the shares to employees under bonus and stock compensation option plans 2 to increase trading of the companys stock in the securities market with the expectation of enhancing its market value by signaling that management beleives the stock is underpriced 3 to have additional shares available for use in acquiring other companies 4 to reduce the number of shares outstanding and thereby increase earnings per share 5 if management is trying to eliminate hostile takeover from shareholders by buying them out Capital balance for partnership Your friends Justin Harris and Paul Berryhill started the HB partnership on January 1 2012 The business acquired 28000 cash from Harris and 52000 from Berryhill During 2012 the partnership earned 45000 in cash revenues and paid 22000 for cash expenses Harris withdrew 1500 cash from the business and Berryhill withdrew 2500 cash The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business What is an ending Capital Balance Step1 Find the proportion for the income allocation Total invested capital280005200080000 Harris invested 2800080000 35 Berryhill invested 520008000065 Step2 Find total Net incomeRevenueExpenses 450002200023000 Step3 Allocate income Harris share of income35x230008050 Berryhill65x2300014950 Step4 Calculate ending capitalBeginning capital net income share withdrawal Harris endCapital280008050140034650 what is the effect of the stock split on the financial statement stock splits have NO EFFECT on the dollar amount of assets liabilities and stockholders equity calculating the number of shares outstanding after the stock split ABC declared a 4for1 stock split for the 100000 outstanding shares of its 1 par common stock What is the accounting effect New shares outstanding100000x3400000 The pie of shares is the same but the company instead of 100000 slices have 400000 slices From accounting standpoint there is no need to do adjustment to Common Stock or Paidin Capital What was Common Stock before the split Common StockPar value x of shares outstanding1x100000100000 After the stock split common Stock should be the same100000 But the of shares increased to 400000 so par value should be adjusted 100000400000025 per share Working capital CACL Pakeham Company has cash of 10000 accounts receivable of 34000 inventory of 26000 and equipment of 50000 Assuming current liabilities of 24000 this companys working capital is 10000 34000 26000 24000 46000 Current Ratio CACL A company with 60000 in current assets and 40000 in current liabilities pays a 1000 current liability As a result of this transaction the current ratio and working capital will be 1 find out original WCap 60000 40000 20000 1000 1000 New WCap 610004100020000 2 Original CR 6000040000 15 New CR 6100041000 149 They will increase and remain the same respectfully What is a gross profit and net income margins for Whole Foods in 2012 Sept 30 2012 Sales 11698828 Gross profit 4155774 Net Income 465573 Gross Profit marginGross profitSales 4155774 11698828 355 Net Income margin NI Sales 465573 11698828 40 The Huntzicker Company reported gross sales of 850000 sales returns and allowances of 5000 and sales discounts of 5000 The company has average total assets of 500000 of which 250000 is property plant and equipment What is the companys asset turnover ratio asset turnover rate net sales average total assets 850000 5000 5000 840000 840000 500000 168 Horizontal analysisto determine increasedecrease that has taken place Compute the amount and percentage changes for Current Assets Total Assets Sales and Net income in 2012 using horizontal analysis assuming 2011 is the base year 2012 2011 Current Assets 2102631 1453144 Total Assets 5294216 4292075 Sales 11698828 10107787 Net income 465573 342612 Amount Current Assets 649487 45 Total Assets 1002141 23 Sales 1591041 16 Net income 122961 36 trend percentage current yr amount base yr amount x 100 Vertical analysistechnique that expresses each financial statement item as a percent of a base amount What of assets were financed by equity in 2012 and 2011 respectively 2012 TSHE TA 3802469 529216 718 2011 TSHE TA 2991305 4292075 697 who are the primary users expect management of the different types of financial ratios shareholders other companies what ratios are important relevant to shareholders profitability ratio stock market ratio what ratios are the most important relevant to longterm and shortterm lenders shortterm quick ratio longterm solvency ratio YOU MIGHT ALSO LIKE 412 terms Combo with Accounting Chapter 15 test bank and 3 others 87 terms Accounting 2301 Final Exam Intermediate Accounting 2 Exam 1 Accounting Chapter 15 test bank OTHER SETS BY THIS CREATOR 51 terms world geography ch 47 14 21 terms ENG 2310 midterm crossword 61 terms Geography 1310 Ch 128 9 Key Terms THIS SET IS OFTEN IN FOLDERS WITH 53 terms ACC 2301 Test 1 61 terms ACC 2301 Krylova Test 2 35 terms Accounting 2301 Final 17 terms acc test 3

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