What are the steps involved in strategic management? Define mission, formulate goals, assess resources, survey environment, select strategies, implement strategies Identify problems, develop solutions, implement solutions, evaluate outcomes Set objectives, allocate resources, monitor progress, adjust plans Conduct SWOT analysis, set goals, develop strategies, implement strategies

Define mission, formulate goals, assess resources, survey environment, select strategies, implement strategies

Business Planning and Financial Management: Strategic and Operational Approaches

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Sociology - Management

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Cards in this deck(51)

What is the process of moving up in industry and gaining control of multiple companies, becoming part of a large industry?

What is a specific part of a market, such as shoes, specifically winter boots, called?

What is the term for the process of rewriting or removing genes?

What is the term for introducing foreign genes into an organism?

What is the long-term, overall course of business planning called?

What is the short-term planning process to keep a business moving called?

What are the steps involved in strategic management?

What financial statement shows the financial position of a business?

What financial statement shows profit and net farm income?

What represents the return to the owner's equity capital, unpaid labor, and management?

What are business activities like crop and livestock production called?

What are long-term equipment or assets in a business referred to as?

What activities involve how you pay for things and obtain money?

What are the components of a balance sheet?

What are the debit accounts in accounting?

What are the credit accounts in accounting?

What is the measure of the value an agricultural operation has added to products sold?

What is the equation for Value Farm Production (VFP)?

What measures the liabilities of a business relative to the amount of owner equity invested in the business?

What is the term for farming activities that last 1-10 years, such as tractors and livestock?

What is the term for farming activities that last 10+ years, such as land and buildings?

What are cash, stocks and bonds, accounts receivable, inventories of feed, grain, supplies, and feeder livestock classified as?

What are machinery, equipment, breeding livestock, buildings, and land classified as?

What is not listed on the balance sheet but only on the income statement?

What is a balance sheet where all assets are valued following the cost, cost less depreciation, or farm production cost methods called?

What is one exception to the cost-basis method?

What is a balance sheet where all assets are valued at market value less estimated selling costs called?

What is one exception to the market-basis method?

Which method conforms to GAAP: market-basis or cost-basis?

What is an advantage of using the market-basis method?

Is market-basis or cost-basis needed for business analysis?

What are the four financial statements?

What are noncash expenses on the income statement?

What is a non-cash expense that is still recorded in cash basis accounting?

When do you recognize revenue on the income statement?

Is it true or false that revenue and expense can be properly matched in the correct time period when using cash accounting?

Is it true or false that a depreciation schedule is a necessary part of a complete accounting system?

Is it true or false that a single-entry accounting system does not maintain current values for assets and liabilities?

Is it true or false that the primary purpose of a balance sheet is to measure and record net farm income?

What is the formula for the Straight-Line Method of depreciation?

Is it true or false that an accounting system only needs to record transactions that are part of the farm's production activities?

Is it true or false that cash accounting will always show a lower profit than accrual accounting?

Is it true or false that most farmers use cash accounting?

Is it true or false that inventories of grain and feeder livestock would be valued at market on either a cost or market-basis balance sheet?

What type of activity is paying cash for tractor repairs classified as?

What type of activity is borrowing $40,000 classified as?

What are the applications of income in relation to livestock and equity?

Compare and contrast investment in relation to financing and activities.

What type of activity is equipment depreciation classified as?

What type of activity is the purchase of a pickup classified as?

How can you identify a statement in relation to accounting and business?

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Business Planning and Financial Management: Strategic and Operational Approaches

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