BOSAS 3,4 Sem. 1 Final

Sem. 1 Final

By Valentina Torres

 

1. Name the 5 functions of management and explain each?

•  Planning: This step involves mapping out exactly how to achieve a particular goal. Say, for     example, that the organization's goal is to improve company sales. The manager first needs to decide which steps are necessary to accomplish that goal. These steps may include increasing advertising, inventory, and sales staff. These necessary steps are developed into a plan. When the plan is in place, the manager can follow it to accomplish the goal of improving company sales.
• Organizing: After a plan is in place, a manager needs to organize her team and materials according to her plan. Assigning work and granting authority are two important elements of organizing.
• Staffing: After a manager discerns his area's needs, he may decide to beef up his staffing by recruiting, selecting, training, and developing employees. A manager in a large organization often works with the company's human resources department to accomplish this goal.
• Leading: A manager needs to do more than just plan, organize, and staff her team to achieve a goal. She must also lead. Leading involves motivating, communicating, guiding, and encouraging. It requires the manager to coach, assist, and problem solve with employees.
• Controlling: After the other elements are in place, a manager's job is not finished. He needs to continuously check results against goals and take any corrective actions necessary to make sure that his area's plans remain on track.

     2.  Social responsibility of business means what?
Being Socially Responsible means that people and organizations must behave ethically and with sensitivity toward social, cultural, economic and environmental issues. Striving for social responsibility helps individuals, organizations and governments have a positive impact on development, business and society with a positive contribution to bottom-line results.

     3.  Difference between a credit union and a bank.

Credit Union is a non-profit money cooperative whose members can borrow from pooled deposits at low interest rates.

Bank is a financial intermediary that accepts deposits an channels deposits into lending activities either by directly by loaning or indirectly through capital markets.

     4.  Gross Pay:
The total of an employee's regular remuneration including allowances, overtime pay, commissions, and bonuses, and any other amounts, before any deductions are made.

    5.   Net Pay:
Portion of a salary or wages that an employee actually gets (takes home) after paying all deductions and taxes.

    6.  Checking Account:
A bank account which pays little or no interest, but from which the customer can withdraw money when he or she wants by writing checks.

    7.  Savings Account:
Bank or other depository institution account from which withdrawals can be made.

    8.  Where is a check number located on the check?
Right side, top corner.

    9. Where do you sign a check?
Sign the check on the line in the bottom right corner. Your check will be invalid if it is not personally signed.

   10.  What does - Pay to the order of mean?
A check or draft that must be paid via endorsement and delivery. Pay-to-order instruments are negotiable checks or drafts that are generally written as "pay to X or order." These instruments stand in contrast to pay-to-bearer instruments, which do not require endorsement.

   11.  A Pay check comes from whom?
Your employer's payroll department.

   12. Deposit slip is used for what?
A deposit slip is used to record the amount you want to add to your account. In addition to the deposit slip you would have the corresponding equivalents is some form: Cash, coins, checks. 

   13.  What do you fill out on a deposit slip if you want cash back?
If you want to deposit your checks and get cash at the same time, write the amount of cash you want to take out in the row of blanks that is indicated for "less cash received," then sign the slip on the line that says "sign here for cash received." If you don't want cash, skip this step.

    14. You endorse a check where?
Credit union or bank.

    15.  Why must you endorse a check that you received?
In order to get your money from the bank, you need to sign the check over to them. By endorsing the check you are attesting to the fact that you have transferred said document to them and they can draw on that account.

    16. Name the 3 ways to endorse a check. Explain what each way means.

• Basic endorsement: basic deposit
• Restrictive endorsement: Deposit only.
• Special endorsement: Transferring the check to another party.

    17. Strategic planning means?
Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. It may also extend to control mechanisms for guiding the implementation of the strategy.

 

 





How to fill out a Deposit Slip

HOW TO FILL OUT A DEPOSIT SLIP

By Valentina Torres

 

 

1. Understand that your checkbooks contain your deposit slips. They are located behind all of the your checks.

• Your name should be already pre-printed on your personal deposit slips.
• If you don't have any deposit slips, then request one from a teller, or you may find one in/on the writing stand located in the lobby of your bank

    2.  Notice that on the deposit slip, there are lines or a column designated to list your deposit. The first line says "Cash" this spot is for ANY CASH you're depositing. Count the cash you're depositing and write the amount where it is listed "Cash".

    3.  Look to see that next line is reserved for a check you want to deposit. If your deposit contains checks, then go ahead and list the one check in that spot.

• To enter a check enter it's bank number such as 91-527

    4.  Realize the next line may be reserved for "Checks" or "Total from the other side". Don't let this scare you, if you turn your deposit slip over you'll see that there are more lines to add more checks.

• If you have more than 2 checks, you can list them on the back and total them on the back as well.
• Once you have totaled the checks on the back, you can list them where it says "Total from the other side".

    5.  The next line says Sub Total. This is where you add up all the cash and checks you have listed.

    6.  Check out the next line and notice it says "Less Cash Received". This spot is reserved for the amount of money you would like to get back from the deposit.

    7. Now you just subtract the "Less Cash Received" line from the "Sub Total" line to get the total for your Net Deposit. 

   8. Finished.


Business Documents

Business Documents

  By Valentina Torres

Meeting Agenda

Developing a meeting agenda is a common job task for administrative professionals, assistants and secretaries. An agenda's purpose is to guide a meeting's activities and discussion points. It is a set plan of action and is designed to prevent a meeting's discussion from going off course. It should list several key points of information in addition to meeting topics.


 

Meeting Minutes

Whether it's an employee meeting or one that involves managers, employees, CEOs and investors, someone needs to be there to record the meeting and share the information with others who were not there. And since memories can be short, the meeting minutes also serve as a reminder to those present about the issues discussed, the decisions made and the actions people are supposed to take. Because the minutes serve as a guide for future business dealings, it's important to be organized and to include the right information. That starts with reliable tools.


 

Travel or Event Itinerary

A detailed plan for a journey, especially a list of places to visit; plan of travel.

 

Purchase Order

A buyer-generated document that authorizes a purchase transaction. When accepted by the seller, it becomes a contract binding on both parties.
A purchase order sets forth the descriptions, quantities, prices, discounts, payment terms, date of performance or shipment, other associated terms and conditions, and identifies a specific seller. Also called order.

Invoice

An itemized bill for goods sold or services provided, containing individual prices, the total charge, and the terms. The merchandise or shipment itself.



Getting out of debt

Personal Finance

1. At the time, Brandow (the father) was working as an IT manager bringing home about $120,000 a year and his family was $109,000 in credit card debt.
2. They had 5 credit cards. There lifestyle was one of the main reasons they were so deep into debt. They lived paycheck to paycheck and using credit to cover themselves.
3. Brandow went on the internet to look up more information about money and if there was some get-out-of-debt-quick scheme. He found Dave Ramsey and picked up one of his books
   'The Total Money Makeover'  in the public library,since he didn't have any money.
4. First they cut up four of their credit cards. Second, they called up the remaining company and had their credit limit dropped to $1,000. Third, he made an Excel spreadsheet and wrote down every single little expense the family had each month. Fourth, he cut out all the luxuries they had. Finally, Brandow also realized their local credit union offered a debt management program, and he gave them a call.
5. The kids helped by going to the grocery store instead of going out to eat. His wife went back to work in retail, increasing their household income to about $160,000 a year. 
6. His credit union offered a debt management program. Their credit union called their credit card companies, consolidated their debt, and reduced the interest rate. The rate was 18.5%, and they were able to reduce it to 1.5%.
7. Brandow started a blog, Debt Discipline, to document their progress, stay motivated, and remain involved with the online personal finance community.
8. During this process, they maintained an emergency fund with about $1,000.  Brandow's wife got into a car accident and the settlement from the accident's lawsuit  was put into their emergency fund in order to cover three to six months of living expenses.
9. It took the family almost just a little over four years to completely payoff their debt. The family sits down in dinner and talk about money and budgets. They want their children to start their financial lives on the right foot.
10. The family will go out to a nice dinner to celebrate, and take a big trip next year for the twins' 16th birthday.
11. Brandow is now focusing on building retirement savings and the kids' college funds.
12. Some advice that I learned reading this article was to not overspend and be smart on how I spend my money. I really like how this family made a list of all their expenses to keep track of all their money.



Debt Discipline

Developed a plan for your money

Spend less than you make(cut lifestyle)

Prioritize needs over wants

Increase income

Continued to educate your family about money

Defintions

1.  5 functions of Management: planning, organizing, staffing, leading, and controlling.
2. Resume: brief written account of personal, educational, and professional qualifications and experience, as that prepared by an applicant for a job.
3. Social Responsibility of business: Social responsibility entails developing businesses with a positive relationship to the society which they operate in.
4. Savings Account: Banks offer savings accounts to customers as a means of saving money.Saving accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money in the narrow sense of a medium.
5. Compound Interest: Compound interest is the type of interest that is paid usually to higher interest rates environments.
6. Simple Interest : interest payable only on the principal; interest that is not compounded.
7. Checking Account: a bank deposit against which checks can be drawn by the depositor.
8. Check Endorsement: Check endorsement is a crucial step in either cashing or depositing a check. If you miss this step, the bank usually cannot proceed with the transaction.
9. Check writing: you write a check using your checking account. You can write a check up to the monetary balance you have in your account.
10. Bank statement: a monthly statement of account mailed by a bank to each of its customers with checking or other accounts, recording the banking transactions and current balance during a period and usually including canceled checks.
11. Checkbook reconciliation: An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate. Reconciliation is the key process used to determine whether the money leaving an account matches the amount spent, ensuring the two values are balanced at the end of the recording period.
12.  Deposit slip: a slip for listing deposits made to a bank account.
13. Differences between a Bank and a Credit Union: Bank an institution for receiving, lending, exchanging, and safeguarding money and, in some cases, issuing notes and transacting other financial business. Credit union is a cooperative group that makes loans to its members at low rates of interest.   
14. Credit card: a card that identifies a person as entitled to have food, merchandise, services, etc., billed on a charge account.   
15. Credit history: A consumer's credit history consists of information such as: number and types of credit accounts, how long each account has been open, amounts owed, amount of available credit used, whether bills are paid on time, and number of recent credit inquiries. It also contains information regarding whether the consumer has any bankruptcies, liens, judgments or collections. This information is all contained on a consumer's credit report.
16. Credit report: A
    detailed report of an individual's credit history prepared by a credit bureau and used by a lender to in determining a loan applicant's creditworthiness, including:
    
    1. Personal data (current and previous addresses, social security number, employment history)
    2. Summary of credit history (number and type of accounts that are past-due or in good standing)
17. FICO score: The FICO Score is calculated from several different pieces of credit data in your credit report.A high FICO score indicates that you have healthy card balances and a low debt-to-income ratio, which compares the amount of money you owe in monthly debt payments to your take-home pay.
18. Debit card: resembles a credit card but functions like a check and through which payments for purchases or services are made electronically to the bank accounts of participating retailing establishments directly from those of card holders.
19. Credit and interest rate: Credit is an entry of payment or value received on an account. Interest rate is the usual way of calculating interest as a percentage of the sum borrowed.

                  

  

Banks vs. Credit Unions

Banks vs. Credit Unions Flyer

By Valentina Torres

• Credit Union is a non-profit money cooperative whose members can borrow from pooled deposits at low interest rates.

• Bank is a financial intermediary that accepts deposits an channels deposits into lending activities either by directly by loaning or indirectly through capital markets.

Credit Unions

• At credit unions, depositors are called members. Each member is an owner of the credit union.
• Since credit union members are owners, each member, regardless of how much money they have on deposit, has one vote in electing board members. Members can also run for election to the board.
• Credit unions are not-for-profit financial cooperatives, whose earnings are paid back to members in the form of higher savings rates and lower loan rates.
• Credit unions focus on consumer loans and member savings, as well as services needed by the membership.

Banks

• Banks’ depositors are called customers. Customers have no ownership interest in the institution. Banks are owned by investors who may or may not be depositors.
• Banks are owned and controlled by stockholders, whose number of votes depend upon number of shares owned. Customers don’t have voting rights, cannot be elected to the board, and have no say in how their bank is operated. Directors are selected by current directors or by large block stock acquisition.
• Banks are for-profit corporations, with declared earnings paid to stockholders only.
• Banks focus on commercial loans and accounts and services that generate significant income.

 

Financial Advice

Financial Advice

1. Explain what a credit report is. Name 3 facts that you learned about a credit report.

 

A credit report contains information about you, your credit, some bill repayment history, public records and the status of your credit accounts.



 

• Three credit reporting agencies are Equifax, Experian, and Trans Union.
• The FACT Act entitles you to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies.
•   Any organization or individual who obtains a copy of your credit report under false pretenses can be fined and jailed for up to a year.

2. Explain what your credit score is. Name 3 facts about your credit score.

 

Your credit score is calculated from your credit report.

• A credit report score in the 680-and-up range is a good score.
• When you apply for a credit card, mortgage or even a phone hookup, your credit score is checked.
• Credit scores makes it possible for stores to accept checks, for banks to issue credit or debit cards and for corporations to manage their operations. Depending on your credit score, lenders will determine what risk you pose to them.

3. What advice would you give about ID theft?

 

Identity theft happens when someone steals your personal information and uses it without your permission. It’s a serious crime that can wreak havoc with your finances, credit history, and reputation — and can take time, money, and patience to resolve.Don’t give out your SSN unnecessarily (only for tax reasons, credit or verified employment.) Before providing personal identifiers, know how it will be used and if it will be shared.Use a shredder to dispose of documents with personal information.Use firewall software to protect computer information. Keep virus and spyware software programs updated. If your identity has already been taken be sure to notify your bank so they can put a stop on the credit card.

 

 

Labor Day

Labor Day

1.What does Labor Day mean ? 

 

Labor Day pays tribute to the contributions and achievements of American workers.

 

2.When did government recognize Labor Day?

 

It was created by the labor movement in the late 19th century and became a federal holiday in 1894.

 

3. Who was the founder of Labor Day?

 

 The true founder of Labor Day has yet to be identified. Many credit Peter J. McGuire, cofounder of the American Federation of Labor, while others have suggested that Matthew Maguire, a secretary of the Central Labor Union, first proposed the holiday.

 

4. What activities occur on Labor Day ?

 

Labor Day is celebrated in cities and towns across the United States with parades, picnics, barbecues, fireworks displays and other public gatherings. For many Americans, particularly children and young adults, it represents the end of the summer and the start of the back-to-school season. Most workers don't work that day.

 

5. How will you celebrate Labor Day?

 

I will be hiking on Labor Day to Sabino Canyon or sleeping in my bed.

Things I Like

Social Responsibility refers to the idea that companies and corporations should contribute wealth or resources solely dedicated to the improvement of society as a whole.

Communities are social group of any size whose members reside in a specific locality, share, government, and often have a common cultural and historical heritage.

Environmental is the aggregate of surrounding things, conditions, or influences; surroundings.

Stakeholders are a person or group that has an investment, share, or interest in something, as a business or industry.

Closure

Why do you think a business takes social responsibility in to consideration as part of the business plan?
Businesses have to take in mind all the outcomes of their business. They have to have everything covered and social responsibility is one of them. As a business you have many responsibilities not just to the community but also the environment this are mainly the things companies have an effect on.

Social Responsibility for Nike Inc.

Social Responsibility means the recognition that business activities have an impact on society and the consideration of that impact in business decision making. Nike as a American corporation and worldwide company and manufacture has great impact and  responsibility to the environment and to society. Nike is engaged in the design , development, manufacturing/ marketing and selling of footwear, apparel, accessories and services. Nike is creating and changing products that benefit the athlete and the environment and building deeper consumer and community connections that will have positive social and environmental change.


Business Ethics Case Q&A

1. What should Chantale do?

Chantale should call the local newspaper and report this incident. Even though the damage is low right now it could cause bigger problems in the future.

     2. What are reasonable limits on loyalty to one's employer?

Loyalty to one's employers does have clear limitations.  For example loyalty is surely kept if the morals values of that person aren't bothered with.

     3.Would it make a difference if Chantale had a position of greater authority?

Yes, the situation will be much different. Chanale as a concerned person could find faster ways to fix this issue realting to the medical waste.

     4.Would it make a difference if Chantale had scientific expertise?

Scientific expertise of this manner will help Chantale gain clear evidence of the damage that the medical waste could and is causing in the local municipal landfill.

Five Functions of Mangament

The 5 Functions of Management

• Planning: Setting goals and developing methods to meet those goals
• Organizing: Organizing consists of designing the internal structure of the business
• Staffing: Is the following; Recruiting, Training, Scheduling, Evaluating, and Compensating
• Leading: Consists of influencing people to accomplish the goals of the business (Leadership)
• Controlling: Making sure that the business accomplishes what it set to accomplish