For beginning business students learning the business terminology will go a long way in ensuring you perform well in your classes. Not all families have a strong business pedigree and many of us must learn the business basics the old fashioned way – on our own. If you don’t know what management is or what the financial reporting process entails, then this is a great place to start. To jump start your busing understanding here is a brief overview of some fundamental business terms.
Management
What is management? What exactly does management do? Excellent questions for somebody that has never worked directly with a management team. To the uninitiated, it might seem like management just sits on their posteriors all day long and bosses people around. However, there is a reason management gets paid top dollar and it is not because they are the only ones willing to sit behind a desk day in and day out.
As Merriam-Webster informs us, management entails conducting or supervising something or someone. In the business setting, management ensures business objectives are met and the corporation turns a profit. The managementteam shoulders the majority of the responsibility within a corporation. Simply put, management makes the decisions, especially the hard ones. If the business is successful they get paid well, if the business suffers they get fired.
Management Report
The management report contains everything important to management. The management report helps the executive management team make the necessary decisions to drive the business down a successful path. Depending on the business, the management report will contain a variety of different division reports.
The management report will typically contain reports from the core divisions of the business. For example, an ordinary management report will include reports from such departments as finance, operations, human resources, and R&D. These reports include information pertaining to the particular department and include upcoming issues and plans for the future. The executive management team will analyze the management report, which consists of a compilation of each report from the core departments, and make executive decisions based on the information contained therein.
Financial Reporting
What is Financial Reporting? Glad you asked. As Dr. John Sacco of George Mason University explains, financial reporting from the governments perspective covers the following:
Financial reporting is largely an effort to assess financial performance, that is, how well or how poorly the government performed with money entrusted to it. Financial decisions include raising and spending money as well making promises that have financial consequences. Financial reporting is considered a part of governmental accountability for financial decisions. Exactly how financial reporting is done depends in part on the model selected. With either model, many types of financial reports can be generated but a considerable amount of attention is given to the quantitative financial statements, which are one type of report, but usually the major report. These quantitative financial statements are found in the Comprehensive Annual Financial Report.
Hopefully this brief introduction of key business terms will help you as you begin your studies in business. The business landscape is an exciting place where managers can really leave a lasting impact. But before you enter the business world it is vital you develop a strong business background by learning the basics of business in theory first.
Spending the Millionaire Cash Flow
Are you sure you want to be rich? I mean really rich? Like the kind of rich where you have so much cash flow coming in you don’t even know what do with all this money – except for swim in it. Being a millionaire would definitely be great. Think about all the great things you could do with your millions in cash flow.
The One Great Way to Make Money
Is there one great way to make money? The simple answer is no. In fact there are a variety of great ways to make money. Just ask Robert Allen or Mark Victor Hansen, two of America’s foremost experts on creating wealth. A few of the great ways to make money include investment (be it in real estate, mutual funds, stocks etc.), entrepreneurial ventures, or via rapid corporate promotions. Each path to wealth offers its own unique advantages, but if you are looking for the one great way to make money that anybody can follow then you have come to the right place.
Online Business Intelligence Helps Get the Job Done
Welcome to the information age. In today’s world, harnessing the power of the internet can lead you to almost any information you might seek. The World Wide Web is literally revolutionizing the convenience in deliverability and accessibility of information offered to those connected online. The power of the internet facilitates the dissemination of online business intelligence to all those with access to the internet. There are a variety of different vehicles in which online business intelligence can be distributed.
