Important Points/Terminologies/ Definitions MBA Courses:

ECO 301 Economic indicator for business:

Inflation:General increase in price

Poverty :Kurbat

GDP:Gross Domestic Product

Capital:Money invested called capital

Entrepreneur Someone who organizes a business venture and assumes the risk for it

MKT 201 Principles of Marketing:

4P’s Product, price, Place, promotions

MKT401 Marketing Management:

MarketingRight product, Right place, Right timeOR Meeting Customer Satisfaction at profit

There is only one boss. Thecustomer. And he can fire everybodyin the company from the chairmanon down, simply by spending hismoney somewhere else

“If we don’t take care of ourcustomers, someone else will.

ACC201 Financial Accounting:

Acounting

Art of interpreting, recording ,classifying, summarizing and reporting of bossiness transaction

Asset Any thing that could be converted in to cash

POS (Point of sale) uses perpetual inventory system

2/10, n/30 Credit term

2/10, n/30, which is read "2, 10, net 30." These terms mean that the authorized credit period is 30 days, but that the customer may deduct 2% of the amount of the invoice if it makes payment within 10 days. The 10-day period during which the discount is available is called the discount period

Recording transaction:

Assets,expense,revenue if increase =Debit Entry

Assets,expense,revenue if decrease =Credit Entry

Liabilities , owner equity/capital if increase = credit entry

Liabilities , owner equity/capital if decrease = debit entry

Lenders

someone who lends money or gives credit in business matters

mortgage

put up as security or collateral a conditional conveyance of property as security for the repayment of a loan

Bad debtA bad debt is an amount that is written off by the business as a loss to the business and classified as an expense because the debt owed to the business is unable to be collected, and all reasonable efforts have been exhausted to collect the amount owed. This usually occurs when the debtor has declared bankruptcy or the cost of pursuing further action in an attempt to collect the debt exceeds the debt itself.