Forming a Business Team (Overview) The business team either refers to the business managers or, in the case of most startups, everyone working on or in the business. In the early stages of a startup, the business team is generally a close-knit environment. Individuals are working diligently together, usually for little or no salary, to carry out the...

What is Financial Accounting?  The definition of accounting through the AICPA is the art of recording classifying and summarizing in a specific manner in terms of money transactions and events, which are in part at least of financial character, and interpretation or interpreting the result thereof. How Does Financial Accounting Work? The more basic ...

What is an Amortized Loan? Amortized loan debt requires monthly payments over a set period, in which a portion of the monthly payment goes toward the loans principal and the rest goes toward interest. Back to:BANKING, LENDING, & CREDIT INDUSTRY How Does an Amortized Loan Work? Amortized loan payments process periodically over a set period, payin...

What is Personal Selling?  Personal selling is when we engage in direct personal communication between ourselves as sellers and people that we view as buyers or potential buyers of our product. When to Use Personal Selling?  We generally engage in personal selling when we really need to focus on our audience. So, if we have just a few major customer...

Brainstorming New Business Ideas Brainstorming is a common and well-known problem-solving technique. It involves the concept of lateral thinking, which relies on individuals to ideate without inhibition or judgment to produce a high quantity of ideas. The freedom allowed in brainstorming allows for original and creative views, ideas, and solutions t...

What are Consumer Goods? Consumer goods refer to products purchased by the average customer or buyer, mainly for consumption. In the chain of production, consumer goods are mostly the end result of production and manufacturing, and they are sometimes referred to as final goods. These products are available at almost every shopping mall or supermarke...

How Do I Choose an Inventory Accounting Method?  There are 4 primary Inventory accounting methods: Specific Identification Last-in, First-out (LIFO) First-in, First-out (FIFO) Weighted-Average  Each of these methods provides any number of specific benefits. We explore each below.  What are the benefits of each Inventory Accounting Method Specific Id...

What are common types of commercial paper? When examining the attributes of commercial paper, it is important to differentiate between the most common types of instrument. The types of commercial instrument include Notes and Drafts. Each of which is discussed below.  What is a Commercial Note?   This is a promise to pay money. It involves two partie...

What is Results-Oriented Management? Result Oriented Management is a management style, explained by Schouten and van Beers, that aims to achieve maximum results based on clear and measurable expectations.  Result Oriented Management is a management style, based on the idea that people will work with more enthusiasm and fun, if:  People clearly know ...

What is an Accord and Satisfaction? An accord and satisfaction is a legal agreement between two parties to a contract that intends to discharge the original claim by settling for new contract terms and/or a payment amount that typically differs from the payment amount specified in the original contract or claim. Such an agreement consists of two com...