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Lec 7 Part 3 VCT 4670

Lec 7 Part 3 VCT 4670






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    Lec 7 Part 3 VCT 4670 Lec 7 Part 3 VCT 4670 Presentation Transcript

    • Business Terms and Communication in the Workplace Lecture 7 – Part 3
    • Business Structures
      • Sole Proprietorship
      • Limited Liability Company (LLC)
      • General Partnership
      • C. Corporation (Inc. or Ltd.)
      • Sub Chapter S Corporation
      • http://vodpod.com/watch/1437633-business-structures-pros-and-cons
    • 5 Ps of Marketing – Marketing Mix
      • Product
      • Price
      • Place
      • Promotion
      • People
    • Terms in Business
      • Costs
      • Delivery arrangements
      • Payment terms. Is it full or part payment in advance or payment in arrears? You could offer customers a discount for paying by the due date and/or for paying within, for example, seven days of the invoice date
      • Credit limits and credit periods. If you don't agree a credit period with your customers, the law sets a default period of 30
      • Your right to charge interest on late payments and claim compensation for debt recovery costs
      • A commitment to quality
      • Data protection
    • Money, Money, Money…..Money
      • Accounts Payable
      • Accounts Receivable
      • Balance Sheet (Assets = Liabilities + Owner’s Equity)
      • Income Statement – P&L, Profit and Loss Statement; report that shows the changes in the equity of the company as a result of business operations
      • General Ledger - All activity of the company, all balance sheets and income sheets
    • Basics
      • Direct Costs (Income – Direct Costs = Gross Margin)
      • Equity (Total Assets-Total Liabilities = Net Equity)
      • Expense (income statement = revenues-expenses = profit)
      • Gross Profit/Margin (Income-Direct Costs = Gross Profit)
      • Break Even Point
      • Liabilities – what does the company owe? Notes payable, taxes payable, loans; current or long term
    • Quoting
        • Request for Quote (RFQ) - A document which can be used to obtain pricing from suppliers when a formal bid opening is not required including discretionary, sole source, single source or emergency purchases.
        • Request for Proposal (RFP) -A type of bid document which is used for procurements where factors in addition to cost are considered and weighed in awarding the contract and where the method of award is "best value".
        • Scope (or Statement) of Work - A statement outlining the specific services a contractor is expected to perform, generally indicating the type, level, and quality of service, as well as the time schedule required.
        • Competitive Bid (or IFB - Invitation For Bid) - A common method of source selection is the offer of prices and specified elements of performance by vendors competing for a contract. 
    • Purchase Order
      • A written contract between buyer and seller detailing the exact merchandise or services to be rendered from a single vendor.
      • Also known as a P.O.
      • Could be a contract
      • Legally binding document
    • Shipping
      • Bill of Lading – evidence that a transport company or carrier received goods from a shipper
        • Indicates the shipment method and terms for getting the merchandise to the final destination
        • Also known as BOL, B/L or Waybill
      • FOB (Free On Board) - terms establish a contractual arrangement in which title (or ownership) of goods is transferred  between supplier and purchaser at the F.O.B. point.
        • Also Known As: Free On Board, Freight On Board
        • FOB Destination: Seller pays the freight.
        • FOB Factory: Buyer takes title once shipped and pays transportation costs from factory to store.
    • Legal Terms and Conditions
      • Privacy Policy/Privacy Notices
      • Legal/Terms of Service
      • Payment and Returns
      • Copyright and Intellectual Property Policies
        • Creative Commons
        • Whatiscopyright.org
    • For future reading….
      • Talent is not enough: Business Secrets for Designers by Shel Perkins
      • Graphic Artists Guild Handbook: Pricing and Ethical Guidelines Handbook, 13 th Edition
      • Switch by Chip Heath and Dan Heath
      • Rework by Jason Fried and David Heinemeier Hansson
      • The Art of Client Services by Richard Solomon