ILTS Business, Marketing, and Computer Education (216) cheat sheet

Accounting equation: Assets = Liabilities + Owner's Equity; every transaction keeps this equation in balance, so a debit always has a matching credit of equal total value.

Debit/credit rules: assets and expenses increase with debits; liabilities, equity, and revenue increase with credits. Normal balances follow the increase side.

Gross profit = Net sales − Cost of goods sold. Operating income = Gross profit − Operating expenses. Net income = Operating income − Interest and taxes.

Gross profit margin = Gross profit ÷ Net sales; net profit margin = Net income ÷ Net sales; markup is computed on cost while margin is computed on selling price.

Break-even units = Fixed costs ÷ (Price per unit − Variable cost per unit). Break-even sales dollars = Fixed costs ÷ Contribution margin ratio.

Current ratio = Current assets ÷ Current liabilities; quick ratio = (Cash + Marketable securities + Receivables) ÷ Current liabilities.

Inventory costing: FIFO assigns oldest costs to COGS, LIFO assigns newest, and weighted average blends all units. Rising prices make LIFO produce the lowest taxable income.

Contract elements: offer, acceptance, consideration, capacity, and legality. A minor's contract is generally voidable by the minor, not by the other party.

Business forms: sole proprietorship and general partnership carry unlimited personal liability; corporations and LLCs provide limited liability and separate legal identity.

Marketing mix (4 Ps): Product, Price, Place, Promotion. Services add People, Process, and Physical evidence to form the 7 Ps.

Product life cycle stages: introduction, growth, maturity, decline. Profit typically peaks near the growth-to-maturity transition, not at introduction.

Pricing approaches: cost-plus (cost plus markup), penetration (low initial price to build share), skimming (high initial price), and value-based (price set from perceived customer value).

Market segmentation criteria: segments must be measurable, accessible, substantial, differentiable, and actionable.

Break-even for a promotion = Incremental fixed cost ÷ Unit contribution margin; compare this to expected incremental unit sales before approving spend.

Promotion mix: advertising, personal selling, sales promotion, public relations, and direct/digital marketing. Personal selling carries the highest cost per contact.

AIDA model: Attention, Interest, Desire, Action - a sequence for structuring persuasive promotional messages.

Distribution intensity: intensive (convenience goods), selective (shopping goods), exclusive (specialty goods). Channel length counts intermediaries between producer and consumer.

SWOT separates internal factors (Strengths, Weaknesses) from external factors (Opportunities, Threats) when framing a marketing plan.

Binary place values double leftward: 1, 2, 4, 8, 16, 32, 64, 128. Binary 1011 = 8 + 0 + 2 + 1 = 11 decimal.

Data units: 8 bits = 1 byte; 1,024 bytes = 1 KB; 1,024 KB = 1 MB; 1,024 MB = 1 GB.

Spreadsheet references: a dollar sign locks a row or column ($A$1 absolute, A$1 mixed row-locked). Copying a formula adjusts only relative parts.

Spreadsheet functions: =SUM(range), =AVERAGE(range), =IF(condition, true_value, false_value), =VLOOKUP(lookup, table, column_index, FALSE) for exact matches.

Boolean logic: AND requires all conditions true; OR requires at least one; NOT inverts the value. Truth tables enumerate all input combinations.

Algorithm control structures: sequence, selection (if/else), and iteration (loops). A loop needs an initial condition and a terminating condition to avoid infinite execution.

Relational database: a primary key uniquely identifies each row; a foreign key references another table's primary key to enforce referential integrity.

Network basics: LAN covers a limited area, WAN spans large distances; IP addresses identify hosts, DNS resolves names to addresses, and HTTP/HTTPS transfers web content.

Digital citizenship and ethics: copyright protects original expression, fair use is a limited exception, and acceptable-use policies govern school network and device use.