DECA: Principles of Business Management and Administration

Explain the concept of production (CS)

the action of making or manufacturing from components or raw materials, or the process of being so manufactured.

Promotion

the action of raising someone to a higher position or rank or the fact of being so raised.

information management

the process of collecting and analyzing data that can be used in the strategic decision making process for a business

product service managemnt

the process of creating and changing the info about a company's catalog of offerings

financial analysis

the process of evaluating businesses, projects, budgets and other entities to determine their performance and suitability

Change

the process of making or doing something different

Quality Management

the process of overseeing that a business' activities and/or tasks meet a certain standard

Partnership

A legal relationship existing between two or more persons contractually associated as joint principals in a business.

Line-of-credit

A lender agrees to allow a borrower to draw a pre-specified amount from an account on an as needed basis.

Equity Partnership

A limited partnership arrangement for providing start-up and seed capital to businesses.

Inventory

A list of products or goods that are ready or will be ready for sale to customers

Vertical Communication (Upward/Downward)

Communication between subordinates and superiors.

Horizontal Communication

Communication between the same level in the organizational hierarchy.

Horizontal Communication (Lateral Interaction)

Communication between two employees with the same level of authority. (9)

Departmental Communication

Communication that occurs within the boundaries of one department. (9)

when supervisors need to discuss how an employee isn't working good they should talk...

Face to Face

Information

Facts provided or learned about something or someone

Project Management Software

Software used for project planning, scheduling, budgeting, and documentation.

Property Tax

Tax on real estate or on any movable property (RV, Mobile Home)

Sales Talk

The words used by a salesperson in a sales presentation to describe the product's features and the customer's benefits. (15)

Participate in a staff meeting (CS)

Wait until it is appropriate to speak and gather your ideas so you can get to the point.

Economic Wants

Wants that require spending money. (19)

group-think attitude

When a group feels too good about itself

Take responsibility for decisions and actions (PQ)

When a task needs to be carried out, the responsible employee should step up to the plate. However, if something goes wrong, s/he should take the blame.

Explain the rights of workers.

Workers are guaranteed the right to reasonable pay/benefits and safe working conditions under U.S. federal law.

Demonstrate systematic behavior (PQ)

Working in a process to achieve a central goal.

Maintain collaborative partnerships with colleagues (SP)

Working together in unison

Write a letter of application (CS)

Writing a formal letter to apply for a job or position.

Product/Service Management

obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

Frictional Unemployment

occurs because there are always workers who are in transition

Open and Closed Corporations

offer limited liability but do not offer lower tax rates.

supply

offering goods and services for sale

internship

on-the-job training similar to apprenticeships

Sovereign Immunity

protects a federal government from lawsuits brought against it in foreign courts

business liability insurance

protects against liability suits

truth-in-lending

protects from unjust credit card practices

Wholesaling

purchase large quantities of goods and distribute goods/merchandise to retailers (industrial, commercial, institutional, etc.) and sometimes consumers

Variety-seeking Buying Behavior

purchase of routine items

Capital Products

purchased by businesses for use in their operations

Digital Assets

refers to an organizations' website, social media, and email

Develop an achievement orientation (CS)

refers to how an individual interprets and reacts to tasks, resulting in different patterns of cognition, affect and behavior.

Solvency

refers to the ability of an organization to meet it's financial obligations

Partnership

A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests.

Patent

A patent secures to an inventory the exclusive right to make, use and sell an invention for 17 years/ Inventors should contact the US Department of Commerce Patent Office

Explain possible advancement patterns for jobs (PQ)

A pattern that marks the advancement in career.

Interpret a pay stub (PQ)

A pay stub, also known as a paycheck, is a legal notice including the monetary sums of salary, compensation, and stock bonus that has been deposited to an employee's bank account.

Budget Credit Plan

A short-term credit plan, usually for 2-3 months. (51)

Cash Flow Control

A simple method of projecting your future needs for cash

Emerging Small Business

A small business concern whose size is no greater than 50 percent of the numerical size standard applicable to the Standard Industrial Classification code assigned to a contracting opportunity.

Quantitative Analysis

A solely mathematical analysis of company information (including the value of assets or projected sales)

Remedial Action

A supervisory tool used to obtain desirable workplace behavior form employees by shaping or correcting employee behavior and attitudes. (75)

Closed-Circuit Television

A system that can be set up to monitor vulnerable areas of the business, such a storage areas, and areas near entrances and exits. (77)

Flowchart

A textual (words and numbers) graphic used in business reports. Represents the sequence of activities in a process. (7)

Coach others (CS)

A trainer or instructor.

Explain the nature of overhead/operating costs.

All businesses have operating costs including employee salaries and facility costs.

Explain routine security precautions (CS)

All facilities should be frequently checked to ensure safety protocol is being adhered to.

Write executive summaries.

An executive summary should contain only the main points in a way such that the reader can understand the material without having to read it all.

Company Intangibles

An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets.

Interview for a job (PQ)

An interview is a series of questions asked by a human resources employee to assess the competence of an employee to work in a certain position at a company.

Integrated Software

Applications that allow businesses to manage all aspects of the operation, including planning, sales, marketing, etc. (70)

Exhibit self-confidence.

Self-confidence can be exhibited through a calm yet assertive tone of voice, clear articulation and enunciation, and through knowledge of the subject under discussion.

Demonstrate self control (PQ)

Self-control can be demonstrated via methods such as anger management, stress management, and compulsive behavior control.

Demonstrate self-control.

Self-control can be demonstrated via methods such as anger management, stress management, and compulsive behavior control.

Simple Interest

Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.

Six Sigma

Six Sigma is a method that provides organizations tools to improve the capability of their business processes

Describe the nature of entrepreneurship.

Entrepreneurship is the development of a business from the ground up, including coming up with an idea and turning it into a profitable business.

Discuss the nature of environmental law.

Environmental law is a form of legislation that addresses the effects of human activity on the environment.

Conduct an environmental scan to obtain business information (SP)

Environmental scanning is a process that systematically surveys and interprets relevant data to identify external opportunities and threats. An organization gathers information about the external world, its competitors and itself.

Escrow Accounts

Escrow Accounts Funds placed in trust with a third party, by a borrower for a specific purpose and to be delivered to the borrower only upon the fulfillment of certain conditions.

Explain employee's role in expense control.

Every employee has the power to be more productive and decrease the expenses for the company (more labor in less time for the same amount of money)

Treat others fairly at work (PQ)

Everyone should be treated the same, be heard, and have their rights protected regardless of race, gender, age, religion, or sexual orientation.

Treat others fairly at work.

Everyone should be treated the same, be heard, and have their rights protected regardless of race, gender, age, religion, or sexual orientation.

Sell ideas to others.

Evidence, emotion, and reasoning can sell an idea to an audience.

Impulsive spending

Example- buying an item in the checkout line

Describe the determinants of exchange rates and their effects on the domestic economy (SP)

Exchange rates are the rates at which a countries money is worth to another country.

Authoritarian Management

Exercises a high degree of control over employees, and such managers tend to see themselves as the sole source of authority. (50)

Make oral presentations.

Exhibit assertive/strong posture, tone, and enunciation and look confident.

Use appropriate assertiveness (PQ)

Exhibit self-confidence and assurance without being aggressive by being negotiable and encouraging.

Use appropriate assertiveness.

Exhibit self-confidence and assurance without being aggressive by being negotiable and encouraging.

Explain the nature of financial needs (CS)

Financial need is the necessity of money to purchase goods and services such as food, water, shelter, clothing, transportation, education, labor, etc.

Explain the nature of financial needs.

Financial need is the necessity of money to purchase goods and services such as food, water, shelter, clothing, transportation, education, labor, etc.

Explain the nature of financial needs (e.g., college, retirement, wills, insurance, etc.) (CS)

Financial needs are common necessities that require capital funds.

Maintain financial records.

Financial records should include any money spent or saved in a budget.

Customer Orientation

Finding out what customers want and then providing it.

Adaptability=

Flexibility

Write a follow-up letter after job interviews (CS)

Follow-up letters should reinforce the applicant's interest in the company.

Choose appropriate channel for workplace communication (CS)

For communicating to a large amount of people, use email or staff meeting. For direct communication, One on One meetings are effective.

Partnership

Form of business ownership in which the business is owned by 2 or more persons. Cannot sell stock. (1)

Discuss the measure of consumer spending as an economic indicator (SP)

If consumer spending up it is a generally good thing and reflects a better economy state as people are most likely earning more and values are rising for housing and other markets.

Evaluate quality and source of information (CS)

If the author's credentials are valid, the quality from the source is likely to be higher.

Discuss the nature of information management (CS)

Information management is the concept of storing information on various data and applying it to business sectors such as marketing and finance.

Discuss the nature of information management.

Information management is the concept of storing information on various data and applying it to business sectors such as marketing and finance.

Assess information needs (CS)

Looking for information required to complete a task.

Explain the nature of office politics.

Office politics is a scenario in which multiple employees battle for dominance over decision-making. It can be helpful (clear leader) or harmful (uncontrollable conflict).

Explain the need for ongoing education as a worker (PQ)

Ongoing education (such as receiving an MBA) is necessary to continue to obtain skills necessary in a 21st-century business environment.

Explain the need for ongoing education as a worker.

Ongoing education (such as receiving an MBA) is necessary to continue to obtain skills necessary in a 21st-century business environment.

Place orders/reorders.

Orders and reorders are sales contracts, or agreements between two entities agreeing for the financial transaction and tangible or intangible exchange of a good or service.

Maintain appropriate personal appearance (PQ)

Personal hygiene can be maintained through showers, brushing of teeth, use of deodorant, haircuts, shaving, etc. Women can use makeup if they wish.

Write professional messages (CS)

Professional messages should be written the same way as other forms of written business communication.

Virus

Programs designed to disrupt computer operations. Often have the ability to destroy information or shut down a business's computer system. Can be countered by virus detection programs. (79)

Give verbal directions.

Say the directions out loud in an initiative manner. Include all necessary information. Ask the audience if they have any questions, and answer clearly and thoroughly.

Describe the concept of insurance (CS)

A contract (policy) in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.

Franchising

A continuing relationship in which the franchiser provides a licensed privilege to the franchisee to do business, and offers assistance in organizing, training, merchandising, marketing and managing in return for a consideration.

S.C.O.R.E.

A non-profit association dedicated to entrepreneurs education and success of small business.

Economics

attempts to explain how wealth is created and distributed in communities, how people allocate their resources and any matter that deals with human wants and their satisfaction

economics

attempts to explain how wealth is created and distributed in communities, how people allocate their resources and any matter that deals with human wants and their satisfaction

Self-understanding

awareness of and ability to understand one's own actions of reactions

self-understanding

awareness of and ability to understand ones own actions and reactions

histogram

bar chart

Corporate Bonds

bonds issued by corporations to fund operating expenses

What is a brand promise?

brand promise is a company's agreement (spoken or unspoken) with customers that it will consistently meet their expectations and deliver on its brand characteristics and values

Churning

broker may encourage you to make excessive trades just to collect the commission fees from each one

private enterprise

business or industry that is managed by independent companies or private individuals

Explain the concept of private enterprise (CS)

business or industry that is managed by independent companies or private individuals rather than by the state.

Private Enterprise

business or industry that is managed by independent companies or private individuals rather than by the state.

corporate culture

either written, spoken, or understood: governs the way people act around the workplace

Explain the concept of self esteem (PQ)

elf-esteem reflects a person's overall emotional evaluation of his or her own worth. It is a judgment of oneself as well as an attitude toward the self.

Workplace safety is primarily the responsibility of...

employers and employees

Substantive Due Process

ensure that the government does not take away our fundamental rights

burglary

entering a building unlawfully with intent to steal valuable property

Explain communication techniques that support and encourage a speaker (PQ)

enthusiasm, open-ended questions, body language, approval, attentive listening, eye contact, encouragement, energy

Financial Analysis

evaluating an organization's financial statements to determine the profitability of the organization, division, or project

ethnocentric

evaluating other peoples/cultures according to the standards of one's own culture; judging others based on yourself

Capital resource

ex: Buildings, machines, and equipment

bartering

goods or services are exchanged for other goods or services without a medium of exchange (no money)

Subsidies

government payment that supports small businesses/markets so they can lower prices

globalization

growth to a worldwide scale

Use appropriate assertiveness (PQ)

having or showing a confident and forceful personality.

Describe the nature of legal procedure (SP)

he rules by which a court hears and determines what happens in civil lawsuit, criminal or administrative proceedings.

mind-mapping

http://www.mindtools.com/media/Diagrams/Mind-Map-Example-4.jpg

Laissez-faire

idea that government should play as small a role as possible in economic affairs

Explain the impact of the law of diminishing returns (SP)

if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield.

double taxation

individual pays tax on his/her income, then must pay tax to use that income

mortgage

money paid in exchange for a property

general endorsement

no restrictions on transfer

Partnership

offer lower tax rates but do not offer limited liability.

Conversion

personal property is taken from the owner and given to someone else to use

customer service

process of helping a customer purchase a product or service and/or providing assistance after a purchase has been made

market indentification

process of marketer in identifying the most profitable areas to offer a new product or service

sole proprietor

receives all the profits from the business but also assumes the risks of operating the business

Cash Accounting Method

record income and expenditures at the time the money changes hands

Market Risk

risk of financial loss due to the decreased value of an investment

Channels of Distribution

sales channels

project management software

software used for project planning, scheduling, resource allocation and change management

facilitator

someone who makes it easier for the business reach its goals

S Corporation

special benefits designed to help small businesses

SMART goal

specific, measurable, attainable, results oriented, and time bound

product life cycle

stages that a product goes through in its life introduction, growth, maturity and decline

Explain types of investments (CS)

stocks, bonds, cash, gold, metals

Vendor

supplier of a product or service that is necessary for a company to perform an action

Innovation

taking action to make the idea, item, or process available for consumers to use

Limited Liability Company

the United States-specific form of a private limited company. It is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Communication Skills

the ability to convey information to another effectively and efficiently

Quality Management Framework

the act of overseeing all activities and tasks needed to maintain a desired level of excellence

quality management framework

the act of overseeing all activities and tasks needed to maintain a desired level of excellence

Explain the concept of leadership (CS)

the action of leading a group of people or an organization.

Overtime Income

the amount of money that an hourly worker earns for working more hours than s/he is normally scheduled to work

Net Pay

the amount of money that the worker receives after the taxes and other deductions have been subtracted from his/her wages

tax liability

the amount of taxation that a business or an individual gets based on current tax laws

Credit

the arrangement in which businesses and individuals can purchase now and pay later.

Ethics

the basic concepts and fundamental principles of decent human contact

Discuss the nature of information management (CS)

the collection and management of information from one or more sources and the distribution of that information to one or more audiences. This sometimes involves those who have a stake in, or a right to that information.

promotional mix

the combination of advertising , personal selling, sales promotion and public used to accomplish an overall marketing strategy

merger

the combination of two or more commercial companies

Working Capital

the difference between a business's current assets and current liabilities

Balance of Trade

the difference in value between exports and imports of a nation

balance of trade

the difference in value between exports and imports of a nation

Responsibility

the duty to deal with something or of having control over someone

gross

the entire amount of income before any deductions are made

liability

the state of being legally obliged and responsible

Employment

the state of having paid work

target marketing

the process of communicating with a particular group who is most likely to become customers. - usually defined by demographic, geographic and psychographic characteristics

Explain the concept of management

the process of dealing with or controlling things or people

Explain the concept of management (CS)

the process of dealing with or controlling things or people.

Business Analysis

the process of discovering new efficiencies and opportunities by analyzing company information to find anomalies, patterns, and trends

Organizational Control

the process of establishing and maintaining authority over and throughout a business

Procedure

the step-by-step process that personnel follow in performing a specific task.

Change Management

the structured approach businesses take when making changes, especially when implementing large-scale and holistic ones

organizational control

the process of establishing and maintaining authority over and throughput a business

controlling

the process of setting standards and evaluating performance

inflation

the rate at which the general level of prices for goods and services is rising and the purchasing power of currency is falling

Grammar

the rules of language.

Appendices

the segments added to the end of the primary document that include supporting information.

Staffing

the selection and training of individuals for specific job functions, and delegating them the associated responsibilities

staffing

the selections and training of individuals for specific job functions, and delegating them the associated responsibilities

wholesale

the selling of goods to merchants, usually in large quantities

situation analysis

the study of internal and external factors that affect marketing strategy

Ergonomics

the study of the use of equipment or technology and its effects on workers' physical well-being

Ergonomics

the study of the use of equipment or technology and its effects on workers' physical well-being

Economic Utilities

the value, or usefulness, that a purchaser receives in return for exchanging his money for a company's goods or services

Why are organized workers more efficient than unorganized workers?

they have their materials in order, they know where to find things, and they plan the use of their time

Federal Reserve Banks

used by local banks to protect their banking functions; do not provide protection for local property

Demonstrate systematic behavior (PQ)

Systematic behavior is the process of accomplish interconnected tasks sequentially or simultaneously, whichever is most efficient.

Demonstrate systematic behavior.

Systematic behavior is the process of accomplish interconnected tasks sequentially or simultaneously, whichever is most efficient.

Handle customer/client complaints (CS)

Take note of complaint. Thank customer for feedback. File complaint

Identify tentative occupational interest (CS)

Tentative occupational interest is an individual's perception of a favorable career that is set to change.

Identify tentative occupational interest.

Tentative occupational interest is an individual's perception of a favorable career that is set to change.

Liquidation

The disposal, at maximum prices, of the collateral securing a loan, and the voluntary and enforced collection of the remaining loan balance from the obligators and/or guarantors.

Communication

The exchange of ideas and information. Signals, gestures, and printed materials may be involved in communication. (3)

Explain the role of finance in business (CS)

The financial department of a business seeks to lower costs and utilize budget through methods such as budgeting, reporting, and forecasting.

Explain the role of finance in business.

The financial department of a business seeks to lower costs and utilize budget through methods such as budgeting, reporting, and forecasting.

Explain the impact of the purchasing process on productivity.

The formal process of buying goods and/or services can increase productivity as when the company profits, employees are more likely to be motivated.

Capital

The funds and assets invested in a business by the owners

Describe the scope of the Internet (PQ)

The global communication network that allows almost all computers worldwide to connect and exchange information.

Debt Financing

The provision of long term loans to small business concerns in exchange for debt securities or a note.

Use time-management skills.

Time can be managed by avoiding procrastination and completing tasks by set deadlines.

Project Team

a group of individuals assembled to perform activities that contribute toward achieving a common task related goal

project team

a group of individuals assembled to perform activities that contribute toward achieving a common task related goal

brainstorming

a group problem-solving technique in which members sit around a let fly with ideas and possible solutions to the problem

shopping good

a higher-end product that consumers spend more time to choose out and may even travel to make the purchase

Statute

a law

purchase order

a legal contract between a buyer and seller that describes the quantity, price and products ordered, terms of payment and delivery

Electronic Purchase Order

a legal contract between a buyer and seller that describes the quantity, price and products ordered, terms of payment, and delivery that is transmitted electronically over the internet

Purchase Order

a legally binding document between a buyer and a supplier that authorizes a transaction

Quota

a limit on either the quantity or value of a product that may be imported

quota

a limit on either the quantity or value of a product that may be imported

Vocabulary

a list or collection of words.

chamber of commerce

a local association to promote and protect the interests of businesses

Agency Spot-Ad

Used by private employment agencies to advertise job opportunities at the agency. They do not identify the specific employer. (92)

Promotion

Used to create consumer awareness. (46)

Employer Identification Number (EIN)

Used to identify the tax accounts of employers, sole proprietors, corporations, partnerships, and other entities.

System Tools

Used to maintain the computer. (83)

Evaluate vendor performance.

Vendor performance can be evaluated through a measure of sales.

Select vendors.

Vendors should be chosen based on merit at selling products to consumers.

information technology infrastructure library

a comprehensive set of documents, which defines best practice and accepted techniques in the information technology community

Information Technology Infrastructure Library (ITIL)

a comprehensive set of documents, which defines best practices and accepted techniques in the Information Technology community

extranet

a computer network that allows controlled external access for business purposes

objections

a concern or doubt that a consumer has for not making a purchase

Franchise

a contractual agreement between a parent company and a franchisee to distribute goods and services

Franchise

a contractual agreement between a parent company and a franchisee to distribute goods and services

stereotyping

a conventional or formulaic conception or image

close corporation

a corporation whose ownership interests are not available for exchange on any public market. Shares of a it may still be exchanged in private transactions, if such transactions are allowed

cookie

a short line of text that a web site puts on your computer's hard drive when you access the web site

Close corporation

a smaller corporation that elects close corporation status and is therefore entitled to operate without the strict formalities normally required in the operation of standard corporations.

bond

a fixed income investment in which an investor loans money to an entity which borrows the funds for a defined period of time at a variable or fixed interest rate

Corporation

a form of business ownership that is owned by stockholders who have purchased units or shares of the company

Corporation

a form of business ownership that is owned by stockholders who have purchased units or shares of the company

Partnership

a formal arrangement in which two or more parties cooperate to manage and operate a business.

sales promotion

all marketing activities other than advertising, public relations, and personal selling that are directed at a customer in order to increase sales

product mix

all of the different products and/or services a company makes or calls

Touch Points

all of the opportunities that a company has to connect with its customers and reinforce its brand value

Integrated software application packages

allow businesses to manage all types of business activities, such as inventory control, finance, tracking, invoicing, etc.

limited partnership

allows partners to invest but have limited liability

General Endorsement

allows the endorser to cash the check or deposit it into the account of his/her choice

General endorsement

allows the endorser to cash the check or deposit it into the account of his/her choice—there are no restrictions placed on the funds transfer

certificate of deposit (CD)

also called a time deposit. money deposit at a bank that cannot be withdrawn for a certain amount of time.

inheritance tax

also known as estate tax. tax paid by person who is left money or property

net pay

amount of gross income after tax and other deductions

Inventory

amount of merchandise on hand at a particular time

commission

amount paid to an employee based on a percentage of an amount received (as distinguished from a salary)

capital expenditures

amount spent to acquire pr upgrade an asset that will increase the efficiency of the production or operations of a business for the long term

promotional plan

an outline of the marketing tools, strategies and resources that a company intends to use to promote a product or service

strategic management

analysis of the factors associated with customers and competitors and the business itself to provide the basis for maintaining optimum management practices

Internal Business Correspondence

any written or digital communication exchanged by 2 or more parties within an organization

tort

any wrongdoing for which an action for damages may be brought

Project Management

using knowledge, skills, and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently.

Change Management

utilizes a systematic approach to implement change within an organization

Floating Exchange-Rate System

value of a nation's currency fluctuates

compliance

verification that a vendor meets the requirements of accepted practices, regulations, legislation, rules,standard and/or the terms of a contract

Maintain appropriate personal appearance (PQ)

well grommed

Opportunity Cost

what you give up when you make a choice

selling

when a buyer exchanges, sales quotes , sales commission, and legal and ethical issues

acquisition

when a company acquires a smaller company

Transitional Economic System

when a country's economic system is moving from one type of economic system to another type of economic system

Litigation

when a dispute between the two parties is settled by going to court and following the judicial process

service close

when a salesperson encourages a consumer to purchase with information regarding services available

greeting approach

when a salesperson first interacts with a consumer by welcoming a customer to the store and states they are available for questions

Position Innovation

when an existing product is repositioned

Unitary Demand

when sales remain the same because changes in supply and demand are equal

Structural Unemployment

when the demand for certain types of workers declines and is often due to technology advancements and the need for new skills

Expansion

when the economy is strong and growing; businesses tend to make profits, expand operations, and hire more employees

Income

Money received, either from work or investments

Capital

Money used for entrepreneurships or investing

Venture Capital

Money used to support new or unusual commercial undertakings; equity, risk or speculative capital.

Ethics

Morals that control behaviour and actions

Describe legal issues affecting businesses.

Wrong Termination Lawsuits - former employee sues if (s)he believes (s)he was unjustly fired Harassment/Discrimination Cases - employee/customer was harassed or treated inferiorly due to demographic differences Immigration Audits - requirement of businesses to file Form I-9 in order to verify employee eligibility IP Issues - disputes over ownership of trademarks, copyrights, and/or patents Dissatisfied Customers - consumers feel misled and deceived

Explain legal considerations for accounting (SP)

Wrongful information can be legally prosecuted against.

paradigm innovation

innovation that changes the entire industry

lateral communication

interaction between people of the same hierarchal level within a company

medium of exchange

intermediary instrument used to facilitate the sale, purchase or trade of goods between parties (money)

channel management

involves selecting and evaluating channel members to monitor the movement of a product from producer or manufacturer to end user

project management software

software used for project planning, scheduling budgeting and documentation. -used for collaboration and communication between project participants

concession

someone that a party gives up during a negotiation

Discuss the role of administrative law (SP)

the body of law that regulates the operation and procedures of government agencies.

Digital Assets

the business' online properties

partnership

two or more members of a business

proprietor

(someone who owns a business

Browser

A type of software that allows a computer to search, find, access, and view information on the internet. (63)

Follow oral directions (PQ)

Always clarify and restate directions to confirm accuracy.

Coupon Credit Plan

An account in which customers are issued coupons to be paid for over a period of time and to be used by customers in making purchases. (51)

Write professional e-mails (CS)

An email to communicate from one professional to another.

Demonstrate a customer-service mindset (CS)

As said, make sure that we put the customer first and focus on excellent service.

Interpret data mining findings.

Based on existing data, one can deduce information from connections between sets of data.

Facilitate group discussions.

Bring up a problem or topic of casual conversation and initiate conversation.

Translate research findings into actionable business.

By analyzing past trends, businesses can enact policies and strategies to complement its mission of profit.

Conduct an environmental scan to obtain business information.

By assessing internal and external factors, businesses can alter strategies to fit the scenario they are placed in.

Explain the nature of positive customer relations (CS)

By being customer-centered, employees can build customer rapport and advocacy.

Explain the nature of positive customer relations.

By being customer-centered, employees can build customer rapport and advocacy.

Demonstrate a customer-service mindset (CS)

By being welcoming and encouraging to customers and helping them, employees can demonstrate a customer-service mindset.

Maintain a safe work environment (CS)

By following instructions, regulations, and precautions, employees can maintain a safe work environment.

Maintain a safe work environment.

By following instructions, regulations, and precautions, employees can maintain a safe work environment.

Maintain a safe work environment (CS)

By following rules and regulations a workplace can remain safe.

How does communicating with others help you to maintain a positive attitude?

By helping you feel understood

Access information in the database system.

By opening the database and checking a set of data for a certain client, necessary information can be accessed.

Use consensus-building skills.

By using negotiation techniques and reaching a compromise, a consensus can be reached between opposing employees.

Overcome problems and difficulties associated with office politics.

By using negotiation techniques, office drama can be resolved in an effective manner.

Demonstrate problem-solving skills (CS)

Calmly resolving an issue.

Identify sources of career information (CS)

Career information can be found on the Internet or at a local career fair.

Identify sources of career information.

Career information can be found on the Internet or at a local career fair.

Cash-flow analysis

A financial analysis which predicts whether the cash generated by a business can cover the business's expenses

Efficiency

A measure of output per unit of input

Determine ways of reinforcing the company's image through employee performance.

Employees at a company should be seen as diligent such that more people will apply for jobs and more customers will purchase the company's products.

Use basic operating systems (PQ)

Employees should know how to type, log in, open browsers, use integrated software, use email and social media, etc.

Use basic operating systems.

Employees should know how to type, log in, open browsers, use integrated software, use email and social media, etc.

Reinforce service orientation through communication (CS)

Employees should make it clear that their intention is to help the customer.

Reinforce service orientation through communication.

Employees should make it clear that their intention is to help the customer.

Authoritarian Management

Exercise control over employees

Why should business' retain their earnings?

If a business is planning to sell out to another company

Describe the impact of a country's history on world trade.

If a nation is an opponent of another, inhabitants of that nation may be reluctant to purchase from vendors of those opposing nations.

Extract relevant information from written materials (PQ)

If a piece of information from written material relates to the topic under discussion and is true, then it is relevant.

Extract relevant information from written materials.

If a piece of information from written material relates to the topic under discussion and is true, then it is relevant.

unemployment benefits

If an employee loses a job not for his own fault, the employer must pay for his benefits

Describe the nature of income statements.

Income statements measure a company's financial performance over the accounting period.

Information management trend?

Increased compliance laws and regulations because the government is cracking down on cooperate dishonesty.

Protect against identity theft (CS)

Individuals should avoid sharing personal information such as social security number (SSN) and credit card number to prevent identity theft.

Demonstrate basic word processing skills (PQ)

Word processing applications (such as Google Docs) can be used to type, edit, and print documents.

Demonstrate basic word processing skills.

Word processing applications (such as Google Docs) can be used to type, edit, and print documents.

Describe techniques for obtaining work experience (PQ)

Work experience can be obtained through internship or entrepreneurship.

Explain the rights of workers (PQ)

Workers are guaranteed the right to reasonable pay/benefits and safe working conditions under U.S. federal law.

fringe benefits

a payment to a worker in addition to salary or wages; cash, goods services, insurance, vacations, etc.

commission

a percentage of the total sale amount paid to the individual or business that makes the sale

defaulting

a person is unable to make scheduled payments on a loan

Vendor

a person or business that sells something

cosigner

a person who pays when a borrower defaults on a loan

Describe the concept of insurance (CS)

Insurance is the practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium

Describe the concept of insurance.

Insurance is the practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium

Use an integrated business software application package.

Integrated business software application packages (such as Google Apps for Business) include word processing, presentation, and spreadsheet applications.

Store information for future use (CS)

Meticulous filling is very important in keep documents accounted for and organized.

Describe the impact of the political environment on world trade.

Political standpoints and biases can lead proponents and opponents to be persuaded or dissuaded from purchasing a company' product.

Explain the impact of political relationships within an organization (SP)

Politics can influence company decisions based on many different factors.

Exhibit a positive attitude (PQ)

Positive attitude can be exhibited via methods such as team encouragement, enthusiasm, and implementing a reward system.

Exhibit a positive attitude.

Positive attitude can be exhibited via methods such as team encouragement, enthusiasm, and implementing a reward system.

Affirmations

Positive statements about present of desired (personality/skill) strengths. (30)

Foster positive working relationships (CS)

Positive working relationships can be fostered through methods such as appreciating others, being positive, and building rapport with co-workers and clients.

Develop a project plan.

Project plans should include monetary expenditures, time constraints, and any criteria.

Apply project-management tools to monitor and communicate project progress.

Project progress should be tracked by project managers (PMs) and communicated to higher-level managers to develop marketing strategies.

The most flexible document within a project plan is the...

Project schedule

Special events, demonstrations, contests, and coupons are activities that are controlled by a business's __________ policies

Promotional

Explain ethical considerations in providing information (SP)

Providing ethical information is providing correct ETHICAL INFORMATION

Ask relevant questions.

Questions should be appropriate and relative to the topic under discussion.

Property and income are not distributed equally in a private enterprise system because skilled workers usually...

Receive higher salaries

Surplus

Refers to the excess goods remaining after demand has been met. (23)

Seniority

Refers to the length of time an individual has been employed by a business. (99)

Estimated Tax

Regular, estimated payments on income during the year.

Interest

Regularly paid money owed due to extended periods of debt.

Discuss considerations in selecting a financial-services provider (CS)

Reputation and online reviews should be consulted when choosing a provider. The one with the most expertise should always take first priority.

Concept of empathy

Respect for others

Foreclosure

The act by the mortgagee or trustee upon default, in the payment of interest or principal of a mortgage of enforcing payment of the debt by selling the underlying security.

Explain the nature and scope of purchasing (CS)

The activity of acquiring goods or services to accomplish the goals of an organization.

Economic Utility

The amount of "usefulness" one obtains from a certain good or product

Ethics

The basic principles that govern your behavior. (91)

Leverage personality types in business situations.

The best businesspersons tend to be extroverted, intuitive, judging thinkers (ENTJ on the Myers-Briggs personality scale). Extrovertedness is most important as businesspersons must often communicate with others.

Describe factors that affect the business environment (SP)

The business environment can include factors such as: clients and suppliers; its competition and owners; improvements in technology; laws and government activities; and market, social and economic trends.

Explain the principles of supply and demand (CS)

When the supply is higher than the demand, the item is cheaper because there is enough to go around. When the supply is lower than the demand there becomes a limited supply factor making the price go up because scarcity.

Human Resource Management

The process of recruiting, hiring, deploying, and managing employees

Arbitration

The process of referring disputes to an impartial mediator who has been chosen by the involved party

Equity Financing

The provision of funds for capital or operating expenses in exchange for capital stock, stock purchase warrants, and options in the business financed, without any guaranteed return, but with the opportunity to share in the company's profits.

Explain the time value of money (CS)

The time value of money is the amount of money you make per hour or period of time.

Determine the relationship between government and business (CS)

There are government agencies and legislation to impose regulations on business activities, but businesses can influence political decision-makers.

Aspirations

Things you dream to accomplish

Product/Service Management

This function involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities. (57)

Marketing-Information Management

This function involves the gathering, accessing, synthesizing, evaluating, and disseminating of marketing function. (57)

What is the primary purpose of word-processing software programs?

To create text documents

Why do advertising agency account executives often participate in meetings and problem-solving groups?

To develop ad campaigns for clients

Explain the types of economic systems (CS)

Traditional Economic System -Goods are bought and sold based on beliefs Command Economic Systems -the next step up from a traditional economy.

Apply project-management tools to monitor project progress (SP)

Watching over and making sure that everything goes as planned in a project

Why is it sometimes difficult to be honest about strengths?

We don't want to brag

Manage the bid process in purchasing.

When a customer buys goods, services, or the initial public offering (IPO) of stock, the bid process can be used to offer the product to the one with the best price.

Read and reconcile bank statements (PQ)

Confirming payments through electronic banking.

Respond to customer inquiries.

Customer inquiries should be responded to with all necessary and relevant information in an assertive and friendly manner.

Maintain data security.

Data can be secured through encryption software.

Describe data mining tools and techniques.

Data mining is constituted of research of various resources, such as government reports, to deduce new logical information.

Discuss the nature of data mining (CS)

Data mining is the process of examining large databases to gather new information.

Make decisions (CS)

Decisive, shrewd skill set.

store of wealth

gold, silver; they have unlimited shelf life

sales revenue

income received from selling services or goods

Judicial system

involves the courts

non taxable income

items deemed nontaxable by the IRS; Inheritances, gifts, cash rebates on certain items, child support payments, most healthcare benefits, welfare payments, etc.

small business

less than 500 people

credit

money available for a client to borrow

Tax Accounting

recording transactions for tax purposes

cosign

signing for another person's debt which involves a legal obligation made to make payment on the other person's debt should that person default

demand

the ability and desire to purchase goods and services

workforce

the people engaged in or available for work

Embezzlement

theft of valuables that have been entrusted to another's care

Market Risk Management

using financial instruments to manage exposure to market risk

illustration

a photograph, drawing or other graphic that is used in a promotional message

Tariff

a tax on imports

Knowledge

awareness or familiarity gained by experience of a fact or situation

Negotiation

bargaining process between 2 or more seeking to discover a common ground and reach an agreement to settle a matter of mutual concern

negotiation

bargaining process between two or more seeking to discover a common ground and reach an agreement to settle a matter of mutual concern

Frictional Unemployment

because a lot of people are moving jobs, an economy has unemployment

partnership

business owned by more than one person

Contraction

businesses are affected by external factors; businesses often experience lower sales and profits

Brand-insistence Buying Behavior

buyer will not buy anything other than a specific brand or product

Explain the nature of stress management (SP)

by changing things up in life you can relieve stress.

Communist Command Economy

capital for business investment is provided by the government, which obtains it by taking the profits of businesses it owns and by levying taxes

employee compensation

cash rewards paid to employees in exchange for the services they provide

Persuade others (SP)

cause (someone) to do something through reasoning or argument.

Elastic Demand

changes when price changes

Extract relevant information from written materials (PQ)

closely connected or appropriate to the matter at hand.

Software

collection of data or computer instructions that tell the computer how to work.

Job Enlargement

combining different tasks into one position

brand promise

company commits to delivering a product with certain qualities to its audience

Product innovation

company creates a new product or redesigns an existing product

Cultural Imperialism

cultural aspects referring to the creation and maintenance of unequal relationships between civilizations favoring the more powerful civilization.

medium of exchange

currency

Punitive Damages

damages intended to reform or deter the defendant and others from engaging in conduct similar to that which formed the basis of the lawsuit

secondary research

data that has been previously collected for non marketing activity and is available for business' use

Staffing

deals with hiring, retention, relocation, and firing

elastic demand

demand changes when prices change

inelastic demand

demand for a good or service is constant, even if the product's price changes

Structural Unemployment

demand for certain types of workers declines and is often due to technology advancements and the need for new skills

Elastic Demand

demand that changes according to changes in price

elastic demand

demand that changes when price changes

inelastic demand

demand that is does not change when supply changes

Inelastic Demand

demand that is not affected by changes in price.

interdependent

dependent on each other

Explain the role of ethics in customer relationship management (SP)

displaying moral principles that govern a person's or group's behavior

Prepare simple written reports (SP)

documents which present focused, salient content to a specific audience.

Doctrine of Sovereign Immunity

each nation has the right to manage its own government and develop its own laws

Law of Economies of Scale

economic concept that the average cost of production decreases as a business expands

annual report

federal laws mandates that public corporations provide financial info to the public and prospective investors

Sympathy

feelings of pity and sorrow for someone else's misfortune.

Insurance premiums

fees that the insured pays to the insurer to obtain insurance coverage

cash flow

flow of money in and out of a business or project

Once a group knows their purpose what do you do next?

Lay ground rules

Ethical employees are responsible workers who can be counted on to....

Complete the tasks they start

Demonstrate basic database applications (PQ)

(SAP)

Select and utilize appropriate formats for professional writing (CS)

1. Business Letter Template Fields: Date: Use month, day, year format, e.g., March 3, 2012 or 3 March 2012 2. Sender's Address: Inside Address: Use full name. Mr./Ms. is optional 3. Salutation: 4. Body Text: 5. Closing "Call to Action": 6. Signature Block: 7. Enclosures: 8. Carbon Copy: 9. Use a professional tone. Save casual, chatty language for email - your printed business letter should be friendly but more professional. overall tone that is confident, courteous, and sincere; 10. Write clearly. 11.Organize your information logically: 12.Use Color To Emphasize Words In Text 13. Be persuasive. 14. Proofread your letter!

Calendar Tax Year

12 consecutive months beginning January 1 and ending December 31.

Fiscal Tax Year

12 consecutive months ending on the last day of any month other than December, or a 52-53 week year.

Utilize resources that can contribute to professional development (e.g., trade journals/periodicals, professional/trade associations, classes/seminars, trade shows, and mentors) (SP)

Classes about your field can help you further you knowledge on subjects pertaining to your job.

Open Ad

From an open ad, applicants know job requirements, the employer's identity, and the procedure for applying for the job opening. (92)

Demonstrate honesty and integrity (PQ)

Honesty and integrity can be demonstrated through not lying and exhibiting good ethics and morals.

Determine factors affecting business risk (CS)

Human Risk - possibility of loss caused by humans Economic Risk - unfavorable market conditions Natural Risk - natural disasters

Use social media to solicit new ideas and solutions.

Social media can be used to research other businesses' promotional strategies for their products.

Lead change (CS)

Leaders should initiate positive feedback through methods such as assessing the current scenario, finding areas for improvement, brainstorming solutions, and implementing a course of action.

Lead change.

Leaders should initiate positive feedback through methods such as assessing the current scenario, finding areas for improvement, brainstorming solutions, and implementing a course of action.

Discuss the role of ethics in accounting (SP)

Keeping honest records and correct information.

The relationship between your traits and your personality can be described as...

Interdependent

Demonstrate interest and enthusiasm (PQ)

Interest and enthusiasm is demonstrated through methods such as relevant questioning and discussion facilitation.

Demonstrate interest and enthusiasm.

Interest and enthusiasm is demonstrated through methods such as relevant questioning and discussion facilitation.

Maintain inventory of supplies (CS)

Keeping up with inventories so you can fufill your shipments.

Explain the rights of workers (PQ)

Labor rights or workers' rights are a group of legal rights and claimed human rights having to do with labor relations between workers and their employers, usually obtained under labor and employment law.

When a workplace security issue occurs, an employee should report the problem to what agency?

Law Enforcement agency

Discuss the nature of law and sources of law in the United States.

Law is used to keep order in civilization. This can be enforced by the police or higher government officials.

Describe types of business models.

Manufacturer - takes raw material and creates product Distributor - makes product available to retailers Retailer - sells product to consumers Franchise - includes all 3 functions/models

Explain the concept of leadership (CS)

Leadership is the concept of an individual or group of individual managing administrative tasks for an organization. Types of Leadership: Authoritarian - strictly professional, direct supervision Paternalistic - father figure, more personal Democratic - social equality Laissez Faire - workers have all power Transactional - system of rewards/punishments Transformational - leads change and initiative

Notes

Take notes because information gathered will be needed later. (6)

Place Utility

Occurs when products are available where they are needed or wanted. (22)

Describe the global environment in which businesses operate.

Social Forces - approval of brand among society Technological Forces - adaptation to new technologies Economical Forces - business cycles Geopolitical Forces - legislation, international relations

Distinguish between using social media for business and personal purposes (CS)

Social media can be used personally to communicate with friends and family, while professionally to promote products and events.

Describe types of financial-services providers (CS)

Retail Bank - FDIC insured (0 risk), deposit/withdraw money, bank profits from investments Credit Union - borrow money for business purposes Insurance Company - transfer financial risk in exchange for premium Brokerage Firm - middleman between investors and equities

Franchise

Sole prorprietor or partnership signs agreement with corporation to use its business plan and sell its merchandise in a geographic area

Explain the use of feedback for personal growth (PQ)

Taking feedback objectively and processing it to make you or your ideology better.

Use networking techniques to identify employment opportunities (SP)

Talking and meeting people that can help you move up in the ranks.

Describe the nature of taxes (SP)

Tax is the amount of money that the government takes for the funding and sustaining of the country or state.

Your annual income, an inheritance, and the money from the sale of an asset are all considered events that contribute towards your...

Tax liability

Explain the nature of tax liabilities (PQ)

Tax liability is the amount owned to a taxing authority, typically the Internal Revenue Service (IRS). Form 1040 is the most common form used for personal income tax filing, with EZ and A variances, whereas Forms W-2 and W-4 are used in corporate finance in regards to payroll tax.

SBA

The US Small Business Association

Sympathy

The ability to recognize another's feelings or feeling sorry for someone who has a problem or who has suffered misfortune. (44)

Tact

The ability to say or do the right thing at any given time. (44)

Explain the nature of tax liabilities.

Tax liability is the amount owned to a taxing authority, typically the Internal Revenue Service (IRS). Form 1040 is the most common form used for personal income tax filing, with EZ and A variances, whereas Forms W-2 and W-4 are used in corporate finance in regards to payroll tax.

Empathy

The ability to share a feeling or experience with another

Describe the nature of legal procedure.

The accused, once indicted, is to face a fair and speedy trial with a jury present and a judge presiding. S/he has the right to an attorney and is not required to testify as per the Sixth Amendment of the U.S. Constitution and the Miranda rights.

Management

The process of coordinating resources in order to accomplish an organization's goals. (46)

Place Utility

The process of increasing the attractiveness of a product to a group of consumers by altering its physical location

Explain the impact of the law of diminishing returns.

The law of diminishing returns states that the greater the number of inputs, the less outputs each individual input will produce unless other factors are manipulated (e.g. more employees, each one is less productive; more time, more procrastination, etc.)

Describe the United States' judicial system.

The laws of the United States are upheld by its judicial branch. Hierarchy of the U.S. Judicial Branch: 1. U.S. Supreme Court 2. Circuit Courts of Appeals 3. District Courts

Copyright

The legal right given to a creator of a work of art (article, song, video, etc.) to exclusively authorize their product

Describe the functions of prices in markets (CS)

The price of a good or service is how much it costs per unit or time period. Based on factors affecting supply and demand in the current marketplace, the price determines an forecasted quantity supplied and demanded, allowing a business to determine what price to set in order to accomplish market equilibrium.

Describe the functions of prices in markets.

The price of a good or service is how much it costs per unit or time period. Based on factors affecting supply and demand in the current marketplace, the price determines an forecasted quantity supplied and demanded, allowing a business to determine what price to set in order to accomplish market equilibrium.

Determine factors affecting business risk (CS)

The probability of loss inherent in an organization's operations and environment (such as competition and adverse economic conditions) that may impair its ability to provide returns on investment.

Information Management

The process of collecting and analyzing data that can be used in the strategic decision making process of a business

Cash-Flow Statements

a financial statement used by organizations that shows the cash in and out for a set period of time

personal selling

any form of direct contact between a salesperson and customer to fulfill their wants and needs

Open corporation

a corporation whose ownership shares are available for exchange on a public market.

Absolute Advantage

a country or business has an absolute advantage if it can produce a product(good/service) more efficiently/inexpensively than others

Comparative Advantage

a county should specialize in producing and exporting only those goods and services which it can produce more efficiently

Distributed Innovation

a decentralized model used for problem solving

Work Breakdown Structure (WBS)

a deliverable-oriented decomposition of a project into smaller components

Project Schedule

a document outlining tasks to be completed and the timeframe in which those tasks must be completed

research report

a document prepared by an analyst or strategist. research reports generally have "actionable" recommendations

Research Report

a document prepared by an analyst/strategist who is a part of the investment research team in a stock brokerage or investment bank.

risk management plan

a document that a project manager prepares to forsee risks

Brokerage Bills

a fee charged by an agent, or agent's company to facilitate transactions between buyers and sellers

Exhibit self-confidence (PQ)

a feeling of trust in one's abilities, qualities, and judgment.

ROMI (return on marketing investment)

a financial calculation to determine the profitability returned to the business based on funds spent on communicating with potential customers

Profits

a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

Better Business Bureau

an organization that vets businesses to build marketplace trust

database

an organized storage of related information

tact

having or showing a sense of what is fitting and considerate in dealing with others

Transfer Payments

monies paid by the government in which no goods or services are received in exchange

integrity

moral soundness

defamation

one who attacks the reputation of another by slander or libel

Channel Management

responsible for identifying, selecting, monitoring, and evaluating sales channels

Writing a follow-up letter after a job interview allows a job applicant the opportunity to...

restate his/her interest in the position

Cyclical Employment

result of changes in the economic and business cycles

Cyclical Employment

result of changes in the economic cycles

Espionage

revealing confidential information without the source or owner's permission and is often associated with spying

Data Mining

reviewing very large amounts of data for useful information. This activity often uses advanced statistical tools to determine trends, patterns, and relationships. Data Mining can also be referred to as data surfing

Business Supplies

the materials that are consumed within an office setting during normal business operations

loan

the temporary provision of money (usually at interest)

Innovation

Creating something from a new and creative idea

Start-up Costs

Expenses incurred before the business opens.

Maintain financial records (PQ)

Financial records should include any money spent or saved in a budget.

Evaluate quality and source of information (CS)

Judging reputability.

Lead change (CS)

Leading change.

Not sure to italicize or underline a book title, you should?

Refer to the appropriate publisher's style manual

Use conflict-resolution skills (CS)

Resolving-conflict.

Income Tax

Tax taken by the government on one's personal income

Cultural Trend

The direction of change in people's beliefs, behavior patterns, and attitudes. (15)

Rebate

Type of price competition that lowers the price of a product. (30)

stipend

a fixed regular sum paid as a salary or allowance

consolidation

acquiring many smaller companies

discretionary

non-essential

pictograph

p

Innovation

the process of introducing new ideas or processes

commodities exchange

an open and organized marketplace where ownership title or standard units of commodities are traded by its members

Identify factors affecting a business's profit (CS)

-Sales Prices -Materials cost fluctuation -Labor price changes -Inventory method changes

Commodity Business

A business for which you must have the lowest cost to survive

Explain the impact of a country's economic development on world trade.

A country's economic stability can play a role in the affordability of products, meaning that businesses may have to change prices accordingly or shift away from certain markets altogether.

Choose and use appropriate channels for workplace communication (CS)

Appropriate channels for communication in the workplace include email and in-person communication. Employees should refrain from using social media and group messaging apps to communicate.

Choose and use appropriate channels for workplace communication.

Appropriate channels for communication in the workplace include email and in-person communication. Employees should refrain from using social media and group messaging apps to communicate.

Explain the concept of competition (CS)

Competition is when multiple organizations are all going after the same objective.

Maintain customer records.

Customer records include past data on the customer's purchases and trends in consumerism, used to develop marketing strategies for that consumer's tendencies aggregated with those of other consumers

Build and maintain relationships with customers.

Employees should communicate with customers and have a positive attitude to keep bringing them back.

Use data visualization techniques.

Data visualization is the presentation of data in a pictorial format such as charts, graphs, and maps. These can be used to organize information in a systematic manner.

late fee

Credit card issuers often charge late fees for payments that do not arrive on time

What type of customer is the worst for your business?

Disagreeing

Describe legal issues affecting businesses (SP)

Disgruntled Employees Discrimination/Harassment Cases Harassment Immigration Audits Copyright and Patent Issues

Explain legal considerations for finance (SP)

Embezzlement charges can be very extensive.

Explain the role of finance in business (CS)

Finance is the the management of large amounts of money, especially by governments or large companies.

Set financial goals (CS)

Financial goals involve setting a budget of money that is to be used for purchase, money to be invested in stocks/bonds, and money to be saved in raw form for future use.

It is important for employees to demonstrate a customer-service mindset when they are?

Handling problems

Interest

Income from savings or investments. (28)

Describe the nature of income statements (SP)

Income statements outline the income flow and where the money is distributed. Also measures companies financial performance

Describe the economic impact of inflation on business (SP)

Inflation is a sustained increase in the general price level of goods and services in an economy over a period of time. When prices are inflated for a long period of time it can be very straining on the pockets of consumers.

Describe the determinants of exchange rates and their effects on the domestic economy.

Inflation rates, interest rates, public debt, political stability, recession, and speculation cause fluctuations in a currency's value.

Determine ways of reinforcing the company's image through employee performance (CS)

Make sure that employee behavior is up to par with what you envision as respectable for your companies brand and level of excellence.

Participate in group discussions (CS)

Make sure that you are poised as well as display a positive character and contribute professionally

Describe functions of money (PQ)

Medium of Exchange - facilitate transactions Store of Value - changes as economy fluctuates Unit of Measure - common value of good/service

Describe functions of money.

Medium of Exchange - facilitate transactions Store of Value - changes as economy fluctuates Unit of Measure - common value of good/service

Describe small-business opportunities in international trade.

Small businesses can use the globalization offered by the Internet to reach a wider audience to market and sell to.

Independent Contractor

Someone who it self-employed

Earning Power

The demonstrated ability of a business to earn a profit, over time, while following good accounting practices.

Discuss the impact of a nation's unemployment rates.

The higher the unemployment rate, the worse the economy of a country does. It serves as an indicator of poor economic conditions that cause high rates of unemployment, but also causes economic issues of its own. Types of Unemployment: Structural - low demand for job skills Frictional - job transition (e.g. college grads, retirement) Cyclical - caused by business cycles (e.g. GDP change) Causes of Unemployment: surplus of skills (causes structural) more recent college grads than there are jobs (causes frictional) GDP decrease, bear market, etc. (causes cyclical)

Dividends

The money that businesses must pay to stockholders. (29)

Demonstrate connections between company actions and results.

The more productive and relevant a company's actions, the more favorable the results.

Explain the time value of money (CS)

The value of money changes over time due to fluctuations in the foreign exchange market and domestic business cycles. Picture this scenario: Given a CPI of 10%, a bank offers you three options: a) Receive $100 now b) Receive $109 in a year c) Receive $120 in two years Which choice yields the greatest return? A. In one year, $100 is worth $110, and in two years, it is worth $121, trumping both of the other choices by a dollar.

Batering Mechanism

Trading one good or service for another good or service

Nonverbal Communication

Transmitting information through facial expression and body language. (45)

Manufacturer

Turns raw goods into useful products. Purchase raw goods from their producers and sell finished products. (25)

Develop a personal budget.

Types of Budgets: Methods of Budgeting:

Develop personal budget (CS)

Types of Budgets: Methods of Budgeting:

Utilize note-taking strategies (CS)

Use abbreviations, write only the main ideas, and write questions to be asked.

Non-Economic Wants

Wants that do not require spending money. (19)

Participate as a team member (CS)

Work together in a group.

client services

a activity provided by a vendor on behalf of a client

Federal Reserve Banks

a bank that is used by local banks to protect their banking functions; do not provide protection for local property

franchise

a business operated under an authorization to distribute a company's goods in a particular area

monopoly

a business that's the only provider of a good/service, giving them a competitive advantage

tariff

a tax on imports

query

an instance of questioning

processing charge

charges to complete certain activities

flowchart

chart that organizes in a sequence

Analysis

contents/research

Secondary Dimensions of Diversity

differences that may change at various points throughout one's lifetime

Consumer Products

economic goods and services that are purchased and used by the ultimate consumer

payroll deductions

factors (such as income tax) that decrease gross earnings

default

failure to meet the legal obligations of a loan

Gross Domestic Product

final market value of the total output of all goods and services produced within a country's geographic boundaries during a year's time

advertising

form of paid companies promote an idea, good or service through a variety of media

CRM ( customer relationship management

this is a database of customer contacts, purchase history and technical support . can include -profiles of potentials clients

Purchasing

to acquire goods or services to accomplish the goals of an organization

purchasing

to acquire goods or services to accomplish the goals of an organization

Evaluate

to assess

Delegate

to assign

Implement

to execute a decision or plan

Inquiry

to obtain information.

Monitor

to oversee the progress or quality of a project or business task

Interpersonal Relationships

The ways you interact with others. (41)

inventory

an itemized list of merchandise or supplies on hand

statistics

numbers that represent a fact or presents a view of a situation

outsource

obtain goods or services from an outside supplier

Learning

obtaining knowledge or skills through experience or instruction

insurance

promise of reimbursement in the case of loss

Annual Receipts

"Receipts" means total income (or in the case of a sole proprietorship, "gross income") plus "cost of goods sold" as these terms are defined and reported on Internal Revenue Service tax return forms.

They want to start a business, but don't want to higher tax rate, double taxation, and dividends paid to stock holders. What business ownership should the consider?

"S" cooperation because this form limits personal liability and offers a lower rate of taxation. Profits go directly to stockholders who pay taxes as individuals.

Exhibit cultural sensitivity (CS)

"the knowledge and interpersonal skills that allow providers to understand, appreciate, and work with individuals from cultures other than their own.

Demonstrate collaborative/groupware applications (CS)

(Google Docs)

Use an integrated business software application package (CS)

(Microsoft Business Bundle)

Demonstrate basic spreadsheet applications (PQ)

(Microsoft Excel)

Demonstrate basic presentation applications (PQ)

(Microsoft Powerpoint)

Demonstrate basic word processing skills (PQ)

(Microsoft word)

Use consensus-building skills (SP)

(also called collaborative problem solving or collaboration) is essentially mediation of a conflict which involves many parties. Usually, the conflict also involves multiple, complex issues.

Handle and report emergency situations (CS)

-Asses Priority -Call emergency services -report location -Give Dispatcher your phone number -Describe accident -follow dispatch instructions.

Demonstrate basic e-mail functions (PQ)

-Discussing Business Decisions -Sharing Documents -Emails can be Official Documents

Identify factors affecting a business's profit

-Sales Prices -Materials cost fluctuation -Labor price changes -Inventory method changes

Explain what it means to have Corporation (CS)

A Corporation is a more complex business structure. A corporation has certain rights, privileges, and liabilities beyond those of an individual. Doing business as a corporation may yield tax or financial benefits, but these can be offset by other considerations, such as increased licensing fees or decreased personal control. Corporations may be formed for profit or nonprofit purposes.

Explain what it means to have General Partnership (CS)

A General Partnership is composed of 2 or more persons (usually not a married couple) who agree to contribute money, labor, or skill to a business. Each partner shares the profits, losses, and management of the business, and each partner is personally and equally liable for debts of the partnership. Formal terms of the partnership are usually contained in a written partnership agreement.

Explain what it means to have Joint Venture (CS)

A Joint Venture is formed for a limited length of time to carry out a business transaction or operation.

union

A group of workers joined together in a specific type of organization for the purpose of improving their working conditions as well as to help in promoting the common interests of the group

Discuss the nature of environmental law (SP)

A legal forum for environmental and natural resources

Explain what it means to have Limited Liability Company (LLC) (CS)

A Limited Liability Company (LLC) is formed by 1 or more individuals or entities through a special written agreement. The agreement details the organization of the LLC, including provisions for management, assignability of interests, and distribution of profits and losses. LLCs are permitted to engage in any lawful, for-profit business or activity other than banking or insurance.

Explain what it means to have Limited Liability Limited Partnership (LLLP) (CS)

A Limited Liability Limited Partnership is a Limited Partnership that chooses to become an LLLP by including a statement to that effect in its certificate of limited partnership. This type of business structure may shield general partners from liability for obligations of the LLLP.

Explain what it means to have Limited Liability Partnership (LLP) (CS)

A Limited Liability Partnership (LLP) is similar to a General Partnership except that normally a partner doesn't have personal liability for the negligence of another partner. This business structure is used most by professionals, such as accountants and lawyers.

Explain what it means to have Limited Partnership (CS)

A Limited Partnership is composed of one or more general partners and one or more limited partners. The general partners manage the business and share fully in its profits and losses. Limited partners share in the profits of the business, but their losses are limited to the extent of their investment.

Appreciative Inquiry

A Problem-solving method that requires you to think positively about the problem. (86)

Explain what it means to have Trust (CS)

A Trust is a legal relationship in which one person, called the trustee, holds property for the benefit of another person, called the beneficiary.

What is a trust

A Trust is a legal relationship in which one person, called the trustee, holds property for the benefit of another person, called the beneficiary.

Explain the nature of balance sheets.

A balance sheet is a statement of assets and capital of a business raised over a period of time detailing balance of income and expenditure.

Develop personal budget (CS)

A budget that explains where income will go and how it will be distributed to certain aspects of spending.

Determine the impact of business cycles on business activities.

A business cycle is a series of fluctuations including growth, peak, and recession. Actions During Phases of Business Cycle: Growth - invest more Recession - withdraw investments

Risk Management

A business function which involves the planning, controlling, preventing, and procedures used by management to limit business losses. (75)

Write business letters (CS)

A business letter is usually a letter from one company to another, or between such organizations and their customers, clients and other external parties.

Small Business

A business smaller than a given size as measured by its employment, business receipts, or business assets.

Not-For-Profit Organization

A business whose goal is to make just enough money to support its existence.

Interpret and adapt to a business's culture.

A business's culture is typically serious and professional, but companies often have special quirks and inside jokes that employees accustom to.

Mentor

A business, usually large, or other organization that has created a specialized program to advance strategic relationships with small businesses.

Merger

A combination of two or more corporations wherein the dominant unit absorbs the passive ones, the former continuing operation usually under the same name.

Identify company's brand promise (CS)

A company brand's promise is a statement in which a company promises to provide and abide by a set criteria of performance and reliability.

Identify company's brand promise.

A company brand's promise is a statement in which a company promises to provide and abide by a set criteria of performance and reliability.

LLC (Limited Liability Company)

A company that is a distinct entity of its owner. Has its own taxes, can open its own bank account, etc.

Server

A computer that provides service to another computer. (63)

Franchise

A contractual agreement between a parent company and a franchisee to distribute goods and services (1)

open corporation

A corporation whose ownership shares are available for exchange on a public market

Software

A creative work that is covered by copyright laws. Instructs computers to perform specific operations. These various types of software are important to components of computer systems because they allow computers to do the work that businesses want them to. (63)

Discuss the nature of debtor-creditor relationships (SP)

A creditor provides money to an individual. Until the individual repays the amount, they are considered a debtor.

Cash-Flow Analysis

A financial analysis which predicts whether the cash generated by a business can cover the business's expenses. (75)

Income Statement

A financial summary that shows how much money a business has made or lost. Also called a profit-and-loss statement. (53)

Business Policy

A general rule or guideline for all employees to follow in making decisions about situations that occur often. They provide direction and tell managers, employees, and customers what is expected of them. (15)

Credit Rating

A grade assigned to a business concern to denote the net worth and credit standing to which the concern is entitled in the opinion of the rating agency as a result of its investigation.

Corporation

A group of persons granted a state charter legally recognizing them as a separate entity having its own rights, privileges, and liabilities distinct from those of its members

Write informational messages (CS)

A message that provides information about the system and is not the result of an error condition. This message does not require a response.

Contract

A mutually binding legal relationship obligating the sell to furnish supplies or services and the buyer to pay for them

Explain the concept of Gross Domestic Product.

A nation's GDP is a quantitative measure representing the total monetary value of all goods and services produced within a country's borders over a period of time. It can be used as a measure of a nation's wealth.

Interpret a pay stub.

A pay stub, also known as a paycheck, is a legal notice including the monetary sums of salary, compensation, and stock bonus that has been deposited to an employee's bank account.

Bottleneck

A point of congestion in a supply chain

Explain the need for accounting standards (GAAP) (CS)

A principle that guides and standardizes accounting practices.

Explain the concept of private enterprise (CS)

A private enterprise is a type of business with no government regulation.

Explain the concept of private enterprise.

A private enterprise is a type of business with no government regulation.

Intermittent Production Process

A process that periodically stops producing products and then restarts. (83)

Demand

A product or service that is desired by consumers

Prepare simple written reports.

A report should contain all necessary information in an organized and systematic manner.

Describe marketing functions and related activities (CS)

A role that helps a company to identify and source potentially successful products for the marketplace and then promote them by differentiating them from similar products.

Explain what it means to have sole proprietorship (CS)

A sole proprietorship is owned and run by one individual who receives all profits and has unlimited responsibility for all losses and debts.

Worker's Compensation

A state-mandated form of insurance covering workers injured in job-related accidents.

Discount

A straight reduction in price on purchases offered by sellers

Business Profile

A type of definition that summarizes the important characteristics of the business and helps to identify areas for improvement.

Demonstrate basic web-search skills (PQ)

A web search is completed by typing text into the box and clicking the search button.

Demonstrate basic web-search skills.

A web search is completed by typing text into the box and clicking the search button.

Create and post a basic webpage (CS)

A webpage is comprised of HTML, CSS, JavaScript, and other programming code to create user interfaces (UIs) in order to market and sell a business and its products. Online applications (such as Weebly) can eliminate the need for a web designer.

Create and post a basic webpage.

A webpage is comprised of HTML, CSS, JavaScript, and other programming code to create user interfaces (UIs) in order to market and sell a business and its products. Online applications (such as Weebly) can eliminate the need for a web designer.

Business Plan

A written outline that evaluates all aspects of your business.

Explain the nature of business ethics (SP)

A written set of guidelines issued by an organization to its workers and management to help them conduct their actions in accordance with its primary values and ethical standards.

Job Description

A written statement listing the elements of a particular job or occupation, e.g., purpose, duties, equipment used, qualifications, training, physical and mental demands, working conditions, etc.

Explain procedures for handling accidents (CS)

Accidents should be reported to management or handled as instructed in the employee handbook.

Explain procedures for handling accidents.

Accidents should be reported to management or handled as instructed in the employee handbook.

Explain the use of technology in accounting.

Accountants, especially certified public accountants (CPAs), can use technology to market their skills to prospective clients as well as use it to submit documents.

Explain the concept of accounting (CS)

Accounting is the action or process of keeping financial accounts.

Explain the concept of accounting.

Accounting is the action or process of keeping financial accounts.

Explain the concept of accounting (CS)

Accounting is the record keeping and following of a companies or persons finances.

Process Control

Activities involved in ensuring a process is predictable, stable, and consistently operating at the target level of performance with only normal variation

Identify skills needed to enhance career progression (SP)

Adaptability and assertiveness

Demonstrate adaptability (CS)

Adaptability is ability of an individual to adjust to changes in the workplace.

Demonstrate adaptability.

Adaptability is ability of an individual to adjust to changes in the workplace.

Discuss the role of administrative law.

Administrative law governs the activities of government agencies.

Blind Ads

Ads that do not contain the name, address, or phone number of the employer

Blind Ads

Ads that do not contain the name, address, or phone number of the employer. (92)

Which of the following often makes it necessary for workers to continue their education and obtain training to pursue different careers...

Advances in technology

Types of Ads

Agency Spot Ads, Blind Ads, Catch-Type Ads, and Open Ads. (92)

Prepare personal income tax forms (CS)

All documents should be gathered and all necessary information should be recorded, such as sources of income, amount of income, and sums of tax-deductible donations.

Prepare personal income tax forms.

All documents should be gathered and all necessary information should be recorded, such as sources of income, amount of income, and sums of tax-deductible donations.

Explain routine security precautions.

All facilities should be frequently checked to ensure safety protocol is being adhered to.

Comply with policies and procedures for use of property and equipment (CS)

All policies and procedures should be meticulously read and clearly understood by all employees.

Comply with policies and procedures for use of property and equipment.

All policies and procedures should be meticulously read and clearly understood by all employees.

Follow safety precautions (PQ)

All safety precautions should be followed carefully to prevent damage to employees or property.

Follow safety precautions.

All safety precautions should be followed carefully to prevent damage to employees or property.

Follow established security procedures/policies (CS)

All security policies and procedures should be understood and followed meticulously to prevent damage to employees or property.

Follow established security procedures/policies.

All security policies and procedures should be understood and followed meticulously to prevent damage to employees or property.

Revolving Credit Plan

An account that limits the total amount of money that may be owed. Revolving credit customers who do not pay the full amount each month are charged interest on the unpaid balance. (51)

Limited Partnership (LP)

An association of two or more partners formed to conduct a business jointly and in which one or more of the partners is liable only to the extent of the amount of money they have invested.

Explain employee's role in expense control (SP)

An employee's role in expense control is not wasting project materials and avoiding costly errors.

Excise Tax

An excise tax is an indirect tax charged by the government on the sale of a particular good or service.

Interview for a job.

An interview is a series of questions asked by a human resources employee to assess the competence of an employee to work in a certain position at a company.

Open Credit Plan

An open credit account is a regular credit plan that requires payment in full at the end of each credit period. (51)

Resumé

An organized presentation of the most basic facts about a job applicant's work and school history. It is intended to show how s/he is qualified for the job. (96)

Payroll Service Provider

An outside resource to take over payroll and other employee related function.

Equity

An ownership interest in a business

Monitor internal records for business information (SP)

Analyse one's own company for business information.

Demonstrate appropriate creativity.

Appropriate creativity is the concept of unique yet effective strategies .

Catch-Type Ads

Are used to attract the attention of job seekers by promoting high salaries without providing specific details about the nature of the job or its requirements. Large, bold type is often use to catch the reader's' attention. (92)

Solicit feedback.

Ask for feedback for personal development.

Ask relevant questions (PQ)

Ask questions that pertain to the task at hand.

Participate in group discussions (CS)

Ask relevant questions, respect the opinions of others, work together with the intention of meeting a goal.

Participate in group discussions.

Ask relevant questions, respect the opinions of others, work together with the intention of meeting a goal.

How can you let people know that you are really thinking about what they are saying?

Asking questions

Nonverbal Assertiveness

Assertive behavior that does not involve words. It is demonstrated in such forms of body language as facial expression, posture, eye contact, and physical distance. (81)

Explain possible advancement patterns for jobs (PQ)

Associates can be promoted to managers who can be promoted to senior managers who can be promoted to vice presidents who can be promoted to C-level positions.

Explain possible advancement patterns for jobs.

Associates can be promoted to managers who can be promoted to senior managers who can be promoted to vice presidents who can be promoted to C-level positions.

Utilize resources that can contribute to professional development.

Attending seminars and participating in leadership development conferences can allow employees to contribute to their own professional development.

Two coworkers are competing for a higher job and now don't talk anymore, this reason is...

Authority

Internal Data

Available within the business, such as in purchase orders, invoices, sales receipts, inventory reports, etc. The info contained in these records is specific to the company and reflects how the company operates. (72)

Directing

Building an effective work climate and creating opportunity for motivation, supervising, scheduling, and disciplining

Vertical Communication

Communication between higher and lower authorities. ex. Manager to employee etc. (9)

Prepare bank account documents (PQ)

Bank account documents include deposit slips, withdrawal slips, checks, passbooks, and account statements. They should contain all necessary information (such as monetary sums).

Prepare bank account documents.

Bank account documents include deposit slips, withdrawal slips, checks, passbooks, and account statements. They should contain all necessary information (such as monetary sums).

Read and reconcile bank statements (PQ)

Bank statements include the financial transactions made over a certain period of time via bank account.

Read and reconcile bank statements.

Bank statements include the financial transactions made over a certain period of time via bank account.

Provide legitimate responses to inquiries (PQ)

Basically answering a question with accurate information.

Orient new employees (CS)

Basically showing employees the ropes

Adapt communication to the cultural and social differences among clients (CS)

Basically try to non-offensively relate to the customer and communicate in a way they will understand.

Demonstrate active listening skills (PQ)

Be attentive as well as adding to the conversation appropriately.

Handle telephone calls in a businesslike manner (CS)

Because this is a strictly verbal conversation make sure that tone matches a positive mood.

Explain the role of ethics in human resources management (SP)

Because you have access to sensitive information it is important to keep it on the DL

Demonstrate adaptability (CS)

Being able to adapt to change and strive

Enlist others in working toward a shared vision (CS)

Being able to articulate and bring people into a joint idea

Demonstrate self control (PQ)

Being able to control yourself.

Demonstrate negotiation skills (SP)

Being able to persuade your idea to counter another

Interpret statistical findings (SP)

Being able to read and analyse statistics and form a cohesive idea based on the findings

Demonstrate interest and enthusiasm (PQ)

Being excited about a task at hand

Identify company's brand promise (CS)

Benefits and experiences that marketing campaigns try to associate with a product in its current and prospective consumers' minds.

Recognize personal biases and stereotypes (PQ)

Bias - tendency/perspective to a certain thing Stereotype - broad generalization about something

Recognize personal biases and stereotypes.

Bias - tendency/perspective to a certain thing Stereotype - broad generalization about something

Recognize personal biases and stereotypes (PQ)

Bias and stereotypes revolve around predetermined opinions.

Interpret others' nonverbal cues (PQ)

Body Language as well as other signs and gestures that indicate mood or thought path are nonverbal cues.

Describe the nature of legally binding contracts.

Both parties agree to the terms of a written or spoken contract, or face legal consequences.

Discuss the impact of bribery and foreign monetary payments on business.

Bribery wastes money (estimated 5% of GDP) and decreases efficiency while increasing inequality.

Describe the nature of budgets.

Budgets include monetary sums set aside for various activities such as purchase, savings, and investments.

Give verbal directions (PQ)

Communicate Directions.

Explain the nature of business ethics.

Business ethics include employees balancing their personal and professional responsibilities, as well as companies serving the interests of both their consumers and stakeholders.

Monitor internal records for business information.

Business information records include financial data/trends, legal documents, promotional strategies, customer records, information technology documents, etc.

Explain the role of business in society (CS)

Business is the backbone of society and helps provide lifestyle for all classes of life.

Select and utilize appropriate formats for professional writing (CS)

Business letters are most appropriate for professional writing as they contain contact information and the address.

Select and utilize appropriate formats for professional writing.

Business letters are most appropriate for professional writing as they contain contact information and the address.

Write business letters (CS)

Business letters should contain the contact information and address of the sender, while containing a formal greeting/closing and a professional body.

Write business letters.

Business letters should contain the contact information and address of the sender, while containing a formal greeting/closing and a professional body.

Discuss the role of ethics in operations.

Business operations employees should not disclose information unless authorized and decisions should not be made unless it is permitted.

Unlimited Liability

Business owners are responsible for paying all business debts. (1)

Describe the nature of business records.

Business records record business dealings to assist with operations.

Explain the role of business in society (CS)

Businesses satisfy unlimited human wants by providing goods and services to society.

Explain the role of business in society.

Businesses satisfy unlimited human wants by providing goods and services to society.

Explain cultural considerations that impact global business relations.

Businesses should not offend people of any culture. When marketing, businesses should tailor their promotional strategies to fit the area's culture, in ways such as using models of that race or using a certain language in ads.

If customers feel that a product's price is too high, they will probably...

Buy less of the product

Demonstrate a customer-service mindset.

By being welcoming and encouraging to customers and helping them, employees can demonstrate a customer-service mindset.

Develop rapport with customers (CS)

By exhibiting empathy with customers and being understanding, employees can build rapport with and retain customers.

Develop rapport with customers.

By exhibiting empathy with customers and being understanding, employees can build rapport with and retain customers.

Overcome problems and difficulties associated with office politics (CS)

By using negotiation techniques, office drama can be resolved in an effective manner.

Diagonal Communication

Communication between different sectors of a business

Explain the concept of economic resources (CS)

Capital Resources - assets, monetary value Human Resources - labor/management Natural Resources - raw materials

Explain the concept of economic resources.

Capital Resources - assets, monetary value Human Resources - labor/management Natural Resources - raw materials

Identify sources of career information (CS)

Career information can be found on various web sites or even with an employer

Explain career opportunities in entrepreneurship (CS)

Career opportunities in entrepreneurship can be making your own business.

Explain career opportunities in entrepreneurship (CS)

Career opportunities in entrepreneurship include starting a restaurant, inn, travel agency, medical firm, accounting firm, etc.

Explain career opportunities in entrepreneurship.

Career opportunities in entrepreneurship include starting a restaurant, inn, travel agency, medical firm, accounting firm, etc.

Explain forms of financial exchange (PQ)

Cash - paper money Credit - legal obligation to pay at a later date Check - legal document confirming consumer's will to pay Electronic - virtual money Investments - bought by speculator with expectation of higher yield/returns

Explain forms of financial exchange.

Cash - paper money Credit - legal obligation to pay at a later date Check - legal document confirming consumer's will to pay Electronic - virtual money Investments - bought by speculator with expectation of higher yield/returns

Describe the nature of cash flow statements.

Cash flow statements are legal documents analyzing the economic activities of an individual including purchase, savings, and investments.

Describe the nature of cash flow statements (SP)

Cash flow statements outline where money comes in and goes out to.

Explain forms of financial exchange (cash, credit, debit, electronic funds transfer, etc.) (PQ)

Cash- physical currency exchange of notes. Credit- Paying with bank funded money that you agree to pay back Debit- electronically spending money you have already deposited in an account.

Adjust to change (PQ)

Change is common in the workplace and by adapting policies, work habits, and routines this change can be adjusted to.

Adjust to change.

Change is common in the workplace and by adapting policies, work habits, and routines this change can be adjusted to.

Paradigm innovation

Changing the way people do/think of things. Ex: computer system

Edit and revise written work consistent with professional standards (CS)

Check for spelling errors and typos as well as check for professional language and tone.

Explain legal considerations for accounting.

Clients can file malpractice lawsuits against their CPAs if they commit fraudulent behavior resulting in a loss of money for the client.

Enlist others in working toward a shared vision (CS)

Collaboration is a powerful tool and it is important that fellow workers exhibit personality traits such as motivation, positive attitude, empathy, and conflict resolution skills in order to form the perfect work team.

Enlist others in working toward a shared vision.

Collaboration is a powerful tool and it is important that fellow workers exhibit personality traits such as motivation, positive attitude, empathy, and conflict resolution skills in order to form the perfect work team.

Demonstrate collaborative/groupware applications (CS)

Collaborative applications (such as Google Drive) allow multiple employees to work together on business electronic deliverables.

Demonstrate collaborative/groupware applications.

Collaborative applications (such as Google Drive) allow multiple employees to work together on business electronic deliverables.

Maintain collaborative partnerships with colleagues.

Colleagues should identify common goals, brainstorm collaborative solutions and win-win situations, and enact the steps necessary to achieve such results.

Integrated Software

Collection of software designed to contain multiple programs.

Manage commitments in a timely manner.

Commitments should be managed in a timely manner by not procrastinating, and utilizing sequential tasking. If applicable, multitasking can be a powerful productivity tool.

Explain how organizations adapt to today's markets (SP)

Companies and marketing teams stay up to date on current trends and social events to keep their advertising relevent

Explain legal considerations for finance.

Companies can face criminal penalties for committing fraudulent behavior through intentional misrepresentation of their finances.

Protect company information and intangibles (CS)

Company information and assets should be kept confidential and protected from theft by cybercriminals.

Protect company information and intangibles.

Company information and assets should be kept confidential and protected from theft by cybercriminals.

Adhere to company protocols and policies (CS)

Company policies and protocols should be meticulously read and properly followed.

Adhere to company protocols and policies.

Company policies and protocols should be meticulously read and properly followed.

Analyze company resources to ascertain policies and procedures (CS)

Company resources can be any information regarding the company. EX: Handbook, Evaluations, Instructional Content

Explain the concept of competition (CS)

Competition is the amount of businesses and differentiation among their goods and services within a certain market. Types of Competition: Monopoly - 1 business, no differentiation Oligopoly - few businesses, low differentiation Monopolistic Competition - many businesses, high differentiation Perfect Competition - many businesses, no differentiation Duopoly - 2 dominant suppliers Collusion - classified suppliers (e.g. government weapons suppliers) Cartel - association of suppliers with high prices and low competition

Explain the concept of competition.

Competition is the amount of businesses and differentiation among their goods and services within a certain market. Types of Competition: Monopoly - 1 business, no differentiation Oligopoly - few businesses, low differentiation Monopolistic Competition - many businesses, high differentiation Perfect Competition - many businesses, no differentiation Duopoly - 2 dominant suppliers Collusion - classified suppliers (e.g. government weapons suppliers) Cartel - association of suppliers with high prices and low competition

Handle customer/client complaints (CS)

Complaints should be addressed appropriately and in a timely manner. An apology should be issued.

Handle customer/client complaints.

Complaints should be addressed appropriately and in a timely manner. An apology should be issued.

Explain the impact of geography on world trade.

Complex terrain can make distribution of products to these areas difficult, forcing businesses to decide whether it is worth expending resources to distribute products to these areas.

Compound Interest

Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest of previous periods of a deposit or loan.

Discuss principles of computer systems (PQ)

Computer systems include software and hardware. More powerful hardware allows a computer to perform more calculations per unit of time, and software includes operating systems, web browsers, and computer applications.

Discuss principles of computer systems.

Computer systems include software and hardware. More powerful hardware allows a computer to perform more calculations per unit of time, and software includes operating systems, web browsers, and computer applications.

Maintain the confidentiality of others (CS)

Confidentiality is the protection of private information and employees must not violated by spreading personal information of others' to third parties.

Maintain the confidentiality of others.

Confidentiality is the protection of private information and employees must not violated by spreading personal information of others' to third parties.

Use conflict-resolution skills (CS)

Conflict can be resolved through collaboration, compromise, or avoidance.

Use conflict-resolution skills.

Conflict can be resolved through collaboration, compromise, or avoidance.

Analyze company resources to ascertain policies and procedures (CS)

Consulting the employee handbook or one's co-workers can ascertain one of company policies and procedures.

Analyze company resources to ascertain policies and procedures.

Consulting the employee handbook or one's co-workers can ascertain one of company policies and procedures.

Explain the nature of agency relationships.

Contract is agreed upon where an agent acts on behalf of another (the principal) to create legal relations with a third party.

Validate credit history (CS)

Credit history should be checked frequently to ensure that all existent debts have been paid and that no nonexistent debts have been paid.

Validate credit history.

Credit history should be checked frequently to ensure that all existent debts have been paid and that no nonexistent debts have been paid.

Explain the purposes and importance of credit (CS)

Credit is borrowed to allow individuals to pay at a fixed date in the future and helps economy to grow.

Explain the purposes and importance of credit.

Credit is borrowed to allow individuals to pay at a fixed date in the future and helps economy to grow.

Explain the purposes and importance of credit (CS)

Credit is the evaluation on your ability and likely hood of paying back long term payments and loans.

Demonstrate the wise use of credit (CS)

Credit payments should add up to be less than the total income for the credit period.

Demonstrate the wise use of credit.

Credit payments should add up to be less than the total income for the credit period.

Secured Credit

Loans secured by the assets of your business or your personal assets or both.

Explain the use of feedback for personal growth (PQ)

Critical feedback can be used for insight on personal strengths and weaknesses and how these attributes can be perfected to improve work ethic.

Explain the use of feedback for personal growth.

Critical feedback can be used for insight on personal strengths and weaknesses and how these attributes can be perfected to improve work ethic.

Exhibit cultural sensitivity (CS)

Cultural sensitivity is the ability of an individual to understand and relate to people of other races/cultures through ways such as refraining from racial slurs and accepting others' differences.

Exhibit cultural sensitivity.

Cultural sensitivity is the ability of an individual to understand and relate to people of other races/cultures through ways such as refraining from racial slurs and accepting others' differences.

Explain factors that influence customer/client/business buying behavior.

Culture - adapt to food, music, customs, etc. Social - appeal to initiator, influencer, and buyer Personal - appeal to lifestyle Psychological - motivation and perception

Identify types of currency (PQ)

Currencies with High Effect on Global Markets: U.S. Dollar EU Euro Chinese Yuan British Pound

Identify types of currency.

Currencies with High Effect on Global Markets: U.S. Dollar EU Euro Chinese Yuan British Pound

Interpret statistical findings

Current and past data can be used to interpret trends and apply it to business activities such as sales and marketing.

Respond to customer inquiries (CS)

Customer inquiries should be responded to with all necessary and relevant information in an assertive and friendly manner.

Discuss the nature of customer relationship management (SP)

Customer relationship management is the position that facilitates positive customer relations

Explain the role of ethics in customer relationship management.

Customer service representatives must be honest with their customers and assist them in making the right decision based on their buying behavior. In addition, they must uphold the values of the business by dealing with difficult customers effectively, based on their type.

Explain the nature and scope of purchasing.

Customers purchase goods and services from a company anywhere locally, regionally, domestically, or internationally.

Explain how digital communications expose businesses to risk.

Cybercrime - theft of IP, interception of emails, etc. Damaged PR - leaked information

Select vendors (SP)

DEFINITION of 'Vendor' The party in the supply chain that makes goods and services available to companies or consumers. The term vendor is typically used to describe the entity that is paid for the goods that are provided, rather than the manufacturer of the goods.

Maintain data security (CS)

Data can be secured through encryption software.

Discuss the nature of data mining.

Data mining is the process of examining large databases to gather new information.

Discuss the importance of ethics in data mining.

Data must be kept confidential to ensure the privacy of clients.

Explain the role of ethics in information management.

Data must remain confidential unless consent is obtained from the subject of the information.

Explain the principles of data analysis.

Data should be analyzed using probability, least squares regression, entropy, and thermodynamics.

Demonstrate basic database applications (PQ)

Database applications allow companies to store information for future use.

Demonstrate basic database applications.

Database applications allow companies to store information for future use.

Database

Database software allows companies to collect, store, and organize customer information. The information can be used to maintain, analyze, and combine customer information in order to send certain messages to specific customers. (68)

Database

Date held in a computer, possibly accessed from multiple places

Discuss the nature of debtor-creditor relationships.

Debtor-creditor relationships are when one party (debtor) owes another party (creditor) money. They can be voluntary (credit card purchases, mortgage payments. etc.) or involuntary (child support, etc.)

Discuss the importance of utilizing ethical purchasing methods.

Debts should always be paid on time when purchasing a product. Although one can declare bankruptcy, this has devastating consequences on the individual and the business.

Make decisions (CS)

Decisions should be made to benefit the employees and company as a whole. Types of Decision-Making: Autocratic - 1 person Minimum Input - 2 people Moderate Input - more than 2 people, but not all Laissez Faire - everyone's input

Explain legal issues associated with information management (SP)

Exposing private and privileged information unauthorized is illegal and can result in fines and prison time.

Make decisions.

Decisions should be made to benefit the employees and company as a whole. Types of Decision-Making: Autocratic - 1 person Minimum Input - 2 people Moderate Input - more than 2 people, but not all Laissez Faire - everyone's input

Defend ideas objectively (CS)

Defend an idea objectively by hearing others comments and or criticism in a positive, productive light

When making a decision, the first thing a person should do is...

Define the objective

Most likely result of competition

Development of new products

Handle difficult customers (CS)

Difficult customers should have their needs heard and handled professionally through employees explaining policies and negotiating terms. Types of Difficult Customers: Domineering - acts like a know-it-all Suspicious - doesn't trust anyone Slow/Methodical - takes forever to make a decision Dishonest - lies about pricing, promotion rules, etc. Disagreeable - tells you how to do your job

Handle difficult customers.

Difficult customers should have their needs heard and handled professionally through employees explaining policies and negotiating terms. Types of Difficult Customers: Domineering - acts like a know-it-all Suspicious - doesn't trust anyone Slow/Methodical - takes forever to make a decision Dishonest - lies about pricing, promotion rules, etc. Disagreeable - tells you how to do your job

Apply written directions to achieve tasks (PQ)

Directions must be followed meticulously to achieve tasks.

Apply written directions to achieve tasks.

Directions must be followed meticulously to achieve tasks.

Exhibit a positive attitude (PQ)

Displaying an attitude that is positive even through adversity.

Analyze impact of specialization/division of labor on productivity.

Division of labor ensures that a business can complete multiple tasks at once, allowing it to remain competitive and thereby increasing its productivity, resulting in more outputs per input.

Handle difficult customers (CS)

Do not act impulsively and stay polite and respectful. Try to resolve the customers predicament but continue to stand your ground. If you are not able to answer the question answer to the best of your ability and offer to transfer customer to higher levels

Demonstrate ethical work habits (PQ)

Doing the right thing when nobody is looking.

Apply written directions to achieve tasks (PQ)

Don't assume, always follow up to confirm instructions.

Demonstrate active listening skill (PQ)

Don't slouch, sit up straight, and exhibit enthusiasm.

Demonstrate active listening skills.

Don't slouch, sit up straight, and exhibit enthusiasm.

Protect company information and intangibles (CS)

Don't tell important information when unauthorized

Utilize note-taking strategies (CS)

Don't write each word. Focus on the most important key issues or topics

Demonstrate basic e-mail functions (PQ)

E-mail functions include forwarding, carbon copying, attaching files, deleting/archiving emails, filtering spam, blocking email addresses, etc.

Demonstrate basic e-mail functions.

E-mail functions include forwarding, carbon copying, attaching files, deleting/archiving emails, filtering spam, blocking email addresses, etc.

Respect the privacy of others (PQ)

EX: salary and divorce are not good discussion options.

Discuss the impact of cultural and social environments on global trade (SP)

EX: trying to sell hamburgers in the middle east would be an ineffective business practice as the demand would be fairly low.

Explain the concept of economic resources (CS)

Economic resources are the factors used in producing goods or providing services. In other words, they are the inputs that are used to create things or help you provide services. Economic resources can be divided into human resources, such as labor and management, and nonhuman resources, such as land, capital goods, financial resources, and technology.

Private Enterprise

Economic system that allows individuals to pursue their own interests without undue governmental restriction

Describe the concepts of economics and economic activities (CS)

Economics is the social science that studies economic activity to gain an understanding of the processes that govern the production, distribution and consumption of goods and services in an economy.

Describe the concept of economics and economic activities (CS)

Economics is the study of meeting unlimited human wants and examining their behavioral patterns in regards to money based on various environmental, social, political, personal, and psychological factors. This includes strategy involved in various economic activities in order to attract consumers of the target market and generate more cash flow. Economic Activities: Production - creation of a good/service Distribution - making good/service available Consumption - usage of a good/service

Describe the concept of economics and economic activities.

Economics is the study of meeting unlimited human wants and examining their behavioral patterns in regards to money based on various environmental, social, political, personal, and psychological factors. This includes strategy involved in various economic activities in order to attract consumers of the target market and generate more cash flow. Economic Activities: Production - creation of a good/service Distribution - making good/service available Consumption - usage of a good/service

Explain the nature of effective communications (PQ)

Effective communications can efficiently persuade or inform a group or individual through methods such as simplicity and action.

Explain the nature of effective communications.

Effective communications can efficiently persuade or inform a group or individual through methods such as simplicity and action.

Zoning

Local municipalities regulating businesses to operate at particular sites

Explain the nature of effective verbal communications (PQ)

Effective verbal communication can be formal or informal, and is when a speaker appears confident and "in the know." This can influence/persuade the listener.

Explain the nature of effective verbal communications.

Effective verbal communication can be formal or informal, and is when a speaker appears confident and "in the know." This can influence/persuade the listener.

Explain the nature of effective verbal communications (PQ)

Effective verbal communication entails accurately communication information in the most understandable means of exchange.

Explain the nature of effective written communications (CS)

Effective written communication should accurately communicate an idea.

Explain the nature of effective written communications (CS)

Effective written communications should contain all of the necessary information, have proper formatting/conventions, and attempt to persuade or inform the reader.

Explain the nature of effective written communications.

Effective written communications should contain all of the necessary information, have proper formatting/conventions, and attempt to persuade or inform the reader.

Describe the impact of electronic communication tools on global business activities.

Electronic communication, such as email and social media can allow businesses to market their products to a global audience and negotiate partnerships with foreign companies.

Handle and report emergency situations (CS)

Emergency situations should be reported to 911 and company management, and the employee should act with common sense at their discretion.

Handle and report emergency situations.

Emergency situations should be reported to 911 and company management, and the employee should act with common sense at their discretion.

Describe the nature of emotional intelligence (PQ)

Emotional intelligence is the ability of an individual to recognize their own and other's emotions to discriminate between different emotions and to act appropriately.

Describe the nature of emotional intelligence.

Emotional intelligence is the ability of an individual to recognize their own and other's emotions to discriminate between different emotions and to act appropriately.

Show empathy for others (PQ)

Empathy is the capability of an individual to understand and sympathize with others' emotions through ways such as relevant questioning and reassurance.

Show empathy for others.

Empathy is the capability of an individual to understand and sympathize with others' emotions through ways such as relevant questioning and reassurance.

Discuss the nature of customer relationship management.

Employees analyze customer feedback to improve sales and marketing methods to meet/exceed the expected standards to increase revenue Types of Customer Buying Behavior: Variety-Seeking - routine items, desire to try diff. things Risk-Taking - expensive items from unfamiliar business Status-Oriented - desire to have best quality/trendiness Brand-Insisted - only buy from certain brand

Determine ways of reinforcing the company's image through employee performance (CS)

Employees at a company should be seen as diligent such that more people will apply for jobs and more customers will purchase the company's products.

Discuss actions employees can take to help the company achieve its desired results.

Employees can complete tasks on time in order to add to company meeting quotas at set deadlines.

Discuss actions employees can take to achieve the company's desired results (SP)

Employees can try to drive sales by effectively assistant customers throughout service.

Ascertain employee's role in meeting organizational goals.

Employees must follow company policy, procedure, and protocol and accomplish all expected tasks in a timely manner.

Adapt communication to the cultural and social differences among clients (CS)

Employees should refrain from using derogatory, racist, and sexist vocabulary. They should determine when it is appropriate to utilize more casual or more professional communication.

Adapt communication to the cultural and social differences among clients.

Employees should refrain from using derogatory, racist, and sexist vocabulary. They should determine when it is appropriate to utilize more casual or more professional communication.

Demonstrate ethical work habits (PQ)

Employees with good work ethic demonstrate reliability, a positive attitude, communication skills, and motivation.

Demonstrate ethical work habits.

Employees with good work ethic demonstrate reliability, a positive attitude, communication skills, and motivation.

Analyze employer expectations in the business environment (PQ)

Employers expect employees to be competent in accomplishing their assigned tasks.

Analyze employer expectations in the business environment.

Employers expect employees to be competent in accomplishing their assigned tasks.

Explain employment opportunities in business (CS)

Employment opportunities in business includes marketing, accounting, market research, sales, finance operations, business operations, human resource management, etc. in the fields of technology, hospitality, tourism, sports/entertainment etc.

Explain employment opportunities in business.

Employment opportunities in business includes marketing, accounting, market research, sales, finance operations, business operations, human resource management, etc. in the fields of technology, hospitality, tourism, sports/entertainment etc.

Explain the role-requirements of entrepreneurs and owners.

Entrepreneurs and owners should be good leaders and well-versed in business.

Most businesses consider initiative to be __________ for employees

Essential

Constructive Criticism

Evaluative information designed to help you improve. (41)

Employment Taxes

Federal income tax withholding, social security and Medicare taxes, and federal unemployment tax.

Determine personal vision (CS)

Figuring out what and where you wanna be in life.

What should you do if their is a purchase on your credit card statement that you didn't purchase.

File a police report, contact your credit card company, check your credit report

Set financial goals.

Financial goals involve setting a budget of money that is to be used for purchase, money to be invested in stocks/bonds, and money to be saved in raw form for future use.

Discuss the role of ethics in finance.

Financial information must be reported accurately and honestly to maintain integrity.

Discuss the role of ethics in accounting.

Financial information must be reported honestly and should not be disclosed without the consent of the subject of the information.

Write a follow-up letter after job interviews.

Follow-up letters should reinforce the applicant's interest in the company.

Determine economic utilities created by business activities (CS)

Form Utility - configuration of product Place Utility - physical location Time Utility - timing of service Possession Utility - terms of ownership

Determine economic utilities created by business activities.

Form Utility - configuration of product Place Utility - physical location Time Utility - timing of service Possession Utility - terms of ownership

Corporation

Form of business ownership in which the business is owned by stockholders who have purchased shares of stock. (1)

Describe current business trends (SP)

From a technical perspective, trends involve looking at the statistical analysis of historical data over a selected time frame and charting the progression. If the data suggests consistent increases, decreases or even constancy or flatness, there exists a trend.

External Communication

From the company to the outside or the reverse. (9)

Discuss the nature of human resources management (CS)

Functions of HRM: Planning/Analysis - assessing employees' performance and training Employee Relations - liaisons between managers and subordinates Health/Safety - ensuring compliance of workplace with OSHA regulations Compensation/Benefits - payroll and benefits such as health insurance HR Development - operations of dept. Staffing - hiring Equal Employment - working to make workplace more diverse

Discuss the nature of human resources management.

Functions of HRM: Planning/Analysis - assessing employees' performance and training Employee Relations - liaisons between managers and subordinates Health/Safety - ensuring compliance of workplace with OSHA regulations Compensation/Benefits - payroll and benefits such as health insurance HR Development - operations of dept. Staffing - hiring Equal Employment - working to make workplace more diverse

Describe the nature of legally binding contracts (SP)

Generally, to be legally valid, most contracts must contain two elements: 1. All parties must agree about an offer made by one party and accepted by the other. 2. Something of value must be exchanged for something else of value. This can include goods, cash, services, or a pledge to exchange these items.

The opening sentences of an effective business letter should?

Get right to the point.

A new employee was just hired. What should you do on their first day?

Give them a mentor to answer any questions

Explain the nature of global trade (SP)

Global trade is the trade around the world of products that are more efficiently produced elsewhere.

Explain the nature of global trade.

Global trade occurs through the transport of goods internationally. Import/export law differs from country to country and must be abided by.

Describe the impact of globalization on business.

Globalization allows businesses to promote its products over the Internet and work with other businesses around the globe. However, there is increased competition from foreign companies.

Distinguish between economic goods and services (CS)

Good - tangible, purchased for manual use Service - intangible, purchased for one to perform a task on behalf of the clientt

Distinguish between economic goods and services.

Good - tangible, purchased for manual use Service - intangible, purchased for one to perform a task on behalf of the clientt

Explain legal responsibilities associated with financial exchanges (CS)

Good Faith - honest intention to fulfill obligation Disclosure - information is accessible to outside entities Important Finance Laws: Sarbanes-Oxley Act - CEO/CFO verifies external docs Dodd-Frank Act - strictest regulations since Great Depression Gramm-Leach-Blilley Act - created financial services industry by combining banks, insurance, etc. into one industry

Explain legal responsibilities associated with financial exchanges.

Good Faith - honest intention to fulfill obligation Disclosure - information is accessible to outside entities Important Finance Laws: Sarbanes-Oxley Act - CEO/CFO verifies external docs Dodd-Frank Act - strictest regulations since Great Depression Gramm-Leach-Blilley Act - created financial services industry by combining banks, insurance, etc. into one industry

Distinguish between economic goods and services (CS)

Good is a tangible thing you can feel and touch (Fruits, Toys and Cars) where as a service is an action that is preformed (Doctor, Mailman, Landscaper)

Capital Goods

Goods used to make other goods

Demonstrate basic data mining techniques.

Government data, such as the Federal Census Bureau, can be analyzed to make deductions based on existing information.

Identify sources that provide relevant, valid written material (PQ)

Government publications, reputable news outlets, textbooks, and professional research papers provide relevant, valid written material. One should verify an author's credentials to determine credibility.

Identify sources that provide relevant, valid written material.

Government publications, reputable news outlets, textbooks, and professional research papers provide relevant, valid written material. One should verify an author's credentials to determine credibility.

Select and use appropriate graphic aids (CS)

Graphic aids should organize information in a systematic and clear manner (e.g. flow chart - decision making).

Select and use appropriate graphic aids.

Graphic aids should organize information in a systematic and clear manner (e.g. flow chart - decision making).

Explain the role of ethics in human resources management.

HR managers must hire based on merit regardless of gender, age, race, religion, or sexual orientation.

Discuss the impact of a nation's unemployment rates (SP)

Having to many unemployed people means more government subsidy reliance.

Describe health and safety regulations in business (PQ)

Health and safety regulations exist to foster a safe workplace for all employees.

Describe health and safety regulations in business.

Health and safety regulations exist to foster a safe workplace for all employees.

Explain the use of technology in accounting (SP)

Helps centralize and calculate certain information.

Demonstrate honesty and integrity.

Honesty and integrity can be demonstrated through not lying and exhibiting good ethics and morals.

HR Department

Human Resources Department including payroll functions and training.

Determine factors affecting business risk.

Human Risk - possibility of loss caused by humans Economic Risk - unfavorable market conditions Natural Risk - natural disasters

Report noncompliance with business health and safety regulations (PQ)

Human resources can help you.

Report noncompliance with business health and safety regulations (PQ)

If health and safety standards are being violated, they should be reported to management to prevent damage to employees or property.

Report noncompliance with business health and safety regulations.

If health and safety standards are being violated, they should be reported to management to prevent damage to employees or property.

Evaluate quality and source of information.

If the author's credentials are valid, the quality from the source is likely to be higher.

Interpret others' nonverbal cues (PQ)

If the listener appears irritated, switch topics or end the conversation. If s/he appears attentive or enthusiastic, carry on and press further.

Interpret others' nonverbal cues.

If the listener appears irritated, switch topics or end the conversation. If s/he appears attentive or enthusiastic, carry on and press further.

Nonverbal Communication

In business communication, email is quick and easy plus it has the added benefit of leaving a paper trail and even allowing you to track the mail to see whether it has been received.

Determine the relationship between government and business (CS)

In many countries government facilitates many aspects of business like minimum wages, corporate taxes, and tariffs for trade.

Explain the nature of tools that can be used to access information in the database system.

In order to break into an information system, hackers can program tools to gain access to confidential information.

Describe the nature of customs regulations.

In the USA, customs regulations are imposed by the U.S. Customs and Border Protection agency. They exist to protect the country's economy, people, and environment; and monitor the flow of goods across international borders.

Table of Contents

Locate specific information quickly

Explain the nature of import/export law.

In the USA, import/export law is regulated by the U.S. Customs and Border Protection agency. These regulations govern what can and cannot be brought in and out of the country.

Protect against identity theft.

Individuals should avoid sharing personal information such as social security number (SSN) and credit card number to prevent identity theft.

Describe the economic impact of inflation on business.

Inflation decreases the value of money, meaning that the business's assets are constantly becoming less and less valuable.

Explain the role of information systems (PQ)

Information Storage - safely keeps information Decision-Making Assistance - helps companies make decisions based on data trends Business Process Assistance - allows companies to market and sell appropriately based on demographics

Explain the role of information systems.

Information Storage - safely keeps information Decision-Making Assistance - helps companies make decisions based on data trends Business Process Assistance - allows companies to market and sell appropriately based on demographics

Apply information to accomplish a task (CS)

Information can be applied to brainstorming promotional strategies appealing to the data findings.

Apply information to accomplish a task.

Information can be applied to brainstorming promotional strategies appealing to the data findings.

Organize information (CS)

Information can be organized in many ways. EX: Chronological, Alphabetical.

Store information for future use (CS)

Information can be stored in electronic spreadsheets and physical documents.

Store information for future use.

Information can be stored in electronic spreadsheets and physical documents.

Assess information needs (CS)

Information needs to include several relevant data sets for comparison that can be used to brainstorm promotional strategies.

Assess information needs.

Information needs to include several relevant data sets for comparison that can be used to brainstorm promotional strategies.

Explain information privacy, security, and confidentiality considerations in business (CS)

Information should always be encrypted and secure from cybercriminals and should not be disclosed without authorization.

Explain information privacy, security, and confidentiality considerations in business.

Information should always be encrypted and secure from cybercriminals and should not be disclosed without authorization.

Explain the role of information systems (PQ)

Information systems store, organize and secure information.

Explain ethical considerations in providing information.

Information technology affects common issues such as copyright protection, intellectual freedom, accountability, privacy, and security.

IPO

Initial Public Offering (the first public issuance of stock in a company.)

Demonstrate initiative (PQ)

Initiative is the personality trait of an individual taking responsibility for a certain action through ways such as learning about the situation, brainstorming solutions, assembling a team, and completing a task.

Demonstrate initiative.

Initiative is the personality trait of an individual taking responsibility for a certain action through ways such as learning about the situation, brainstorming solutions, assembling a team, and completing a task.

Explain the need for innovation skills (CS)

Innovation and creativity is necessary in any employee as pivotal ideas can lead to major breakthroughs in a company's financial success.

Explain the need for innovation skills.

Innovation and creativity is necessary in any employee as pivotal ideas can lead to major breakthroughs in a company's financial success.

Explain the need for innovation skills (CS)

Innovation skills are needed to improve ideas and make them better.

Write inquiries (CS)

Inquiries should contain relevant questions about a certain good, service, or policy.

Write inquiries.

Inquiries should contain relevant questions about a certain good, service, or policy.

Follow instructions for use of tools, equipment, and machinery (PQ)

Instructions should be read meticulously before equipment is operated. If necessary, employees should ask the manager for assistance.

Follow instructions for use of tools, equipment, and machinery.

Instructions should be read meticulously before equipment is operated. If necessary, employees should ask the manager for assistance.

Hazard Insurance

Insurance required showing lender as loss payee covering certain risks on real and personal property used for securing loans.

Use an integrated business software application package (CS)

Integrated business software application packages (such as Google Apps for Business) include word processing, presentation, and spreadsheet applications.

Follow oral directions (PQ)

Listen carefully, then execute the steps as given. After instructions are given, clarify any doubts. If further help is necessary, ask your supervisor for assistance.

Follow oral directions.

Listen carefully, then execute the steps as given. After instructions are given, clarify any doubts. If further help is necessary, ask your supervisor for assistance.

Describe methods used to protect intellectual property.

Intellectual property is a proprietary work/invention of an owner. Owners of IP file through the U.S. Patent and Trademark Office to protect proprietorship of their work. When challenged in court, owners of IP must defend the validity of their ownership. U.S. Patent and Trademark Office Legal Documents: Patent - government license giving right to exclude others from making, using, or selling an invention (for a limited time) Trademark - symbol or word(s) legally registered as representing a company or product Copyright - exclusive right to print, publish, film, and perform media (and authorize others to do the same)

Explain the economic impact of interest-rate fluctuations

Interest rate fluctuations influence consumer/business spending, inflation, and recessions. Relationships between Interest Rates and Economy: Consumer/Business Spending - negatively correlated Inflation - negatively correlated Recession - positive correlated (when set too high)

Usury

Interest which exceeds the legal rate charged to a borrower for the use of money

Describe the factors which affect the business environment.

Internal Factors: Core Competencies - strengths/weaknesses Goals/Objectives - envisioned accomplishments Values/Philosophy - beliefs on how to do business External Factors: Macro Trends - various environmental, geopolitical, and social trends Economic Dynamics - changes in economic principles of industry Competition - See PI #89

Follow chain of command (CS)

Interns follow associates who follow managers who follow senior managers who follow vice presidents who follow C-level executives.

Follow chain of command.

Interns follow associates who follow managers who follow senior managers who follow vice presidents who follow C-level executives.

Describe techniques for obtaining work experience (e.g., volunteer activities, internships) (PQ)

Internships can help put a foot in a door at a company.

Innovation

Introduction of a new idea into the marketplace in the form of a new product or service, or an improvement in organization or process.

Maintain inventory of supplies (CS)

Inventory is the amount of a certain supply available for manufacturing a product and should be maintained to determine long-term goals.

Maintain inventory of supplies.

Inventory is the amount of a certain supply available for manufacturing a product and should be maintained to determine long-term goals.

Form Utility

Involves altering the shape of a product to make it more useful to customers. (22)

Pricing Function

Involves determining and adjusting prices to maximize return and meet customers' perceptions of value. (57)

Distribution

Involves moving, storing, locating, and/or transferring ownership of goods and services. (46)

Possession Utility

Is created when the ownership of a product transfers from the seller to the user. (22)

Develop an achievement orientation (CS)

It is important that employees develop cognition and behavior relative to the interpretation and reaction to a variety of tasks.

Develop an achievement orientation.

It is important that employees develop cognition and behavior relative to the interpretation and reaction to a variety of tasks.

What is the benefit of shared vision to an organization?

It serves as a guide for decision making

Complete a job application (PQ)

Job applications require applicants to fill in personal information as well as prior experience.

Complete a job application.

Job applications require applicants to fill in personal information as well as prior experience.

Utilize job-search strategies (PQ)

Jobs can be searched using the Internet or by attending a career fair to network with professionals.

Utilize job-search strategies.

Jobs can be searched using the Internet or by attending a career fair to network with professionals.

Explain the nature of operations (CS)

Jobs or tasks consisting of one or more elements or subtasks, performed typically in one location. Operations transform resource or data inputs into desired goods, services, or results, and create and deliver value to the customers. Two or more connected operations constitute a process, and are generally divided into four basic categories: (1) processing, (2) inspection, (3) transport, and (4) storage.

Protect against identity theft (CS)

Keep personal information secure and don't give out social security.

Explain the concept of leadership.

Leadership is the concept of an individual or group of individual managing administrative tasks for an organization. Types of Leadership: Authoritarian - strictly professional, direct supervision Paternalistic - father figure, more personal Democratic - social equality Laissez Faire - workers have all power Transactional - system of rewards/punishments Transformational - leads change and initiative

Identify desirable personality traits important to business (PQ)

Leadership, Public Speaking, Prosperity under pressure.

Identify sources that provide relevant, valid written material (PQ)

Legal documents that are valid should be signed, dated and sourced

Write a letter of application (CS)

Letters of application are requests to apply for a job.

Write a letter of application.

Letters of application are requests to apply for a job.

Explain the impact of political relationships within an organization.

Liberals may tend to be more open to change, while conservatives tend to prefer strict and unchanged policy.

Capital Goods

Limited by availability of labor.

limited partnership

Limited partners share in the profits of the business, but their losses are limited to the extent of their investment

Persuade others.

Logos (statistics and reasoning), pathos (feeling and emotion), and ethos (expertise and qualifications) can be used to persuade an audience.

Evaluate vendor performance (SP)

Look at the vendors performance.

Assess personal interests and skills needed for success in business (PQ)

Looking at skills you posses and seeing how it can positively affect a business.

Analyze employer expectations in the business environment (PQ)

Looking at what your boss expects you to do in your job.

Identify resources needed for project (SP)

Make a list of things needed for a project.

Explain routine security precautions (CS)

Make sure all doors are lock before leaving if you are the last person.

Select and use appropriate graphic aids (CS)

Make sure graphic is relevant. EX: Healthy food ad.

Respond to customer inquiries (CS)

Make sure your response is accurate and clear. If you are not sure, refer to company handbook or upper management.

Foster positive working relationships (CS)

Making a good impression.

Evaluate project results (SP)

Making a list of goals and when to accomplish them and then checking back to see if you made your goals

Set personal goals (CS)

Making a list of things you want to accomplisgh

Economics is concerned primarily with evaluating alternatives and...

Making economic decisions

Utilize quality control methods at work (SP)

Making sure you are focused and paying attention to your work so that the quality is good.

Demonstrate appropriate creativity (SP)

Making sure your ideas match the right idea in goal.

Democratic Management

Management built around mutual respect between employees and the manager, which allows workers to have a say in the operation of an organization. (50)

Explain the concept of management.

Management is the concept of dealing with or controlling things of people.

Identify the impact of small businesses/entrepreneurship on market economies (CS)

Market economies are completely unregulated, meaning that there are few barriers to entry and startups can easily make contributions to society and profit.

Identify the impact of small businesses/entrepreneurship on market economies.

Market economies are completely unregulated, meaning that there are few barriers to entry and startups can easily make contributions to society and profit.

Explain marketing and its importance in a global economy (CS)

Marketing is the concept of promoting a product to an audience with the goal of selling it to consumers. All businesses market their products and attempt to allow it to appeal to a global market in order to increase opportunity for profit.

Explain marketing and its importance in a global economy.

Marketing is the concept of promoting a product to an audience with the goal of selling it to consumers. All businesses market their products and attempt to allow it to appeal to a global market in order to increase opportunity for profit.

Discuss the impact of cultural and social environments on global trade.

Marketing strategies should be appropriate to the cultural and social norms of an area, such as making area-specific products that people are more likely to purchase.

Accrual Basis of Accounting

Method of accounting in which you match revenue with expense regardless of when the cash may or may not be collected

Cash Basis of Accounting

Method of accounting in which you recognize income when you receive the cash and expense when you receive the bill

Explain the nature of risk management.

Methods of Risk Management: Avoidance - halting activities that cause risk Acceptance - taking no measures to mitigate risk Transference - placing risk on another entity Reduction - mitigating (but not eliminating) risk

Working Capital

Money available to a firm for daily operations

Income

Money made in a business before expenses. A business must make more money than it spends in order to make a profit. (28)

Standard Mileage Rate

Multiplying business miles by the standard mileage rate for the year, to figure car and truck deduction. The standard mileage rate is announced annually by the IRS.

Explain types of investments (CS)

Mutual Funds - multiple investors pool in money Real Estate - property ownership Stocks - shares of corporations (part ownership) Municipal Bonds - government notes sold for different value Corporate Bonds - company borrows money

Explain types of investments.

Mutual Funds - multiple investors pool in money Real Estate - property ownership Stocks - shares of corporations (part ownership) Municipal Bonds - government notes sold for different value Corporate Bonds - company borrows money

A salesperson who is planning a business trip to meet with several customers in a different city might write letters of inquiry in order to?

Request appointments

Discuss the nature of law and the sources of law in the United States.

Nature of Law: Criminal Law - prohibit crimes harming others/property Civil Law - disputes between people or groups Constitutional Law - challenging the U.S. Constitution, which is subject to interpretation by the courts (common law) Administrative Law - governs duties and powers of U.S. federal agencies International Law - treaties, trade agreements, etc. Sources of Law: The U.S. and state Constitutions contain rights enumerated to citizens as well as general regulations considered key to society. Laws can also be passed in the form of statutes by the U.S. Congress ans state legislatures. They can be struck down by the U.S. and state Supreme Courts if found unconstitutional.

Demonstrate negotiation skills.

Negotiators should discuss terms, clarify goals, brainstorm win-win solutions, agree on a contract, and implement the course of action.

Use networking techniques to identify employment opportunities.

Networking techniques include maintaining communication and establishing relationships with professionals.

Orient new employees (CS)

New employees should know all major company policies, as well as how to dress, act, behave, and perform their duties.

Orient new employees.

New employees should know all major company policies, as well as how to dress, act, behave, and perform their duties.

Which of the following often presents an opportunity for current employees to be considered for a promotion...

New position created. When someone leaves a company, there is an open spot where an employee within the company get get promoted to.

Should you be able to adjust to change more quickly over time?

No, the length of time it takes depends on the kind of change

Profession and Trade Associations

Non-profit, cooperative and voluntary organizations that are designed to help their members in dealing with problems of mutual interest.

Describe types of business activities (CS)

OPERATIONS -Operations includes every activity needed to manufacture a product or provide a service. FINANCE -The bottom line: Money makes business possible. When approached carefully, finance activities build a foundation for a company's security, ensuring future operations. MARKETING -Without customers for its products or services, a company can't stay afloat, making marketing another crucial business activity. Marketing activities go beyond merely creating ads that entice customers. Instead, marketing activities are intimately connected with a company's products and services.

Explain the nature of office politics (CS)

Office politics is a scenario in which multiple employees battle for dominance over decision-making. It can be helpful (clear leader) or harmful (uncontrollable conflict).

Competition

One who offers a similar good or service to the same demographic leading to a split market instead of a monopoly.

Entrepreneur

One who organizes, operates and assumes the risk in a business

Explain the need for ongoing education as a worker (PQ)

Ongoing education can help you further your expertise in a certain series

Moonlighting

Operating a business "in the moonlight"; that is, a part-time business.

Describe types of business activities (CS)

Operations - improving quality/efficiency Marketing - improving product appeal to consumers Finance - recording financial transactions to make recommendations, filing reports to banks and gov.

Describe types of business activities.

Operations - improving quality/efficiency Marketing - improving product appeal to consumers Finance - recording financial transactions to make recommendations, filing reports to banks and gov.

Explain the nature of operations (CS)

Operations is the business activity of harvesting value from assets owned by a business. These assets can be tangible or intangible.

Explain the nature of operations.

Operations is the business activity of harvesting value from assets owned by a business. These assets can be tangible or intangible.

Prejudice

Opinion or judgment that is based on feeling or hearsay, rather than on fact; prejudge. (44)

Explain the nature of organizational culture.

Organizational culture is the shared values and conventions of a group of people. In business, this includes wearing professional clothing, leading and participating in staff meetings, and brainstorming strategies.

Identify resources needed for project.

Resources for projects include capital, time, and labor.

Explain the organizational design of businesses.

Organizational design is the structure of a business or its activities, such as having a CEO and chief executives, followed by senior managers, managers, associates, and interns. It can be centralized (one decision-maker) or decentralized (multiple decision-makers).

Determine the nature of organizational goals.

Organizational goals are strategic objectives that a company's management establishes to outline expected outcomes and guide employees' efforts.

Explain how organizations adapt to today's market.

Organizations have market-research specialists and economic analysts to analyze trends in the ever-changing market and make recommendations to the marketing and finance teams based on their findings.

Describe types of financial-services providers (CS)

Organizations that manage money, including credit unions, banks, credit card companies, insurance companies, accountancy companies, consumer finance companies, stock brokerages, investment funds

Describe the concept of organized labor and business.

Organized labor unions often strike against a business for increased rights, such as higher wages.

Coach others (CS)

Others may need coaching and leaders should do so by assessing weaknesses, brainstorming solutions, and suggesting them in an assertive manner.

Coach others.

Others may need coaching and leaders should do so by assessing weaknesses, brainstorming solutions, and suggesting them in an assertive manner.

over-limit fee

Over-limit fees are charges applied for credit transactions that go over or exceed the credit card holder's credit limit

Explain the nature of overhead/operating costs (SP)

Overhead is the amount of money subtracted to net earnings being the cost to make a product or provide a service.

Identify types of currency (paper money, coins, banknotes, government bonds, treasury notes, etc.)

Paper Money- Legal and Governmental value. Bank notes- a piece of paper money, constituting a central bank's promissory note to pay a stated sum to the bearer on demand. Treasury Notes- a note issued by the US Treasury for use as currency.

Identify requirements for international business travel.

Passport and/or US permanent resident card

The disadvantage to using credit cards to pay for goods and services is that you...

Pay interest on purchases

Interpret a pay stub (PQ)

Pay stubs contain the pay check information and what goes to taxes and other things.

Assertiveness

People who respect personal rights/rights of others

Set personal goals (CS)

Personal goals include those in fitness, family, social, spiritual, etc. areas

Set personal goals.

Personal goals include those in fitness, family, social, spiritual, etc. areas

Maintain appropriate personal appearance.

Personal hygiene can be maintained through showers, brushing of teeth, use of deodorant, haircuts, shaving, etc. Women can use makeup if they wish.

One way that businesses can protect the privacy of their customers is to limit the number of employees who have access to the customers'...

Personal information

Assess personal interests and skills needed for success in business (PQ)

Personal interests and skills such as socializing, public speaking, and data analysis are key to business.

Assess personal interests and skills needed for success in business.

Personal interests and skills such as socializing, public speaking, and data analysis are key to business.

Balance personal and professional responsibilities.

Personal responsibilities include friendships and family, while professional ones include job performance and corporate leadership. An reasonable amount of time should be invested in both.

Determine personal vision (CS)

Personal vision can be defined as a future goal that one hopes to attain. It should be SMART - Specific, Measurable, Attainable, Relevant, and Time-Bound.

Determine personal vision.

Personal vision can be defined as a future goal that one hopes to attain. It should be SMART - Specific, Measurable, Attainable, Relevant, and Time-Bound.

Write persuasive messages.

Persuasive messages should contain all necessary information in an assertive manner.

Explain the nature of positive customer relations (CS)

Positive customer relations involves making sure that the customer always comes first and that you remain objective and strive to understand their point of view

Motivate team members (SP)

Positive re-enforcement can help motivate team members.

Explain communication techniques that support and encourage a speaker (PQ)

Positive reinforcement as well as attentiveness help support and encourage a speaker.

Foster positive working relationships.

Positive working relationships can be fostered through methods such as appreciating others, being positive, and building rapport with co-workers and clients.

Demonstrate basic presentation applications (PQ)

Presentation applications (such as Google Slides) can be used to organize information in a visually appealing format that can then be presented to an audience.

Demonstrate basic presentation applications.

Presentation applications (such as Google Slides) can be used to organize information in a visually appealing format that can then be presented to an audience.

Describe the functions of prices in markets (CS)

Price acts as a signal for shortages and surpluses which help firms respond to changing market conditions

Spreadsheet

Software programs that are designed to organize, calculate, and analyze mathematical or numerical information. (69)

Describe marketing functions and related activities (CS)

Pricing - setting price Product Management - development to meet needs Distribution - making products available to consumers Financing - budgeting for marketing activities Marketing Information Management - researching trends and info on customers to develop strategies Selling - communicating with customers to determine and satisfy needs Promotion - advertising, personal selling, PR

Describe marketing functions and related activities.

Pricing - setting price Product Management - development to meet needs Distribution - making products available to consumers Financing - budgeting for marketing activities Marketing Information Management - researching trends and info on customers to develop strategies Selling - communicating with customers to determine and satisfy needs Promotion - advertising, personal selling, PR

Respect the privacy of others (PQ)

Privacy is an important component of virtue and employees must not violate it by looking through personal communications or eavesdropping on conversation.

Respect the privacy of others.

Privacy is an important component of virtue and employees must not violate it by looking through personal communications or eavesdropping on conversation.

Participate in problem-solving groups (CS)

Problem-solving groups allow each employee to be heard and ensure that their rights are protected.

Participate in problem-solving groups.

Problem-solving groups allow each employee to be heard and ensure that their rights are protected.

Demonstrate problem-solving skills

Problem-solving skills include taking everyone's standpoints and negotiating a compromise to resolve conflict.

Demonstrate problem-solving skills (CS)

Problem-solving skills include taking everyone's standpoints and negotiating a compromise to resolve conflict.

Processing charge

Processing fees are charges to complete certain activities

Customer Complaints

Product, Personnel, and the Business. (17)

Explain the concept of production (CS)

Production is the concept of designing, developing and manufacturing a product. It is one of the functions of marketing.

Explain the concept of production.

Production is the concept of designing, developing and manufacturing a product. It is one of the functions of marketing.

Employees who value differences in the workplace are more satisfied and increase the company's...

Productivity

Demonstrate personal information management/productivity applications (PQ)

Productivity applications such as presentation and spreadsheet software allows employees to store, organize, and present information.

Demonstrate personal information management/productivity applications.

Productivity applications such as presentation and spreadsheet software allows employees to store, organize, and present information.

Explain the concept of productivity (CS)

Productivity is a quantitative measure of the ratio of outputs to inputs. When productivity is lower than necessary, inflation occurs due to more input (resources) resulting in less output (money), decreasing each individual unit of money's value.

Explain the concept of productivity.

Productivity is a quantitative measure of the ratio of outputs to inputs. When productivity is lower than necessary, inflation occurs due to more input (resources) resulting in less output (money), decreasing each individual unit of money's value.

Explain the concept of productivity (CS)

Productivity is the amount of effective output exerted and its lack of malfunction.

Write professional emails (CS)

Professional emails should be written similarly to other forms of business communication.

Write professional emails.

Professional emails should be written similarly to other forms of business communication.

Write professional messages.

Professional messages should be written the same way as other forms of written business communication.

Presentation Software

Programs that give the user the capability of presenting information by combining graphics, text, animation, photographs, and sound. Can be used to create slide programs, overhead transparencies, multimedia presentations, etc. (67)

Work Flow

Progression of steps that comprise a work process, involve 2 or more persons, and create/add value to the organization's activities

Evaluate project results.

Project feedback can be collected from a group of consumers or evaluated by employees of the company.

Explain the nature of project management.

Project management is the concept of leaders and employees handling a task including the design, development, marketing, and sales of a product.

Mortgage companies are mainly used to...

Purchase real estate

Describe crucial elements of a quality culture (SP)

Quality culture is a set of group values that guide how improvements are made to everyday working practices and consequent outputs.

Ask relevant questions (PQ)

Questions should be appropriate and relative to the topic under discussion.

Demand

Refers to the amount of goods and services that consumers are willing and able to purchase at a particular period of time. (23)

Supply

Refers to the amount of goods that a seller is willing and able to offer for sale at a specified price in a given time period. (23)

Capital

Refers to the assets of a business. (23)

Discuss considerations in selecting a financial-services provider.

Reputation and online reviews should be consulted when choosing a provider. The one with the most expertise should always take first priority.

Provide legitimate responses to inquiries (PQ)

Responses to inquires should be direct and assertive, while maintaining professionalism. They should also contain all necessary information.

Provide legitimate responses to inquiries.

Responses to inquires should be direct and assertive, while maintaining professionalism. They should also contain all necessary information.

Demonstrate responsible behavior (PQ)

Responsibility can be demonstrated by leaders through taking responsibility for both necessary tasks and faults.

Demonstrate responsible behavior.

Responsibility can be demonstrated by leaders through taking responsibility for both necessary tasks and faults.

Describe types of financial-services providers.

Retail Bank - FDIC insured (0 risk), deposit/withdraw money, bank profits from investments Credit Union - borrow money for business purposes Insurance Company - transfer financial risk in exchange for premium Brokerage Firm - middleman between investors and equities

Explain the nature of risk management (SP)

Risk management is the evaluation of risk and making logical decisions based of of that

Identify routine activities for maintaining business facilities and equipment (SP)

Routine cleaning and inspection to make sure facilities and equipment is running properly.

Certain health and safety regulations require many types of businesses to...

Routinely inspect equipment

Follow rules of conduct (CS)

Rules of conduct direct appropriate, professional behavior and should be meticulously read and properly understood/followed.

Follow rules of conduct.

Rules of conduct direct appropriate, professional behavior and should be meticulously read and properly understood/followed.

Prepare a résumé (CS)

Résumés should include all prior experience and qualifications that support the candidate.

Prepare a résumé.

Résumés should include all prior experience and qualifications that support the candidate.

Describe sources of income (wages/salaries, interest, rent, dividends, transfer payments, etc.) (PQ)

Salary- Money earned for working Interest- Money you get for letting the bank borrow your money.

Give verbal directions (PQ)

Say the directions out loud in an initiative manner. Include all necessary information. Ask the audience if they have any questions, and answer clearly and thoroughly.

Exhibit self-confidence (PQ)

Self-confidence can be exhibited through a calm yet assertive tone of voice, clear articulation and enunciation, and through knowledge of the subject under discussion.

To take responsibility for your decisions and actions, it's important to build your self-confidence and...

Self-esteem

Explain the concept of self-esteem (PQ)

Self-esteem is a person's overall subjective emotional evaluation of his or her own worth. One can improve his/her self-esteem by assessing their strengths and appreciating them.

Explain the concept of self-esteem.

Self-esteem is a person's overall subjective emotional evaluation of his or her own worth. One can improve his/her self-esteem by assessing their strengths and appreciating them.

Set financial goals (CS)

Setting feasible goals to accomplish financially

Interpret business policies to customers/clients (CS)

Share information about the company policy fluently and accurately.

Workers should demonstrate honest behavior on and off the job because they will

Show that they can be trusted

Bank Statements

Show the types of accounts and account balances of customers. (53)

Balance Sheet

Shows assets, liabilities, and net worth. (53)

Inventory

Shows the amount of inventory on hand and on order.

Identify skills needed to enhance career progression.

Since the corporate ladder is very competitive, employees should possess strong negotiation skills, conflict management skills, emotional intelligence, and related skills to enhance career progression.

The number of levels of management that a business needs usually depends upon the...

Size of the business

Expressing empathy and being willing to help others are the aspects of emotional intelligence that relate to...

Social Awareness

Distinguish between using social media for business and personal purposes.

Social media can be used personally to communicate with friends and family, while professionally to promote products and events.

Describe the impact of a person's social media brand on the achievement of organizational objectives (CS)

Social media can improve the public image of a person and allow them to connect with customers and advertise/market more effectively.

Describe the impact of a person's social media brand on the achievement of organizational objectives.

Social media can improve the public image of a person and allow them to connect with customers and advertise/market more effectively.

Explain types of business ownership (CS)

Sole Proprietorship - owned/run by one individual who receives all profits and is responsible for loss/debt Partnership - partners agree to cooperate in working toward mutual interests Corporation - Sells shares in stock market, company is owned by multiple shareholders, allows for limited liability Private LLC - limited liability, no shares of stock Nonprofit - uses revenue to achieve social goals Franchise - chain of suppliers providing goods/services Cooperative/Joint Venture - run/managed by employees

Explain types of business ownership.

Sole Proprietorship - owned/run by one individual who receives all profits and is responsible for loss/debt Partnership - partners agree to cooperate in working toward mutual interests Corporation - Sells shares in stock market, company is owned by multiple shareholders, allows for limited liability Private LLC - limited liability, no shares of stock Nonprofit - uses revenue to achieve social goals Franchise - chain of suppliers providing goods/services Cooperative/Joint Venture - run/managed by employees

Application charge

Some credit card issuers charge application fees, which involves billing a customer for applying for credit

Identify desirable personality traits important to business (PQ)

Some desirable personality traits for business include multitasking, strategic thinking, diligence, confidence, decisiveness, leadership, initiative, and team-orientedness.

Identify desirable personality traits important to business.

Some desirable personality traits for business include multitasking, strategic thinking, diligence, confidence, decisiveness, leadership, initiative, and team-orientedness.

Medium of Exchange

Something of value that can be used to obtain goods and services

Make oral presentations (SP)

Speak so that you can be heard and move eye-contact from area to area so that you continue to engage the entire audience.

Analyze impact of specialization/division of labor on productivity (SP)

Specialization is important because it means that the person is precisely trained at their job so there is less malfunction and everything is more efficient. Division also gives people specific jobs like in a conveyor belt template.

SMART goal

Specific, Measurable, Assignable, Realistic, Time-Related

Demonstrate the wise use of credit (CS)

Spending what you can pay back in a reasonable amount of time.

Demonstrate basic spreadsheet applications (PQ)

Spreadsheet applications (such as Google Sheets) can be used to organize information and compile it in charts, graphs, and tables.

Demonstrate basic spreadsheet applications.

Spreadsheet applications (such as Google Sheets) can be used to organize information and compile it in charts, graphs, and tables.

Explain the nature of staff communication (CS)

Staff communication is very important for fluent business practices.

Participate in a staff meeting (CS)

Staff meetings are held to assess goals and plan for the long-term. In order to maintain professionalism, parliamentary procedure is often used. Standard Order of Business: Reading/Approval of the Minutes - statement of agenda Reports of Officers - group leaders report Report of Standing Committees - employees report Report of Special Committees - guests report Special Orders - urgent, non-routine decisions Unfinished Business/General Orders - pending decisions New Business - current discussion Objectives: 1. To do one thing at a time 2. Courtesy to all 3. Majority rule prevails 4. Minority rights must be protected Principles: 1. Only one main motion considered at a time 2. All members' rights are equal 3. Majority has right to work its will 4. Minority has right to be heard Types of Motions: Main - brings business before assembly Subsidiary - deals with main motion w/o voting on it Incidental - nondebatable, no order of precedence Privileged - urgent/important, take precedence Bring back before assembly - reconsider old motion

Participate in a staff meeting.

Staff meetings are held to assess goals and plan for the long-term. In order to maintain professionalism, parliamentary procedure is often used. Standard Order of Business: Reading/Approval of the Minutes - statement of agenda Reports of Officers - group leaders report Report of Standing Committees - employees report Report of Special Committees - guests report Special Orders - urgent, non-routine decisions Unfinished Business/General Orders - pending decisions New Business - current discussion Objectives: 1. To do one thing at a time 2. Courtesy to all 3. Majority rule prevails 4. Minority rights must be protected Principles: 1. Only one main motion considered at a time 2. All members' rights are equal 3. Majority has right to work its will 4. Minority has right to be heard Types of Motions: Main - brings business before assembly Subsidiary - deals with main motion w/o voting on it Incidental - nondebatable, no order of precedence Privileged - urgent/important, take precedence Bring back before assembly - reconsider old motion

A credit manager must write a letter of rejection to a credit applicant. To maintain the customer's patronage, the letter should?

Start the letter with a positive

Defend ideas objectively (CS)

State evidence to back up your claims.

Defend ideas objectively.

State evidence to back up your claims.

Handle telephone calls in a businesslike manner (CS)

State your contact information, say "How may I help you?", speak as if it were a real business meeting

Handle telephone calls in a businesslike manner.

State your contact information, say "How may I help you?", speak as if it were a real business meeting

Conduct the risk assessment of an event.

Steps in a Risk Assessment: 1. Identify risks. 2. Classify risks (economic, human, natural). 3. Rank each risk by potential damage caused. 4. Choose a method of risk management. 5. Rank each risk again, following the implementation of chosen method of risk management.

Which of the following things should an employer do to prevent security breaches from occurring:

Store information on highly secure computer systems

Assess personal strengths and weaknesses (PQ)

Strength - favorable attribute Weakness - inhibiting attribute

Assess personal strengths and weaknesses.

Strength - favorable attribute Weakness - inhibiting attribute

Explain the nature of stress management.

Stress management strategies include implementing a reward system and diving tasks sequentially.

Explain legal issues associated with information management.

Subjects of data misuse can file suit against the information managers citing an invasion of privacy.

Explain the principles of supply and demand (CS)

Supply - availability of good/service Demand - public desire for good/service Law of Supply - price and supply are positively correlated because it is more profitable and suppliers are more willing to produce/offer good/service Law of Demand - price and supply are negatively correlated because less people are willing to pay for said good/service Elasticity - sensitivity of supply/demand to increasingly subtle changes in price (high elasticity = sensitive to smaller changes in price, no elasticity = no change in supply/demand regardless of price) Market Equilibrium - price at which supply and demand are equal, correlates with equilibrium quantity, assessed by economists in order to avoid shortage or surplus Shortage - price too low, supply less than demand, not enough for every consumer Surplus - price too high, supply higher than demand, capital wasted on resources for things no one wants Factors Affecting Supply: Resource Price - negative correlation Related Product Price - negative correlation Number of Suppliers - positive correlation Technological Advancement - positive correlation Expected Future Prices - positive correlation Factors Affecting Demand: Substitute Price - positive correlation Complement Price - negative correlation Expected Future Prices - positive correlation Income - positive correlation (except for low-value) Population - positive correlation (except for low-value)

Explain the principles of supply and demand.

Supply - availability of good/service Demand - public desire for good/service Law of Supply - price and supply are positively correlated because it is more profitable and suppliers are more willing to produce/offer good/service Law of Demand - price and supply are negatively correlated because less people are willing to pay for said good/service Elasticity - sensitivity of supply/demand to increasingly subtle changes in price (high elasticity = sensitive to smaller changes in price, no elasticity = no change in supply/demand regardless of price) Market Equilibrium - price at which supply and demand are equal, correlates with equilibrium quantity, assessed by economists in order to avoid shortage or surplus Shortage - price too low, supply less than demand, not enough for every consumer Surplus - price too high, supply higher than demand, capital wasted on resources for things no one wants Factors Affecting Supply: Resource Price - negative correlation Related Product Price - negative correlation Number of Suppliers - positive correlation Technological Advancement - positive correlation Expected Future Prices - positive correlation Factors Affecting Demand: Substitute Price - positive correlation Complement Price - negative correlation Expected Future Prices - positive correlation Income - positive correlation (except for low-value) Population - positive correlation (except for low-value)

Explain the benefits of supply chain collaboration.

Supply chain collaborators can work together as designers and manufacturers produce the commodity while marketing specialists and vendors distribute and sell the commodity.

Explain the concept of supply chain (CS)

Supply chain is the sequence of processes involved in the production and distribution of a commodity. They include the manufacturer, vendor, wholesaler, retailer, and finally the consumer.

Explain the concept of supply chain.

Supply chain is the sequence of processes involved in the production and distribution of a commodity. They include the manufacturer, vendor, wholesaler, retailer, and finally the consumer.

Identify factors affecting a business's profit (CS)

Supply/Demand - See PI #74 Competition - See PI #89 Global Environment - See PI #80 Expansion - into new markets (vertical integration) into various brands (horizontal integration)

Identify factors affecting a business's profit.

Supply/Demand - See PI #74 Competition - See PI #89 Global Environment - See PI #80 Expansion - into new markets (vertical integration) into various brands (horizontal integration)

Obtain needed information efficiently (CS)

Surveys can be used to obtain information on customer feedback, while federal documents can be a source of demographic data.

Obtain needed information efficiently.

Surveys can be used to obtain information on customer feedback, while federal documents can be a source of demographic data.

Describe the nature of taxes.

Tax policy is regulated by the Internal Revenue Service (IRS) government agency. The funds are used to improve public services such as transportation, education, and infrastructure. Donations are often tax-deductible. Types of Taxes: Income Tax - percentage of any income paid to IRS Payroll Tax - withheld by employer to pay to IRS Sales Tax - percentage of commodity price paid to IRS Excise Tax - seller pays percentage of revenue to IRS Property Tax - percentage of loan paid to IRS

Estate Tax

Tax taken from the net worth of a deceased person before distribution to their heirs

Sales Tax

Tax taken on sales or the receipt of a sale

Motivate team members.

Team members can be motivated through encouragement and a reward system.

Participate as a team member (CS)

Teamwork includes leadership and collaboration. By providing input to a task and facilitating new initiatives, employees can be better team members.

Participate as a team member.

Teamwork includes leadership and collaboration. By providing input to a task and facilitating new initiatives, employees can be better team members.

Capability Maturity Model Integration (CMMI)

Technique for evaluating how efficiently a company is able to deliver technology products to its customers

Risk Avoidance

Technique of risk management that involves taking steps to remove a hazard, engage in alternative activity, or otherwise end a specific exposure

Describe current business trends.

Technological innovation continues to grow and the stock prices of tech giants (such as Google or Apple) continue to rise, indicating continual profit due to innovation.

Describe the use of technology in operations.

Technology can be used in business operations to consult research reports in order to help make a decision on how to utilize an asset.

Describe the use of technology in customer relationship management.

Technology can be used to communicate with customers to respond to inquiries and complaints through methods such as email.

Identify ways that technology impacts business (PQ)

Technology can be used to market and sell products as well as improve a company's brand.

Identify ways that technology impacts business.

Technology can be used to market and sell products as well as improve a company's brand.

Describe the use of technology in operations (SP)

Technology can be used to organize operations and get information to many subgroups.

Describe the use of technology in human resources management.

Technology can be used to promote job postings for a company, as well as contact prospective employees to schedule interviews.

Describe the use of technology in human resources management (SP)

Technology can be used to screen and observe employees.

Identify ways that technology impacts business (PQ)

Technology can help business in many different ways like storing information and sorting it.

Describe the use of technology in customer relationship management (SP)

Technology can streamline the help process by connecting a customer to a specific department to suit their needs

After making a web page, you should...

Test the page to identify broken links, missing images, or unclear instructions

Appropriate closing for a response to a customer email

Thank the customer and let them know to ask if they have any additional questions.

Negotiation

The "face to face" process used by local unions and the employer to exchange their views on those matters involving personnel policies and practices, or other matters affecting the working conditions of employees.

Describe the scope of the Internet (PQ)

The Internet is a large digital platform enabling businesses to market and sell products to a global audience.

Describe the scope of the Internet.

The Internet is a large digital platform enabling businesses to market and sell products to a global audience.

Describe the United States' judicial system

The Judiciary is made up of courts -- Supreme, Circuit, the magistrate (local) and municipal (city) courts. The Judicial branch interprets the laws.

Human Resources Management

The management process of an organization's workforce, or human resources. It is responsible for the attraction, selection, training, assessment, and rewarding of employees, while also overseeing organizational leadership and culture and ensuring compliance with employment and labor laws. (15)

Return on Investment

The amount of profit (return) based on the amount of resources (funds) used to produce it. Also, the ability of a given investment to earn a return for its use.

Identify the basic torts relating to business enterprises (SP)

The area of tort law covers a wide range of misconduct, including personal injuries, negligence, and malpractice. Wrongful Interference Unfair Competition Disparagement Computer Torts

Interpret business policies to customers/clients (CS)

The business policy should be stated in a colloquial and politically correct manner to those who do not understand it.

Interpret business policies to customers/clients.

The business policy should be stated in a colloquial and politically correct manner to those who do not understand it.

Discuss the global environment in which businesses operate (SP)

The combination of internal and external factors that influence a company's operating situation.

Discuss the nature of human resources management (CS)

The company department charged with finding, screening, recruiting and training job applicants, as well as administering employee-benefit programs.

Just-In-Time

The controlling of inventory so that materials are delivered just in time for assembly or manufacture.

Joint Venture

The cooperation of two or more individuals or enterprises in a specific business enterprise, rather than in a continuing relationship as in a partnership.

Managerial Planning

The creation of a detailed and realistic plan of action which details the steps that need to be taken to reach all goals

Laissez-Faire

The kind of management usually appropriate in a creative environment. These managers encourage independence and initiative and provide only general guidance. (50)

Copyright

The legal protection of books and other artistic works granted by the government and giving their creators sole rights to them for a certain period of years. (63)

Attitude

The way a person looks at life. (91)

Explain the organizational design of businesses (SP)

The manner in which a management achieves the right combination of differentiation and integration of the organization's operations, in response to the level of uncertainty in its external environment. Subdivision Functional Unit

Seven-Step Method

The method involves answering seven "what" questions: 1. The Facts? 2. The Ethical Issues? 3. The Alternatives? 4. The Stakeholders? 5. The Ethics of the Alternatives? 6. The Practical Constraints? 7. Actions to Take?

Profits

The monetary reward that an owner receives for taking the risk involved in investing a business. (28)

Explain the concept of Gross Domestic Product (GDP) (SP)

The monetary value of all the finished goods and services produced within a country's borders in a specific time period

Describe the measure of consumer spending as an economic indicator.

The more consumer spending a business has, the higher its profits are likely to be, making it an effective economic indicator of the company's profitability.

Proprietorship

The most common legal form of business ownership; about 85 percent of all small businesses are proprietorships. The liability of the owner is unlimited in this form of ownership.

Brainstorming

The most useful problem-solving method when more than one person is involved. In a brainstorming session, members throw out ideas and possible solutions to the problem. (86)

Turnover

The number of times that an average inventory of goods is sold during a fiscal year or some designated period. Care must be taken to ensure that the average inventory and net sales are both reduced to the same denominator; that is, divide inventory at cost into sales at cost or divide inventory at selling price into sales at selling price. Do not mix cost price with selling price.When accurately computed, this is one measure of the efficiency of a business.

Organizational Goals

The overall objectives, purpose and mission of a business that have been established by its management and communicated by its employees

Due Dilligence

The overall process of evaluating a business opportunity including examination of financial records

Channels

The path through which messages are delivered

Human Resources

The people who work to produce goods and services. (15)

Determine economic utilities created by business activities (CS)

The place utility can be created by a business activity that is a food distribution company.

Outsourcing

The practice of using subcontractors rather than paid employees.

Identify quality-control measures (SP)

The quality of the product and the consistency of its good quality.

partnership

The relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business. They must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" any profits or losses to its partners. Each person includes his or her share of the business's income or loss on his or her tax return

Competition

The rivalry between two or more business to attract scarce customer dollars. (27)

Self-employment tax

The social security and Medicare tax for individuals who work for themselves

Demographics

The statistical data of a population, especially those showing average age, income, education, etc.

Explain the nature of tax liabilities (PQ)

The total amount of tax that an entity is legally obligated to pay to an authority as the result of the occurrence of a taxable event. Tax liability can be calculated by applying the appropriate tax rate to the taxable event's tax base.

Validate credit history (CS)

The total amount of tax that an entity is legally obligated to pay to an authority as the result of the occurrence of a taxable event. Tax liability can be calculated by applying the appropriate tax rate to the taxable event's tax base.

Explain the time value of money.

The value of money changes over time due to fluctuations in the foreign exchange market and domestic business cycles. Picture this scenario: Given a CPI of 10%, a bank offers you three options: a) Receive $100 now b) Receive $109 in a year c) Receive $120 in two years Which choice yields the greatest return? A. In one year, $100 is worth $110, and in two years, it is worth $121, trumping both of the other choices by a dollar.

Determine the relationship between government and business.

There are government agencies and legislation to impose regulations on business activities, but businesses can influence political decision-makers.

Bonds

They may take a long time to provide a return. Bonds are considered safe, reliable investments. However, the trade-off is that the investor must be willing to leave her/his money with the bond issuer for a long time before receiving the return. The rate of this return will not necessarily be lower than the rate of inflation. There is no penalty for early withdrawal from a bond—you just miss out on the return you would have gotten if you had left your money in it. Bonds are issued by corporations or governments, but this is not necessarily a disadvantage.

Why do companies order extra supplies when doing an office supply order?

To prevent stockouts. Extra supplies are ordered as a buffer in case the place thy purchase from sells out

Why is it important for employees to effectively communicate information about the business to customers?

To provide service

Identify the basic torts relating to business enterprises.

Torts are civil wrongs by or against a business causing harm to its assets - both tangible and intangible. Components: Duty - defendant's obligation of action Breach of Duty - defendant's transgression of duty Causation - reason for injury caused by defendant Injury - damages to plaintiff Types: Negligence - unlawful and unintentional Intentional Tort - unlawful and intentional Strict Liability - lawful, but resulted in injury

Explain the types of economic systems (CS)

Traditional - unregulated perfect competition Command - government monopolies Market - unregulated, various forms of competition Mixed - regulated, various forms of competition

Explain the types of economic systems.

Traditional - unregulated perfect competition Command - government monopolies Market - unregulated, various forms of competition Mixed - regulated, various forms of competition

Treat others fairly at work (PQ)

Treat everyone with equality and respect despite diffrences

Describe the need for financial information (CS)

Trends in finance can help businesses make decisions based on funds available and history of profits and losses.

Describe the need for financial information.

Trends in finance can help businesses make decisions based on funds available and history of profits and losses.

Explain the nature of staff communication (CS)

Types of Staff Communication: Upward - subordinate -> manager (same dept.) Downward - manager -> subordinate (same dept.) Horizontal - same hierarchical level Diagonal - subordinate <-> manager (diff. depts.) Grapevine - circulation of rumors and unofficial info

Explain the nature of staff communication.

Types of Staff Communication: Upward - subordinate -> manager (same dept.) Downward - manager -> subordinate (same dept.) Horizontal - same hierarchical level Diagonal - subordinate <-> manager (diff. depts.) Grapevine - circulation of rumors and unofficial info

Explain the concept of organized labor and business (SP)

Unions An association of workers united as a single, representative entity for the purpose of improving the workers' economic status and working conditions through collective bargaining with employers.

Utilize note-taking strategies.

Use abbreviations, write only the main ideas, and write questions to be asked.

Organize information (CS)

Use charts and diagrams to organize information in a systematic manner.

Organize information.

Use charts and diagrams to organize information in a systematic manner.

Employ communication styles appropriate to target audience (CS)

Use humor if appropriate, be dramatic/emotional if necessary, be serious when required, etc.

Employ communication styles appropriate to target audience.

Use humor if appropriate, be dramatic/emotional if necessary, be serious when required, etc.

Employ communication styles appropriate to target audience (CS)

Use language that effectively communicates information to the audience. (EX: Language, Lingo)

What type of information may be listed in the work experience section of a résumé if the person has had only a few paying jobs?

Volunteer positions. Some job applicants, especially recent graduates, do not have a lot of paid job experience. It is acceptable for them to list unpaid or volunteer positions in the work experience section of their résumés. Volunteer positions indicate job experience and levels of responsibility even if the positions were unpaid

Describe sources of income (PQ)

Wage/Salary - periodic payment in exchange for labor Interest - increased payment in exchange for time Transfer Payment - government benefits Wage Garnishment - court-ordered initiative

Describe sources of income.

Wage/Salary - periodic payment in exchange for labor Interest - increased payment in exchange for time Transfer Payment - government benefits Wage Garnishment - court-ordered initiative

Take responsibility for decisions and actions.

When a task needs to be carried out, the responsible employee should step up to the plate. However, if something goes wrong, s/he should take the blame.

Economic impact of interest-rate fluctuations?

When interest rates go up people earn a bigger return on their deposited money and investments

Explain the economic impact of interest-rate fluctuations (SP)

When interest rates go up people earn a bigger return on their deposited money nd investments.

Discuss the role of ethics in finance (SP)

When managing large amounts of money, things can be easily stolen or not accounted for.

Collaborate on and aggregate complex internal documents to create a common voice.

When multiple viewpoints and data is/are combined to establish a common voice, employees can powerfully communicate their ideas.

Loans

When someone does not have the credit history to get the loan, someone can cosign. They would have to pay the money if the person misses a payment or fails to pay.

Explain the impact of major trade alliances on business activities.

When trade alliances, or treaties governing commerce between multiple countries, are enacted, businesses should adapt their operations, marketing, and production to fit the new terms.

Describe techniques for obtaining work experience.

Work experience can be obtained through internship or entrepreneurship.

public relations

promotional activities that are designed to create a good image with the public

Adapt written correspondence to target audience.

Written correspondence should be written similarly to an oral presentation when directing it to a certain audience through methods such as humor and strong emotion.

Edit and revise written work consistent with professional standards (CS)

Written work contains professional and advanced vocabulary and slang should not be used.

Edit and revise written work consistent with professional standards.

Written work contains professional and advanced vocabulary and slang should not be used.

unitary demand

X% price increase = X% demand decrease, X% price decrease = X% demand increase

slogan

a catchy phrase of words that identify a product or business

stock

a certificate documenting the shareholder's ownership in the corporation

Competitive Advantage

a circumstance that puts a company in a favorable or superior business position

"S" Corporation

a closely held corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code.

corporation

a company authorized to act as a single entity and is owned by investors but functions independently

Corporation

a company or group of people authorized to act as a single entity (legally a person)

franchise

a company or the government authorizes a group to carry out certain commercial activities

public/open corporation

a company that has potentially millions of shareholders

Embargo

a complete ban on specific goods coming into or leaving a country

embargo

a complete ban on specific goods coming into or leaving a country

Productivity

a measure of the efficiency of a person, machine, factory, system, etc.

administration

a method of tending to and operating a business

better business bureau

a nonprofit organization focused on advancing marketplace trust

TQM ( total quality management)

a overall approach to long-term success that views continuous improvement in all aspect of an organization as a process and not as a short-term goal - aims to transform an organization through changes in the attitudes, practices, structures and systems

Rebate

a part of the price that a customer pays for a good or service, which is usually offered by the product's manufacturer

Rebate

a partial refund to someone who has paid too much money for taxes, rent, or a utility.

procedure

a particular course of action intended to achieve a result

Write persuasive messages (SP)

a persuasive message occurs when a person attempts to convince an individual or group to take certain specific actions. The two types of persuasive messages in the workplace are sales and marketing, which are utilized to achieve organizational objectives.

headline

a phrase in an advertisement that grabs the consumers attention, creates interest and encourages them to read a promotional message

competition oriented pricing

a pricing method in which a seller uses prices of competing products as a benchmark i

demand oriented pricing

a pricing method which the price the product is changed according to its demand/ product

Tort

a private wrongdoing that potentially harms another person or entity

CMMI ( capability Maturity Model Integration

a process improvement technique for evaluating how efficiently a company is able to deliver technology products to its customers

Prioritize

a process that evaluates a group of items and ranks them in their order of importance or urgency

guarantee

a promise that a product has a certain quality or will provide satisfaction

warranty

a promise that is given to a consumer that a product will meet certain standards

tax loophole

a provision in the laws governing taxation that allows people to reduce their taxes

auditor

a qualified accountant who inspects the accounting records and practices of a business

open-ended questions

a question that encourages the consumer to respond with a yes or no answer

volatility

a rate at which the price of a security increases or decreases for a given set of returns

premium

a regular periodic payment to be made by the policyholder to the insurance provider

intranet

a restricted computer network within a business

storyboard

a series of illustrations and text outlining a commercial's key scenes in sequential order to communicate an idea

Web Ring

a series of linked web pages that share a common theme.

Write executive summaries (SP)

a short document or section of a document, produced for business purposes, that summarizes a longer report or proposal or a group of related reports in such a way that readers can rapidly become acquainted with a large body of material without having to read it all.

Explain the nature of balance sheets (SP)

a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.

cliche

a stereotype; an overused phrase/opinion that shows lack of original thought

Risk Retention

a strategy in which an entity sets aside a sum as a protection against a probable loss, instead of transferring the risk by purchasing an insurance policy

Risk Transfer

a strategy in which an insurable risk is shifted to another party(the insurer) by means of an insurance policy

dividend

a sum of money paid regularly by a company to its stockholders out of its profits

accounting

a system that monitors and individual, business or other organizations financial standing

Defamation

a tort that involves harm to an individual's or business's reputation

cost-plus pricing

a type of pricing that includes the variable costs associated with goods as well as a portion of the fixed costs of operating the business

asset

a useful or valuable quality of a person

assets

a useful/valuable thing, person, or quality

Internet

a worldwide computer network with a public domain

Conceptual Skills

ability to see the "big picture" and think about how things will work together

Trustworthiness

able to be relied on as honest and truthful

money market account (MMA)

account that pays interest depending on the interest rate of the current money market

Business Service

accounting, design, maintenance, printing, and supply of temporary personnel, etc., provided by specialized firms to other firms

Conformity

acting according to certain accepted standards

process control

activities involved in ensuring a process is predictable, stable and consistently operating at the target level of performance with only normal variation

support the company president, schedule his/her appointments, and answer his/her phone calls is...

administrative services

direct marketing channels

advertising that sends a promotional message to a targeted group of customers rather than a mass audience

consensus

agreement in the judgment or opinion reached by a group as a whole

premium

amount that an individual pays his/her insurance company

Write inquiries (CS)

an act of asking for information.

Surplus

an amount of something left over when requirements have been met; an excess of production or supply over demand.

Explain the nature of agency relationships (SP)

an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create legal relations with a third party.

Business Equipment

an asset used for the operating functions of a company

capitalism

an economic system based on private ownership of capital

socialism

an economic system based on state ownership of capital

Commitments

an engagement or obligation that restricts freedom of action

Describe the nature of budgets (SP)

an estimate of income and expenditure for a set period of time.

value judgment

an evaluation of the usefulness of something

trade-off

an exchange that occurs as a compromise

analyst

an expert who studies financial data (on credit or securities or sales or financial patterns etc.) and recommends appropriate business actions

Malware

an illegal computer program that is used to disrupt computer processes, destroy computer programs, and access confidential business information

economic of scale

an internal or external reduction in long term costs when production or operation increases in size

Total Quality Management (TQM)

an overall approach to a long-term success that views continuous improvement in all aspects of an organization as a process and not as a short term goal.

Strategic Management

analysis of the factors associated with customers and competitors and the business itself to provide the basis for maintaining optimum management practices

Common law

body of unwritten laws based on legal precedents established by courts

Process Innovation

changing the way that a product is produced or delivered

Direct Distribution

channel of distribution in which goods and services move directly from the producer to the consumer or industrial user

Indirect Distribution

channel of distribution in which goods and services move from the producer to the channel members and then to consumers or industrial users

promotion

choices made about advertising, personal selling, sales promotion and public relations used to be communicate, inform and persuade potential and current customers

Free Trade

commercial trade between nations through free market principles and without regulation

free trade

commercial trade between nations through free market principles and without regulationq

Stop Words

commonly used words that do not always add meaning to the primary search terms

Promotion

communicate information about goods, services, images, and/or ideas to achieve a desired outcome

Nonverbal Cues

communication that involves the use of gestures or facial expressions, rather than the use of words.

Brand Promise

company's agreement, spoken or unspoken, with customers that it will consistently meet their expectations and deliver on its brand characteristics and values

reconciling bank statements

comparing checkbook with bank statement, subtract checks not cleared from the balance on the bank statement

indirect competition

competition between two suppliers of different products that fulfill the same needs (ice cream shop and cake shop have indirect competition)

Cultural Sensitivity

consciousness and understanding of morals, standards, and principles of a specific culture, society, ethnic group or race, joined by a motivation to acclimate to one's actions

Information Needs

consist of five company actions like operations, markets, customers, categories, competitors, and other actors and variables in the company's business environment.

Bibliography

contains the citations or sources used to construct the primary document.

Rolling Budget

continuous budget

Tuition Reimbursement

contractual agreement where employer/company agrees to pay for employee to further their education

private/close corporation

corporation that does not offer shares to the general public

s corporation

corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows them to avoid double taxation on the corporate income. They are responsible for tax on certain built-in gains and passive income at the entity level

Operating Expenses

costs of running the business

Injunction

court order that forbids people from carrying out certain activities

Wage Garnishments

court-ordered initiatives that involve taking income taken from an employee's salary and submitting it to another person or organization

Moderate Input

decision maker asks for some help before deciding

selling policy

decisions of a business regarding forms of payment, returns and exchanges, sales quota

markdown

decrease in price to increase sales

Relational Risk

degree which decision-makers are concerned with behavior of partners

analysis

detailed examination of something

Analysis

detailed examination of the elements or structure of something, typically as a basis for discussion or interpretation

project scope

determining and documenting a list of specific project goals, deliveries, features, functions, tasks, deadlines, and ultimately costs

margin

difference between retail price and the price in the store

Environment Protection Agency (EPA)

enforcing federal environmental laws and regulations

Explain communication techniques that support and encourage a speaker.

enthusiasm, open-ended questions, body language, approval, attentive listening, eye contact, encouragement, energy

intellectual property

exclusive rights are given to ideas that someone thinks of such as music, words, or other intangible creations

Gross Domestic Product

final market value of the total output of all goods and services produced within a country's geographic boundaries during a year's time

executive summary

first part of a business document only stating the main points, often read by people who aren't experts or who won't read the entire document

Picketing

form of protest that involves positioning union members (pickets) near a business's entrance during a conflict or strike

marketing plan

formal document that specifies a company's activities for a determined amount of time

human resources management

formal systems devised for the management of people within an organization

What is a joint venture?

formed for a limited length of time to carry out a business transaction or operation

business-format franchise

franchisor provides franchisee with a business to run independently

Debit Card

funds are electronically transferred from the cardholder's checking or savings account to the seller's account

primary research

gathering data for the first time for a specific product, service and or business

Monetary Gift

given without expectations of repayment

Streamline

implementing a process to make an organization more efficient

Primary Dimensions of Diversity

inborn differences that cannot be changed and affect a person's entire life

Digital Customer Data

includes information that a business maintains about customers- such as CC numbers, passwords, and transactions

Groupthink

individuality and independent thinking within the group are discouraged

Procedural Due Process

individuals and businesses who are sued or charged with a crime have the opportunity to present evidence on their behalf before a court can impose a penalty

memorandum

informal letter written between employees, main form of written communication within a business

product knowledge

information about a good or service that can include its application, function, features, and use

Payroll Records

information about money paid to employees in a given period

Data

information in an unorganized form that have a relationship with current conditions, ideas, or knowledge

data

information in an unorganized from (alphabets, numbers or symbols ) that have a relationship with current conditions, ideas of knowledge

paradigm innovation

innovation relating to the mental models which shape what an organisation or business is about

Business Analysis

investigation into the operations of a business to demonstrate the causes behind the results achieved, and the effects of those results on the business

business analysis

investigation into the operations of a business to demonstrate the causes behind the results achieved, and the effects of those results on the business

Appropriation

involves a business or person who uses—without permission—another person's name, likeness, and other unique characteristics for the benefit or gain of the user

Business-format Franchise

involves a close,continuous, working relationship between the franchisor and the franchisee

Reconciling bank statements

involves comparing the entries in a checkbook with the entries listed on the bank statement. In many cases, the balance will be different because checks have been written that have not cleared the bank

Unlimited Liability

involves joint owners that are equally responsible for debt and liabilities accrued by the business; this liability is not capped and can be paid off through the seizure of owners' personal assets, making it different from limited liability ventures.

Variety-seeking Buying Behavior

involves the purchase of routine items

Automation

involves the use of machines to carry out production tasks

Laissez-Faire Economic Style

is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs and subsidies.

Determine the impact of business cycles on business activities (SP)

is the downward and upward movement of levels of gross domestic product (GDP) and refers to the period of expansions and contractions in the level of economic activities (business fluctuations) around its long-term growth trend.

Manufacturer

is the production of merchandise for use or sale using labour and machines, tools, chemical and biological processing, or formulation.

Operations

jobs or tasks consisting of one or more elements performed typically in one location

Accrual Accounting Method

journalize income and expenditures at the time they occur even if no money changes hands at that time

Confidentiality

keeping information secret

Purchase Order

legal contract between a buyer and seller that describes the quantity, price and products ordered, terms of payment and delivery

warrant

legal document granting permission to do something

Restrictive endorsement

limits how the check can be processed

restrictive endorsement

limits how the check can be processed

cost of goods sold

line of an income statement which shows the cost of raw materials and labor to produce a finished product or service that is available to a consumer

To handle customer complaints effectively, the first thing that employees should do is?

listen to the customers to understand their concerns

Develop project plan (SP)

make a plan to execute for the project

time utility

making a product available at a certain time to make it more attractive

place utility

making a product more attractive by changing its location

promotion

making publicity for something

finance

management of large sums of money

Lockout

management refuses to allow union members to work

capital market

market for demand and supply of debt and equity capital. made up of three major parts -the stock market -the bond market - the money market

Bundling

marketing strategy that involves offering several products for sale as one combined product

natural resource

material that occurs naturally in an environment not disturbed by humans

Market Economy (Free Enterprise)

means of production and distribution are owned and controlled by individuals and businesses

cash conversion cycle

measures how long a company won't have money if it raises its investments to increase sales

Flighting Strategy

media timing strategy that concentrates advertising during peak sales periods followed by periods of no advertising

Capital Structure

mix of debt and equity financing used to finance investments and projects

capital

money invested in a business to generate income

Bonds

money loaned out for specified time with the expectation of return + interest

appropriation

money set aside (as by a legislature) for a specific purpose

investment

money that is expended with an expectation of profit

Risk Management

monitoring the opportunity for loss for a business

risk management

monitoring the opportunity for loss within a business

Job Rotation

moving from one job to another job within an organization

Operations managers

must work closely with managers and employees in all other parts of the business

indirect

not directly cause by/resulting from something

Chain of Command

order in which authority and power in an organization is delegated from top management to every employee at every level of organization

Blanket Purchase Order

order the customer makes with its supplier which contains multiple delivery dates over a period of time, often negotiated to take advantage of predetermined pricing

human resources (HR) management

organization of a company's workforce, including gathering, training, assessing, and rewarding the employees

operations manager

overseeing the production of goods and/or provision of services

Supply Chain Management

oversees the materials, information, and finances as a product moves through the channel of distribution from manufacturer to consumer

Rebate

partial refund of the original price of product due to various reasons (bad quality, delayed delivery, etc.)

cash rebate

partial refund paid in actual physical currency

General Partnership

partners have unlimited liability

franchisee

party buying franchise right

franchisor

party granting franchise right

downward communication

passing of information from high positions of authority to lower subordinates

Traditional Economy

people produce only what they must have in order to exist

Marketing Concept

philosophy of conducting business based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals

Project

planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations

project

planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations

touch point

point of contact between a business and its costumers to strengthen its brand (social media, company website, etc.)

Affirmations

positive, motivating statements that replace negative self-talk

Prejudice

preconceived opinion that is not based on reason or actual experience

Wrongful Interference

predatory behavior undertaken by a business to draw either customers or employees away from a competitor

Skimming

price strategy that involves setting prices higher than those of the competition

elastic demand

price/factors have a big effect on the quantity consumers want to buy

marketing info management

process and methods that generates, stores, analyzes and distributes info to promote good decision making for a business

Information Management

process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making

Managerial Control

process of achieving defined goals within an established timetable

managerial control

process of achieving defined goals within an established timetable, and usually understood to have three components: setting standards, measuring actual performance and taking corrective action

inventory Management

process of buying and storing materials and products while controlling costs for ordering, shipping, handling and storage

marketing

process of creating, communicating, delivering and exchanging offerings that have value for customers to generate profits for a business

budgeting

process of determining a time specific financial plan for an individual

marketing research

process of gathering info, conducting analysis and presenting findings for a product or service to make marketing decisions

Professional Development

process of improving capabilities of staff through access to education and training opportunities in the workplace, through outside organizations, or observing others perform the job.

Operations Management

process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning

Retail

process of selling consumer goods/services through multiple channels of distribution (sells to end user)

Change Management Life Cycle

process through which an organization implements change, using a three-phase process that includes identify, engage, and implement

costing

process to determine the cost of production or operation of a business by assigning expenses to various stages of production or operations of a firm

Import

products that come in from another country

import

products that come in from another country

Export

products that leave for another country

export

products that leave for another country

Explain legal responsibilities associated with financial exchanges (CS)

prof that he or she is able to pay for damages resulting from an accident.

project management

project management is using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently

Describe health and safety regulations in business (PQ)

regulations or rules that are put in place to ensure a product, event, etc, is safe and not dangerous

Customer Complaints

related to the business's policies and procedures

Managerial Accounting

reporting financial data to internal users

Zero-Based Budgeting

requires managers to demonstrate the need for every expense instead of relying on figures from a previous period

The Takings Clause

requires the U.S. government to pay a fair price for any private property that it takes for public use

Slack Resources

resources that go above and beyond what is needed to run the business

accountability

responsibility to someone or for some activity

data mining

reviewing very large amounts of data for useful information. this activity often uses advanced statistical tools to determine trends, patterns and relationships. data mining can also be referred to as data surfing.

closing the sale

salesperson gains an agreement to purchase from a consumer

Appendices

segments added to the end of the primary document that include supporting information.

feature benefit selling

selling teq the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable

Planning

setting goals and determining how to reach them

planning

setting goals and determining how to reach them

Authoritarian

similar to dictatorship; enforcing strict obedience to authority

groupware

software designed to help people involved in a common task

shareware

software initially provided free of charge to users, who are allowed and encouraged to make and share copies of the program

Virus

software that is made to run automatically usually used for destructive purpose by the computer experts. This can impact client confidentiality and hurt a business.

relationship buying

someone who makes purchases in hopes of finding someone trustworthy with whom to work with in the future

fraud

something intended to deceive a business out of property or money

Nationalization

something whose ownership is taken over by the government

Articulation

speaking distinctly and clearly and pronouncing words precisely.

Articulation

speaking distinctly and clearly and pronouncing words precisely. Most important thing to successfully communicate.

Organize

state of being efficient or methodical

organize

state of being efficient or methodical

robbery

stealing by threat of violence

shoplifting

stealing goods that are on display in a store

identity theft

stealing someone's identity, usually in order to gain access to personal information such as credit card information

knowledge management

strategy designed to identify, document and share an organization's intellectual assets to benefit performance

Knowledge Management

strategy designed to identify, document, and share an organization's intellectual assets to benefit performance

Organizational Learning

strategy that seeks to strengthen an organization by bringing employees together as well as by empowering them as individuals

Competitive Aggression

striving to win scarce customer dollars

Effective goal

takes priority over other activities through wise decisions

Capital Gains

taxes on earnings from the appreciation of an investment

Tact

the ability to express your ideas and opinions so that they do not hurt or offend others

Emotional Intelligence

the ability to identify, assess, and influence one's own feelings and those of others

Describe the nature of emotional intelligence (PQ)

the ability to monitor one's own and other people's emotions, to discriminate between different emotions and label them appropriately, and to use emotional information to guide thinking and behavior.

Show empathy for others (PQ)

the ability to understand and share the feelings of another.

Empathy

the ability to understand and share the feelings of another. (44)

Time Management

the ability to use one's time effectively or productively

Explain marketing and its importance in a global economy (CS)

the action or business of promoting and selling products or services, including market research and advertising.

Performance

the action or process of carrying out of accomplishing an action, task, or function

Supply Chain Management

the active management of resource network activities to maximize customer value and maintain competitive advantage

Explain the nature of project management (SP)

the application of processes, methods, knowledge, skills and experience to achieve the project objectives. General. A project is a unique, transient endeavour, undertaken to achieve planned objectives, which could be defined in terms of outputs, outcomes or benefits.

ergonomics

the biological science to study the relation between workers and their environments

distribution

the commercial activity of transporting and selling goods from a producer to a consumer

When telling a new employee the company rules, you should also tell them...

the consequences of breaking the rules

Settlement

the decision between two parties over a legal dispute before case ends in court (does not have to involve actually going to court)

liquidity

the degree to which an asset or security can be quickly bought or sold in the market without affecting the asset's price

Inelastic demand

the demand of the product is constant, even if the price changes

profit

the excess of revenues in a given period of time

profit

the excess of revenues in a given period of time (including depreciation and other non-cash expenses)

marketing

the exchange of goods for an agreed sum of money

overhead

the expense of maintaining property (e.g., paying property taxes and utilities and insurance)

distribution

the function of moving and selling goods from producer to consumer

Logistics

the function of operations that manages the flow of goods and services from production to consumption

Policies

the general rules to be followed by company personnel.

Reinforce service orientation through communication (CS)

the goal of service-oriented communications "is to enable business environments to easily build communications into their business processes, enabling more streamlined collaboration among people within the business."

opportunity cost

the loss of potential gain from other alternatives when one alternative is chosen; something is given up to achieve something else

limited liability

the members of the company cannot be held personally liable for the company's debts or liabilities

cash rebate

the money refunded to customers who buy merchandise from retailers within a specified time

organizational goals

the overall objectives, purpose and mission of a business that have been established by its management and communicated to its employees

business entity

the owner and business are independent

Business Cycle

the periods of expansion and contraction in economic conditions

Table of Contents

the portion of the text in which the sections are listed with their page numbers for easy access.

external risk

the possibilities of loss, damage or injury outside of a business or other organization

Business Risk

the possibility of inadequate profits or even losses due to uncertainties e.g., changes in tastes, preferences of consumers, strikes, increased competition, changes in government policy, obsolescence etc.

Demonstrate honesty and integrity (PQ)

the power or opportunity to act or take charge before others do.

Demonstrate initiative (PQ)

the power or opportunity to act or take charge before others do.

mark-up pricing

the practice of adding a constant percentage to the price of an item to determine its selling price

Human Risk

the probability of harm due to human actions or choices

Natural Risk

the probability of harm to human health, property, or the environment posed by any aspect of the physical world other than human activity

business risk

the probability of loss inherent in an organization's operations and environment that may impair its ability to provide returns on investment

Business Risk

the probability of loss inherent in an organization's operations and environment that may impair its ability to provide returns on investments

Economic Risk

the probability that conditions like exchange rates, government regulation, or political stability will affect an investment, usually one in a foreign country

initiate

the process of beginning

directing

the process of building an effective work climate and creating opportunity for motivation, supervising, scheduling and discipling

Inventory Management

the process of buying and storing materials and products while controlling costs for ordering, shipping, handling, and storage

Product/Service Management

the process of planning, designing, developing, maintaining and improving a product or service through all stages of its life cycle in response to the market opportunities.

Controlling

the process of setting standards and evaluating performance

Business Process

the set of tasks that allow a company to produce a good or service\\Cafeteria Plan- when you can put a certain amount of pre-tax money aside to be used towards medical emergencies and insurances

database

the systematic organization of information that allows easy updating and analysis of data

Specialization by Trade

the type of work that a person performs in order to earn a living, such as engineering, public-relations, or accounting.

Doctrine of Sovereign Immunity

the universally accepted principle that each nation has the right to manage its own government and develop its own laws.

Securities Fraud

the use of misleading sales tactics to persuade investors to purchase securities

Documentation

the use of printed materials to substantiate facts.

Possession Utility

the value customers have while buying a product and they have the choice to use the product for the purpose it was made for or finding a new way to use the product

pricing

the value placed on a good or service

Global Trade

the worldwide business that involves making and collecting payments for transactions in goods and services, and transporting them to various markets

Coordinate

to bring the different elements of an activity or an organization into a relationship that will ensure efficiency

data collection instrument

to gather information, marketers can use surveys,interviews, observations, federal and state government agencies, research companies, business publications, and trade association publications

Relaying good news

to present good news, bad news, and then good news.

Defamation

tort that involves harm to an individual's or business's reputation

Gross Pay

total income earned for the pay period before income taxes and other deductions are subtracted from the wages

job rotation

trainees are rotated periodically between jobs so to broaden their perspective of the business

Shareware

type of computer program in which computer users can sign up for the software on a trial basis. After the trial expires, the computer user can purchase and register the program, if desired

A speaker is talking too fast in a presentation, what should you do?

use abbreviations and symbols in your notes.

Securities Fraud

use of misleading sales tactics to persuade investors to purchase securities

Mediation

when two parties allow an impartial third party to help facilitate their negotiations

Capital Investment Decisions

which projects the business will invest in, how the investment(s) will be financed, and whether or not to pay dividends to the company's shareholders

overdraft

withdrawing excess, resulting in a negative balance

global trade

worldwide business that involves making and collecting payments for transactions in goods and services, and transporting those products to various markets

policy

written contract or certificate of insurance

Rules of Conduct

written set of guidelines issued by an organization to its workers and management to help them conduct their actions in accordance with its primary values and ethical standards

credit cards

you must pay interest if you don't pay your bills on time