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
