DECA Principles PIs

(300) Develop project plan (OP:001) (SP)

A project plan takes into account the approach the team will take and helps the team and stakeholders document decisions made regarding the objective, scope, schedule, resources, and deliverables. It is important to include project activities in your project plan so you can add in the time and resources to carry out those activities.

(204) Calculate the cost of credit (FI:782) (CS)*

Cost of credit: the additional amount, over and above the amount borrowed, that the borrower has to pay. -Includes interest, arrangement fees and any other charges. -(Amount borrowed × interest rate) ÷ years.

(106) Explain cultural considerations that impact global business relations (EC:110) (SP)

Diff countries do business differently, so you need to adapt your communication styles to the other company's so you don't accidentally offend them.

(107) Discuss the impact of cultural and social environments on global trade (EC:045) (SP)

Diff cultures will like diff things so you adapt your product/service to sell to them, too. Countries in civil unrest won't be trading as much bc they're busy fighting.

(5) Describe legal issues affecting businesses (BL:001) (SP)

Disgruntled employees, discrimination/harassment claims, harassment in general, immigration audits (check to see if your workers are legal), audits in general (see if your sales are actually as high as you claim), copyright/patent issues.

(170) Challenge the status quo (EI:134) (CS)*

Do things differently (not necessarily better), don't always say yes, contradict unjust ideas, challenge management, take a stand against authority, take risks, think outside the box.

(317) Comply with policies and procedures for use of property and equipment (OP:442) (CS)

Do this to keep equipment operable and safe, to keep company property in good condition, and to streamline the process of business activities.

(148) Foster open, honest communication (EI:129) (SP)*

Don't act like you aren't affected by constructive criticism in you daily life so the other party isn't afraid to say something to you, try to act friendly rather than domineering, don't punish those who try to suggest changes about you, be honest yourself.

(29) Defend ideas objectively (CO:061) (CS)

Don't be biased, clarify that you are only stating facts, explain why the ideas would benefit everyone.

(141) Respect the privacy of others (EI:029) (PQ)

Don't butt in when it's not your business, don't pry into their affairs, don't search through their office when you don't have permission, don't ask personal questions unless they bring it up.

(322) Set personal goals (PD:018) (CS)

Don't make your goals too high; it is better to set your goals lower so that you can make your goals higher the next time. Don't put yourself down if you don't achieve your full goal because that will discourage you and cause you to do the same for other goals. Reward yourself for achieving your goal. Tell someone your goal so they can keep track of your progress as well.

(174) Use power appropriately (EI:135) (SP)*

Don't neglect other's ideas just because you are the leader, be respectful, do some work yourself so you're not just a dictator.

(143) Maintain the confidentiality of others (EI:103) (CS)

Don't tell everyone what's not their business and respect when someone asks you to keep something quiet.

(320) Maintain appropriate personal appearance (Professional Development:002) (PQ)

Don't wear anything too revealing or distracting; for meetings and work, wear company uniform or business casual; check company manual for appropriate attire for regular work days or ask your boss when you first get the job.

(122) Exhibit self-confidence (EI:023) (PQ)

Dress well and stand tall, express conviction in your actions and statements, prepare yourself for success by reviewing your successes in similar areas, avoid thinking in terms of perfection and imperfection, acknowledge your fears.

(156) Use conflict-resolution skills (EI:015) (CS)

Encourage active listening, include group collaboration activities that improve teamwork, create emotionally-centered training scenarios, stress the importance of nonverbal communication, allow time for personal reflection, demonstrate conflict resolution in action, come to a consensus.

(162) Motivate team members (EI:059) (SP)

Encourage them and give team members confidence, tell them that they did something well so they feel motivated to do the next task; reward them if they perform a task, have consequences if task is incomplete, offer to help if they need anything.

(185) Explain the role requirements of entrepreneurs and owners (EN:040) (SP)

Entrepreneurs occupy a central position in a market economy. They need an idea, capital, and space to create their product. They will often work long hours, have an unstable income, and have limited vacation time when their business is first starting out. If they succeed, they can usually win big.

(184) Describe the nature of entrepreneurship (ENtrepreneurship:039) (SP)

Entrepreneurship: the development of a business from the ground up; coming up with an idea and turning it into a profitable business.

(1) Comply with the spirit and intent of laws and regulations (Business Law:163) (CareerSustaining)*

Review the laws and rules regularly; consider them in conflict and make sure you don't go against them. Use governance, risk, and compliance technology if you need help complying with laws related to your information systems. Have a legal department in your company.

(354) Explain the nature of risk management (SM:075) (SP)

Risk mgmt: the forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.

(274) Access information in the database system (NF:141) (SP)

SQL statements: (Structured Query Language is the language of databases) -SELECT: retrieves fields. -WHERE: IDs filter criteria. -ORDER BY: sorts order(s). Query: a short string of code used to access and retrieve specific information from a database. Types: -Action: allows the user to insert a new entry, update an existing entry, or delete an entry. -Data-definition: tells the database to create, delete, or modify other database objects. -Parameter: allows the user to input different details or criteria each time s/he runs the same general query. -Pass-through: tells the database engine to pass the query to a remote database server for processing. -Select/cross-tab: retrieves specific data and presents them in reports. -Status: used to determine the status of a system, project, etc. -Wildcard: used when the user isn't sure how to spell a word in the query or wants to locate all database entries containing different variations of a specific term.

(202) Maintain financial records (FI:069) (PQ)

Why: measure financial progress, determine money you have now and later, make effective decisions about saving and investing. Manage: bank statements, pay stubs, ownership certificates, tax forms. Records can be maintained in file cabinets, safe deposit boxes in banks, or computers. File cabinets maintain printed docs and records organized by type with labeled folders. Difficult-to-replace items like car titles and birth certificates should be in safe deposit boxes in banks or home fire safes. Computer programs can create and manage personal budgets, pay bills online, or generate financial docs that can be stored electronically. Keep your financial records for at least 6 years.

(37) Explain the nature of effective written communications (CO:016) (CS)

Sends flat messages that lack tone of voice, body language, and features with the intent of the recipient understanding and responding to it. Should use appropriate spelling and grammar so the reader can understand the info. Outcomes are productivity, purpose, and clear direction.

(59) Reinforce service orientation through communication (CR:005) (CS)

Service orientation: the ability and desire to anticipate, recognize, and meet others' needs. -Provide satisfaction and make yourself available to your customers. -Communicate to your customers that you're available and ready to help them.

(295) Plan project (OP:519) (CS)*

Set a goal, brainstorm ideas with a group, develop plan.

(257) Demonstrate basic word processing skills (NF:007) (PQ)

Word processing software allows you to store and format text. You type words, change their font size/color, play with the line spacing, etc.

(180) Maintain collaborative partnerships with colleagues (EI:061) (SP)

Working together in unison, conduct yourself as a respectable person, try to accommodate rather than force, know that both parties have benefits.

(100) Discuss the impact of a nation's unemployment rates (EC:082) (SP)

Unemployment means those who don't have a job but are actively looking for one. Higher unemployment = bad. More workers = more tax $, less workers = more people who need gov't assistance to survive, basically a tax on society. In the US it's 4-5%. Calculate unemployment by doing number of ppl looking for a job but don't have one over labor force (all ppl wanting a job between 16 and 64).

(165) Model ethical behavior (EI:132) (CS)*

Uphold company values, respect company assets, avoid questionable business practices, make good decisions.

(263) Create and post basic web page (NF:042) (CS)

Use a free website maker such as weebly or wixsite. Put company name, goal, and other important info. Make sure the site is easy to use and find and easy for customers to contact the owner or office. Hire a web designer if you've got boomer-level tech skills.

(38) Select and utilize appropriate formats for professional writing (CO:088) (CS)

Use business letters to talk to vendors, promotional material for customers or potential customers, email for coworkers and supervisors, email for customer service.

(36) Select and use appropriate graphic aids (CO:087) (CS)

Use charts and tables: pie charts to show fractions, line graph for rates, tables for data; don't be too detailed because it might look confusing; make it appropriate for the audience (no jargon for non-industry people, no profanity ever, keep it simple).

(24) Ask relevant questions (CO:058) (PQ)

Use key words that are important to what you need to know and be direct so they understand what to answer, listen beforehand so they're not repeating too much, know when to ask such as when they pause or ask if you have questions, don't go off topic. Some questions really are stupid but if it's vital to your task ask them anyway.

(331) Demonstrate problem-solving skills (PD:077) (CS)

Use the 7-step problem solving process: 1. Detect the issue. 2. Check assumptions. 3. Collect data. 4. Determine possible soutions. 5. Select solution. 6. Implement solution. 7. Evaluate results. [This is quoted from DECA.]

(264) Collaborate on and aggregate complex internal documents to create a common voice (NF:215) (SP)

When multiple viewpoints and data are combined to establish a common voice, employees can powerfully communicate their ideas. [IDEK what this PI means and I won't be seeing it at district so y'all are on your own. I'm tired.]

(60) Respond to customer inquiries (CR:006) (CS)

When responding to requests, it is important to use effective listening techniques, such as the following: -Identify the purpose of the message. -Give feedback to show understanding. -Ask appropriate questions to gather more information. -Watch for verbal cues. -Try to satisfy the customer's need as quickly as possible.

(328) Ascertain employee's role in meeting organizational goals (PD:255) (SP)

When trying to meet an organizational goal, employees should be aware of their role in helping the business reach this goal. Employees should spread motivation, do their part, and give feedback when prompted.

(96) Explain the impact of the law of diminishing returns (EC:023) (SP)

When you do smt you might get a big return for it so you invest more in it. As you add more input. however, you won't get the same amount of marginal output. Say you have 1 worker. You add another worker and get twice the productivity. You add a third worker and only get 1.5x the productivity of 2 workers. If you add 10 workers, there might not be enough work for all of them so you'd have less marginal productivity. There's a limit to how much more productivity you can have.

(329) Explain the need for innovation skills (PD:126) (CS)

When you have a product, someone will eventually make something similar, so innovation is how you make your product the best in the market. Extend your brand and product--come up with new features or a better product entirely.

(112) Describe the impact of a country's history on world trade (EC:115) (SP)

Whether the country is allies or enemies with another nation. Take the US and North Korea. They went to war so they don't trade. If you're allies like US and W. Europe you'll trade a lot. Area of expertise also matters. Swiss watches are historically high-valued, so it's hard for a watch manufacturer in Kazakhstan to compete.

(209) Pay bills (FI:565) (CS)*

Get the bill, see if you ordered and received your good, make a check and send that along with the invoice (bill) to whoever sent it to you through the mail or pay electronically with a wire transfer or ACH (automated clearing house). If you don't pay your bills, you won't be able to order new stuff because your credit will be lowered and the seller can take legal action against you for not paying your bills.

(294) Maintain data security (OP:064) (CS)

If electronic, use passwords, install measures of preventing viruses and hackers, and let employees know the data is confidential. If not electronic, use locks, don't tell everyone you see where the data is being stored, and use security cameras and guards.

(130) Take responsibility for decisions and actions (EI:075) (PQ)

If something goes wrong, own up to it, don't deny blame or pin it on others. This demonstrates bad work ethic. If something goes right, don't feel afraid to take credit, but don't take credit from other people.

(163) Explain the concept of leadership (EI:009) (CS)

Leadership: the ability of an individual or organization to guide other individuals, teams, or organizations. Leaders help to do the right things and set the direction to create something new.

(189) Describe functions of money (medium of exchange, unit of measure, store of value) (FI:060) (PQ)

Medium of exchange: accepted in all transactions by all parties as an acceptable item of exchange for a good or service. Store of value: has a fixed value that changes with the economy but is accepted as that value everywhere. Unit of account/measure: common measure of the value of goods and services being exchanged.

(34) Utilize note-taking strategies (CO:085) (CS)

Note only key words and phrases rather than small details, keep notes accessible to you to apply them to real-life situations, ask questions and review notes often so you can remember.

(119) Assess personal strengths and weaknesses (EI:002) (PQ)

Observe other people's strengths and weakness and compare each of your abilities to them to see what you do better or worse, analyze past activities of yourself and see the mistakes you have made, analyze what achievements have been made and see what you feel more comfortable in.

(157) Explain the nature of office politics (EI:109) (CS)

Office politics: strategies people play to gain advantages personally or for a cause they support by lobbying to the higher-ups. Advantage usually comes at the expense of others or the greater good.

(178) Consider conflicting viewpoints (EI:136) (CS)*

Think about the other's opinions, cultural backgrounds, political views, religious beliefs, and the way they were raised and live now and ponder how they could view issues now or just ask them their views and be respectful of them.

(65) Handle customer/client complaints (CR:010) (CS)

Think of complaints as an opportunity to learn something and to improve service. To handle customer complaints: -Listen. -Take the customer aside to discuss the complaint. -Repeat the facts to show that you understand what the customer has stated. -Don't place blame on any one party. -Get assistance from a supervisor, if necessary. -Establish a plan that determines the next step. -Be respectful and do not undermine the customer.

(169) Develop an achievement orientation (EI:027) (CS)

Three core human motives: affiliation (association), power, and achievement. Achievement: valuing setting and accomplishing goals and receiving feedback on progress. Develop an achievement orientation by changing your mindset so you always strive to go higher than you already are.

(333) Use time-management skills (PD:019) (SP)

Time management means budgeting your time to accomplish tasks on a certain schedule. No matter what you do with your time, your 24-hour supply will never change [test question!]. The principles of time management: -Establishing goals. -Setting deadlines. -Allocating enough time for each task. -Tackling the most difficult task first. -Being realistic with what you can do. Stick to the following time management guidelines: 1. Make a list of the tasks you need to complete. 2. Determine which task is most important considering your time frame. 3. Continue to rank the remaining tasks. 4. Create a schedule based on your list. 5. Work on one task at a time, not worrying about the others.

(191) Explain the time value of money (FI:062) (CS)

Time value of money: the idea that money available at the present time is worth more than the same amount in the future due to its potential earning capacity and inflation. The core principle of finance holds that, since money can earn interest, any amount of money is worth more the sooner it is received.

(355) Conduct a risk assessment of an event (SM:076) (SP)

To assess risk: 1. ID hazards that can harm people. 2. Decide who could be harmed and how. 3. Consider how likely the hazard could harm someone and take action. 4. Record your findings. 5. Review the assessment regularly to account for changes and make sure everything's still accurate.

(242) Evaluate quality and source of information (NF:079) (CS)

To evaluate source data, consider the following: -Is the subject matter consistent with the defined problem or issue? -Do the data apply to the population and/or time period of interest? -Do the data appear in the correct units of measurement? -Do the data cover the subject in adequate detail? -Is the data accurate and timely? -Can the accuracy of the data be verified? -Is/are the data source(s) reputable? -Is the cost of data acquisition worth it? -Is there a possibility of bias?

(238) Discuss actions employees can take to achieve the company's desired results (MK:015) (SP)

To help achieve a company's desired results, employees should look at long term goals outlined in the company's strategic plan. The employee should see which activities they perform that can contribute to the achievement of the goals set forth by the organization.

(279) Interpret data mining findings (NF:152) (SP)

To interpret: -Organize mass statistics into histograms or similar applications for visual representations. -Based on existing data, deduce info from connections between sets of data. -Use the data mining techniques to figure stuff out. [-Your answer for this will be based on your situation.]

(195) Explain the need to save and invest (FI:270) (CS)

To meet your financial need, it is vital to save your money so you can pay at least part of the great cost you'll eventually have to pay in full, such as a down payment on a car or house. Having money saved up is great in and of itself, but interest earned from it sitting in the bank isn't much. Investing money in things such as stocks is a gamble, but it can pay out in many times more money than you had in the beginning, bringing you one step closer to fulfilling your plan.

(42) Write informational messages (CO:039) (CS)

Avoid opinions and biased info, be formal and concise only on facts, be clear so the info can be understood better, give the reasons for them receiving the info.

(217) Explain types of investments (FI:077) (CS)

-Cash: money in a bank or interest-bearing account. -Stocks/shares: ownership of a company. -Bonds: someone is in debt to you so they give you a bond as a promise note. -Mutual funds: group of people pool their money and a manager buys different stocks and bonds to create a portfolio of investments. -Annuity: buy annuity contract and it gives you a series of payments every time period until you die so you don't run out of cash. -Alternative investments in illiquid companies like art. -Derivatives: complex financial instruments whose value depends on the value of other financial instruments or a market index; used on a global scale to reduce the risk of investing in volatile markets. These are like stock market things I barely understand. --Put option: IF you buy a share you have the right to sell shares at a certain price. --Call option: buy shares at a certain price. --Swap: foreign currency in interest rate swaps (??).

(237) Explain factors that influence customer/client/business buying behavior (MK:014) (SP)

-Cultural factors: culture, subculture, social classes. -Social factors: family, role, status, reference. -Personal factors: age, income, occupation, lifestyle, personality. -Psychological factors: motivation, perception, education, beliefs, attitudes. -Economical factors: personal income, family income, income expectations, liquid assets, government policy.

(293) Explain information privacy, security, and confidentiality considerations in business (OP:441) (CS)

A breach in security may result in serious business loss if the breach was done with deliberate motive; explain clear reasons and why security matters to employees and give detailed instructions to how to refuse to answer questions and protect info.

(284) Report noncompliance with business health and safety regulations (OP:005) (PQ)

A compliance program enables employees to feel safe on the job. An employee should feel free to ask questions, report violations to their supervisor, and feel like an effective part of the organization. Reporting noncompliance to the gov't is aka whistleblowing.

(161) Use consensus-building skills (EI:011) (SP)

A consensus is a decision upon which each member of a group agrees. It is a critical component of teamwork as well as negotiation. To achieve a consensus, it is helpful to allow all members to state their opinions. It will often require members of the group to be flexible and accept a compromise. Allowing team members to be involved in setting and achieving the team's goals is important and often results in increased company loyalty and a stronger team spirit. Consensus building is also beneficial in that it leads to extra motivation and a sense of ownership among team members.

(57) Demonstrate a customer-service mindset (CR:004) (CS)

A positive customer relations mindset means believing that your customers: deserve the very best, are your employers, deserve your focused attention, have the right to expect things of you, and have important problems and complaints. Positive customer relations need to be demonstrated when speaking to customers in person, over the phone, or online. It should also be evident while handling complaints, inquiries, and requests. Demonstrate good customer relations by doing the following: considering and attempting to meet their needs, concentrating on them without distractions, following up with them, following through on what you say you are going to do, and being efficient in handling issues.

(282) Describe the use of technology in operations (OP:191) (SP)

A variety of computer applications assist businesses in their operations. Word processing programs allow you to develop reports, letters, and announcements. Database programs enable you to maintain customer lists and catalog inventory records. Spreadsheet software helps you analyze financial data and track business performance. Desktop publishing programs create layouts for forms, advertisements, and product manuals. Presentation software assists you in delivering visual and verbal information for meetings. The Internet has become an integral part of the business world. Companies use websites for promotion and as a way to stay connected with their customers. Web-page editing software enables you to create and maintain a website. Communications software allows you to communicate electronically with others around the globe through computers and videoconferencing.

(30) Handle telephone calls in a businesslike manner (CO:114) (CS)

Always start off with a proper greeting like "hello this is so and so from so and so. How can I help you?" Always be kind and listen to everything customers have to ask or say. Talk in a happy tone. People can actually hear when you talk with a smile even if they don't see you.

(227) Explain the role of finance in business (FI:354) (CS)

Accounting is evaluating results. Finance is predicting what will happen with your money. For ex., if you wanna invest something into a project a work, finance is do you need more equipment or employees, how much will the product cost, how much product will sell, how much will your profit be. Investment + expenses = profit. Basically tells you if you should make the investment or not.

(220) Explain the concept of accounting (FI:085) (CS)

Accounting is keeping track of cash, expense, and revenue inflows and outflows of a company. Measures business results: how have they done historically and what assets and liabilities do they currently have?

(230) Describe the nature of budgets (FI:106) (SP)

Accounting is results, finance is plan, budget/expense projection is the next year's financial plan. What'll you do, what're your expenses, how much will you sell. At the end you see if you need to change your budget based on your operating results. Set goals and objectives for everyone. https://www.business-case-analysis.com/images/define-explain/budgeting/cash-budget-example.png

(253) Describe the scope of the Internet (NF:086) (PQ)

Advertising and research platform, communication tool, spreads information quickly and easily, took over our lives, blah blah blah. [Should you really be in high school if you can't explain the Internet?]

(210) Control debt (FI:568) (CS)*

Aim to pay off debt using incoming cash flow, not savings, make all minimum payments on time, pay down debts with the highest interest rate first; evaluate paying off low-interest debt versus saving more. Credit card debt should be your top priority bc credit cards have very high interest rates.

(290) Explain routine security precautions (OP:013) (CS)

All companies are responsible for protecting people and property in the scope of business. Security personnel may be hired and policies should be written to serve these purposes. Procedures to handle emergencies, safety hazards, natural disasters, theft, and liability issues need to be addressed. Planning for such instances helps to minimize the amount of loss that may occur.

(32) Facilitate (lead) group discussions (CO:201) (SP)

Allow all group members have a chance to speak and express their own ideas freely, give respectful but honest constructive feedback.

(22) Demonstrate active listening skills (CO:017) (PQ)

Always maintain eye contact, show that you understood by nodding your head, smile, ask to repeat anything you didn't understand.

(288) Explain procedures for handling accidents (OP:009) (CS)

Always survey an accident scene before you do anything. Do not make any assumptions. Figure out what has already happened, and determine what must happen next. If someone is injured, administer first aid and get help if needed. Do not move a victim who may have a back or neck injury. Clear the victim's airway and check to see if he/she is breathing. Check for a pulse or severe bleeding. In the event of a fire, leave the building immediately using the stairs or a window. If you cannot leave, stay close to the floor to avoid smoke. Before opening a door, put your hand on it to feel if it is hot. If your clothes catch fire, stop, drop to the floor, and roll to put the fire out. Do not try to put out the flames yourself. During an earthquake, stay inside and move to a doorway or under a table. If you are outside, stand out in the open away from things that may fall. If a tornado threatens, go inside and stay away from windows. Cover yourself with a mattress or blanket. If you are outside and cannot get inside, dive into a ditch or other low ground area and stay down. In a flood, do not walk, drive, or swim through flood waters, as just 6 inches can knock you over and 12 inches can sweep your car away. Evacuate if told to do so. Get to higher ground and stay away from bridges.

(136) Develop tolerance for ambiguity (EI:092) (CS)*

Ambiguity: when something has two different meanings and a situation can have either of those meanings. Stay strong and calm as the situation settles over time and confusion around the change or event starts to dissipate. Basically wait it out.

(332) Demonstrate appropriate creativity (PD:012) (SP)

Appropriate creativity is a useful skill when you need to come up with a unique and effective strategy. Ideas must have value and be appropriate to the demands of the situation. Be innovative--try new and different approaches. Write down brainstormed ideas. Communicate with others to get feedback.

(10) Explain the nature of agency relationships (BL:072) (SP)

Area of commercial law dealing with a set of contractual, quasi-contractual, and non-contractual fiduciary (legal/ethical, based on trust) relationships that involve a person (agent) that is authorized to act on behalf of another person (principal) to create legal relations with a third party.

(241) Obtain needed information efficiently (NF:078) (CS)

Ask others, do a web search, data mine using data mining software, search your databases.

(19) Analyze company resources to ascertain policies and procedures (CO:057) (CS)

Ask your HR person during employee orientation, review the employee handbook, ask your supervisor during your first job interview or during your first day in office, consult trustworthy coworkers or HR.

(155) Use appropriate assertiveness (EI:008) (PQ)

Assertive behavior is based on balance of power, while aggressiveness is based on winning. Express yourself in a positive way, value yourself and your rights, voice your interests confidently, acknowledge that you can't control others, be open to feedback, learn to say no, use "I" statements, empathize, escalate the matter if necessary, ask for more time, change up your verbs, repeat what you want.

(267) Describe current business trends (NF:013) (SP)

Assessing current business trends is important to both business and professional growth. Business owners and entrepreneurs should keep up-to-date through a variety of means. Classes are offered at vocational/technical schools, two- and four-year colleges, and online. Joining a professional association or club is an excellent way to stay current with trends and knowledge relevant to an industry. Another way to stay up-to-date is by reading journals, professional trade publications, news sources, websites, and blogs. Attend professional conferences, meetings, seminars, and speakers. These activities also provide the opportunity for networking, where you can learn from colleagues by sharing insight and experiences. [Apply this PI to your interview situation.]

(247) Explain the role of ethics in information management (NF:111) (SP)

Businesses that maintain databases of personal customer information have a responsibility to keep that information private. Many companies that collect information about their customers sell that information to others. This exchange of customers' personal information among businesses has led to numerous invasion of privacy complaints. Many businesses now also offer clients the choice of being added to mailing lists. Confidentiality must be maintained with regard to employees' and clients' personal information.

(108) Describe the impact of electronic communication tools (e.g., Internet, video- and computer-conferencing, webcasts, email) on global business activities (EC:111) (SP)

Back in the day mail was delivered by sending ships and agents did your overseas business for you, with you relying on trust and worried about time lag. With mechanization mail became faster. Fax machines and phones allowed you to communicate quickly. In the computer age (internet), you can manage a business across different time zones and emails can be responded to in real time. If you have an office in LA and an office in UK you can work on a project electronically 24 hrs/day. Internet also allows SCM, operations, and online orders. In practice electronic communication allows fewer people to do more work and with technology one man can do the work of ten.

(225) Explain the nature of balance sheets (FI:093) (SP)

Balance sheet: a summary of a business' assets, liabilities, and owner's equity. -Assets: anything of monetary value that you own and are classified as current or fixed. --Current asset: cash or anything that can be converted into cash in a year. --Fixed asset: something used over a period of time to operate your business, like property and equipment. -Liabilities: the amounts that a business owes and are classified as current or long-term. --Current liability: a debt the business must pay back during the upcoming year. --Long-term liability: a debt that is due after 12 months' time, such as a long-term loan. -Owner's equity: the amount of ownership interest in the business. The sum of liabilities and owner's equity equals the asset value of the company (A = L + OE). https://www.accountingcoach.com/wp-content/uploads/2013/10/[email protected]

(203) Read and reconcile bank statements (FI:070) (PQ)

Bank statement: a document showing activity on your account over the previous month, including a beginning and ending balance and all inflows and outflows during that time. Bank account reconciliation: when you account for the differences between the bank statement and your records (usually your checkbook register). The balances in your register and the bank statement may differ because you have written checks that have not yet cleared the bank, or perhaps because you have deposited money into your account after the bank statement was prepared. To reconcile your account, first compare the checks you have written with those listed on the bank statement. List any outstanding checks on the reconciliation form. Next, subtract the total amount of outstanding checks from the ending balance on the statement. Then, add any recent deposits not on the statement to the reconciliation form. Last, subtract any fees and add any interest as found on your bank statement to your reconciliation form. Now you should find that the adjusted bank balance and the balance in your records is the same. If there is an error, report it to your bank.

(208) Protect against identity theft (FI:073) (CS)

Be cautious with sensitive information and documents, including your social security number, checking and other bank account numbers, previous tax returns, etc. Shred any documents that contain sensitive information before throwing them out. When paying with a credit or debit card, be sure the card is always returned to you after the purchase. You may wish to keep a record of your card numbers in a place separate from your cards. Also, always look over your bank and credit card statements carefully when you receive them for mistakes and unknown charges or withdrawals.

(26) Provide legitimate responses to inquiries (CO:060) (PQ)

Be clear to prevent miscommunications, actually understand the inquiry and its motives before answering, answer using facts and to the best of your ability, consult coworkers or supervisors if you need help.

(27) Give verbal directions (CO:083) (PQ)

Be concise to be sure they remember, put emphasis on important words and phrases, be articulate and direct (eye contact), ask if they understand and if they have any questions.

(244) Apply information to accomplish a task (NF:080) (CS)

Be flexible in how to adjust the information so that it works most effectively for the task, assess info and think about what part of the info can help to improve a task, let the workers know of possible changes and have a discussion about its pros and cons, decide if there is more benefit.

(234) Orient new employees (HR:360) (CS)

Be kind and friendly so they feel comfortable to ask questions and have good impressions, let them know the importance of their tasks, explain to them generals rules and tell them directions on tasks, advise them to take notes, give time for the employee to shadow an experienced worker, give constructive criticism when they make a mistake and give advice to avoid it.

(150) Solicit feedback (EI:106) (SP)

Be the chill and comfortable person around others so they feel comfortable giving feedback, don't be afraid to be confident and don't shy away from showing others what you need feedback in, ask for feedback directly from coworkers or superiors, don't get mad if they say smt you don't like.

(61) Adapt communication to the cultural and social differences among clients (CR:019) (CS)

Begin by respecting differences among people. Avoid and overcome stereotypes (oversimplified, distorted beliefs about a person or group). Keep an open mind and treat people with respect to maintain smooth relationships. In business, you must maintain an awareness of the language and cultural differences that will affect company employees as well as customers.

(193) Explain legal responsibilities associated with financial exchanges (FI:063) (CS)

Buyers have to be able to pay back the seller in full or plus interest in a timely manner, and if they don't do it, they must be willing to give the seller something of equal value to the money borrowed so the seller isn't cheated. Sellers have to be able to provide in full to the buyer what was promised, and trust that the buyer will be able to pay them back, but also perform security measures such as a check on credit history to make sure the buyer is a trustworthy person.

(271) Translate research findings into actionable business recommendations (NF:216) (SP)

By analyzing past trends, businesses can enact policies and strategies to complement its mission of profit. Research findings should focus on past trends and consumer preferences (best ways to recommend next action of business). [Apply this to your situation.]

(343) Interview for a job (PD:028) (PQ)

Beginning: -Start the interview with a polite greeting. -Thank the interviewer for meeting with you. -Mention who you know at the company if you know someone. -Express your gratitude for being considered. -Convey that you've researched the role and the company. -Point out that you're a great fit for the job. During: -Don't just say you're a match for this job; say why using accomplishments and experience. -Explain how you will add value (and help the company's bottom line) by referencing what you did in previous jobs. -Convey that you're a team player. -Suggest that you would plan on staying with the company. -Emphasize that you're eager to learn and develop yourself personally and professionally. End: -State that you have researched the company and want to know more about ____. -Ask what goals the company is trying to meet this quarter. -Convey that you really want the job and reiterate why. -Say that you're ready for next steps. -Thank the interviewer for their time. After: (in your follow-up email/letter) -State that you enjoyed meeting. -Thank the interviewer for their time. -Convey your enthusiasm for the opportunity. -Reiterate that you're a good fit for the position. -Keep the lines of communication open by offering to answer any additional questions they have. Cool questions to ask during the interview: -What does success in this role look like after [this] amount of time? -Can you walk me through a typical day in this role? -How can I help your company achieve its goals? Cool weaknesses: -Inexperience if you're entry-level or changing industries. -"I need to know why I'm doing smt before I do it--I don't like being a mindless cog." -Focus too much on details. -Impatience if the deadline wasn't met. -Trouble asking for help or saying "no." -Work/life balance problems. -No confidence. Employers wanna see self-awareness.

(308) Manage the bid process in purchasing (OP:160) (SP)

Bid process: when vendors make a quote for the business's needs; used for the business to buy from the vendor with the best price. Parts to the bid process: pick several suppliers, determine if an offer is competitive, make a legally binding contract.

(12) Discuss the role of administrative law (BL:074) (SP)

Body of law that regulates operations and procedures of gov't agencies.

(78) Describe types of business activities (EC:071) (CS)

Budgeting: how is revenue used in operations and the pursuit of future growth?; tracks all spending and revenue, compares last year's spending to make a better budget this year. Accounting: tracking the flow of money in and out of the company. Finance: deciding what to do with the money you have/will have. Marketing: develop company and brand recognition in the marketplace. Sales: maintain contact with the customer base. Hiring employees: maintains current operations and plans for future expansion by searching out qualified candidates whose qualifications match available positions. Customer service: maintains corporate revenue by resolving customer issues and preserving the buying relationship.

(87) Explain the concept of private enterprise (EC:009) (CS)

Business is run by private individuals or companies rather than the state. Less government regulation and more freedom.

(41) Write business letters (CO:133) (CS)

Business letter: Date (MM/DD/YYYY) Sender's Address (for inside address, use full name, Mr./Ms. optional) Salutation (greeting): Body Text (single spaced, double space between paragraphs) Closing ("Call to Action") Signature Block (from,): Enclosures: -CC: Carbon Copy (people you want to get the email but it's not important enough to them to put them in the To: column). -BCC: Blind Carbon Copy (people who should get the info but it's no one else's business if they're included). Use a professional tone w/o casual language used in emails, but be friendly. Overall tone should be confident, courteous, and sincere. Write clearly, organize info logically, use bold to emphasize important words, be persuasive, proofread so uour words words don't ennd up al messed uP?

(79) Describe types of business models (EC:138) (SP)

Business models: what size company, product/service, market, ad strategy, how will you monetize it. Sole proprietorship, partnership, corporation, etc. Most fundamental question: are you selling a good or a service? Manufacturing companies will be diff from merchandise companies will be diff from companies that sell labor (like housekeeping).

(265) Describe the nature of business records (NF:001) (SP)

Business record: a document (hard copy or digital) that records a business dealing. -Includes meeting minutes, memoranda, employment contracts, and accounting source documents. Records must be retrievable at a later date so that the business dealings can be accurately reviewed as required. Since business is dependent upon confidence and trust, not only must the record be accurate and easily retrieved, the processes surrounding its creation and retrieval must be perceived by customers and the business community to consistently deliver a full and accurate record with no gaps or additions. Technology has made it easier and more efficient to maintain business records through management information systems (MIS). The functions of an MIS are to gather, analyze, store, and report on data. Records are kept regarding financial information, production and inventory, marketing and sales, and human resources. Data sources may be external, such as from financial institutions or government agencies, or they may be internal, including data from accounting, inventory, and sales. Business record keeping requires one to: identify the information needs of the organization, obtain the data, process and analyze the data, organize the data in a useful manner, distribute information to those who need it to make decisions, and update the data and records as needed.

(89) Determine factors affecting business risk (EC:011) (CS)

Business risk: the potential risk to your business/industry that could decrease/increase profits; affected by sales volume, per-unit price, input costs, competition, government regulations, and overall economic climate. Companies with high business risk should choose a capital structure with a lower debt (to equity) ratio to meet financial obligations at all times.

(77) Explain the role of business in society (EC:070) (CS)

Cornerstone of prosperity - companies create the resources that permit social development and welfare and, through their commercial operations, actively contribute to progress in society.

(224) Describe the nature of cash flow statements (FI:091) (SP)

CF statement: a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents and breaks the analysis down to operating, investing and financing activities; a monthly plan that tracks when you anticipate that cash will come into a business and when you expect to pay out cash. -Determines whether you will have enough money to pay your bills on time. -Helps secure a business loan, as most lenders will request at least a first-year cash flow statement. -Itemizes how much cash you started with, what your projected cash expenditures are, and how and when you plan to receive cash. It also shows when you will need to seek out additional funds or when you will have additional cash remaining. https://cdn.corporatefinanceinstitute.com/assets/statement-of-cash-flows-1.jpg

(68) Discuss the nature of customer relationship management (CRM) (CR:016) (SP)

CRM: way of facilitating positive culture customer relations. If all your customers hate you they're not gonna give you business so customer relationship management is in charge of making sure your customers don't hate you. You can use a database to make sure your customers are happy, keep track of inquiries, and send out targeted ads.

(116) Describe the nature of emotional intelligence (Emotional Intelligence:001) (PQ)

Capability of individuals to recognize their own emotions and those of others, distinguish and label different feelings, use emotional information to guide thinking and behavior, and manage and adjust emotions to adapt to different environments to achieve goals.

(173) Coach others (EI:041) (CS)

Coaching: a way of developing people's skills and abilities and boosting performance; founded on confidentiality and trust. The solution to the coachee's issues lies within them (this is a quote from DECA).

(262) Demonstrate collaborative/groupware applications (NF:011) (CS)

Collaborative applications aka groupware (Google Drive or Microsoft 365) allow multiple employees to work together at once on business projects.

(228) Discuss the role of ethics in finance (FI:355) (SP)

Companies and their executives can now be held accountable for misinformation or improper recording of a company's financial situation due to the Sarbanes-Oxley Act of 2002. A company must keep an accurate, honest, and complete record of its accounting transactions. Finance professionals should be educated about insider trading and other unethical practices. They must refrain from misrepresenting the facts to achieve short-term goals. Confidentiality must be maintained with regard to clients' personal information as well as company information. Efforts must also be made to avoid conflicts of interest between employees and customers.

(239) Demonstrate connections between company actions and results (e.g., influencing consumer buying behavior, gaining market share, etc.) (MK:019) (SP)

Company actions that affect consumers: -Advertising -Pricing -Product mix -Product development and improvement -Product safety -Payment options -Supply of goods -Sales and promotions -Etc. Company actions that affect the competition: -Advertising -Distribution methods and locations -Pricing -Product mix -Supply of goods -Sales and promotions -Etc. Company actions that affect employees: -Human resources management -Investing -Managerial ethics -Production planning and scheduling -Risk management -Use of technology in production and record keeping -Etc. Other actions to be considered include company actions that affect things like the environment, the global economy, etc.

(90) Explain the concept of competition (EC:012) (CS)

Competition: rivalry among sellers trying to increase sales profit, market share, or sales volume by using price, product distribution, and promotion. Ends up giving lower prices and higher quality to consumers bc ppl will only buy the best valued stuff theoretically.

(251) Discuss principles of computer systems (NF:084) (PQ)

Computer system: a basic, complete computer that has all the hardware and software required to make it functional for a user. What do they do, how fast are they, what do they store, what can they potentially be used for.

(168) Demonstrate adaptability (EI:006) (CS)

Consider alternative solutions, accept surprises and new roles, show calmness and confidence.

(330) Make decisions (PD:017) (CS)

Consider the pros, cons, ethics, and legality. Discuss with the people that will be affected by decisions and discuss with them to make a decision agreed, or at least accepted, upon by everyone. Base your decision off your info.

(214) Apply for a consumer loan (FI:625) (SP)*

Consumer loan: free cash that's used for short-term expenditures. Useful if you need to fix your car or buy a TV or whatever but don't wanna add the cash you spent to your car or home loan. Fill out an app with a bank, they'll do a credit check to determine your risk profile, they'll assign an interest rate to the loan, you'll get the money. If you get a loan from a pawn shop, you'll have to give collateral. Credit cards are also a type of consumer loan.

(97) Discuss the measure of consumer spending as an economic indicator (EC:081) (SP)

Consumer spending is THE most important econ indicator. GDP (gross domestic product) is within border. GNP (gross national product) is citizens + visitors' impact on econ. 4 factors: consumer spending (C), gov't spending (G), business investment (I), import/export (Xn). 60% consumer, 30% gov't, 10% business investment, import/export is whatever (+/- 5% of total). Consumption is everything people buy to run their lives. When consumption is up, the economy gets stimulated. When consumption is down, the economy recesses.

(7) Describe the nature of legally binding contracts (BL:002) (SP)

Contract: an agreement between 2+ businesses where one business offers to do something in return for something provided by another business and the offer is accepted. Contracts make sure an agreement between parties is written down and has consequences for breaking the agreement so both parties stay in check. To be legally valid: (1) ALL parties must agree about an offer made by one party and accepted by the other; (2) smt of value must be exchanged for something else of value, including goods, cash, and services, or it has to be a pledge to exchange these items.

(23) Explain the nature of effective verbal communications (CO:147) (PQ)

Convey information concisely in an understandable way.

(133) Explain reasons for ethical dilemmas (EI:124) (CS)*

Cost-benefit analysis where cost is great and sometimes unethical but the benefit is worth it. Turn the other cheek to unethical behavior when it's more convenient for you. Conflicting values where the less ethical option is chosen because the unethical opinions won out in the argument. Limited resources; for example, two people are equally qualified for only one job so choosing one will make the other feel passed over unfairly.

(111) Explain the impact of geography on world trade (EC:114) (SP)

Countries along major trading routes do better. Two directions: east to west and west to east. Panama and Suez Canals made east-west trading easier since it's harder to bring things over land than over sea. Ease of access into your own markets also is affected by geography. If your country is large and sparsely populated you have less demand bc farther distances. If you're densely populated like LA your economy is gonna boom bc you'll be able to transport goods easier.

(171) Lead change (EI:005) (CS)

Create a plan, understand the goal, communicate clearly, delegate tasks, know key players, set realistic objectives, manage expectations, hold people accountable.

(35) Organize information (CO:086) (CS)

Create outlines, classify them if possible, keep them neatly in folders (electronically or not), know if the info is credible and filter them out, clarify if unsure of a piece of info. In a database or other electronic system, classify your info into categories and name them for easy access later.

(287) Maintain a safe work environment (OP:008) (CS)

Creating a safe work environment is important due to the significant financial impact these policies can have on a business. Many companies develop an accident management program that includes complying with federal and state health and safety regulations, documenting workplace incidents, providing employees with protective clothing and equipment, offering safety training and information, and providing opportunities for safety and health training.

(121) Identify desirable personality traits important to business (EI:018) (PQ)

Creative, dependable, compassionate, enthusiastic, motivated, curious, confident, able to recover from failure. All are equally important!

(205) Demonstrate the wise use of credit (FI:071) (CS)

Credit: a way to receive cash or goods now and pay for them later, most commonly through the use of a credit card or a loan. Before deciding to use credit, ask yourself if you can afford the item in the first place. Also, would it be better to use your savings instead of credit? Could your credit be put to better use in some other way? Should you put off the purchase for a later date? You must be certain that the benefits of making the purchase now on credit outweigh its costs, including fees and interest charges. There are many ways to use credit wisely. For instance, you may be able to combine several purchases into one, thus making only one monthly payment. You will likely need a credit card for major and expensive purchases. It is often safer, and more convenient, to use a credit card when shopping or travelling. The wise use of credit will allow you the opportunity to build a better credit history, which means you are seen as a reliable person to other lenders. When using credit, avoid the temptation to buy more than you can afford. Failing to repay a loan or credit card balance will damage your credit history, and could lead to you losing your property or source of income.

(192) Explain the purposes and importance of credit (FI:002) (CS)

Credit: ability of a customer to obtain goods/services before payment based on the trust that the payment will be made in the future. Used for buying, carrying, or trading in securities. 4 C's of credit: -Capital: available cash. -Capacity: ability to make income. -Credit history: how you handled other debts. -Collateral: extra security to make sure you pay back your loan. With credit you can buy big things like houses and cars and promise to pay it back when you have the financial resources to.

(9) Discuss the nature of debtor-creditor relationships (BL:071) (SP)

Creditor gives money to person. Until person pays creditor back, they are debtor. Creditor can charge interest (I=Prt), usually compounded annually, to debtor for either borrowing that amount or paying it back late. Credit is what determines whether debtor is trustworthy enough to be lent to based on history of paying money back. If borrower has bad credit, creditor can refuse to lend or borrower will need a co-signer to pay back the loan in the event that he doesn't pay.

(15) Describe the nature of customs regulations (BL:126) (SP)

Customs: border control over the flow of goods. Consumer protection is what customs regulations are for. You can't just import cocaine, for ex. Customs wants to make sure only safe, legal products are imported.

(135) Manage commitments in a timely manner (EI:077) (CS)

Delegate and prioritize tasks, set goals, stay organized, meet deadlines early, find your productive time, minimize stress, learn to say no, reduce overuse of technology.

(172) Enlist others in working toward a shared vision (EI:060) (CS)

Delegation. You can't do everything alone, so find people who believe what you believe and work together. Convince them why the vision will benefit them.

(266) Maintain customer records (NF:002) (SP)

Data about customers and their buying habits is kept in a computer program called a database. Data can be about customers' contact info, personal info, or purchase/account history. This data can be developed from face-to-face sales, direct mail responses, phone or e-mail purchases, service requests, website visits, or customer comment cards, or be purchased from a third party. Database programs act like filing cabinets that allow you to sort, find, choose, and organize information.

(272) Explain the principles of data analysis (NF:139) (SP)

Data analysis: the process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful information, suggesting conclusions, and supporting decision-making. Data analysis has multiple facets and approaches, encompassing diverse techniques under a variety of names in different business, science, and social science domains. -Understand the data generating process. -Sanity check your data. -Check for changing definitions. -Think carefully about sample bias. -Think about the context of the data. -Understand statistics. -Talk to database administrators (DBAs) to understand system specific quirks.

(310) Evaluate vendor performance (OP:162) (SP)

Delivery speed, service, price, reliability.

(277) Discuss the importance of ethics in data mining (NF:150) (SP)

Data mining extracts patterns and meaningful representation of data. The result of data mining is an *inference* of sensitive and private information. Through data mining, the extracted information can have negative impact on community through such as publicity and litigation, so it is important to consider ethical and legal issues and the right protection for data. Data that is mined must be kept confidential to ensure privacy of clients and large data sets must not be disclosed to unauthorized people.

(275) Discuss the nature of data mining (NF:148) (CS)

Data mining: collecting data from large databases to ID patterns and correlations among the data. Useful for analyzing business trends and making decisions based off them.

(49) Use data visualization techniques (e.g., infographics, heat-maps, dynamic model outputs) (CO:204) (SP)

Data visualization can help you understand what's happening when confronted with a large set of information.

(273) Explain the nature of tools that can be used to access information in the database system (NF:140) (SP)

Database Mgmt System: a computer software application that can interact with the user, other applications, and the database itself to capture and analyze data. A general-purpose DBMS is designed to allow the definition, creation, querying, update, and administration of databases.

(259) Demonstrate basic database applications (NF:009) (PQ)

Database application: a computer program whose primary purpose is entering and retrieving information from a computerized database. Database applications allow companies to store info for future use. You can query [is that a verb?] stuff to find and retrieve info. -Microsoft Access and Excel enter, sort, protect, and store data.

(297) Evaluate project success (OP:521) (CS)*

Determine if goal was achieved.

(177) Foster positive working relationships (EI:037) (CS)

Develop people skills, ID your own needs, schedule time to build your relationships, develop your own emotional intelligence (EI), appreciate others, be positive, manage your boundaries, don't gossip, listen actively. Good relationships include trust, respect, mindfulness, open communication, and the welcoming of diversity.

(139) Explain the use of feedback for personal growth (EI:003) (PQ)

Develops humility, challenges perfectionism, develops self-awareness.

(243) Draw conclusions based on information analysis (NF:278) (CS)*

Figure out problem, gather info, analyze info for whether that solution will solve the problem, and whether it'll solve that problem better than other solutions.

(71) Distinguish between economic goods and services (EConomics:002) (CS)

Economic good: something to be purchased for a price when sold where the buyer assumes ownership of the item bought. Economic service: economic activity where there's an immaterial exchange of value and the buyer DOES NOT assume ownership of the thing, such as labor, that is bought.

(72) Explain the concept of economic resources (EC:003) (CS)

Economic resources: goods/services available to businesses/individuals to produce a valuable consumer product. -Land. -Labor. -Capital (money). -Entrepreneurship (inidivs create businesses and move econ rss thruout the business env).

(85) Explain the types of economic systems (EC:007) (CS)

Economic system: exchange of goods, services, and resources. -Traditional: living standards and occupations don't change (if your father was a farmer you'll be a farmer); no innovation; mostly in undeveloped countries. -Command: government controls production and distribution of goods (i.e. communism, socialism); places like Russia and China. -Market: controlled by individuals (i.e. capitalism, laissez faire); most of the western world. -Mixed: government allocates and distributes resources but the people make most economic decisions; no important country has tried this system.

(74) Determine economic utilities created by business activities (EC:004) (CS)

Economic utility: the usefulness that a consumer obtains from a good or service. -Form utility: changing raw materials or putting parts together to make or produce something useful. -Place utility: selling a product where consumers can buy it. -Time utility: selling a product at a convenient time of day or certain time of year. -Possession utility: exchange of a product for some monetary value.

(73) Describe the concepts of economics and economic activities (EC:001) (CS)

Economics: branch of knowledge associated with production, consumption, and transfer of wealth; condition of a region or group in regards to material prosperity. Economic activities: production, distribution, and consumption of commodities (goods/services) by businesses/individuals.

(47) Explain how digital communications (e.g., email, text messages, chats) exposes business to risk (CO:202) (SP)

Emails, texts, chats, etc., will forever stay on the internet. If you are not careful, you may risk exposing private information to the whole internet. Even if you think you deleted it, once it is on the internet, it will forever be on it. There are also hackers. Anything compromising that your business releases on the Internet can be used against you later.

(140) Adjust to change (EI:026) (PQ)

Embrace changes that are happening, identify supportive individuals in your life, maintain normal patterns even through the change, don't stifle emotions and opinions, draw from past changes to use this change to help you grow, accept life's impermanence.

(67) Determine ways of reinforcing the company's image through employee performance (CR:002) (CS)

Employee performance can reinforce a company's image through suggestive selling, order processing and fulfillment, and effective selling skills. Suggestive selling is useful for making the customer happier with his/her original purchase. Sales employees can improve customer satisfaction by the speed and care in which they handle orders. This applies, as well, to handling returns and refunds. Selling skills, such as an appropriate, pleasant greeting and a reassuring departure, are useful tools in maintaining a good image. Offer helpful comments during and after a sale and always thank the customer in order to build a good relationship. Follow up on all promises made to a customer and check on their level of satisfaction after a purchase. Positive customer-client relations require compassionate and immediate action when dealing with complaints and inquiries.

(335) Analyze employer expectations in the business environment (PD:020) (PQ)

Employers expect a lot of things from their employees, including cooperation, initiative, and a strong work ethic. Employees need to display a willingness to follow directions, learn job tasks and skills, and take on responsibility. Employers expect you to manage yourself, your time, and your emotions in the workplace. Your employer will expect you to behave ethically and follow all company procedures and laws. Be honest, fair, and open on the job, and avoid prejudice and judgment of others.

(40) Write professional emails (CO:090) (CS)

Hi [person], Blah blah blah in a friendly yet serious tone. Get to the point: this is my problem and what you can do about it. Thanks, [me]

(269) Conduct an environmental scan to obtain business information (NF:015) (SP)

Environmental scan: an analysis of outside influences that may have an impact on an organization; a methodical look at the world that includes political, economic, sociocultural, and technological areas. It is important to understand how each of these areas may be changing in order to determine the potential for opportunity or threat to a business. -Political factors: the stability of a government and the laws and regulations that affect business. -Economic factors: infrastructure, quality and cost of labor, employee wages and benefits, taxes, the standard of living, and possibly foreign exchange rates. -Sociocultural factors: another countries' languages, values, traditions, and social/business etiquette. Keeping up to date with technology and using it properly are other factors of an environmental scan.

(291) Follow established security procedures/policies (OP:152) (CS)

Established security procedures allow employees to know what to do in certain situations without them making a personal judgment. Security policies protect the business from negative financial impacts from both employees and customers. Make sure you do what the policy says.

(213) Explain the nature of estate planning (FI:572) (CS)*

Estate planning: preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death. -Making a will, establishing a guardian for living dependents, setting up funeral arrangements, minimization of estate taxes, etc.

(164) Explain the nature of ethical leadership (EI:131) (CS)*

Ethical leadership: leadership that's directed by respect for ethical beliefs and values and for the dignity and rights of others. Related to concepts like trust, honesty, consideration, charisma, and fairness.

(221) Discuss the role of ethics in accounting (FI:351) (SP)

Ethics makes sure people involved in accounting don't start to embezzle money and stuff since they are involved in taking care of money. Unethical accountants can inflate financial statements to commit fraud in the stock market or record much higher losses to avoid taxes. They can also launder money. Ethical accounting makes sure consumers are protected and the gov't gets its tax money.

(281) Discuss the role of ethics in operations (OP:190) (SP)

Ethics makes sure the operation is done fairly and makes an impression on other people, so it affects how other people treat you in different parts of the operation; people tend to be more hardworking when they know they're being respected, so higher productivity and employee satisfaction, and customers also feel they could trust the business more if they know they have good morals and ethics.

(69) Explain the role of ethics in customer relationship management (CR:017) (SP)

Ethics: moral principles that govern a person's or group's behavior. You have access to a lot of customers' private information so you don't want to release any of that. Be kind to your customers and don't manipulate them so you can increase their satisfaction.

(84) Explain how organizations adapt to today's markets (EC:107) (SP)

Every business is gonna come to market with smt. If they're successful, competitors will follow. Technology will change the market from year to year, so companies that adapt will survive. The law will also influence the market using env. regulations and other laws. Companies must change their policies/business practices (like marketing or production) to appeal to current consumers.

(25) Interpret others' nonverbal cues (CO:059) (PQ)

Examine someone's body language and facial expression. Clenched fists or crossed arms can indicate irritation or anger. Smiling and relaxed shoulders or a higher pitched voice show happiness. If they're confused or uncomfortable, they could be frowning and standing awkwardly. Their eyes will droop a little and they'll frown if they're sad.

(105) Describe the determinants of exchange rates and their effects on the domestic economy (EC:100) (SP)

Exchange rates are a function of relative econ strength of the two economies. Exchange rates are for foreign currency. Interest rate differential (inflation) also affects it if one country has more inflation than the other. The weaker country's money is worth less. For ex. US money is worth more than Canadian ones.

(45) Write executive summaries (CO:091) (SP)

Executive summary: short doc/section of a doc that's used for business purposes that summarizes a longer report/proposal or a group of related reports so readers can't rapidly become acquainted with a large body of material w/o having to read it all. -Should be less than 5 pages depending on document length. -Summarize key points in each section of the doc. -Pictures only if absolutely necessary.

(167) Inspire others (EI:133) (CS)*

Expect the most of others, challenge them, care about them, take a stand for what you believe in, have the courage to change course, be vulnerable, practice integrity, share credit, share your influences, listen to others.

(154) Demonstrate negotiation skills (EI:062) (SP)

Explain with caution and sensitivity about why it is beneficial to both parties, act like you care about them by being polite and respectful, be professional, let them feel like they have the upper hand so they can more easily accept the terms.

(62) Interpret business policies to customers/clients (CR:007) (CS)

Explain your policies clearly and effectively, with almost no ambiguity, so the customer knows exactly what the policy is and how to handle it.

(109) Explain the impact of major trade alliances on business activities (EC:112) (SP)

FIGSUK (France Italy Germany Spain UK), BRIC (Brazil Russia India China), EU (all W. Europe minus Switzerland + some E. Europe countries), NATO (N. Atlantic Treaty Organization, military alliance). All these acronyms have trade. Partner with other companies/nations and give preferential trading to them (like how China is our MFN). Basically, they won't get another trading partner or gouge you on prices, you will buy their stuff. You gain a larger market share and a cheaper supplier.

(187) Explain forms of financial exchange (cash, credit, debit, electronic funds transfer, etc.) (FInancial analysis:058) (PQ)

Financial exchange: the act of transferring money from one entity to another. -Cash: ready money; unit of account, store of value, medium of exchange. -Debit card: cash drawn from the bank to use in transactions. -Credit card: plastic token of electronic conflict where you pay back the bank at the end of a billing period for the money borrowed during the transaction. --Credit limit: max amount you can borrow. -Withdraw: take money out of an account. -Electronic funds transfer: electronic transfer of money like PayPal or Apple Pay. -Direct deposit: electronic transfer of money directly from the account of the payer, like debit cards. -Automatic withdrawal: regularly scheduled electronic withdrawal of money from an account.

(196) Set financial goals (FI:065) (CS)

Financial goals are influenced by two main factors: the time frame in which you want to achieve your goals, and the type of need that inspires your goals. Goals can be short-term (usually one year or less to achieve), intermediate (two to five years), or long-term (more than five years). Also, some goals may happen every year, while others occur only occasionally. How you establish your financial goals may also depend on whether a goal you have set involves a consumable good that you would use up quickly, a durable good that lasts longer and usually costs more, or something intangible, such as your health or an education. Keep in mind that while setting financial goals, they should be realistic, specific, have a clear time frame, and should help you decide on what action to take.

(219) Describe the need for financial information (FI:579) (CS)

Financial information: data about the monetary transactions of a person or business. This information is use to derive estimates of credit risk by creditors and allows you to interpret operating results, compare investments, and engage in long-term planning. It allows you to make informed decisions for how much you need to plan for things like vacations, education, retirement, or wills. Can you do this? Should you do this? Are you financially solvent (sound)?

(194) Explain the nature of financial needs (college, retirement, wills, insurance, etc.) (FI:064) (CS)

Financial needs are services that have a great financial cost that are required to go on to your next stage in life, such as college, insurance, retirement, or wills. These needs are often financed by plans to save up or borrow money. To develop a financial plan you need to know your needs and wants and prioritize them as you set financial goals. Determine whether it's most important to spend money now or save for later. Having money comes with costs and risks. Opportunity cost is the trade off to choose one thing over another. Financial risks that have to be considered are inflation, changes in interest rates, income loss, and liquidity (the ability to convert assets into cash w/o loss of value). Set your financial plan and eventually save up for your financial need.

(229) Explain legal considerations for finance (FI:356) (SP)

Financial services businesses are required to protect the privacy of the consumer information they collect. They must give consumers privacy notices that explain the company's information-sharing practices. Customers of a financial services business have the right to limit the sharing of their personal information. Additionally, information security is an important consideration in the finance industry, as companies are required to keep customer information secure. Finance professionals must also follow the guidelines est. in the Sarbanes-Oxley Act of 2002.

(215) Describe types of financial-services providers (FI:075) (CS)

Financial services: anything having to do with money. -People who plan investments, retirement and insurance planning, assess your financial situation and make recommendations, do tax services and planning, estate planning, trust planning, banking, etc.

(166) Determine personal vision (EI:063) (CS)

Focus on what matters to you, ask why you want something, be proactive and not reactive, explore your prospects, imagine and dream, don't limit yourself from the impossible.

(286) Follow safety precautions (OP:007) (PQ)

Follow the rules at all times, remember important codes and how to deal with natural disasters (fire, earthquake, flood), ask employer for questions and keep a document containing the directions close to you (saved on phone or bag), review regularly in case you forget.

(48) Adapt written correspondence to targeted audiences (CO:203) (SP)

For this PI, say what the correspondence is and give an ex. If you're sending out an ad you wanna attract more people to see your ad so you adapt so it's understandable and interesting to consumers. Typical consumer response is between 1-4%, so targeted ads want to raise that response rate. If you're speaking to vendors, you wanna be formal and polite. If talking to bosses or coworkers, formality isn't of the utmost importance but you should still be friendly and avoid slang.

(236) Describe marketing functions and related activities (MK:002) (CS)

Four P's of marketing - product, placement (location), promotion (ads and stuff), price. There are seven functions of marketing: 1. Channel management: the process of deciding how to get goods into customer's hands. 2. Market planning: understanding the analysis needed to target specific marketing strategies to a select audience. 3. Marketing information management: gathering and analyzing information related to market, product and segmentation decisions. 4. Pricing: how much to charge for goods and services to create a profit. 5. Product/service management: obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities. 6. Promotion: informing, persuading, and reminding potential customers about a product or service. 7. Selling: providing a customer with a good or service they want. (If you're not in PMK, you only need to know the 4 P's).

(99) Explain the concept of Gross Domestic Product (GDP) (EC:017) (SP)

GDP: Gross Domestic product; sum total of good/services produced buy a nation's citizens (C + G + I + Xn). In US it's $7 trillion, the highest in the world.

(158) Overcome problems and difficulties associated with office politics/turf wars (EI:095) (CS)

Gain access to information, build visibility of your achievements, improve difficult relationships, attract opportunities where you can shine, seek out ways to make you and your allies look good.

(81) Discuss the global environment in which businesses operate (EC:104) (SP)

Global env.: what are the regulations, how do you change your supply chain to fit those regulations. Look to see in which countries you have a viable marketplace, see if you can have an effective SCM and if regulations are complied with in your product. Different countries have different standards for safety. Countries that've historically been at war won't generally trade with each other, but lots of countries are currently engaged in trade rn. Businesses can find new marketplaces in other countries and raise their profits.

(103) Explain the nature of global trade (EC:016) (SP)

Global trade is the import/export of goods/services across international boundaries. Goods that enter a country are imports. Goods that leave a country are exports. Comparative advantage is when a country can produce goods at a cheaper opportunity cost (what you give up) than other countries. Global trade allows for specialization and lower cost to consumers so countries can focus on what they can do with the lowest opportunity cost. Comparative advantages allow countries to maximize production and bring greater economic growth.

(110) Describe the impact of the political environment on world trade (EC:113) (SP)

Globalism vs. nationalism. Globalism: free trade for all to make the flow of goods as liquid as possible. Nationalism: protect your native industries to keep jobs. Which one is better depends on size. Nationalism is better for big countries like America because more people can produce everything everyone needs. Since labor is cheaper in the third world, a lot of manufacturing is outsourced there and hurts the country that now has less jobs. Globalism is good for small countries with <1m people since they can't survive with only what they manufacture. Countries that hate each other won't really trade but countries that're friends will benefit off each other.

(104) Discuss the impact of globalization on business (EC:109) (SP)

Globalization leads to increased competition, bringing lower prices and higher quality to consumers. Businesses must be ready to adapt price, product, and service to customer preferences so they don't lose profit and market share. Globalization also brings new technology bc internationally oriented firms want to exploit the international markets. Technology improves product quality but also raises costs for the company. Companies in capital intensive markets directed by customer expectations need to adapt quickly and have efficient technology management. Knowledge is also transferred by globalization. Companies that have more knowledge and information have an advantage over other companies since they can adapt quickly to changes in the global market.

(91) Determine the relationship between government and business (EC:008) (CS)

Government: makes laws, regulations, trade policy, and the bank. Business: lobbying, trade unions, political action committees, large investments. Government policies (like higher taxes) can raise or lower business activities to regulate the economy and prevent it from overheating/recessioning.

(231) Discuss the nature of human resources management (HRM) (Human Resources management:410) (CS)

HR: manages the workers and potential workers of a company to determine if they are capable of being employed; should have a clear guideline of the type of person they're looking for without bias, know to staff not too much or little depending on workers needed, and give clear instructions to workers.

(321) Demonstrate systematic behavior (PD:009) (PQ)

Have a specific algorithm for what you need to do to solve a problem, act in a routine, don't be a complete mess during work.

(44) Write persuasive messages (CO:031) (SP)

Have multiple strong points in your argument, relate it to the audience to make it more appealing to them, plan well so it seems like you actually know what you are trying to persuade, have confidence, repeat your main argument, make sure you know why they may disagree with your idea and connect their needs with your purpose, address any counter arguments.

(53) Choose and use appropriate channels for workplace communication (CO:092) (CS)

Have regular meetings and updates for recent problems and their solutions, emails for attachments and written instructions, phone calls for short notice items or urgent matters, personal conferences for private discussions.

(126) Demonstrate responsible behavior (EI:021) (PQ)

Identify and stick to your daily routine, plan ahead, accept your tasks, use your resources sensibly, stay focused, be truthful.

(17) Extract relevant information from written materials (CO:055) (PQ)

Identify info with key words or their synonyms in the sentence from the whole source; know if the info is opinion or biased. Find main ideas and write them down. Record the big picture, not little details, unless you're specifically looking for those details.

(128) Assess risks of personal decisions (EI:091) (PQ)*

Identify threats (human, operational, reputational, procedural, project, financial, technical, natural, political, structural), manage risks (risk value = possibility of event x cost of event).

(28) Employ communication styles appropriate to target audience (CO:084) (CS)

Identify your target audience (job titles, certain group, their relation to you), decide the message you wanna communicate, calculate the cost of communicating through channels you have chosen, choose interactive channels for feedback, work with communications professionals to develop and implement your communication strategy. If you're talking to your boss or customers, you'd wanna be respectful and make sure not to use any slang. If you're just conversing with coworkers, you can be more casual.

(113) Explain the impact of a country's economic development on world trade (EC:116) (SP)

If you have low industrial base (low econ dev) you have cheap labor, making you a magnet for factories. If you have a high industrial base (high econ dev) you have more edu, lower crime, and higher tech skills, so you're likely to have more big company HQs and therefore higher tax revenue. If you're a big developed country you'll benefit from cheaper items and if you're small and undeveloped you'll benefit from more capital in your country and transfer pricing.

(50) Describe the impact of a person's social media brand on the achievement of organizational objectives (CO:205) (CS)

If you look good on social media and many people see it, it's basically free advertising for your product. If you look bad, people will think worse of you and not associate with your company. Employees should separate work from their SM accounts in case they say anything that'll make you look bad.

(175) Recognize/reward others for their efforts and contributions (EI:014) (SP)*

If you recognize and reward others, they will be motivated to complete their next task. Something like, "Thank you for contributing to [this]. You can improve in [this] area. Your work is appreciated." Don't ignore or discourage their work.

(144) Exhibit cultural sensitivity (EI:033) (CS)

Important to function as a team that is respectful and courteous to each other: build a functional professional relationship with others, communicate respectfully according to the culture you're conversing with, overlook cultural boundaries for the good of the company; provide training to employees for this, give feedback to employees who aren't learning.

(14) Explain the nature of import/export law (BL:145) (SP)

Imports: when one country buys goods from another. Exports: when one country sells goods to another. Import/export laws regulate the flow of goods and services for consumer protection as well as protectionism, revenue generation (tariffs), and environmental protection (if your factory pollutes, we won't buy your stuff).

(123) Demonstrate interest and enthusiasm (EI:020) (PQ)

Impress the boss, take on more projects, show interest in your work, attend to hobbies.

(336) Explain the rights of workers (PD:021) (PQ)

In general, employees can expect their employers to provide regular pay, a safe work environment, appropriate job training, opportunities for raises and advancement, and safe tools. They can also expect to be able to make reasonable complaints. Businesses must adhere to many laws, including the Fair Labor Standards Act (for minimum wage), child labor laws, the Family and Medical Leave Act, the Employment Retirement Income Security Act (for retirement income protection), and whistleblower laws. A number of employee privacy laws must be obeyed, too, such as the Federal Privacy Act, the Drug-Free Workplace Act, and the Employee Polygraph Protection act. Other laws protect worker benefits, including Social Security, unemployment, and workers' compensation laws. The Equal Employment Opportunity Commission is responsible for the fair and equitable treatment of employees regarding hiring, firing, and promotions. Employers have a duty not to discriminate among workers based on a variety of things, including race, pregnancy, or disability. Laws also exist to protect workers against sexual harassment. Businesses must adhere to the government's health and safety standards, which include guidelines for workplace safety and environmental concerns.

(350) Explain possible advancement patterns for jobs (PD:034) (PQ)

In many industries, jobs can be categorized based on skill level. One can advance from one level to the next through experience, education, attrition, and promotion. Entry level jobs (PQ) usually require no prior experience and involve only limited decision making. Career-sustaining jobs (CS) are the next level, requiring more skill and experience. Specialist positions (SP) often involve a demonstration of leadership and decision making ability, and are often long-term positions. Supervisory positions require good management skills and hold much responsibility. Top management is usually the highest level. People at this level are capable of running entire companies or divisions. They are skilled in a large number of areas and are responsible for the final success of the business or division.

(114) Discuss the impact of bribery and foreign monetary payments on business (EC:140) (SP)

In the age of globalization, it's easy to see how giving into bribery might be competitively advantageous. In fact, research by Harvard Business School found that firms that launch anticorruption efforts grow their businesses more slowly than firms that don't, especially in regions where bribery is the expected norm. Employee morale drops when a company bribes its way to success. That's important because studies have shown that employee morale is directly related to a firm's performance, including stock market returns.

(226) Describe the nature of income statements (FI:094) (SP)

Income statement: a summary of a business' income and expenses during a specific period of time; often called a profit and loss (P&L) statement, it is used to calculate revenue, costs and expenses, and profit/loss. Income statements have several major parts: total sales, net sales, cost of goods sold (COGS), gross profit, operating expenses, other income/expenses, net profit/loss before taxes, and net profit/loss after taxes. Some of these figures must be estimated or projected, such as total sales and business expenses. https://cdn.corporatefinanceinstitute.com/assets/amazon-income-statement-example.png

(134) Recognize and respond to ethical dilemmas (EI:125) (CS)*

It is a dilemma if all of your options involve violating some moral principle or causing harm to others. When must the decision be made? Who is making it? What's been done so far to address the issue? In the end, no one will get out unscathed. It's up to you to use your best judgment and try to benefit as many people as you can.

(98) Describe the economic impact of inflation on business (EC:083) (SP)

Inflation means wages and prices go up (wage-price spiral). If you have to give employees 3% raise each year, you'll have to raise prices 3% to keep making money. Goods/services and wages will become more expensive. Inflation means each dollar buys less of a good/service than it did in the prior year because the $100 you have today will be worth 3% less next year.

(245) Store information for future use (NF:081) (CS)

Information can be helpful for future problems. Storing info can't hurt but missing info can hurt the business greatly. Store on computer systems or in filing cabinets. Make sure it's always accessible to you.

(250) Explain the role of information systems (NF:083) (PQ)

Information system: a set of procedures and methods that generate, store, analyze, and distribute information for use in making business decisions. Such systems organize, collect, and store data for current use or future decisions. Most information systems rely on data about current customers, sales reports, and inventory levels. Businesses use this information to make decisions about advertising, product planning, and pricing. Information can be secured through the use of primary data, including company records or government data, or secondary data, such as customer surveys.

(240) Assess information needs (iNFormation management:077) (CS)

Information: data in a useful form; has to be honest, accurate, and relevant. Determine what question you wanna answer and the type of information you need. The info can be internal (generated by the company), external (from outside websites), quantitative (facts and figures), or qualitative (opinions and anecdotes).

(43) Write inquiries (CO:040) (CS)

Inquiry: question. -First paragraph: ID yourself, your position, and your institution. -Second paragraph: explain why you're writing and how you'll use the requested info, offer to keep info confidential if necessary, list clearly the specific info you need. -Conclusion: offer incentive for responding.

(218) Describe the concept of insurance (FI:081) (CS)

Insurance: a pool of money from a lotta people to pay for an unlikely costly event. For example, in a village of 100 people they pooled $10k. One guys breaks his leg, so that $10k goes to pay for that guy. Basically, lots of people pooling money in case a small number of people have something catastrophic to them. There's life, health, property, etc. kinds of insurance.

(261) Use an integrated business software application package (NF:088) (CS)

Integrated business software application packages (such as Google Apps for Business) include word processing, presentation, and spreadsheet applications. It's stuff like Microsoft Office where you get a ton of apps at once for your use.

(292) Protect company information and intangibles (OP:153) (CS)

Intellectual property can be protected through patents, trademarks, and copyrights. -Patent: the legal ownership of an item or idea. -Trademark: ownership of a word, name, symbol, sound, or color that identifies a good or a service. -Copyright: legal protection for anything that is authored by an individual or company, such as writings, music, and artwork. -Trade secrets are also protected by law and specific company policy, often by contractual agreement with employees. Sensitive information should be password protected and only shared on a need-to-know basis.

(101) Explain the economic impact of interest-rate fluctuations (EC:084) (SP)

Interest: what the borrower pays the lender to compensate for the risk that the buyer won't pay back the loan. Interest rate: the percentage of the loan amount the lender charges. Lower interest rate means people are willing to borrow more money for bigger purchases like houses or cars because they'll have to pay back less than with a higher interest rate. Having more money to spend will benefit businesses and households since they can buy bigger purchases without a huge cost of borrowing, increasing output and productivity. Higher interest rates mean consumers won't have as much disposable income so they have to spend less. Banks make fewer loans, which affects banks (who earn less in interest overall) and businesses, who will cut spending. Productivity and the number of employees will decrease and the economy will have a lower GDP overall. The government increases/decreases interest rates to prevent the econ from overheating or stimulate it in a recession.

(305) Maintain inventory of supplies (OP:031) (CS)

Inventory management: the process of buying and storing materials and products while controlling costs. There are several inventory control methods. -Just-in-time inventory systems: coordinate the demand and supply for parts and supplies, receiving them just before they are needed. -Perpetual inventory system: constantly keeps track of the number of items in inventory and can be done manually or by computer. -Periodic inventory system: inventory is counted every x number of days manually or through the use of technology, such as bar code scanners.

(86) Identify the impact of small businesses/entrepreneurship on market economies (EC:065) (CS)

Job creation, community support, entrepreneurship, building blocks for bigger companies.

(339) Explain employment opportunities in business (PD:025) (CS)

Jobs you can get with a business degree: -Accountancy. -Advertising. -Banking, investment, and financial services. -General management. -HR/personnel. -Management consultancy. -Public relations. -Retail management. -Sales and marketing. Skills you obtain from getting a degree in business: -Analytical ability. -Communication and presentation skills. -Goal setting. -Leadership skills. -Numeracy. -Problem solving. -Team work. -Time management.

(340) Explain career opportunities in entrepreneurship (PD:066) (CS)

Jobs you can get with an entrepreneurship degree: -Mid-level management. -Business consultant. -Sales. -Research and development (R&D). -Not-for-profit fundraiser. -Teacher. -Recruiter. -Business reporter. -Or you can just start your own business.

(151) Use social media to solicit new ideas and solutions (EI:107) (SP)

Keep updated to the newest trend in businesses to learn which products may be useful for your business, follow large successful business to know how those huge businesses operate (there's more credibility) and apply to your own; social media can spark up your creativity (even lil hack vids can be expanded and applied).

(131) Build trust in relationships (EI:128) (CS)*

Keep your routine, be reliable, mean what you say, tell the truth, say no to something you can't do, say what you really feel.

(125) Demonstrate honesty and integrity (EI:022) (PQ)

Keep your word and commitments, pay attention to and respect your environment, stay focused, surround yourself with honest people, take responsibility, respect your employees.

(285) Follow instructions for use of equipment, tools, and machinery (OP:006) (PQ)

Know health and business consequences for not following directions properly, take notes and ask questions, don't use the machine when unsure of proper safety precautions, keep the instructions close to you and review regularly even when using the machine becomes routine for you.

(18) Apply written directions to achieve tasks (CO:056) (PQ)

Know to be flexible when using written directions because the situation won't always be exactly the same. Be adaptable when using written directions and understand what the general idea is so you can apply them to your situation.

(16) Identify sources that provide relevant, valid written material (COmmunication skills:054) (PrereQuisite)

Know which sources are credible. Personal blogs or sites should be cross-referenced with other sites. Identify publishers that are well-known -- know who the author is (ex. Wikipedia is not reliable while a uni site is).

(351) Identify skills needed to enhance career progression (PD:035) (SP)

Know your career mission and pursue it with vigor, Competence alone will not get you what you want. Take some career development risks, network, negotiate for a win-win solution, only pursue goals that you actually want to achieve. Get more education if higher-level jobs require it.

(82) Describe factors that affect the business environment (EC:105) (SP)

Labor regulations, import/export env., competition, supply, demand, state of economy, marketplace, laws, taxes, money supply, inventory levels, random chance.

(2) Discuss the nature of law and sources of law in the United States (BL:067) (SPecialist)

Law is used to keep order in civilization. They come from the government and are enforced by gov't officials. The judicial branch of the government interprets laws made by Congress. There are local (municipal), state, and federal (national) laws.

(11) Discuss the nature of environmental law (BL:073) (SP)

Legal forum for env. and natural resources. Usually made to protect the environment from pollution and harm by imposing regulations on businesses that usually result in (a) less profit for that corporation, or (b) the outsourcing of jobs to a country without as many regulations. Corporations will almost always take the latter alternative in order to maximize profits. Big corporations can sometimes afford to not outsource jobs, discouraging small businesses.

(345) Write a letter of application (PD:030) (CS)

Letter of application: cover letter sent with your resume to provide additional info and detail why you're a qualified candidate. -Intro: why you're writing. -Body: relevant qualifications. -Close: thanks the reader and provides contact info. -Signature at end. -1 page or less. https://www.thebalancecareers.com/thmb/7M-pMDiaw_baBToZFaxlJmLVBWQ=/1000x0/filters:no_upscale():max_bytes(150000):strip_icc():format(webp)/2062548v1-5b9c196b46e0fb0050f63758.png

(20) Explain communication techniques that support and encourage a speaker (CO:082) (PQ)

Listen so they feel appreciated enough to give contribution, give polite constructive criticisms and tell the part they did well, give small nonverbal responses such as nodding and eye contact, smile so they don't feel nervous. If the person is public speaking for a crowd at a convention or smt, clap when they get on stage.

(149) Collaborate with others (EI:130) (SP)*

Listen to everyone's ideas, be respectful, establish a goal for the whole team, make sure that everyone gets to contribute something, be honest and be responsible with your tasks, don't try to be the boss of everyone, compromise during conflicts, don't focus on the team members you dislike but the goal that was set.

(66) Identify company's brand promise (CR:001) (CS)

Look at ads or the official website. Brand promises are things like "best quality" or "easy buying and returning" that convince customers to buy from them and not their competitors.

(341) Utilize job-search strategies (PD:026) (PQ)

Look on the internet, attend job seminars, check the newspaper, make a LinkedIn profile, ask people you've networked with, contact recruiters, etc.

(3) Describe the United States' judicial system (BL:068) (SP)

Made up of courts: Supreme, Circuit, magistrate (local), municipal (city). Judicial branch interprets laws made by Congress.

(137) Exhibit a positive attitude (EI:019) (PQ)

Make eye contact, listen attentively, smile, show the real you, be confident, lighten the mood when appropriate, never criticize or complain, be agreeable, actually be positive and enjoy yourself.

(153) Persuade others (EI:012) (SP)

Make it sound like this benefits the target audience, point out a popular con of the idea and explain why the con is not valid, sound genuine and friendly, get rid of the wall between you and the other to get them to trust you.

(296) Monitor projects and take corrective actions (OP:520) (CS)*

Make sure everyone is on the same page, use a groupware application, have regular meetings, have a good system of communication, regularly check if the project is going the right way, prepare to be adaptable, make corrective actions practical and flexible and make sure they affect other parts of the project as little as possible.

(147) Explain ethical considerations in providing information (EI:038) (SP)

Make sure they're not confidential or private information, consider how this can affect other people and its consequences, consider how the person you're providing info to can feel about receiving this.

(179) Assess long-term value and impact of actions on others (EI:137) (SP)*

Make sure you know how the decision affects others before acting on a decision, see if your actions will affect interpersonal relationships by doing good or bad, remember to consider their feelings.

(313) Utilize quality control methods at work (OP:164) (SP)

Make sure your product is living up to standards by checking it with the quality control measures outlined in (312).

(31) Participate in group discussions (CO:053) (CS)

Make valid and relevant contributions, stay on topic, pay attention to others and give meaningful responses, be confident in own ideas.

(353) Explain the concept of management (Strategic Management:001) (CS)

Management: getting work done through the effort of others; the process of reaching goals through the use of human resources, technology, and material resources. Businesses may have a vertical organization, with top, middle, and supervisory-level management, or they may have a horizontal organization, in which management shares decision making with teams of workers. Management functions include planning, organizing, and controlling the use of resources. Each of the functions requires making decisions. -Planning: setting goals and determining how to reach them. -Organizing: setting a time frame and assigning employees to do the work. -Controlling: to setting standards and evaluating performance.

(289) Handle and report emergency situations (OP:010) (CS)

Many companies are required to have an emergency action plan that discusses how to report hazards like fires and spills. It pinpoints where to find emergency supplies such as flashlights and first aid kits. An emergency response team may be developed, and escape routes should be outlined. It is also important to specify how to evacuate people with disabilities or other special circumstances. In addition to hazards, workplace violence—internal or external—must be considered. In an emergency, follow your company's instructions.

(235) Explain marketing and its importance in a global economy (MarKeting:001) (CS)

Marketing: the process of planning, pricing, promoting, and distributing ideas, goods, and services to create exchanges that satisfy customers. The benefits of marketing are numerous. -Provides the means for competition in the marketplace, leading to lower prices and higher quality goods and services. -Generates new and improved products and adds value (or utility) to existing products. -The global marketplace benefits from marketing because of the need to trade with each other.

(146) Explain the nature of effective communications (EI:007) (PQ)

Methods of relaying information to get a point across. Listen, be aware of others' emotions, empathize, encourage. Use humor, treat people equally, resolve conflicts, maintain a positive attitude, only complain when absolutely necessary.

(301) Apply project-management tools to monitor and communicate project progress (OP:002) (SP)

Monitoring and control techniques can be split into four areas: project plan monitoring, project budget monitoring, monitoring through regular status/stage reporting, and monitoring carried at different levels by the project team. Make sure your project goes according to plan.

(132) Describe the nature of ethics (EI:123) (CS)*

Moral principles that dictate how you behave during a particular situation or handle an activity.

(222) Explain the use of technology in accounting (FI:352) (SP)

Most businesses use some type of accounting software to record and report their business transactions. Even when using an automated system, you still need to collect and keep your source documents and each business transaction must be separated into its debit and credit parts (freshmen don't worry about this part). Computerized posting to accounts is faster and eliminates accounting errors that a person might make doing it manually. Daily, weekly, monthly, and annual reports can be generated quickly and accurately. Software is also available for tax collection and reporting.

(246) Discuss the nature of information management (NF:110) (CS)

NF: the process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making [quote from DECA]. Businesses must be able to create, store, access, analyze, update, and compare information in order to use it to make sound decisions. Information management in a financial services corporation requires a specialized information system. Such a system must support decision making regarding cash and securities management, operations management, capital budgeting, financial forecasting and planning, and risk management. These categories closely match the information included in a company's financial statements.

(303) Explain the nature and scope of purchasing (OP:015) (CS)

Nature: the acquisition of goods or services for business objectives. Scope: what exactly you purchase that is relevant to whatever the company is producing (production factors).

(347) Use networking techniques to identify employment opportunities (PD:037) (SP)

Networking: making friends with other business people who can help you in the future. Reach out to your network, work on building relationships, evaluate the quality of your network, and maintain the network so you can learn about job openings/have them put in a good word for you.

(138) Demonstrate self-control (EI:025) (PQ)

Never allow others to provoke you to anger, serve others rather than yourself, never raise your voice, stand for what is right and refuse to compromise, don't participate in harmful habits, walk away from questionable activities, don't allow anger to destroy the effectiveness of your witness, don't gossip, don't yell at those who disagree with you, forgive those with faults.

(348) Describe techniques for obtaining work experience (e.g., volunteer activities, internships) (PD:032) (PQ)

On-the-job experiences allow you to try out the work activities in your career field and develop good work habits. One form of on-the-job experience is an internship, which offers students direct paid or unpaid work experience at a company or organization. Interns can often get permanent jobs at those companies. Cooperative education programs offer students the opportunity to receive course credit while working at a paid employment position. Job shadowing involves following a worker for a few days on the job, learning while watching and listening. An apprenticeship is a formal, one- to six-year program in which a worker learns a trade on-the-job. Volunteering is an unpaid way to explore careers. An informational interview is a structured meeting with a professional who works in a career that interests you.

(256) Demonstrate basic web-search skills (NF:006) (PQ)

Open Internet Explorer. Go to google.com. Search a key word or phrase (not a whole sentence). Scan through the sites and look for .edu, .gov, and .net bc those are most trustworthy. Bookmark websites that look like they'll help you.

(252) Use basic operating systems (NF:085) (PQ)

Operating system (OS): system software that manages computer hardware and software resources and provides common services for computer programs; runs the computer, serves as a go-between for hardware+software applications, and serves as a security system. iOS, nougat, windows, etc. The operating system is a component of the system software in a computer system. Application programs usually require an operating system to function.

(280) Explain the nature of operations (OPerations:189) (CS)

Operations: daily activities that provide successful outputs for the business. Some common types of operations activities are facility management, logistics, scheduling, information management, and safety and security.

(182) Explain the nature of organizational culture (EI:064) (SP)

Org culture: the system of shared assumptions, values, and beliefs that governs how people behave in an organization. These shared values have a strong influence on the people in the organization and dictate how they dress, act, and perform their jobs.

(327) Determine the nature of organizational goals (PD:254) (SP)

Org goals: strategic objectives that a company's management establishes to outline expected outcomes and guide employees' efforts. 2 types: -Official: general and long term. -Operative: specific and short term. Goals should be: -SMART: Specific Measurable Attainable Relevant Time-bound. -Guiding employees' efforts. -Clear and concise. -Overall benefiting the company as a whole/resulting in profit and success.

(304) Place orders/reorders (OP:016) (CS)

Organizational buyer: a person who purchases goods for business purposes. Types of purchasing situations: -New task purchase: the buyer is making the purchase for the first time. -Modified rebuy: the buyer has had experience buying the good or service but some aspect of the purchase has changed. -Straight rebuy: the buyer routinely orders the goods or services from the same vendor(s).

(95) Explain the concept of organized labor and business (EC:015) (SP)

Organized labor: labor union. Think about the ruthless aggression needed to make it to the top. You will need to step on others to get to the lonely top. Organized labor is the way that the little guy who's not as aggressive can protect himself against the managers who would screw the workers at every chance they got. Labor unions fight for higher wages, fairer hours, and more opportunities for workers. Businesses get higher costs.

(117) Explain the concept of self-esteem (EI:016) (PQ)

Overall subjective emotional judgement of one's own worth. Judgment/attitude toward yourself that encompasses your beliefs about yourself.

(315) Explain the nature of overhead/operating costs (OP:024) (SP)

Overhead/operating expenses: the costs of operating the business. They include variable and fixed expenses. -Variable expenses: expenses that change from month to month, including advertising, supplies, and materials; fluctuates depending on sales volume. -Fixed expenses are costs that remain the same for a period of time, including depreciation, insurance, rent, salary, and payroll taxes; stays fixed for months regardless of sales volume.

(188) Identify types of currency (paper money, coins, banknotes, government bonds, treasury notes, etc.) (FI:059) (PQ)

Paper money, coins, banknotes, check, government bonds, credit, debit, electronic funds transfer.

(337) Identify sources of career information (PD:022) (CS)

Parents/teachers, the internet, talking to people with jobs, reading books/magazines/newspapers, career seminars, calling employers, checking job listings, high school/college career centers, etc.

(115) Identify requirements for international business travel (e.g., passport, visa, proof of citizenship, immunizations, and sponsorship letters) (EC:141) (SP)

Passport and/or US permanent resident card, tourist visa or green card, immunizations, sponsorship letters.

(4) Describe methods used to protect intellectual property (BL:051) (SP)

Patents: government protection for inventions and types of processes for a limited time. Trademarks: legally protect logos and other images from unauthorized compromises or uses of it in bad ways. Copyrights: government-provided protection for written, musical, and artistic works for a certain period of years.

(83) Explain the nature of business ethics (EC:106) (SP)

People with business licenses have to follow rules to protect consumers, employers, employees, etc. Confidentiality, conflict of interest, insider trading, etc. Ethics in sum is making sure you're doing the right thing for the law and being a good person. Don't say you have a skill you don't, be honest, put the customer's needs first. Ethical rules restrain unethical people that could hurt other people greatly. For ex., labor unions protect wage workers from giants who want to exploit the lowly for profit. Look at things from the greater good.

(216) Discuss considerations in selecting a financial-services provider (FI:076) (CS)

What's their experience, areas of specialization, fee structure (how do they get payed), your own personal needs, their track record, size of client base, time you need them, qualifications they have.

(197) Develop personal budget (FI:066) (CS)

Personal budget: a plan for saving and spending your money based on your income and expenses. First, define your needs and your goals, considering both short- and long-term goals. Write them down in a list, with a target date or time frame to reach them. Next, prioritize your goals, arranging the items in order of importance. Then, estimate your income and your expenses. In your income estimate, include your wages or salary but count only your net (after tax) pay. Other sources of income might include tips, gifts, and interest earned on a bank account. Estimate your expenses in two categories—fixed and variable. -Fixed expenses are usually the same amount each time you pay them. -Variable expenses are those that vary each month. Last, you create your budget. You can transfer your estimated income and expenses to a paper or computerized budget form. Indicate your savings on the budget, as well—you may want to consider this a type of expense. As you compare your income to expenses, you should see if you have enough money coming in to pay all of your expenses. It is important to be honest and realistic when creating your budget, even if it means revising some things. Also, check your progress monthly and review your spending carefully so you know if you have to cut back your expenses or increase your income.

(323) Balance personal and professional responsibilities (PD:179) (SP)

Personal responsibilities include friendships and family, while professional ones include job performance and corporate leadership. A reasonable amount of time should be invested in both. A lack of balance between personal and professional life could have a detrimental impact on you and the people in both aspects of your life. Invest a reasonable amount of time in both, create a schedule, separate personal and work social media accounts, and avoid distractions during work so you can spend more time with your friends and family.

(207) Make responsible financial decisions (FI:783) (CS)*

Pick a financial decision-making method that fits your personality and the type of decision you are making; save money, pay off debt, purchase a home, buy insurance, invest, etc. Make sure what you purchase is necessary and always consider cheaper or better options before purchasing.

(324) Adhere to company protocols and policies (PD:250) (CS)

Policies and procedures provide consistent, day-to-day operations for an organization. They also improve safety levels in a workplace by establishing rules that concur with state or federal workplace regulations. Being attentive during orientation, reviewing the handbook, and maintaining communication with management can help.

(181) Explain the impact of political relationships within an organization (EI:034) (SP)

Politics can influence company decisions based on many different factors: unfairness on treatments to employees, unjust consequences, better benefits; political relationships may be between family, friends, blackmailers (to people of high status/wealth), coworkers, etc.

(56) Explain the nature of positive customer relations (Customer Relations:003) (CS)

Positive customer relations is the idea that customers are important to your business and must be respected. It yield benefits to the business, the employees, and the customer. Businesses benefit by being more competitive, obtaining repeat business, and generating greater profits. Employees may receive customer compliments and perhaps a raise or promotion for good customer service skills. Customers benefit by having a more pleasant, satisfactory buying experience. This creates an atmosphere of goodwill.

(258) Demonstrate basic presentation applications (NF:008) (PQ)

Presentation applications are things like PowerPoint and Google Slides. Choose what type of slide you wanna add. Type words. Format them. You can even add pictures and cool transitions. Creativity yay.

(76) Describe the functions of prices in markets (EC:006) (CS)

Price determines the efficient distribution of resources. Changes with and influences supply and demand.

(55) Participate in problem-solving groups (CO:067) (CS)

Problem-solving groups allow you to know all the recent problems, share the problems you had, and discuss ways to improve the problems. These help the business be more successful.

(311) Explain the concept of production (OP:017) (CS)

Production: the process of creating, expanding, manufacturing, or improving on goods and services; found in all industries and service-related operations. -There are three main forms of production: extraction and cultivation, processing, and manufacturing. -The three categories of products used by businesses and consumers are natural resources, agricultural products, and processed goods. -The four types of businesses responsible for production are producers, extractors, farmers, and manufacturers. Company leaders focus on efficient production and consider the many situations that may affect it. Companies that want to be industry leaders strive to produce the most innovative products as efficiently as possible.

(255) Demonstrate personal information management/productivity applications (NF:005) (PQ)

Productivity applications (presentation, spreadsheet, and word document software) allow employees to store, organize, and present info. Word docs support text, spreadsheets store numbers and calculate formulas for you, presentations show text and images and can make concepts easier for your audience to understand.

(93) Explain the concept of productivity (EC:013) (CS)

Productivity: economic measure for output per unit of input. Measures efficiency of economy. -Input: labor and capital. -Output: revenues and GDP.

(302) Evaluate project results (OP:159) (SP)

Project feedback can be collected from a group of consumers or evaluated by employees of the company.

(298) Explain the nature of project management (OP:158) (SP)

Project management: a carefully planned and organized effort to accomplish a specific objective. Includes: -Developing a project plan by defining and confirming the project goals and objectives. -Identifying tasks and how goals will be achieved. -Quantifying the resources needed. -Determining budgets and timelines for completion. -Managing the implementation of the project plan. -Operating regular controls to ensure there is accurate and objective information about performance relative to the plan -Developing mechanisms to implement recovery actions where necessary. Projects usually follow major phases: -Feasibility. -Definition. -Project planning. -Implementation, -Evaluation. -Support/maintenance.

(160) Participate as a team member (EI:045) (CS)

Pull your own weight and get others to do the same. Don't do everything, as it'll force others to be lazy, and don't be lazy yourself.

(260) Demonstrate basic spreadsheet applications (NF:010) (PQ)

Put all your numbers in one place, recognize patterns or whatever, use formulas for easy calculations.

(63) Build and maintain relationships with customers (CR:030) (SP)

Put emphasis on customer satisfaction: do things that look to the customers like you're doing it for them, have good communication channels (social media, website, reviews), accommodate your communication style to mirror theirs, LISTEN; be polite, etc.; you are being a brand ambassador.

(129) Demonstrate ethical work habits (EI:004) (PQ)

Put the company first, manage time wisely (be punctual, observe deadlines, have good attendance), be honest (honest feedback, own up to mistakes), maintain good performance (quality work, organization, consistency), show respect, follow the rules, work with others.

(312) Identify quality-control measures (OP:163) (SP)

Quality control (QC): a procedure or set of procedures intended to ensure that a manufactured product or performed service adheres to a defined set of quality criteria or meets the requirements of the client or customer. Measures: -Checklists: check off a list of items that are imperative to manufacture and sell your product. -Fishbone diagram: determines what causes a specific problem. -Control chart: helps you see how processes historically change using controls to find and correct problems as they happen, predict a range of outcomes, and analyze variations. -Stratification: separates data so you can identify patterns and specific problem areas. -Pareto chart: bar chart that provides a visual analysis of problems and causes so you can focus on the most significant issues. -Histogram: uses bars to identifies frequency distributions that indicate how often defects occur. -Scatter diagram: plotting information along two axes to help visually identify relationships between variables

(314) Describe crucial elements of a quality culture (OP:019) (SP)

Quality culture: a set of group values that guide how improvements are made to everyday working practices and consequent outputs. Elements: -:Quality circle: a small group of employees doing similar jobs who meet regularly to identify the quality of their work; serves as a way to motivate employees and give employees a vested interest in the company's success. -Product inspection.

(58) Develop rapport with customers (CR:029) (CS)

Rapport: a close and harmonious relationship in which the people or groups concerned understand each other's feelings or ideas and communicate well. -Highlight common interests and establish a mutual feeling of friendliness so your customer wants to help you. -Match your customer's style of communication, build trust with them, and reciprocate how they treat you (but not if they're being mean -- always be polite).

(183) Interpret and adapt to a business's culture (EI:112) (SP)

Read the business's guidelines and make sure to match to and follow it, observe the basic atmosphere in the working environment and blend in, don't make eye catching actions before you understand the business's culture; some companies may be more lenient, others may be more hardcore, others may have more turbulent office politics.

(118) Recognize and overcome personal biases and stereotypes (EI:017) (PQ)

Realize the difference of opinions and facts, regularly remind self of biases that you have so you don't unconsciously make the mistake, try to remember the reason behind stereotypes and question if they are valid.

(39) Edit and revise written work consistent with professional standards (CO:089) (CS)

Review regularly to update on new stuff, check on grammar after each revision, make it formal and polite for everyone that is reading, make it relevant and write info only after it has been approved and fact checked.

(299) Identify resources needed for a project (OP:003) (SP)

Resources necessary to complete a project include people, equipment, and material. -People: project employees such as group leaders, skilled professionals, vendor staff, and subcontract laborers; they need to know what needs to be done, when, and how. -Equipment: depends on the nature of the project; you must have the right equipment at the right time. -Material: proper materials must be purchased at the right price and arrive at the right time in the correct quantity.

(212) Discuss the nature of retirement planning (FI:569) (CS)*

Retirement means you're not working, so if you wanna maintain your lifestyle, you need a certain amount of money per year. Figure out how long you'll be retired and how much you'll need per year. How much will you need to start saving today to get that amount if money? Between interest and principle that you're pulling out of your accounts, you'll need to save enough to live your expected lifespan. 401(k)s and IRAs are tax-free investment accounts meant for people who are retiring. -401(k)s are usually sponsored by the employer. -IRAs are individually sponsored. --Roth IRAs tax your contributions but have tax-free withdrawals. Good if you're poor bc you won't have to worry about taxes later. --Regular IRAs have tax-deductible contributions but tax withdrawals. Good if you're rich bc you'll have a greater amount of money to invest without taxation.

(88) Identify factors affecting a business's profit (EC:010) (CS)

Sales: changed from economic health, market stability, natural disasters, company's marketing effort, pricing, and customer payment options. Material price: from political unrest, natural disasters, or global shortage of supplies. Labor price: from labor cost changes, insurance price changes, or fringe benefit costs; usually changes from poor HR management or minimum wage laws. Inventory method: FIFO (first in, first out) - materials purchased early to escape inflation; LIFO (last in, first out) - materials purchased late to better reflect COGS.

(124) Demonstrate initiative (EI:024) (PQ)

Search for new solutions and more effective approaches, do more than is required of you, think as a team member not only an individual, speak up and share your ideas, fake it till you make it, consider every opportunity, always be prepared, be self-promotional, ask questions.

(142) Show empathy for others (EI:030) (PQ)

See things from the other person's point of view, validate their perspective, examine your own attitude, listen, ask what the other person would do.

(254) Demonstrate basic email functions (NF:004) (PQ)

Send text to one or many people at once, attach documents and stuff, reply to messages, format so your messages are pretty, etc.

(152) "Sell" ideas to others (EI:108) (SP)

Show hard evidence why this is beneficial to target audience, show why you are credible, be passionate so people understand you're being genuine, be professional.

(46) Prepare simple written reports (CO:094) (SP)

Simple reports: docs that present focused, salient content to a specific audience. -Don't use fancy vocab or excessively long sentences. -Keep info short and to the point.

(232) Explain the role of ethics in HRM (HR:411) (SP)

Since you're working with humans, not machines, they have feelings. Machines don't need ethics to operate well, but if people lack ethics, they might commit fraud, disclose private information, etc. and lower productivity. As a result, the manager must set a common goal and lead them so they are not strayed from upright morals. Ethics displayed by the business also help employees feel they are respected so higher satisfaction and productivity. Businesses that are known for upright morals attract ethical employees.

(334) Assess personal interests and skills needed for success in business (PD:013) (PQ)

Skills needed for success in business: -Verbal communication skills. -Written communication skills. -Diversity/cultural awareness. -Interpersonal communication and ability to work on a team. -Leadership ability. -Critical thinking skills. -Technical skills. -Business knowledge. [-If asked on a role play which is most important, say they are all equals.]

(186) Describe small-business opportunities in international trade (EN:041) (SP)

Small businesses can find new markets, increase revenues, create jobs, and compete globally on Internet. Int'l trade can result in expansion of their business and higher profits.

(13) Explain types of business ownership (BL:003) (CS)

Sole proprietorship: business owned by one person; owner has unlimited liability (responsible for all debts); easiest set-up and least costly form of ownership. Partnership: 2+ owners. -General partnership: all partners have unlimited liability. -Limited partnership: creditors can't go after personal assets of limited partners. Corporation: has a separate legal personality from its owners; ownership represented by shares of stock; stockholders have limited liability and involvement in operations; board of directors controls activities. Limited liability company: owners have limited liability like a corporation but the LLC is not a corporation. Cooperative: members control the organization and operate it for mutual benefit; incorporated or unincorporated.

(33) Make oral presentations (CO:025) (SP)

Speak so you can be heard, move eye contact from area to area to engage entire audience, walk around the room so you're not just standing there awkwardly, sound confident by projecting, use hand gestures, look approachable.

(52) Explain the nature of staff communication (CO:014) (CS)

Staff communication allows employees to know exactly what's expected of them, when its expected, and the quantity and quality expected of their work. Attendance, morale, performance, and productivity are all tied to communication.

(54) Participate in a staff meeting (CO:063) (CS)

Staff meetings are for getting updates and notices, complaints and how to take care of them, setting goals for the month, and other things to communicate.

(270) Interpret statistical findings (NF:093) (SP)

Statistics: describe and summarize data in order to make the data more meaningful and easier to understand. Commonly used statistics in business include distribution, central tendency, and dispersion. -Distribution: the frequency of values for a variable. -Central tendency: an estimate of the center of a distribution of values, including mean, median, and mode. -Dispersion: the spread of values around the central tendency, measured with the range.

(159) Explain the nature of stress management (EI:028) (SP)

Stress mgmt: wide spectrum of techniques and psychotherapies aimed at controlling a person's levels of stress, especially chronic stress, usually for the purpose of improving everyday functioning.

(309) Select vendors (OP:161) (SP)

Suppliers (vendors) should be selected using the following criteria: -Production capabilities. -Past experiences. -Special buying arrangements. -Special services. Purchasing also involves the skill of negotiation. Items to be negotiated: -Prices. -Dating terms. -Delivery arrangements. -Discounts.

(319) Explain the benefits of supply chain collaboration (OP:444) (SP)

Supply chain collaborators can work together as designers and manufacturers produce the commodity while marketing specialists and vendors distribute and sell the commodity.

(318) Explain the concept of supply chain management (OP:443) (CS)

Supply chain management (SCM): the streamlining of a business' supply-side activities to maximize customer value, gain a competitive advantage in the marketplace, and develop and implement economical supply chains. You have a certain number of things you have to buy for production. SCM is what you need, how much you need, and what's the make time. Basically the concept of obtaining the raw materials to assemble into a final product.

(75) Explain the principles of supply and demand (EC:005) (CS)

Supply: how much product the market can offer. Demand: how much product is desired by buyers. Quantity demanded (demand relationship): amount of product people are willing to buy at a certain price. When supply is up and demand is down, prices drop. When demand is up and supply is down, prices rise.

(198) Determine personal net worth (FI:562) (CS)*

Take your total assets and subtract your total liabilities. If a person has real estate and stock investments worth $2m and debt and mortgage worth $1m, his net worth is $1m. If the person has a privately held business, it's valued using present value models. Use Net Present Value (I'm sorry freshies y'all won't know this). -Take next 5 yrs of expected cash flow, add it together, and subtract expected interest/inflation.

(199) Explain the nature of tax liabilities (FI:067) (PQ)

Taxes: payments you make to the government for services they provide. Tax liability: the total amount of taxes owed. Effective planning can reduce liability and cause you to pay your fair share while getting tax benefits. Types of taxes include income, social security, sales, property tax, and user fees. To reduce tax liability, you have to understand tax laws and how they affect your financial goals. Maintain complete and accurate tax records and understand types of taxes and how to make sound financial decisions with taxes in mind. You can reduce your tax liability by claiming deductions.

(249) Identify ways that technology impacts business (NF:003) (PQ)

Technology allows the speed of business transactions to occur globally; financial transactions are becoming instantaneous. Customers have come to expect more choices and higher levels of customer service due to advances in technology. Furthermore, they are able to access more information on which to compare prices, research choices and features, and base their buying decisions. Businesses can use tech to store info, maintain compliance with the law, and more efficiently prepare documents.

(70) Describe the use of technology in customer relationship management (CR:018) (SP)

Technology can streamline the help process by connecting a customer to a specific department that suits their needs. It also makes sure customer relationship management is faster and more efficient bc internet.

(233) Describe the use of technology in HRM (HR:412) (SP)

Technology is used more and more in the area of recruiting and hiring employees. Effective sources for locating prospective employees now include Internet career services and company websites. Many companies ask applicants to fill out an application online or at a computer terminal at the company's location. New employee orientation also makes use of technology for job training and disseminating company policies. Payroll functions are automated in many companies.

(338) Identify tentative occupational interest (PD:023) (CS)

Tentative occupational interest: an individual's career interest. When determining what career you want to go into, it is critical that you identify your occupational interests and explore career possibilities. Take a job quiz or talk to a counselor to figure out what you wanna do.

(349) Explain the need for ongoing education as a worker (PD:033) (PQ)

The average American has at least seven jobs before he/she reaches age thirty. People can expect to change employers several more times before they retire. While only some people end up losing their jobs due to downsizing, everyone is affected by it. If managers or coworkers are cut, individual workers may acquire more responsibilities. The skills you will need to manage new responsibilities may require more education. You may need to update your skills or learn new ones to keep pace with employment trends, as job opportunities shift from one industry to another. The competitive global market puts added demands on workers, as businesses try to stay up-to-date with technology and ways of doing business.

(145) Leverage personality types in business situations (EI:104) (SP)

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. Intuition and judgment allows you to make decisions. Thinking helps you be unbiased. Even if you aren't ENTJ, you can still be successful in business if you stay unbiased and make correct decisions.

(102) Determine the impact of business cycles on business activities (EC:018) (SP)

The business cycle is the natural rise and fall of economic activity over time. 4 stages: expansion, peak, contraction, trough. Expansion: GDP increases, unemployment gets to the natural rate of 4.5-5.0%, inflation is at 2%, stock market is in a bull market (seller's market); well-managed economies (Goldilocks economy) can stay in expansion for years. Expansion ends when GDP growth is >3% and inflation is >2% so the econ overheats. Peak: month when expansion transitions to contraction. Contraction: GDP growth is <2% or even negative. When GDP growth becomes negative it's a recession. Layoffs and unemployment rises near the end of contraction (lagging indicator). Businesses wait till after the recession to hire new workers and stocks enter a bear market (buyer's market). Trough: month when econ transitions from contraction to expansion after hitting rock bottom. The state of the econ in the business cycle affects business's stock prices, amount of employees, wages/salaries, sales, production, and amount of equipment bought.

(326) Follow chain of command (PD:252) (CS)

The chain of command is the hierarchy of rank in the company, which determines how instructions and information flows. Low-ranked people will have to follow the instructions of higher-ranked people and report up; higher-ranked people have to spread info down.

(307) Explain the impact of the purchasing process on productivity (OP:247) (SP)

The formal process of buying goods and/or services can increase productivity bc employees will feel more motivated when the company isn't a mess.

(268) Monitor internal records for business information (NF:014) (SP)

The functions of an information system are to gather, analyze, store, and report on data. Records are kept regarding financial information, production and inventory, marketing and sales, and human resources. Internal data includes accounting records, inventory information, company sales figures, and more. A company's balance sheet, cash flow statement, and income statement are records that are monitored during a specific period of time. They are used to calculate revenue, evaluate costs and expenses, and measure profit/loss.

(248) Explain legal issues associated with information management (NF:076) (SP)

The government has regulations regarding protecting the privacy of consumers. Businesses of all types offer detailed privacy policies to their customers that ensure the protection of their customers' personal information. Businesses must not share personal information they collect with anyone unless you give them permission to do so, according to law.

(223) Explain legal considerations for accounting (FI:353) (SP)

The most significant changes to corporate governance (compliance basically) and accounting practice came with the Sarbanes-Oxley Act of 2002. The act requires that CEOs, financial officers, accountants, and auditors comply with regulations and procedures designed to ensure accurate representation of companies' financial positions. It prohibits most loans to directors and executive officers and forces company insiders to report changes in ownership within two days after a transaction has been executed. Securities regulation ensures that purchasers can learn the true nature of the securities they buy by providing a way to uncover fraud and unfair practices. All publicly traded companies (companies you can buy stock in) must release their financial statements (income statement, cash flow statement, balance sheet) as well as an audit every 3 years to ensure that they're not committing fraud and help stock traders decide whether to invest in them.

(316) Explain employee's role in expense control (OP:025) (SP)

The profitability of a business is directly related to the number of employees and the wages the business can pay. Managers and employees should find ways to reduce waste and control expenses. Human risk can impact expense control. Employee dishonesty and theft can lead to monetary loss. Employees should try their best to prevent their coworkers from stealing and keep the equipment they use in the best condition possible. For small office supplies, employees should only take what they need instead of hoarding them so petty cash expenses don't go up.

(8) Describe the nature of legal procedure (BL:070) (SP)

The rules by which a ct. hears and determines what happens in a civil or criminal lawsuit or in administrative proceedings.

(325) Follow rules of conduct (PD:251) (CS)

The rules of conduct set a standard of behavior in the workplace for the staff/members so they know what is expected of them.

(211) Prepare personal income tax forms (i.e., 1040 EZ form) (FI:074) (CS)

There are three basic income tax return forms, although hundreds of forms exist. -Form 1040EZ: if your taxable income is less than $100,000, you have no dependents, and your income consists only of wages, salaries, and tips (among other factors). -Form 1040A; if you have less than $100,000 in taxable income and you claim deductions, have dependents, and have capital gains distributions (among other factors). -Form 1040: an expanded version of Form 1040A, useful if you have taxable income greater than $100,000 and plan to itemize deductions, or have more complicated financial situations. To complete a tax return form, have your W-2 Form from your employer(s) on hand along with any interest and/or dividend (capital gains) forms. You can choose to file your tax return by using traditional paper forms and mailing them in, or you can file electronically over the Internet. In addition, you may choose to use tax preparation software like TurboTax to guide you through the process on your own with a computer. You may also choose to hire a tax professional to complete your return. Be sure to keep a copy of your completed form and your supporting documents in a safe place for at least six years. Shred your tax forms before you throw them out to prevent identity theft.

(94) Analyze impact of specialization (division of labor) on productivity (EC:014) (SP)

There are too many things you have to do to survive for you to do it all alone. If there was no specialization, most of your life would be spent growing food. With specialization, someone else can grow food while another person makes clothes while another person keeps track of it all. As a result, more is produced overall and the quality of life goes up.

(276) Describe data mining tools and techniques (NF:149) (SP)

Tools: database systems. Techniques: -Tracking patterns: a recognition of some aberration in your data happening at regular intervals. -Classification: a more complex data mining technique that forces you to collect various attributes together into discernable categories, which you can then use to draw further conclusions, or serve some function. -Association: to tracking patterns specific to dependently linked variables; look for specific events or attributes that are highly correlated with another event or attribute. -Outlier detection: identify anomalies, or outliers in your data. -Clustering: grouping chunks of data together based on their similarities. -Regression: a form of planning and modeling used to identify the likelihood of a certain variable given the presence of other variables to help you uncover the exact relationship between variables in a given data set. -Prediction: projects the types of data you'll see in the future.

(6) Identify the basic torts relating to business enterprises (BL:069) (SP)

Tort: a civil wrongdoing that causes harm to another party. -Appropriation: when a business or person uses another person's name, likeness, or unique characteristic without permission for the benefit or gain of the user. -Conversion: when personal property is taken from the owner and given to someone else to use. -Defamation: making false malicious statements about a person or organization. -Wrongful interference: predatory behavior undertaken by a business to draw either customers or employees away from a competitor.

(352) Utilize resources that can contribute to professional development (e.g., trade journals/periodicals, professional/trade associations, classes/seminars, trade shows, and mentors) (PD:036) (SP)

Trade journals/periodicals, professional/trade associations, classes/seminars, trade shows, and mentors can all help you in your career. Journals can teach you, professional associations can give you more ideas, classes and seminars expand your education, trade shows show you what others in the industry are doing, mentors help you directly.

(127) Demonstrate fairness (EI:127) (PQ)*

Treat people the way you want to be treated, take turns, tell the truth, play by the rules, think about how your actions will affect others, listen to others with an open mind, don't blame others for your mistakes, don't take advantage of other people, don't play favorites.

(176) Treat others with dignity and respect (EI:036) (PQ)

Treat people with courtesy and kindness, encourage them to express their ideas, listen to what they have to say, use their ideas to improve work, never deliberately insult them, don't constantly criticize, be aware of your body language, treat all fairly, include everyone in discussions, praise more than criticize.

(21) Follow oral directions (CO:119) (PQ)

Try to take notes when you first receive the directions if possible. If you're unsure, ask the direction giver once they finish. Remember key steps and apply them to your situation.

(64) Handle difficult customers (CR:009) (CS)

Types of difficult customers: suspicious, dishonest, disagreeable, silent, slow/methodical. -Dishonest customers will try to steal stuff from you or weasel a discount out of your employees. Don't take their BS. -Disagreeable customers will try to dominate you. Don't challenge them. -Silent customers are shy and won't ask for help even if they need it. Approach them first. -Suspicious customers don't trust you. Be honest and they might be your customer for life. -Slow/methodical customers only want the facts and don't like being pushed. Allow them to decide for themselves after you present them with info.

(51) Distinguish between using social media for business and personal purposes (CO:206) (CS)

Using social media for business is advertising posters or new deals. SM for business benefits the company while SM for personal purposes benefits only yourself. A personal SM account will probably contain info about your life, family, friends, etc., but should not contain anything compromising or confidential about your job. You should not be using SM for personal uses while at work.

(190) Describe sources of income (wages/salaries, interest, rent, dividends, transfer payments, etc.) (FI:061) (PQ)

Wages/salaries, interest from loans, rent collected from tenants, dividends from stocks, transfer payments from other people, gifts, child support/alimony payments, awards, deferred compensation/retirement plans, government benefits, and social welfare.

(92) Describe the nature of taxes (EC:072) (SP)

We live in a progressive tax system where the rich are taxed more on their income than the poor. A proportional tax system (see: Hong Kong) is one where everyone is taxed the same percentage of their income. A regressive tax system (like a sales tax) is one where the poor are taxed more proportionally than the rich. There is sales tax, income tax, property tax, excise (sin) tax, gas tax, fees for services, license fees, import/export fees, gift tax, capital gains tax, etc. Employment/payroll taxes: social security, Medicare, unemployment insurance, etc. These pay for old people to live. Taxes are used for government revenue generation and economy regulation. You can be taxed at the federal, state, and municipal level.

(120) Assess personal behavior and values (EI:126) (PQ)*

What do you value? What do you want from others? Are these values and desires reasonable? Do you treat others well while being respectful and considerate of their opinions?

(80) Explain the organizational design of businesses (EC:103) (SP)

What is your hierarchy? Two types: hierarchical and matrix. -Hierarchy: heads of each department at the top, within departments everyone reports up in a pyramid. -Matrix: there's a business unit (i.e. sound production). You need sales force, legal protection, etc. You'll have an operating manager that has command over other groups but isn't technically their boss. Instead of a strict hierarchy, people report to multiple layers of the organization. Typically found in larger organizations ($100 million+ revenue).

(342) Complete a job application (PD:027) (PQ)

What school did you go to, what skills do you have, where did you previously work and doing what, what hobbies and extra skills do you have, etc. https://www.job-applications.com/mcdonalds-application-pdf/ [for when you fail at DECA comp]

(346) Prepare a résumé (PD:031) (CS)

What you should include: -Name and contact info. -Summary paragraph. -Employment history. -Skills. -Education. -Community involvement (optional). -Awards/achievements you've received/done (optional - can be combined with other sections). -1" margins (0.5" if you have no space). -Each section should have the same layout. What you should NOT include: -Irrelevant jobs. -Career objectives. -Anything that makes it >2 pages (ideally 1 page unless you're a super cool executive). -Spelling or grammar mistakes. -Ornate or >2 fonts [test question!]. -Personal information. You should tailor your resume to the job you're applying for. https://www.thebalancecareers.com/thmb/MzQxWp7xJj6kC7o76fgV5OvSGt0=/1000x0/filters:no_upscale():max_bytes(150000):strip_icc():format(webp)/2061035v1-5bdb74c3c9e77c00518f333d.png

(283) Describe health and safety regulations in business (OP:004) (PQ)

You can't just set up your business anywhere; the environment needs to be safe enough so people can do their jobs with reasonable safety. Businesses must adhere to health and safety regulations established by the U.S. Department of Labor. Workplace safety regulations are enforced by the Occupational Safety and Health Administration (OSHA) through inspections and fines. Employers must maintain health and safety records and provide safety training. They must stay up- to-date on OSHA standards and resolve violations promptly. Like in a construction place you need hard hats, or in an office you need fire sprinklers. If you work with pollutants, you have safety regulations for how they have to be handled. Truckers need to have there trucks inspected for safety periodically and sleep a certain number of hours every night. Basically keeping everyone as safe as possible during work.

(201) Prepare bank account documents (e.g., checks, deposit/withdrawal slips, endorsements, etc.) (FI:560) (PQ)

You fill out deposits and withdrawals from your checking account in a checkbook register. Included are the check number, transaction date, description, payment amount, reconciliation (R), deposit amount, and new account balance. The checkbook register is used to reconcile your bank statement when it comes. Writing a check involves writing the date, name of the payee, amount of payment in both numbers and words, your signature, and a memo (what it's for). When cashing or depositing the check, endorse the check by signing the back near one edge. Fill out a deposit slip to give to the bank teller with your name and account number and amount to deposit. Record the amount of deposit also in your checkbook register. https://www.vertex42.com/ExcelTemplates/excel-checkbook.html

(306) Discuss the importance of utilizing ethical purchasing methods (OP:246) (SP)

You should purchase the best quality materials for the prices you're selling your products at bc that benefits the consumers. Don't buy from shady child labor-using vendors or whatever and make sure you aren't doing anything questionable. Don't screw your vendors by not paying them bc they rely on your income.

(206) Validate credit history (FI:072) (CS)

Your credit history is maintained in a credit report from one of three credit bureaus in the U.S.—Experian, TransUnion, and Equifax. Your credit history also includes a credit rating (a number that reflects your ability and willingness to make credit payments on time). You can validate your credit history by obtaining a copy of your credit report from each of the three reporting agencies. You can obtain a copy free of charge one time per year from each agency. Once you receive a credit report, look it over carefully for errors or out-of-date information, and be sure to contact the agency promptly to make corrections. https://www.credit.com/credit-reports/

(200) Interpret a pay stub (FI:068) (PQ)

Your pay stub includes your name and social security number and lists the current pay period. Your current and year-to-date earnings, taxes, and deductions are listed. Current earnings can be described with hourly rate, hours worked, and gross earnings. Taxes that can be withheld from your gross pay include federal, state, local, social security, and Medicare. Deductions might be from union dues and money withheld for fringe benefits like health insurance. Net pay is your gross earnings minus taxes and deductions. https://paystubdirect.com/portfolio-item/style-3-detailed-paystub/

(278) Demonstrate basic data mining techniques (NF:151) (SP)

[See (276).]

(344) Write a follow-up letter after job interviews (PD:029) (CS)

[See (343).]