DECA- Principles of Finance Performance Indicators

Appropriate Personal Appearance

Basic personal hygiene- showers, brushing teeth, deodorant, haircuts, shaving, makeup First impression, facial expressions, eye contact, reflects self-esteem, present self in advantageous manner Body language says more than words, enhance relationships

Ethics in CRM

Be honest with customers, assist them in making the right decision based on their buying behavior. Uphold the values of the business by dealing with customers effectively Building trust and loyalty is key Moral obligation to safeguard personal information collected from the customer, protect from theft/fraud- legally culpable if information is mishandled Customer data stored in secured manner that monitors when/who accesses it Secure levels of access so those that should not be able to see certain information can't Data is properly deleted when a customer leaves program Government has regulations protecting the privacy of consumers

Pay Bills

Be on time to avoid late fees. Schedule to automate, lose interest if paid right away. Organize by category, auto-draft is recommended for established income. Can be done online or via phone. Negotiate due dates/rates, make reminders.

Conflicting Viewpoints

Be open, Evaluate situation and outcome More important today than ever, Facts vs Interpretation Respectful, Objective, Accurate, Distinctive- ROAD

Customer Service Mindset

Be welcoming and encouraging to customers and helping them, employees can demonstrate a customer-service mindset. Culture- company, direction, employees, treat customers, see company Establish a Care Committee-community, environment, guest, initiatives, meet monthly, warm cookies when check in "The little things mean everything" Recognize birthday or anniversary, show you care, compliment. You can afford to be generous. The customer is always right. Every interaction is a moment to shine. Fostering positive interactions Identify customer's needs; View work through eyes of customer

Financial Needs

Common necessities that require capital funds- college, retirement, wills, investments, loans, bills, insurance, budgets/goals. Short and long term. Know difference between your needs and your wants and prioritize. Opportunity cost- trade off of giving something up when choosing one thing over another. Financial risks- inflation, rising/falling interest rates, loss of income, and liquidity. Liquidity- ability to convert assets into cash without loss of value.

Company Image through Employee Performance

Create structures and mechanisms to consistently instill brand values in the organization's culture; Select employees who represent; Teach service behavior not just productivity and reinforce brand (ie. Roleplay); Demonstrate brand behaviors on par every day; Recognize individuals who do Employees are touch points. Customers base impression on employees. Encourage loyalty and repeat sales; Making customer happier with original purchase, Improve satisfaction, speedy and show care Pleasant greeting, reassuring departure, Offer helpful comments during, Thank the customer.

Validate Credit History

Credit history- record of borrowing/repaying (late payments, bankruptcy) Maintained in a credit report from one of three credit bureaus in the U.S.—Experian, Trans Union, and Equifax. Includes a credit rating/score, a number that reflects ability and willingness to make credit payments on time. Validate by obtaining a copy of report from each agencies. Free of charge one time per year from each agency. Look it over carefully for errors or out-of-date information, and be sure to contact the agency promptly to make corrections

Select Vendors

Criteria- production capabilities, past experiences/reputation, viability, special buying arrangements/flexibility, and special services. Negotiate prices, dating terms, delivery arrangements, and discounts. Need clearly defined expectations and standards so that vendors are aware of what should be delivered.

Types of Currency

Currency- medium of money Paper Money- banknotes, cash, coins, checks, "liquid" Banknotes- bills, promissory note from bank, intended to circulate $$ Government Bonds- gov't raising capital by investing/borrowing, debt instrument, savings Treasury Notes- debt obligation from gov't, 1-7yr maturation Check- authorizes transfer of money from bank account to person Stocks- share entitling holder to fixed dividend, equity investment, own corporation Bonds- long term lending agreement, IOU, loan money to gov't for promise of pay back w interest Mutual Funds- investment program, professionally managed, stocks/bonds

Import/Export Law

Customs/Border Protection Officials impose controls on items entering the country. Allowed to examine packages for prohibited material. Not allowed to take portion of imported shipment Not required to obtain license to import. Country of origin required on package. Govern what can and can't come into a country. Tariffs are collected imports and some exports based on value to raise state revenue.

Conflict Resolution

Allow each party to define the problem from their point of view. Let each suggest a solution to the problem and evaluate options so each party can explain what they'll accept. Think creatively and compromise to overcome difference. Done best when solutions allow each side of a dispute to save face and create least amount of ill will. Sometimes seek mediation or arbitration from an independent third party.

Follow established Security Procedures/Policy

Allow employees to know what to do in certain situations without making a personal judgment. Protect business from negative financial impacts from both employees and customers. Ensure employees know and follow procedures, but apply rules to their own areas Not following is liability, need Security safeguards Name badges to access locations, Log-ins to access computers

Adapt to Social and Cultural Differences

Avoid offending clients by lack of sensitivity to their needs & Better assist clients to make the right purchase for their needs. Avoid stereotypes (oversimplified, distorted belief) Market is global, impacts many different cultures socially and geographically. Respect differences, Research to reduce risk and deal jeopardization! Success depends on ability to understand differences and work with them to keep customers happy and well-informed to make the best buying decisions. Must clearly communicating product features and benefits. Language, Material culture (understand the way a country makes products and you will understand how they value the products), Aesthetics (what a culture considers valuable or beautiful), Social organization (what is acceptable in a culture), Religious beliefs, attitudes, values, space and time Be patient, flexible, and empathetic when dealing with communication barriers. Refrain from derogatory, racist, and sexist vocabulary. They determine when appropriate for casual or professional communication.

Empathy

Empathy- understanding of another person's situation or frame of mind. Be open-minded, realizing that many people are under pressure. Treat others considerately, call on your own experiences. Before reacting, think of other person's position to see things differently and make reaction more effective. Be aware of how you appear, try not to hurt or offend them. Speak carefully. Let people know you are interested in them, smile, and make them feel important. Don't assume that behaviors and views are universal; many people in the world have ideas that are very different from yours

Build and Maintain Relationships with Customers

Employees should communicate with customers and have a positive attitude to keep bringing them back. Goal is long term & Loyalty Exceptional Communication- make them feel special, respond quickly, meet needs make their life easier Go above and beyond- positive attitude, share knowledge Be as pleasant as possible on the phone, via email, in person. Be consistent and create an authentic experience.

Ethics in Operations

Employees- working hours, overtime pay, flexibility, safety, and health issues. Customers- product and consumer safety, credit concerns, delivery policies, hours of operation, customer service policies, and return policies. Maintain fairness and safety for all, be open and upfront about their policies, and handle problems promptly and equitably. Only disclose information once authorized, follow protocol, no shortcuts Lack of ethics leads to lower efficients and loss of revenue

Service Orientation through Communication

Enable business environments to easily build communications into their business processes, enabling more streamlined collaboration among people within the business." Restate question, eye-contact, greets promptly and courteously, pay attention to issue at hand, determine needs, listen carefully, empathize Offer relevant information, Summarize to check for understanding, Exceed expectations, Follow through Nod, positive helpful attitude with customers. Gesture and facial expressions reflect business attitude, willing to help Ability/Desire to anticipate and recognize needs before articulated. Establish a dialogue, provide satisfaction and availability

Competition

Essential component of free enterprise system, competition forces businesses to produce quality goods at reasonable prices, all have same objective. Encourages development of new products, enhanced/improved existing products, and expanded product selection in order to attract new customers. Price- all other considerations being equal, a customer will buy the lowest-priced product. Non price- factors such as product quality, business location and reputation, customer service, and payment or financing options available. Monopoly- no competition, not permitted in a free enterprise system, 1 business Oligopoly- few businesses, low differentiation; Duopoly- 2 dominant Perfect- many businesses, no differentiation Collusion- classified suppliers; Cartel- suppliers with high prices and low competition

Save and Invest

Essential to reaching financial goals for the future. Emergency fund is desirable to access to money quickly to pay for unexpected expenses, emergencies, or job loss. Savings accounts provide security but don't increase in value quickly; Investments provide much greater returns however they are more risky. Important also due to the time value of money, in which money invested now is worth more later because you would earn interest or dividends on it

Ethics in Finance

Held accountable for misinformation or improper recording of a company's financial situation. Keep accurate, honest, and complete record of its accounting transactions, Be educated about insider trading and other unethical practices. 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 customer

Note-Taking Strategies

Help remember facts, keep attention focused. Don't try to write down everything; focus on key words and main ideas. Summaries in your own words, legible. Use bulleted lists, asterisks, and arrows to show relationships among ideas. Review notes to understand concepts and instructions. Organize logically- remember important info, record facts and figures that may not be available elsewhere. Use abbreviations and symbols when appropriate. Outline/2 column- content in levels. Heading- Subheading- Descriptive phrase/key points relating. Sentence method- writing each new thought or point on a separate line, disadvantage is not always connected content to previous. Mapping- visual method. Spider web. Main idea with supporting around. Shorthand- note taking that involves symbols and abbreviations. Ask speaker to slow down when necessary, Seek further resources later on

Concept of Leadership

Helping members of an organization achieve goals. Lead by example. Self-confidence, creativity, problem-solving, and effective communication. Understand people, show social judgment, and motivate others. Have a vision, and can communicate while minimizing conflicts

Selecting a Financial Service Provider

Highest rate of return, Low or no fees, Borrow money when needed at favorable interest rate. Institution is insured through the FDIC. Convenient locations. Services that meet your needs. Fee structure, experience, advising style, references, performance measures. Type of Investment strategy, Level of Involvement, How to pay

Honesty and Integrity

Honesty and integrity are desirable qualities of a good employee and a good person. Be loyal and trustworthy at work and in daily activities. Act responsibly and ethically, Respect others' feelings and possessions. Being dishonest can ruin your reputation and can harm personal and professional relationships.

Ethical Work Habits

Honesty- maintaining confidentiality and having respect for company property. Basis for a trustworthy business relationship. Respect- solid base for business/customer relations. Listening to others with an open mind and responding with courtesy and tact. Equity- everyone has equal rights and opportunities. People expect to be treated the way those around them are treated, it is important to be fair and equitable in dealing with others

Ethical Leadership

Good, strong leaders are ethical, Represent organization Open to ideas for problem-solving, Justice, Honesty, Teambuilding, Initiative By example, Value awareness

Economic Goods/Services/Resources

Goods are tangible, whereas services are not. Resources are the goods and services available to individuals and businesses that produce valuable consumer products.

Economic Goods and Services

Goods- tangible items that have monetary value and satisfy your needs and wants for manual use (such as cars and clothing). Services- intangible, satisfy your needs and wants, involve a task, such as cooking food or repairing a computer.

Integrated Business Software Application Package

Google Apps, Microsoft- word processing, presentation, and spreadsheet applications All inclusive, easily transferable. Efficient and Cheaper, Benefits customers. Accelerated growth, IT's life is easier

Draw conclusions based on Info Analysis

Graph findings, based on significance level and p-value. Result vs Expected

Communicate Styles for Target Audience

Identify audience/target; Analyze- How important is the message? Does the audience need to take action? How much information is needed? What obstacles must you overcome? What are the benefits to your audience? How will your audience use this information? What method of communication is best suited to this message? Youth- internet/social media; Older- print/tv/radio. Interactive methods for feedback Consider how formal and how detailed. Use language and terminology that are appropriate to the audience- Emails/Memos to lower levels, Meetings onsite, etc Slang- friends or family, Casual- routine discussions, social. Formal communication- meeting new customer, interviewing, introduced to coworker, serious topics, pay changes. Proper grammar, respectful tone. Grapevine is unofficial through people. Indirect involves intermediaries (forwarding email)

Cultural and Social Environments on Global Trade

Language/cultural differences, stability of the government=political risks. Different economic philosophies= varied government influence on business Different monetary systems, fluctuating different approach to business relationships and management practices, ethical beliefs, marketing strategies Nonverbal cues, trade agreements

Nature and Source of Laws

Law regulates conduct of individuals, businesses, and other organizations. It's intended to protect people against unwanted interference from others and determines the way people act or rules that prevent people from doing certain things Most common sources of federal law are statutes enacted by Congress, common law created by the federal courts, and regulations promulgated by the various executive departments and agencies. The Constitution outlines basic rights. Criminal, Civil, Constitutional, Administrative (powers of federal), International (treaties, trading)

Facilitate Group Discussions

Lead Prepare in advance, have questions and information involved ready Welcome everyone, define purpose in friendly manner. Create an inclusive environment, Speak clearly. Allow everyone chance to fully convey thoughts; Actively listen to others Leverage different personality types, don't allow domination Maintain eye contact, watch nonverbal cues of participants Refrain from jargon, stay concise. Keep the group on task. Take note of comments made for future reflection Quality over Quantity! Not a competition, stay relaxed. Ask relevant questions, respect others Polite phrases: You're absolutely right about that; I'm sorry, I don't see it that way at all.; Sorry, do you mind if I say something here?; Could I just finish what I'm saying?; Would you mind telling us what exactly you mean by that?

Letter of Application

Letters of application are requests to apply for a job. Cover letter, gives a personality to the resume, Additional information on why you are qualified Short and sweet, Emphasize skills, Ask for interview

Need for Ongoing Education

Necessary to continue obtaining skills necessary in a 21st-century business environment- ie MBA, update qualifications (licenses or certifications) Average American has at least seven jobs before 30, Expect to change employers several more times before they retire. Skills needed to manage responsibilities may require more education. Update 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. Boost confidence.

Negotiation Skills

Negotiation- process of working with or among the parties in a conflict to find a resolution. Requires willingness to work together to achieve a mutually-agreeable solution. No one completely avoid conflict in the workplace, so learning and practicing negotiation skills is important. Show respect, Recognize and define the problem, Seek a variety of solutions, Collaborate, Be reliable, Preserve relationship, Speak and listen in non-aggressive tone. Meet in a convenient, quiet, and neutral location. Present all feelings and facts. Use "I" statements. Active listening, Encourage person speaking to be open and maintain eye contact.

Protect Company Information and Intangibles

Patent- legal ownership of an item or idea. Trademark- 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- protected by law and specific company policy, contractual agreement with employees Information and assets should be kept confidential and protected from theft by cybercriminals. Shred outdated papers with company info, Install software to prevent hackers, Restrict access to documents/files Reputation, etc.

Methods to Protect Intellectual Property

Patents- Government license that protects the companies rights to an idea for up to 20 years and excludes others from making, using, or selling the idea; inventions Trademarks- Legally registered reserve rights to a name, word, phrase, symbol, color, and sound that distinguishes it to a unique product that represents a company. Can be renewed indefinitely. Copyrights- protect an exclusive right body of written work, music or artwork which is protected by the Library of Congress to print, distribute, publish, film, and perform. Lasts for the life of the author, plus 50 years after death at which it cannot be lawfully reproduced without permission from the owner. Trade Secrets- formulas, processes, or information used for competitive advantage. This information is held secret and cannot be used by competitors. File through U.S. Patent and Trademark Office; In court, owners of IP must defend the validity of their ownership.

Persuasive Message

People act to meet own needs. Show your reader why he/she has a need to do what you want. Identify your objective, main idea, supporting information to convince. Adjust content to the reader, considering his/her values and concerns. Gaining the reader's attention, showing the reader that he/she has a need, explaining your solution to that need, present the supporting information, and ask for specific action. Sales letters, collection letters, proposals, and newsletters. Present a solution that is clear, logical, and practical Ask provocative question, grab attention right away. Avoid humor. Be specific to keep them reading. Include background later on. Be catchy for the intro. Strong message contains ethos, pathos, and logos.

Desirable Personality Traits

Persistence, creativity, responsibility, confidence, and enthusiasm. Inquisitive, goal-oriented, independent, a risk taker, and action-oriented. Communication, math, problem solving, technology, decision making, organizing, teamwork, social, and basic business skills.

Innovation Skills

Pivotal ideas can lead to major breakthroughs in a company's financial success Innovative employees increase productivity by creating and executing new processes Increase competitive advantage, employee motivation, creativity, and autonomy ie: Problem solving, coordination, critical thinking, negotiation, service orientation, management, quality control, decision making Not always natural, can be developed

Personal Budget

Plan for saving and spending based on your income and expenses; Analyze assets and debts, needs/wants Start your budget by defining your needs and your goals- list, target date/time frame to reach them, Prioritize. Income estimate- wages or salary but count only your net (take home) pay, tips, gifts, and interest earned on a bank account. Expenses estimates—fixed and variable: Fixed are same amount each time you pay them. Variable expenses vary each month. Indicate your savings See if you have enough money coming in to pay all of your expenses. Be honest and realistic when creating your budget, even if it means revising some things. Check your progress monthly and review your spending carefully so you know if you have to cut back your expenses or increase your income.

Legal considerations in Accounting/Finance

Protect privacy of the consumer information they collect, notices that explain the information-sharing practices. Right to limit the sharing of their personal information. Required to keep customer information secure. Securities Act of 1933/Securities Exchange Act of 1934 protect investors. Purchasers can learn the true nature of the securities they buy and provide a way to discover fraud and unfair practices. Corporate stocks, interests in savings and loans, interests in racehorses or sports teams, and sales of coins. The Securities and Exchange Commission SEC administers the laws regulating securities sales, brokers, dealers, and bankers who sell securities. The Federal Trade Commission protects businesses from the wrongful acts of other firms, especially referring to competitive practices. Cooking the Books, Antitrust laws to prevent monopolies, Lending limits and requirements, Debt processing ordinances Sarbanes-Oxley Act of 2002- accurate representation of companies' financial positions. Prohibits most loans to directors and executive officers, forces company insiders to report changes in ownership within two days after a transaction has been executed. Securities regulation ensures that purchasers can learn true nature of the securities they buy by providing a way to uncover fraud and unfair practices

Maintain Confidentiality

Protect private information, Don't share with 3rd parties without consent Build trust, NDA and contracts, Training Handle with care, Use discretion, Lock away physical info

Marketing Functions and Related Activities

Research Analyzing Planning Product Development Pricing Advertising Promotion Distribution Customer Service Public Relations Selling

Basic Operating Systems

Resource Allocator Hardware Intermediary agent Manages Simplifies control Windows/macOS/iOS

Economic Resources

Resource- item used to produce goods and services. Natural raw from nature, Human from people/ the work they do/skills, Capital are assets/materials used in the production of goods and services with monetary value. All are limited. The basic economic problem is how to meet unlimited wants with limited resources. This gap is a condition called scarcity.

Cultural Sensitivity

Respect differences among people, Avoid and overcome stereotypes (oversimplified, distorted belief) Maintain an awareness of the language/cultural differences that will affect company employees as well as customers.

Ethics in Information Management

Responsibility to keep consumer information private Many companies collect and sell information. Exchange has led to invasion of privacy complaints. Now offer clients the choice of being added to mailing lists. Accountants must refrain from misrepresenting the facts to achieve short-term goals that are contrary to a business' long-term objectives Privacy, Safety, Loyalty, Reputation, Data must remain confidential unless consent

Routine Security Precautions

Responsible for protecting people and property in the scope of business. Hire security personnel, Write policies 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 Frequently check facility to ensure protocol is adhered to, Practice drills, Secure employees, environment, and products Security manager institutes traditional functions (locks, alarms, passwords) Prevent theft of intellectual property/fraud

Requirements for International Travel

Routine part of doing business, Identify, protect against terrorism, prevent crime, protect with citizenship, utilize embassies Passport- official doc issued by govt certifying holder's identity and citizenship, entitling them to travel under its protection to and from foreign countries Visa- endorsement on a passport indicating holder is allowed to enter, leave, or stay for a specified period of time in a country and reasons for staying; Purpose is security Sponsorship letters: letters of invitation written by people, Assist obtaining visa Proof of citizenship- passport, birth or naturalization certificate, consular report of birth abroad Immunizations- vaccines to make a person resistant to an infectious disease, Vary by region, Protect health of traveler, Bugs and tropical areas, Customs and currency restrictions

Principles of Computer Systems

Software- operating systems, web browsers, computer apps, different types Adobe, Windows, Microsoft Hardware- performs calculations, computer applications, can be external, drive, motherboard

Bid Process in Purchasing

Soliciting bids- Buyer invites qualified suppliers to submit proposals for goods, services, or materials. May require detailed written proposal for review and evaluation. Possibly invite them to make a formal presentation of the bid. Choice of supplier is dependent upon specific desired attributes of both the supplier and the proposal like price, supplier reputation, product reliability, service reputation, and supplier flexibility. Negotiate final terms of agreement. Buying goods, services, or initial public offering (IPO) of stock, bid process can be used to offer the product to the one with the best price.

Concept of Supply Chain

Streamlining of a business' supply-side activities to maximize customer value, to gain a competitive advantage in the marketplace, to develop and implement efficient/economical supply chains Sequence of processes involved in production and distribution. SCM Path- Supplier, Manufacturer, Vendor/Distributor, Wholesaler, Retailer, Consumer.

Stress Management

Stress- person's reaction to pressure, mental or physical. Managing stress is important to a healthy lifestyle and effectiveness in the workplace. Can be harmful, causing undue anxiety and suppressing the body's immune system. Regular exercise, a balanced diet, enough sleep, and recreational activities Make reasonable compromises, learn to accept those things you can't change

Procedures for Handling Accidents

Survey accident scene, Do not make any assumptions. Figure out what already happened, determine what may happen next. If someone is injured, administer first aid and get help. Don't move victims with back/neck injury. Clear airway, check for a pulse, breathing, or severe bleeding. Fire- leave building immediately using stairs or window. Stay close to floor to avoid smoke. Feel door knob, Stop Drop and Roll. Earthquake- stay inside and move to doorway or under table. If outside, stand out in the open, away from falling objects Tornado- go indoors, stay away from windows. Cover with mattress or blanket. Stay down. Report accidents to management or handle as instructed in handbook, file report, reduce liability

Overhead/Operating Costs

Ongoing business expenses not related to direct labor, direct materials, or third-party expenses. Rent, Utilities, Insurance, Employee salaries and facility costs. Can be fixed or variable

Tolerance for Ambiguity

Open mind, Accept that there isn't only one answer Ambiguity- open to interpretation, inexact, uncertainty Acknowledge your choices, Practice making decisions and exposure, Change perspective

Basic Database Applications

A database is a computer file in which data can be entered, retrieved, and modified. Information about business, chart of accounts, financial activity for each account. Mechanisms for creating forms and reports, manipulate data to answer questions Store info for future use, Restrict access based upon user Microsoft Access and Excel, MicroMoney, Quicken- enter, sort, protect, store data

Achievement Orientation

A drive to accomplish one's goals and to meet or achieve a high standard of success A worldview that values assertiveness, performance, success, and competition Focus on end result success. Motivated by Affiliation, Power, and Achievement. Must balance perfectionism standard of excellence Don't waste time with mediocre. Crucial for individuals, concern for organizational goals.

Appropriate Assertiveness

Self-confidence and assurance without being aggressive. Be negotiable and encourage directness Helps reduce anxiety and achieve goals, protects from being taken advantage of Honest, Accepting, Responsible, Spontaneous, Excited- SHARE

Cultural Considerations that Impact Global Business Relations

Sensitivity, Formality, Tailor promotions to fit the area (models, customs, tactics, holidays.) Negotiation styles, politics, Values/Ethics, Intimate understanding of community. Cross borders and cultures

Interview for a Job

Series of questions asked by HR to assess the competence of an employee to work in a certain position at a company. Personal questions, Performance, Why You, Previous and Field related. Elaborate on resume. Listen intently, Nonverbal cues are crucial, Have questions at the end to demonstrate this

Role of Information Systems

Set of procedures and methods that generate, safely store, analyze, and distribute information, organize, collect, and store data for current use or future decisions. Relies on data about current customers, sales reports, and inventory levels. Make decisions about advertising, product planning, and pricing with a competitive advantage by improving business process

Adjust to Change

Adapt policy, habits, routines, Take responsibility Unavoidable constant, accept with grace or find alternatives Find support

Personal Income Tax Forms

1040EZ- taxable income is less than $100,000, no dependents, consists only of wages, salaries, and tips. 1040A- ess than $100,000 in taxable income, claim deductions, have dependents, and have capital gains distributions (among other factors). Form 1040- 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 prepare a tax form, have your W-2 Form from your employer along with any interest or dividend forms (SSA-1099, 1099-D). File using traditional paper forms and mailing them in, or you can file electronically. Use tax preparation software to guide you through the process on your own. Hire a tax professional to complete your return. Keep a copy of your completed form and your supporting documents in a safe place for at least six years.

Collaborative/Groupware Applications

3 C's- Want software with these features. Lotus Notes, Google Drive. Multiple employees to work together on business electronic deliverables Communication- email, voice mail, IM, video chat Conference- video conference, IM teleconferencing, group chats, forums, shared applications Coordination- calendar, time trackers, spreadsheets, client portals, alerts, status updates Asynchronous (non-real time) vs Synchronous (real-time)

Bribery and Foreign Monetary Payments

68% of countries are corrupt Break laws to limit competition Bribery- money/favor promised to influence public or legal duties, Unethical action, corrupt, wastes money (estimated 5% of GDP) and decreases efficiency while increasing inequality. Lowers employee morale, destroys public relations and reputation, prevents reaching full potential by denying most qualified, inefficiency, lost resources/profit, weakened development, long term Facilitates corporate entry and in a highly competitive environment, some feel like necessary Start from root by fostering a quality culture to avoid, Invest in control systems and instill ethical values, Punish and lead by example

Small-Business Opportunities in International Trade

95% of Customers are Outside U.S.- Globalization offered by Internet to reach a wider audience to market and sell to Outperform other small businesses, Grow business, Trade agreements, New market

Types of Business Ownership

A business is a legally recognized organization designed to provide goods and/or services to customers. Corporations- function independently of their owners. Artificial being, invisible, intangible, and existing only in contemplation of law. Legal rights, duties, and powers, able to sue and be sued. Unlimited lifespans, owners are not liable. Owned by people who own shares in stock (board of directors), split profits. Sole Proprietorship- responsibility for debt, one person, all profit but all risk. Easy to set up, require business license. Taxes combined w individual's. Merger- absorption of one business into another company Partnership- two or more people, split profits, mutual interest. Both owners pay taxes on their share, equally liable. Limited Partnerships are costly and complicated. General partner solicits investments from limited partners. LLC- members, limited liability, no shares of stock, costly. Protects personal assets, still pay taxes. Nonprofit - uses revenue for charity or social goal. Public or Private Grant money. Not taxed often. Franchise - chain of suppliers providing goods/services Cooperative/Joint Venture - run/managed by employees. "Democratic" organization of equals. State laws govern.

Bank Account Document

A checkbook register- booklet for all deposits and withdrawals from your checking account. Check number, date of transaction, description, payment amount, reconciliation, deposit amount, and new balance on the account. Reconcile bank statements. Check- writing date, the name of the payee, the amount of the payment in numerals as well as in words, your signature, and a memo if you choose. When cashing/depositing a check made out to you, start by endorsing the check by signing the back of it. Fill out a deposit slip to give to the bank teller with account number, along with the amount of the deposit. Record the amount of the deposit into your checkbook register. Checks, Deposit/Withdrawal, Endorsements

History on World Trade

Ability to trade and perception in trade relations Creditworthiness, political stability, significant events, changes in economy Lead to speculation, Previous trade relations, New government will maintain them, Shapes cultural and social environments

Obtain Information Efficiently

Access database, Surveys for feedback, Federal for demographic Keep up with most valuable info Clear out irrelevant, Create social networks, forums, and groups

Systematic Behavior

Accomplishing interconnected tasks sequentially or simultaneously, whichever is most efficient. Plan out approach, Be productive, Organized and Orderly, Methodical Increases employee focus, efficiency and productivity, which will result in an increase in profits

Motivate Team Members

Achievement, recognition, responsibility, advancement, growth, and reward from doing the work itself. Rewards for good work can be effective. Identify effective/efficient workers, not those who simply get work done. Recognize long-term for loyalty to the company. Provide freedom to be creative without risk of penalty often yields positive and ingenious results.

Active Listening

Active listening- recognizing and evaluating what is being heard, empathetic Face the speaker, maintain eye contact and minimize distractions. Sit up straight or lean forward to show attentiveness. Find common interests to avoid tuning out the speaker. Keep an open mind. Evaluate the message from the speaker's point of view as well as your own. Try to limit bias and personal judgment. Take notes and Respond vocally to show understanding, imply desire to continue Assess what is being communicated non-verbally in rate of speech, pitch, volume, and voice quality. Ask questions to clarify misunderstandings at the end. Do not interrupt train of thought. Brain can process speech 4 times as fast as people can talk. Questions doesn't speed up brain understanding. Make the speaker feel as though their point had been made and they've been heard. End by paraphrasing point to make sure didn't misunderstand."So you're saying..."

Nature of Tools used to Access Information in the Database System

Add new data to a database inventory Edit/Delete existing data Organize/View data in different ways Share data with others via reports, emails, an intranet, or the internet Hackers can program tools to gain access to confidential information. Interact with data, users, other applications. DBMS allows definition, creation, querying, update, and admin of databases

Possible Advancement Patterns

Advance from one level to the next through experience, education, attrition, and promotion. Associate-Manager-VP Entry level- no prior experience, limited decision making. Career sustaining-next level, requiring more skill and experience. Specialist- involve demonstration of leadership and decision-making ability, longterm Supervisory- management skills and responsibility. Top management- highest level, capable of running entire companies or divisions. Skilled in a large number of areas and responsible for the final success of the business or division.

Collaborate with Others

Agreeable to be efficient, Share credit Clear goal, Give others permission to lead, Allow space for new ideas Be humble, Set expectations and provide feedback Listen and acknowledge others

Follow Safety Precautions

All safety precautions should be followed carefully to prevent damage to employees or property. Safety precautions ensure everyone in the workplaces is safe No shortcuts, Alert, Organized, Take breaks, Educate everyone

Trade Alliances

Alliance- treaty governing commerce between nations, NAFTA and EU Businesses adapt operations, marketing, and production to fit new terms. Shapes business relations across the globe, reduces trade barriers Customs union- external tariff Common market- no restrictions on labor/capital Opens market, Increase in efficiency and competitiveness, Creates jobs, increases income, Reduces costs of imported, provides opportunities for exporters

Nature of Information Management

Allows to create/capture, store, access, process, analyze, update, understand, and compare information to make sound decisions. Requires a specialized database for Financial- cash and securities management, operations management, capital budgeting, financial forecasting and planning, and risk management. (found in financial statements) Match company resources to planned activities, identify additional resources that may be needed or secured. Cash flow, accounts receivable, accounts payable, capital assets, long-term liability, and stockholders' equity Spot Weaknesses/Trends, Measure performance against a standard benchmark.

Demonstrate Adaptability

Alternative solutions, Accept surprises and new roles Calm and collected confidence Diversify knowledge, Acquire skills

Environmental Scan to Obtain Business Info

Analysis of outside influences that may have an impact on an organization. Methodical look at the world that includes political, economic, sociocultural, and technological areas. Determine potential for opportunity or threat to a business. Political- stability of a government, laws and regulations that affect business. Economic- infrastructure, quality/cost of labor, employee wages/benefits, taxes, standard of living, foreign exchange rates. Socio-cultural- international business, understanding another country's language, values, traditions, and social/business etiquette, technology By assessing internal and external factors, alter strategies to fit scenario

Basic Data Mining Techniques

Analyze data using statistical techniques in order to discover trends and make predictions. Regression- numerical dataset and develops a mathematical formula that fits the data. This formula can then be used to make predictions using future data. Classification- decision tree that requires a series of decisions. Clustering, Bagging, Boosting, Stacking, and Meta-learning Federal Census Bureau (govt data), can be analyzed to make deductions based on existing information about entire populations Business requirement, identify sources and formats, Build data models/structures, Mined data structure

Translate Research Findings into Actionable Business Recommendations

Analyzing past trends, enact policies/strategies to complement its mission/profit. Focus on past preferences Analytics to Action, easier part. No one size fits all. Conversions p Channel, Leaking Buckets Bounce, Look-to-Buy Ratio, integrate data

Self-Control

Anger/Stress Management, Know yourself Compulsive Behavior control, avoid being impulsive/negative situations Think before acting, Look for the big picture, Relax

Responsible Behavior

Being willing to accept an obligation and being accountable for an action or situation, Accept change and volunteer for jobs and tasks. Display initiative by doing what needs to be done without being told. Be punctual and have a solid work ethic.

Organizations in Today's Market

Be willing to change Do what others are doing well, better Organizations have specialists who research and analyze trends to make recommendations for relevancy to teams based on findings SWOT Analysis, Environmental Scans to identify improvement areas

Political Impacts on Organization

Company's culture affects the way it is organized. Formal culture: strict chain of command, several levels of management, job titles are important as indicators of status, making changes can be complicated and time consuming. Informal culture: Encouraged to make their own decisions, job titles are not as important as creativity and teamwork

Operations

Daily, recurring activities that provide successful outputs for the business. Facility management, logistics, scheduling, information management, safety/security. Designing, Organizing, Supervising- stocking, paying bills, filling orders Harvesting value from assets (tangible or intangible)

Lead Change

Communication is key, Assess scenario and find areas of improvement Brainstorm and celebrate success of implemented change Be encouraging, Be willing to embrace 4 Responses- Victim, Neutral, Critic, Advocate Manage by aligning vision, taking responsibility/accountability, and authority

Debt-Creditor Relationship

Debtors owe Creditors money. Voluntary- credit card, mortgage, loans, eating out Involuntary- child support, judicial decisions, hidden risk to assets that can't be avoided Both parties suffer if both don't hold up their ends Essential to economic growth so laws protect both

Ethical Purchasing

Debts should always be paid on time Declaring bankruptcy has devastating consequences Cheapest option isn't always the best, must also assess quality Purchase with minimal harm, ethically sourced, consider shipping methods

Use Power Appropriately

Don't abuse power, Treat others fairly and equally Stay within limits, Don't steal credit, sabotage, Us v Them. Know your motives. French/Raven- Coercive, Reward, Legitimate, Referent, Expert

Manage Commitments

Don't procrastinate, Sequential prioritization Multitasking is a productive option when done well Don't over commit, Can't manage time, manage events Know what you want to spend time, Organize and Schedule

Responsible Financial Decisions

Don't rush, Weigh all outcomes. Change roles, use your actual data, discuss. Don't overspend, consult a professional, educated risks. Pay off each month.

Basic Presentation Applications

Applications- Keynote, Powerpoint, Google Slides Organize info in visually appealing format, present to make info clear Sounds, Animations, Transitions, Cinematic-Like Used in variety of industries, bridge the gap

Basic Word Processing Skills

Applications- Microsoft Word, Pages-MAC OS-, Google Docs Type, Edit, and Print documents Toolbar icons, tutorials, spell check services, save

Leverage Personality Types

Extroverted v Introverted Sensing v Intuitive Thinking v Feeling Judging v Perceiving Allows you to communicate and interact; ENTJ!

Adapt Correspondence to Targeted Audience

Appropriately written, terms they understand CEO wouldn't read something that was meant for a production line supervisor Similar to an oral presentation, use channels that work for them Failing to modify results in confusion and offense

Business Trends

Artificial Intelligence Social Media GenZ power Increased Wages Culturally considerate Real connections Social awareness, Giving back

Basic Spreadsheet Applications

Applications- Google Sheets/Microsoft Excel Organize info and compile into charts, graphs, budgets, and tables Perform calculations, Manipulate texts, Conditional Formatting, Sort/Filter Calculate tax, Basic Payroll, Revenues, Balance Sheets, Invoices

Solicit Feedback

Ask politely, Be prepared for any responses Important for personal development Request annually, show interest, avoid defensiveness Own your Actions!

Edit and Revise with Consistent Professional Standards

Assess flow and clarity. Reorganize or shorten, change words, correct errors to improve readability. Is it unified? Researching- gathering info for report at beginning Organizing- planning order to present info Formatting- establishing mechanical structure of document; block/indented/page# location Is purpose clear? Does it address audience questions? Is the format appropriate? Is there enough evidence/detail? Match to company standards; Check for spelling/grammar, over usage, use a software to check. Have someone else read over it.

Personal Vision

Assess goals, Be realistic, Ideals Base off what you enjoy and what you value, Avoid basics Integrate Abilities and Aspirations

Coach Others

Assess weakness and Lead with big picture in mind. Be assertive, not passive aggressive with feedback. Serve as a safe space brainstorming in their best interest Relationships- integrity, patience, commitment Challenge- alternatives, risks producing growth Support- listening, no judgement, recognize Results- success, milestones, behavior

Current Business Trends

Assessing trends for professional growth. Keep up-to-date with Classes, Industry Professional association/club Read journals, professional trade publications, news sources, websites, and blogs, Attend professional conferences, meetings, seminars, and speakers. Learn from colleagues by sharing insight and experience CURRENT: slow growing, moderate inflation, low unemployment, recovery Technological innovation continues to grow and the stock prices of tech giants (such as Google or Apple) continue to rise, indicating continual profit due to innovation

Resources that Contribute to Personal Development

Attend seminars, meetings, speakers, participate in leadership development conferences allow employees to contribute to professional development. Make good use of resources to increase success Internet resources (Learning Webinars) Classes offered at vocational/technical schools, colleges, and grad schools. Coursework done online. Join professional association or club in industry, stay current with trends and knowledge relevant to your career field. Reading journals, professional trade publications, websites, and blogs. Provide opportunity for networking, learn from colleagues, share insight and experience.

Ethical Behavior

Behavior that conforms to society's accepted principles of right and wrong Ensure highest standards of conduct are observed in a company's relationships with everyone who is affected by its activities Lawful and does not harm some while benefiting others Many businesses develop a statement of core values that guide the ethical decisions and actions of the company Commitment to ethics should be clear Do what is right, legal, and beneficial Uphold company values/brand promise Avoid questionable/embarrassing practices Make good decisions, Respect

Time Management

Avoid procrastination and Set deadlines, Imperative in business environment Delegate tasks, Prioritize, Schedule tasks, Start early, Learn to say NO, Avoid unnecessary multitasking, List tasks, one at a time Budget to accomplish, Allocate enough time and energy, Start with the most difficult.

Evaluate Project Success

Be objective, Gain outside perspective Cost vs Budget, Delivery Scope, Team/Client satisfaction, Quality

Positive Customer Relations

Believing your customers: deserve the very best, are your employers, deserve your focused attention, have the right to expect things of me, and have important problems and complaints. Continuously look for ways to improve. Businesses- more competitive, obtaining repeat business, and greater profits. Employees- customer compliments or raise/promotion. Customers- pleasant, satisfactory buying experience, atmosphere of goodwill. Demonstrate in person, over the phone, and online when handling complaints, inquiries, and requests. Find consumer expectations, consider/attempt to meet needs in all aspects, concentrate on them without distractions, follow up on feedback, follow through, and be efficient in handling issues.

Make Decisions

Benefit the employees and company as a whole, key skill in effective leadership Autocratic- 1 person, Minimum Input- 2 people, Moderate Input- more than 2 people, not all, Laissez Faire- everyone's input Use intuition/gut feeling, reasoning, Consider all factors and possible outcomes

Interpret Business Policies to Customers/Clients

Business policy- general rule that personnel should follow in order to avoid misunderstandings and apply fair and consistent treatment to all situations. Purpose- create an image and help you to consistently maintain it. Types- purchase policies & return and exchange policies Employees deal with customer inquiries, need to apply business policies. Policies sometimes adjusted to fit the occasion but maintain initial integrity. State policy, explain application; Stress desire to maintain fairness; Remain calm; Answer any questions on store policy; State in a colloquial and politically correct manner; Share info fluently and accurately Know what you can and cannot say to a customer, when to call manager.

Consumer Spending as Economic Indicator

Buying habits directly affect profits of companies that sell products and services. Retail sales are measured monthly by the U.S. Department of Commerce. Indicate general spending patterns by consumers in the economy. If taxes or unemployment increase, spend less Low interest rates and increased business = growing economy, spending more

Forms of Financial Exchange

Cash- Ready Money, Checks, Coins/Notes. Sale is an exchange. Credit- Receive goods, or services now with promise to pay in future. Helpful for major purchases, often for common, less expensive items, too. Issued by bank to make such purchases. Can be electronic. Debit- Variation of credit. Bank card in place of cash authorizes seller to withdraw funds directly from the consumer's bank account at the time of sale. Electronic Funds Transfer- EFT, Electronic exchange, transfer of money. Sending bank records via network, ATM, online Direct Deposit- funds straight to account Layaway- removing merch from stock, on hold until customer pays On-Approval- agreement permitting customer to take product home for further consideration before paying Cash on Delivery (COD)- pay after goods are delivered Secured- guaranteed by claiming assets (mortgage, utility bill) Unsecured- no collateral Revolving- approved for set amount (credit card) minimum fluctuate monthly Installment- set money for set time, fixed payments

Role Requirements of Entrepreneurs and Owners

Central position in economy- activate and stimulate economic activity. Good leaders, Well-Versed in Business Direct Business, Consider Long and Short Term Goals, Responsible for Stability

Law of Diminishing Returns

Change in output resulting from hiring another worker is called the marginal product. Diminishing returns is experienced when the number of workers being utilized causes output to increase at a decreasing rate. Utilizing too many workers may actually cause production to decrease More procrastination, Only a certain amount of money to get out of it Keep in mind to avoid wasting resources and low return rates

Appropriate Formats for Professional Writing

Charts are graphics to summarize numerical data. Narrative writing is usually most appropriate to provide example to clarify. Formal email is not for urgent important matters. Advertisements, emails, snail mail, manual writing, recommendations, proposals, papers, summaries, memo, business letters Memo: short documents that normally communicate basic info, such as deadlines within an individual office or company, can be informal, keep as record Business Letters: formal documents, external audience, can be used to apply for jobs or deliver information, should be constructed in standard letter format: date, address, salutation, body, closing, direct, concise = Business plan: Define the work of an individual business or how it will operate, can also be a tool to request funding Business proposal: documents that present an idea or service as a solution for an identified problem, define problem and explain proposed solution

Give Verbal Directions

Chronological order, include tips and necessary information Instruct as brand new, give specifics of how and where Allow practice and watch them do it, Make examples Ask the audience if they have any questions, and answer clearly and thoroughly Positive language, Do over Don't, Encourage the doer

Environmental Scanning

Collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of plans

Persuade others

Combination of Logos, Pathos, Ethos, Not manipulation but rapport and confidence Exhibit empathy, Provide counter and address concerns calmly Keep their attention, Make points clear/concise, Timing/Persistence/Urgency Reason, Inspire, Ask, Smile, Open, Negotiate- SONRIA

Agency Relationships

Commercial Law dealing with relationships that involve a person authorized to create legal relations with a third party Fiduciary relationships- involves trust and confidence Agent acts on behalf of Principal and is obligated to act in best interest of the Principal b/c they create legal obligations for them Express- Both sides agree orally or written Implied- Conduct has intent to create this relationship Employer//Employee; Principal//Contractor (not controlled by P) Ratification- confirmation of agent's authority retrospectively Estoppel- RARE; principal contradicts agent and prevents from acting

Handle Complaints

Complaints should be addressed appropriately and in a timely manner. An apology should be issued. Be immediate, patient, effective, satisfy kids Follow policy/procedure, Listen, Don't take it personally Avoid overcompensating, Thank the customer Opportunity to learn something and to improve service. Talk privately if possible. Repeat to demonstrate your understanding. Do not place blame on any party and explain what may have caused the problem. Try to reach an agreement about course of action. Get assistance from a supervisor, if needed.

Report Noncompliance with Health and Safety Regulations

Compliance program enables employees to feel safe on the job. Free to ask questions, report violations to their supervisor and feel like an effective part of the organization. Report violations to management to prevent damage to employees/property. Legal repercussions for not following

Create and Post Basic Web Page

Comprised of HTML, CSS, Javascript to create interfaces (UIs) in order to market and sell a business and its products Online applications- Weebly, Wix, WordPress can eliminate need for web designer, easy Plan, use templates, consider every aspect of consumer experience, Test before launching, Web Editor

Consensus-Building Skills

Consensus- decision each member of a group agrees on. Critical component of teamwork and negotiation. Allow all members to state opinions. Requires flexibility and compromise. Allowing team members to be involved in setting and achieving the team's goals is important and results in increased loyalty and a stronger team spirit. Leads to extra motivation and sense of ownership

Data Mining Tools and Techniques

Constitutes of research of various resources (govt report, databases) to deduce new logical info Various programs/applications- RapidMiner & Orange Descriptive: Association/Relation/Clustering- simple correlation between items often to identify patterns Predictive: Regression/Classification

Connections between Company Actions and Results

Consumers/Competition- advertising, pricing, product mix, supply of goods, sales and promotions, product development and improvement, product safety, payment options, distribution Employees- technology in production and record keeping, managerial ethics, human resources management, production planning and scheduling, risk management, investing Environment, Global Economy Influencing consumer behavior, Gaining market share

Insurance

Contract between party and company to cover/manage/transfer risks. Estimate probability of loss due to risk and determine a rate to charge for the policy, called a premium. Can be purchased to cover full replacement cost, automatic increase protection, and business interruption. Protects against damages for which a business or individual may be liable

Sell Ideas

Convey your passion, Make it relevant to them and influence Evidence, Emotion, Explanation Know your audience, Legal legwork, Understand that people are wary of change Address preconceptions

Employer Expectations in Business Environment

Cooperation, initiative, and strong work ethic. Display willingness to follow directions, learn job tasks and skills, and take on responsibility on the job. Expected to manage yourself, time, and emotions in the workplace. Behave ethically and follow all procedures and laws. Be honest, fair, and open on the job, and avoid prejudice and judgment of others.

Treat others with Respect and Dignity

Courtesy, Politeness, and Kindness Golden Rule! Beware of contagion, Check privilege, Understand risks of overload, Accept criticism, Apologize and change. Internal happiness benefits clients.

Organize Information

Decide what's important. Unneeded Info becomes clutter. Categorize information by type and label each file or folder. Divide by subtopics. Color-code files, folders, or labels. Maintain your files on a regular basis. Organize logically- chronological order/order of importance. By value/geographically Heading/Subheadings when writing longer documents Inductive- start with facts and examples and end with conclusions. Deductive- present conclusions/main ideas first, followed by facts and examples that support. Various ways to keep track, online programs for specific tasks, filing systems, paper records. Use charts and diagrams when useful.

Plan Project

Define and confirm goals/objectives. Consider all variables. Identify tasks and how goals will be achieved Quantify resources needed, Determine budgets and timelines

Channels for Workplace Communication

Depends on the audience, the purpose of the communication, and the situation. Consider speed, accuracy, cost, number of messages, the number of people, efficiency, and ability to promote goodwill. Shorter communication channels are more accurate than longer ones. Formal- organizational information (goals/policies/procedures) Messages in a formal communication channel follow a chain of command. Newsletters, business plans, annual reports and employer manuals. Informal- quality circles, teamwork and lunchtime in the cafeteria of an organization. Oral is personal. Email is most appropriate for most workplace routine messages. Phoning can be time consuming. Letters are expensive and faxing is obsolete. Within a workplace- in person, encrypted email/messaging, or small letter/informal note Refrain from using social media and group messaging apps to communicate. Short meetings to communicate information about new products, sales promotions, and inventory issues. Communicate with several at once. Confidential topics like performance review face to face. Appropriate to use telephone or email for routine such as requesting a price list, timesheet, or expense form.

Interpret Statistical Findings

Describe and summarize data in order to make the date more meaningful and easier to understand/inferencial. C.U.S.S Distribution- summary of the frequency of values for a variable. Central tendency- estimate of the center of a distribution of values, including mean, median, and mode. Dispersion- spread of values around the central tendency, measured with the range Compare against expected or hypothesis

Follow Rules of Conduct

Direct appropriate, professional and should be meticulously read and properly understood/followed. Written or Implied. Induction programs/Trainings. Behavioral vs procedural

Economic Development on World Trade

Economic development- improvement of standard of living through creation of jobs, support of innovation, and creation of higher wealth, leading to overall better quality of life Plays role in affordability, businesses may change prices accordingly or shift away from certain markets altogether, Efforts seek to improve economic well-being for community Ability to become a global player, Access to markets, more capital and ability to export, Creates opportunities and more customers Improvements in infrastructure, ability to sustain trade, boost private-sector and increase efficiency, Liberalization of trade policies, reduction of tariffs, promote globalization

Positive Attitude

Encouragement, Enthusiasm, Reward System Friendly work environment, Smile and Avoid Complaining Do your part, Avoid office politics, Help others

Information Privacy, Security, and Confidentiality Considerations

Encrypt and secure from potential theft, don't disclosed without authorization. Never use a public network with confidential info, Maintain loyalty of the company by never disclosing information. Use trusted safe softwares for online, Physical info in cabinets or computers with confidential or private information is locked, stored or shut down at the end of the day.

Ethical Considerations in Providing Information

Ensure highest standards of conduct are observed in a company's relationships with everyone in the company and who is affected by its activities. Lawful, doesn't harm some while benefiting others. Actions aren't embarrassing in public. Statement of core values that guide decisions and actions. Commitment to ethics should be clear during hiring process and day-to-day operations. Interviewees are questioned about ethics, and new hires are provided information about the company's commitment to ethics and values. Ethical behavior is part of employee evaluations and promotions, managers model

Data Security

Ensuring that data is correct, safe and cannot be read or changed by those who have no right to access it Encryption Software Management Protection Secured through update and refresh often. Anti-malware and firewalls. Change passwords bi-monthly, Manage who can access. Backup data each day.

Career Opportunities in Entrepreneurship

Entrepreneurship gives you control of your future, start up Opportunities are endless because the only limit is imagination

Factors that Influence Buying Behavior

Environment Economy Culture Demographics Motivation Consumer Relations Lifestyle Income Government Policy Beliefs Maslow's Hierarchy of Needs- physiological, security, social, esteem and self-actualization.

Health and Safety Regulations

Established by U.S. Department of Labor. Enforced by Occupational Safety and Health Administration (OSHA) with inspections or fines. Employers must maintain health and safety records and safety training, stay up-to-date on standards and resolve violations promptly. Right to safe working environment and proper health/safety info

Business Ethics

Ethics- guidelines for good behavior, right and wrong. Truthful, fair, open, and mindful of the law. Protect individual consumers and society as a whole. Keep consumers informed and protected against fraud and deceit, must not produce unsafe goods. Price gouging, or pricing products unreasonably high, bribes, kickbacks, and high pressure tactics. Determined by the owner's principles and values. Remember, people do not all share the same ethical values. Should be written to help conduct actions. Balance personal and professional responsibilities and serve interests of consumers and stakeholders.

Determinants of Exchange Rates

Exchange rate- value of one currency in terms of another, established on foreign exchange market. Determined by supply and demand for that currency, impacted by foreign trade, inflation rates, interest rate, public debt, political stability, recessions, speculation, difference in value of a country's imports and exports ie: importing more goods exporting, convert more dollars to other currencies. Demand for other currencies increases and the exchange rate for U.S. dollars increases.

Rapport with Customers

Exhibit empathy, Be understanding Trust builds rapport, Commit and Follow through Develop close relationships, Share personal experiences- the problem is your problem Demonstrate interest in their well-being, make their lives easier

Customs Regulations

Exist to protect the country's economy, people, and environment; and monitor the flow of goods across international borders. Cannot export precious metals, currency, wildlife, or firearms Cannot import animal products (furs, tusks, pelts)

Adhere to Protocols and Policies

Expectations and principals that are binding, varies by business, Meticulously read handbook, follow properly Consequences in place and made aware, Train prior, Ethical norms

Overhead Costs

Expenses that must be paid on an on-going basis to keep their business running, not including the cost of materials, labor, or third-party expenses. Ex. Rent, utilities, insurance

Ethics in HR

Fairness and Safety; Open and Upfront about Policies; Handle Problems Promptly and Equitably. Follow all legal requirements and to maintain adequate records, perform audits, train employees regularly Breaches = Legal Trouble- reported to the Better Business Bureau/Equal Employment Opportunity Commission/regulatory agencies and get shut down Reputation as ethical attract the top talent in your industry from a wider area; Marketing advantages; Loyalty=productivity=less money on training

Respond to Ethical Dilemmas

Falsifying data, Omission, Manipulation Goes against gut, must constant monitor Becomes easier with experience

US Judicial System

Federal: District Courts, Appellate Courts, and the US Supreme Court. 3 Levels: Trial Courts of Limited Jurisdiction or General Jurisdiction, Intermediate Appellate Courts, and Highest State Court. Limited jurisdiction- federal question and diversity. State: General Jurisdiction, Each state has its own system Supreme-Circuit Court of Appeals-District

Evaluate Project Results

Feedback collected from a group of consumers or evaluated by employees of the company. Final step of the plan for project, Success vs Failure- learn from mistakes Measure by: Timeliness, Quality, Cost, Stakeholder Satisfaction, Performance to Case

Enlist Others in Working Toward a Shared Vision

Find your critics and advocates early on Collaboration is powerful between the right people, Choose those with motivation, empathy, positive attitude, and conflict resolution skills Appeal to common ideals, Animate with passion

Problem-Solving Skills

First step- identify problem, clear understanding. Generate variety of alternatives. Creative, brainstorm with others. Honestly evaluate possible results of solutions presented. Make best decision under circumstances and put into action and evaluate results. Take everyone's points and negotiate a compromise. Focus on solutions, Optimism, Positive Language, Open-mindedness, Laterally, Simplify

Informational Messages

Focus on recipient, not sender. More likely to attract readers attention and communicate effectively. Start with "YOU" Print advertisement communicate info about biz to customers/external audiences. Informational messages inform data, facts, knowledge to receiver. Know your topic well, short and simple, provide detail Be open to questions, avoid error Present in order of importance, Explain thoroughly

Inspire Others

Focus on relationships, Let your actions speak/Lead from front Identify winning, Listen actively and Curb your enthusiasm Speak up, Prepare, Friendly encouragement

Employee's Role in Meeting Organizational Goals

Follow company policy, procedure, and protocol and accomplish all expected tasks in a timely manner, Efficient and Effective Be aware of their role in helping the business reach this goal- explicitly define, make responsibilities clear Spread motivation/determination, contribute, aid others, give/receive feedback

Comply with Spirit and Intent of Laws and Regulations

Follow the original purpose of laws and regulations Do not exploit loopholes found in verbiage

Recognize/Reward Efforts

Form of encouragement, Notice other's hard work Motivates and creates trust and loyalty = better business results Build supportive work environment, give sense of ownership Stay unbiased, defined program, avoid predictability Day to day, Informal, Formal

Identity Theft

Fraudulent acquisition and use of a person's private identifying information, usually for financial gain. Cautious with sensitive information and documents, including your social security number, checking and bank account numbers. Shred before throwing them out. Beware of phishing. Be sure the cards are always returned to you after purchase. Keep a record of your card numbers in a place separate from your cards. Look over your bank and credit card statements carefully when you receive them for mistakes and unknown charges or withdrawals.

Balance Personal and Professional Responsibilities

Friendships and family obligations vs job performance and corporate leadership Invest a reasonable amount of time in both, Work Hard Play Hard Lack of balance is detrimental to you people in both aspects Create a schedule, separate accounts, avoid distractions

Types of Business Activities

Generating ideas- businesses must remain competitive with others. Must raise capital to finance operations. Employing and training human resources; Buy and sell goods and services; Marketing provide/distribute products with enhanced appeal Maintain records to track performance and make decisions. Operations improve quality and efficiency, manufacturing; Finance is security and records transactions to make recommendations for reports with banks/gov. HR, CS, MK, Sales, Budget, Accounting; Planning, Brainstorming, Strategizing, Studying, Networking

Orient New Employees

Go Over Company Policies, Tour Workplace, Trainings, Mentorships. Learn responsibilities and expectations Provide welcoming impression, Greater productivity sooner, greater satisfaction Prepare to work independently

Assess Risks of Personal Decisions

Hazard indication- visual/sensory warning Perception- understanding how hazards can impact wellbeing Tolerance- is it worth? Avoid worst or Prepare for it, know the pros/cons, think ahead

Difficult Customers

Hear needs and Handle politely and professionally with policies and negotiations Domineering- know it all; Suspicious- doesn't trust; Slow/Methodical- takes forever; Dishonest; Disagreeable- tells you how to do your job Argumentative: Speak softly, ask for their opinion, take a break; Impatient: Acknowledge right away. Take care immediately. Agree first on common points; Leave-me-alone: Don't pressure, distance, and inform customer that you will be near if they needs help; Irritable/Moody: Lower your voice, don't argue, show consideration, and listen; Complaining: Listen, stress product knowledge, let them feel they have made the decision, don't push the sale Think before you respond, Do not offer excuses, Be aware of the rules, Empathize, Resolve the issue Actively initiate a process to tackle the customer's complaint, Repeat problem back, Tell the customer the steps you propose to take, Follow-up with customer after problem solved

Identify Resources Needed for Project

Human- project employees, group leaders, skilled professionals, vendor staff, and subcontract laborers. Select people with right skills and proper tools. Available in right quantities at right time. Know what needs to be done, when, and how. Equipment- depend on the nature project. Key is to have right equipment at right time. Material- purchased at right price, arrive at right time in proper quantity. Capital, time, labor, and software

Time Value of Money

Idea that current money available is worth more than that same amount in the future due to potential earning capacity (interest-% of principal amt./dividends-shares) Compounding- Finding future value of original deposit. Increases in value faster and faster over time. (Principal*Interest Rate)+Interest

Conducting a Risk Assessment

Identify Hazards- Physical, mental, chemical and biological. Decide Whom May be Harmed and How Assess Risk and Take Action- Likelihood Record Findings- Detail hazards noted and Action taken Review Assessment Compute an average score for each category and turn into a probability, then plot against potential revenue impact; Risk matrix.

Personal Behavior and Values

Identify values, Match with behavior. Recognize gaps and attempt to close. Regularly self-monitor to refocus. Values- principles lived by, ideals, morals, stem from culture/family/life Behavior- the way one acts. Should represent values to help accomplish goals in life.

Prepare a Resume

Include all prior experience and qualifications that support One page max Make it memorable, Legible, and Consistent Use templates that work! Be creative

Develop Project Plan

Include monetary expenditures, time constraints, and criteria. Record plans, Establish tasks, Ask questions Meet with stakeholders affected by results, Set and Prioritize Goals outlining objectives, Define Deliverables (outputs), Create a schedule, Complete Risk Assessment, Present

Set Personal Goals

Include those in academic, fitness, family, social, spiritual, career, monetary, ethical Increases focus and motivation Specific-Measurable-Attainable-Relevant-Time Bound Provide long-term direction

Retirement Planning

Income goals to meet lifestyle choices after leaving workforce. All aspects, when-where-how to spend 80% of income current income for X years. Start young to let investments mature (compound interest). 401k employee sponsored, Roth IRA

Globalization

Increased competition, market share, internet Free movement of goods, tech, info/thought

Defend Ideas Objectively

Indicate how benefits. People scrutinize and want evidence when high risk. Base strictly on facts and accurate data; Justify decisions and defend without emotion No bias, look from different points to evaluate positives and negatives of ideas. Pros and cons list. Research- market, competitive analysis. Increase or establish credibility with supporting info. More likely to to have audience accept and support; want them as passionate as you are Consider who will say what and why. Develop comeback arguments to address concerns, paint as best for company. Use counter arguments either preemptively or after the objection is voiced. Compliment others for the constructive feedback they are offering. Be patient.

Tentative Occupational Interest

Individual's perception of a favorable career that is set to change Take career interest assessment/career exploration course to identify interests, Meet with Career Advisor to create plan Develop tentative career goals and make a strategic plan to achieve those goals, Attend Job & Internship Fairs

Personal Net Worth

Measure of financial health List assets (money, investments, car, home, property), estimate value. List liabilities (mortgage, loan, debt), add outstanding balances. Subtract liabilities from assets.

Inflation Impacts on Business

Inflation- rising prices, indicate stability of economy, decreases value of money and makes assets less valuable Low: 1-5% considered good because it indicates a stable economy. Higher levels harmful, rising prices=spend less=slows overall economy. May cause wages to increase beyond what businesses can afford=layoffs/downsizing. Borrowing money becomes more expensive, Repaying debt is easier

Interest Rate Fluctuations

Interest rate= percentage figure to calculate interest. Affected by gov't policy and business cycle. Business expand when rates are low bc less expensive to borrow. Production increases bc consumers make large purchases. When decrease, business may adjust credit policies rather than selling policies. Spending, Inflation negative correlation Recession has positive correlation

Concept of Management

Interlocking functions of creating corporate policy and organizing, planning, controlling, directing and implementing an organization's resources, operations, and structure in order to achieve objectives.

Assess personal Strengths and Weaknesses

Interpersonal- self esteem, attitude, initiative, self control, creativity, flexibility, stress management, and time management skills. Concrete- things asked to do in the workplace, selling, organizing Complete self-assessment: ask yourself if you have skills and take inventory of workplace values and needs. Determine where lacking and where can improve. Develop skills and abilities by reading, observing, and working in a real-world situation.

Maintain Inventory

Inventory management- process of buying and storing materials and products while controlling costs. Create a system to follow, Make it routine. Make sure there's no shortage or excess of products, don't lose money Inventory- amount of certain supply available for manufacturing a product maintained to determine long-term goals. Just-in-Time- coordinate demand/supply for parts/supplies, deliver just before needed. Perpetual- constantly keeps track of number of items in inventory, done manually or by computer. Physical- supplies are counted only occasionally by visual inspection. Done manually or by technology like bar code scanners

Complete a Job Application

Job applications require applicants to fill in personal information as well as prior experience. Work experience, Education, Proof of Eligibility, Interest, References

Comply with Policy/Procedure for Use of Property and Equipment

Keep equipment operable and safe, in good condition Streamlines the process of business activities Meticulously read and clearly understand policies Follow manuals and handbooks, Proper training

Monitor Projects and Take Corrective Actions

Keeping track of related metrics, team performance, duration Intervene before completion to improve results, Remind team for specific tasks, sometimes preventative According to plan? Enough time?

Control Debt

Know who and how much you owe. Pay off bills on time, even just minimums. Use incoming cash flow, not savings. Pay off high interest first. Improve credit. Recognize signs that you need help, debt relief company or credit counseling agency. Consolidation, settlement, bankruptcy.

Scope of the Internet

Large digital platform enabling businesses to market and sell products to a global audience (global scope) Infinite and constantly growing

Follow Oral Directions

Maintain eye contact with the speaker. Listen carefully and execute steps as presented. Repeat keywords in your head, listen actively with internal monologue. Paraphrase directions into more comfortable language to increase likelihood of retaining the information. Review all steps given. Ask for clarification if you don't understand something or feel that you have forgotten part of the instructions to avoid potential missteps or mistakes. Complete described task. Move through mentally prepared list of steps to complete the process as outlined in orally presented directions.

Participate in Group Discussions

Make sure group understands it purpose and reason for discussion. Discussion is less productive without an end goal. Agree on ground rules for discussion. Find out what members know about subject and share so everyone starts form the same point. Ask questions to clarify. Pay attention. Don't boast uninformed opinions, back yourself up. Allow others to express their ideas as well; provide valid and relevant ideas; express your agreement in polite nods; if someone disagrees with you allow them to finish their thoughts and calmly express your concerns Summarize at the end.

Store Info for Future Use

Make wide variety of info accessible. Doesn't ensure that data is accurate or remains confidential. Cloud, Hard drive, Files, Database, Thumb drive, Spreadsheet, Physical documents

Nature of Business Records

Management Information Systems (MIS)- technology to maintain records. Gather, analyze, store, and report on data. Kept regarding financial information, production and inventory, marketing and sales, and human resources. External- financial institutions or government agencies Internal- accounting, inventory, and sales figures. Required to assist with operations, identify information needs, obtain data, process and analyze data, organize in useful manner, distribute information to those who need it to make decisions, and update as needed.

Employment Opportunities in Business

Marketing, accounting, market research, sales, finance operations, business operations, human resource management in the fields of technology, hospitality, tourism, sports/entertainment

Functions of Money

Medium of Exchange- widely accepted for goods and services Measure- system of units by means of which a quantity is accounted for and expressed Store of Value- tradeable commodity, currency, or capital; can be stored for future use Vehicle to pay for purchases, save for security, and build wealth with investments. In addition to personal and business purchases, money is used to pay for government services through taxes.

Environmental Law

Meet state, local, and federal quality standards Gov't regulations protect and prevents pollution of environment, wildlife/endangered, water and land Designed to reduce negative impact from humans Businesses must dispose of hazardous materials in safe approved ways Must meet emissions standards to protect air quality. Environmental Protection Agency (EPA)

Ethics in Data Mining

Mined data must be kept confidential to ensure privacy of clients Large data sets must not be disclosed to unauthorized people Align organizational vision with practices, educate to avoid unintentional breaches.

Tax Liabilities

Money owed to the government or IRS Tax liability is the total amount of taxes owed. Effective planning can reduce your tax liability, thus paying your fair share while taking advantage of tax benefits. Types include income, Social Security, sales, wealth and property taxes, and user fees. Understand the current tax laws and how they affect you and your financial goals. Maintain complete and accurate tax records. Learn/understand the types of taxes and how to make sound financial decisions, keeping taxes in mind. Calculated by applying tax rate to taxable events (income, sale) base. Legal claim on assets- foreclosure, impose lien

Cash Flow Statement

Monthly plan that tracks when you anticipate that cash will come into a business and when you expect to pay out cash. Determines whether have enough money to pay your bills on time. Use to secure a business loan (most lenders request at least a first-year cash flow statement) Itemizes cash you started with, projected cash expenditures are, how and when you plan to receive cash. Shows when you will need to seek out additional funds or when you will have additional cash remaining.

Networking Techniques

Networking- art of building alliances with contacts as sources for finding a job. Family, friends, former employers, professionals, teachers, coaches. List contacts' names, phone numbers, and e-mail addresses, Let them know you are seeking a job, type of work, skills, types of businesses interest you. Mutual exchange, let them contacts know when you respond to one a lead. Always thank them for helping you. Techniques- interact, establish relationships, exchange info/business cards, develop contacts, maintain communication

Nonverbal Cues

Nonverbal- distance, eye contact, posture, facial expressions, body language, tone, and gestures. Help determine another's attitude and personal feelings/how they want to be perceived. Distance- attraction, interest, status, or respect. Eye contact- sincerity, interest, and confidence. Facial expressions- conscious/un, meaning, emotion, and attitude. Positive gestures- open, natural, and smooth. Negative gestures- more closed and rigid Bored- inattentive, yawn; Frustrated- continuously aggressive, frown, red; Enthusiasm- smile, positive attitude; Nervous- fidgety, dodgy Don't rely 100% on nonverbal to interpret a message.

Support and Encourage Speaker

Nonverbal- sit up straight/lean toward to show interest/nod to signal listening. React with comments or open-ended questions/positive facial expressions. Show respect and a desire to listen with enthusiasm. Taking notes to show engagement, Active Listening Maintain eye contact and minimize distracting thoughts and activities

Importance of Credit

Obtain products or money in exchange for a promise to pay later. Buy materials and supplies from other businesses. By extending credit, provide purchasing incentive to customers, thus enhancing their sales revenue and supporting the overall economy. Useful for large purchases, Enables possession utility (temporary use of someone else's money) Measure of Financial Trustworthiness: Credit Score- numerical expression based on analysis of a person's credit files from bureaus; Lenders- evaluate potential risk when loaning, determine who qualifies for loan, at what interest rate & at what credit limit

Access Info in Database System

Opening the database and checking a set of data for a certain client, necessary information can be accessed online Search, Look up, Check accounts

Calculate the Cost of Credit

Paying off cards with interest or unexpected costs. Annual fees, Late fee, advances, Overdue Interest, Overdraft Protection Purchase amount, APR, Planned monthly payment Discount% / (1-Discount%) * (360/(Allowed payment days - Discount days)

Political Environment on World Trade

Political environment: state, government, institutions and legislations stakeholders who operate and interact with that system Political standpoints and biases can lead proponents and opponents to be persuaded or dissuaded from purchasing a company' product. Government actions affect operations, Facilitate or hinder ability to conduct business activities in the foreign market, Contribute to sovereign risk and political risk Legal system: religious law or common law, Trade agreement and alliances, Trade barrier: tariffs, quotas, subsidies

Self-Confidence

Present yourself positively, Smile, Be genuine Practice appreciate, Accept imperfections Be prepared and set effective, obtainable goals Use affirmations, Fake it till you Make it

Personal Information Management/Productivity Applications

Presentation and spreadsheet software allow employees to store, organize, and present info Input, organizes, store/retrieve for everyday tasks. Easier and efficient bc one single file. Search to locate or transfer. Skeleton that is built with your own data

Private Enterprise

Private enterprise system- what will be provided, how, and by whom; answered by individuals and businesses, government is limited. Individuals and organizations own and control the economic resources, including natural, human, and capital goods used to produce goods and services. Businesses are free to choose what they wish to produce, how to produce them, and what price they will charge Free to own, use, buy, and sell private property; Competition exists and is encouraged by government; Businesses motivated by the ability to make and maintain a profit, set own goal/choose what kind of work they would like to do

Nature of Data Mining

Process of examining large databases to gather new info Computational process of discovering patterns in "bigdata" Methods- artificial intelligence, machine learning, statistics, and database systems/ patterns Store, Create, and Predict data. Raw data to useful information that develops effective strategy/sales. Creates accurate risk models for loans/mortgages. Detect fraudulent transactions.

Entrepreneurship

Process of starting, developing, organizing, managing, and assuming the responsibility for a business from the ground up, including coming up with an idea and turning it into a profitable business

Concept of Production

Production- creating, designing, developing, expanding, manufacturing, or improving. Function of marketing. 3 forms- extraction/cultivation, processing, and manufacturing. 3 categories- natural resources, agricultural products, and processed goods. 4 types responsible- producers, extractors, farmers, and manufacturers. Strive to produce the most innovative products as efficiently as possible, considering situations that may affect.

Ethics in Purchasing

Products should be evaluated objectively, and buying decisions made on the basis of quality, price, and service. Capabilities, past experiences, special buying arrangements, and special services. Negotiation on prices, dating terms, delivery arrangements, and discounts.

Orders/Reorders

Purchasing policy for placing orders and reorders answers the following questions: Which people in the company have the authority to manage/place the orders? What is vendor's policy on information confidentiality? What is vendor's legal policy regarding ordering and reordering? Orders should be made on time to ensure that consumer needs are being met Orders and reorders are sales contracts, or agreements between two entities agreeing for the financial transaction and tangible or intangible exchange of a good or service.

Productivity

Quantitative and Qualitative measure of efficiency, converting inputs to outputs. Productivity low = Inflation, More Resources, Less money, Decreased value of money The output per worker hour that is measured over a set period of time, such as a week, month, or year.

Follow Instructions for Use of Equipment, Tools, and Machinery

Read meticulously before equipment is operated. Ask the manager for assistance. Watch demonstrations, trainings

Evaluate Vendor Performance

References to determine reputation. Resource files with evaluations of product quality, delivery, performance, responsiveness, pricing, and customer service. Returns relating to the quality of products may cause a vendor to be dropped Measure sales, Available discounts, Reliability, and Flexibility

Legal Issues Associated with Information Management

Regulations regarding privacy Detailed privacy policies ensure protection of customers' personal information. Must not share without permission, according to law Can file suits against information managers for data misuse

Assess Information Needs

Relevance, Improve Performance, Makes a difference, Overall Goal, Demographics, Define needs, Available materials, Distribution options Sets for comparison that can be used to brainstorm promotional strategies Priority based- primary/secondary

Extract Relevant Info from Written Material

Relevant information relates to overarching question. Reader needs background vocabulary, language competence, knowledge, and experience necessary to comprehend message. Use pre-reading, advance organizers, mapping, questioning, and prepared reading guides. Identify the main idea in a passage or paragraph. Clues from bold print, headings, indentations, and cue words. Active reading- determine info looking for prior to reading, asking questions, examine test, summarize central themes. Create your own table of contents, stay with the context

Write Inquiries

Request for information about prices, jobs, proposals, expertise/consultation. Let them know you appreciate their help/time. Don't close with urgency. Written to customers and vendors. Should be specific and concise. Provide pertinent details to the recipient but not overwhelm with unnecessary info. Should not be vague, verbose, or demanding. Reason for writing, Questions asking for specific info, Request for extra info

Skills to Enhance Career Progression

Research Flexibility Leadership Prioritizing Interpersonal Emotional intelligent, Technology, Communication, Leadership, Creativity, Innovation Productivity, Efficiency and Effectiveness Corporate ladder is competitive, employees should possess strong negotiation skills, conflict management skills

Factors the Affect Business Environment

Research industry and understand the surrounding economy. Consider trends and patterns of change like sales growth or government regulation. Understanding competition helps plan a strategy of success. Barriers to entry in an industry may exist, such as a dominant competitor, economies of scale, and customer brand loyalty. Also threats from substitute products, supply sources, and technology. Analyze demographics of your business environment, number of companies, annual revenues, and average number of workers employed. Assess the competition by looking at market share and analyzing position of your company relative to others Political- uncertainty due to changes in gov't environment. Mergers/resignations/line changes, strengths/weaknesses (competencies), goals, values affect internally. Macro trends, economic dynamics and competition affect externally. Clients and Suppliers, Technology, Laws, Government Activities, Market/Social/Economic Trends

Social Media to Solicit Ideas/Solutions

Research, Promos, Polls, Surveys, Infographics Compare trending with expected, Look at competitors and comments, Chatbots Pay attention to complaints, Power in Live content

Data Visualization Techniques

Saves time Increasing use of data for decision Potential to give new meaning Reveals hidden trends & information which otherwise would go unnoticed Help users see patterns and relationships in large amounts of data that would be difficult to discern if data were presented as tractional lists of text Infographic, dashboard, summary reports, Gannt, scorecard, chart, heat-map, dynamic model output, or tables are easy to read and organize information in a systematic manner.

Quality Control Methods

Schedule health inspections, Employee training sessions, Random Inspections Quality makes or breaks a business, Statistical quality sampling Reduce error/defect, reduce waste, highlight key metrics

Basic Web-Search Skills

Search engines, Scholarly, Images/Videos +, -, ""

Professional Emails

Similar to other forms of business communication Greeting-Gratitude-Purpose-Closing Remarks-Salutation/Signature Meaningful subject line- mini summary Define purpose, stick to one topic, be concise, Essential information- quick and efficient Address people you don't know Dear FULL NAME, Check grammar Don't assume privacy, BCC/Forwards Inform about various business activities

Interest and Enthusiasm

Smile, Project, Boost your energy, Make connections Ask questions, Interject with positive reinforcement, Compliment

Social Media for Business vs Personal

Social media can be used personally to communicate with friends and family while professionally to promote products and events. Social media for business should be clean, powerful, and positive. Social media for personal use can be to express yourself, in the way that you would like your followers to see. Analytics capabilities for both; Professional should use hashtags to help people find you, little purpose personally

Person's Social Media Brand on Achievement of Organization Objections

Social media can improve the public image of a person and allow them to connect with customers and advertise/market more effectively. Market the company, allow you to connect with customers, and give the company a human image; touch point Communicate well-being to shareholders

Assess personal interests and skills needed for success in business

Socializing, public speaking, and data analysis Verbal/Written Communication, Technology, Leadership, Creativity and Innovation Diversity/Cultural awareness, Interpersonal, Teamwork, Critical thinking, Technical skills, and business knowledge.

Principles of Data Analysis

Software applications help seek out more in-depth answers to financial questions. Beyond basic financial statements to develop financial goals, set forecasts, and perform what-if scenarios. Create professional reports of results. Perform advanced analysis quicker, easier, and more visually appealing than with basic spreadsheets. Process is a way of thinking, not a substitute for thinking; Report in context; Look before you leap; Question everything; Gut check; Correlation not Causation Use probability, least squares regression, entropy, and thermodynamics

Technology in Accounting

Software to record and report their business transactions. Even with automated system, need to collect and keep source documents and business transactions must separate into its debit and credit parts. Reduces the time, effort, and cost of record-keeping while improving clerical accuracy Collect lots of data, Few mechanical errors, Process and Analyze details, Depict patterns

Specialization/Division of Labor

Specialization and division of labor are important elements to increasing productivity. Work can be completed faster and more efficiently when workers specialize in a certain area of production. ~Assembly line~ Ensures multiple tasks at once, remain competitive Automation- machines do work of people. Cuts production time, reduces errors, and simplifies procedures Job enlargement- combining different tasks into one position. Not just one specialized task. Job rotation- moving one job to another within an organization. Helps employees learn new task and understand a variety of related tasks. Specialization by trade- work a person performs in order to earn a living, such as engineering, PR, or accounting.

Technology Impacts on Business

Speed of business transactions to occur globally, instantaneous. Customers expect more choices and higher levels of service. Access more information- compare prices, research choices/features Improved communication, increase productivity, collaboration/resourcing, costs lowered Programs/Software- more info to be processed, reduce human labor, expand operations

Geography on World Trade

Speed, Safety, Supply/Demand, Economic development, Resources and potential, Routes: costs for imports and exports Complex terrain makes distribution difficult, forcing businesses to decide whether it is worth expending resources to distribute products to these areas.

Take Responsibility

Step up to the plate, for success and failures. Deal with consequences instead of blaming others. Know who you are, what you want, be honest, recognize benefits from status quo, understand that you have choices

Organizational Goals

Strategic objectives that management establishes to outline expected outcomes and guide employees' efforts. Official- general, long term Operative- specific and short term steps Specific Measurable Attainable Relevant Time-Bound Guide employee efforts, Clear and concise Result in profit and success

Evaluate Quality and Source of Info

Subject consistent with issue Data applies to population of interest Correct units, Adequate detail Timeliness, Verified/Reputable Cost of acquisition worth it, Bias? Quality- correctness, truthfulness or excellence of the overall source. Purpose- reason for producing the information Coverage- thoroughness/consistency Currency- refers to the time that the information was produced) Authority- credentials

Income Statement

Summary of a business' income and expenses during a specific period of time. Profit and loss statement, calculates revenue, costs and expenses, and profit/loss. Major parts- total sales, net sales, cost of goods sold, gross profit, operating expenses, other income/expenses, net profit/loss before taxes, and net profit/loss after taxes. (estimated/projected)

Balance Sheet

Summary of assets, liabilities, and owners' equity. Assets- monetary value owned, classified as current or fixed. Current asset is cash or anything that can be converted into cash in a year. Fixed asset is something used over a period of time to operate your business, like property and equipment. Liabilities- amounts owed and classified as current or long-term. Current liability is debt must be paid back during upcoming year. Long-term liability is debt due after 12 months' time. Owners' equity (net worth)- amount of ownership interest in the business. Difference between assets and liabilities equals the owners' equity

Supply and Demand

Supply- amount of goods and services producers are willing to make and sell. Demand- willingness/ability of consumers to buy goods and services. Determines prices and quantities of goods and services produced. Result equilibrium (supply=demand), surplus (supply>demand), or shortage (supply<demand). Law of Supply: price and quantity supplied move in the same direction (a direct relationship). As price increases, the amount of goods and services supplied increases. Law of Demand: As price increases, the amount desired by consumers will decrease (an inverse relationship). Scarcity causes high prices because of low supply and and high demand. Elasticity- sensitivity of S/D to changes (high=susceptible, none=no change in S/D regardless of price) Factors Affecting Supply: Resource Price- negative, Related Product Price- negative, Number of Suppliers- positive, Technological Advancement- positive, Expected Future Prices- positive Factors Affecting Demand: Substitute Price- positive, Complement Price- negative, Expected Future Prices- positive, Income- positive (except for low-value), Population- positive (except for low-value)

Participate as a Team Member

Teamwork, Collaboration, Leadership to accomplish goals Provide input, Facilitate, New initiatives Honest and Straightforward, Positive, Reliable, Complement other's existing skills, Share the Load

Digital Communications Expose Businesses to Risk

Text, Email, Chats Very tech dependent today Cybercrime- theft of IP, interception of emails, hacking Damaged PR- leaked information If not safe and encrypted, see confidential business information that has been sent Lawsuits arising out of unmet expectations Out-of-pocket expenses due to lost data, damaged digital assets Lost income from compromised business activities

Risk Management

The process of identifying, assessing, prioritize and controlling threats to an organization's capital, assets, and earning power followed by coordination application to avoid the likelihood of unfortunate events or minimize their impact. Plan to protect yourself/property and reduce financial loss caused by hazards- loss of income or life due to illness, disability, or unemployment. Liability risks-caused negligence that leads to injury or property damage. Starts with risk avoidance and risk reduction. Risk assumption- taking responsibility for risk when the possible loss is small. Risk shifting- take financial burden and place somewhere else for a fee (insurance)

Feedback for Personal Growth

The way feedback is given often affects the way you accept it. Destructive criticism- focuses just on the bad things and gives the recipient no help. Constructive criticism is designed to be helpful. Calm with a focus on problem, not person, and has suggestions for improvements. Anyone who is new to a job must expect criticism. Control reaction to feedback- maintain positive attitude, try to avoid getting defensive to impress others. Correcting their weaknesses = move ahead. Give feedback in a nonthreatening manner, discussing problems one-on-one clearly.

Challenge the Status Quo

Think outside the box, Deviate with bravery Do so in a positive, useful way for the good of the organization Risk v Reward, Don't be a Yes Man Only progress/change by questioning what exists

Set Financial Goals

Time frame- 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 Type of need that inspires your goals. Goals can be . 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 intangibles (health or education) Feasible, specific, have a clear time frame, and should help you decide on what action to take; Analyze current finances and debts, determine goal based on capability and surrounding factors

Quality Culture

Top to Bottom commitment to goals Strong leadership, Teamwork, Focus Communication and Organization for continual improvement

Project Management Tools to Monitor and Communicate Project Progress

Tracked by project managers (PMs) and communicated to higher-level to develop marketing strategies. Carefully planned and organized effort- identified tasks and how to, quantify resources, determine budget and timeline, use PM Software to store info and provide analysis Real time Dashboards, Gantt Charts (bar chart with timeline of interdependencies and their status), Timesheets, Task Lists, Reports SucceedIt software, deliverables, visibility, milestones

Resources that contribute to professional development

Trade journals Periodicals Professional/Trade Associations Classes/Seminars Trade shows Mentors

Basic Operating Systems

Type, log in, open browsers, use integrated software, use email and social media Pre-loaded in computer- Gooey *GUI* graphical user interface for icons/display Lots of tutorials and trainings

Rights of Workers

US Federal Law- Regular, reasonable pay, a safe work environment, no discrimination, appropriate training, opportunities for raises and advancement, and safe tools. Able to make complaints. Fair Labor Standards Act (minimum wage), child labor laws, Family/Medical Leave Act, Employment Retirement Income Security Act, whistleblower laws. Federal Privacy Act, the Drug-Free Workplace, and the Employee Polygraph Protection act. Social Security, unemployment, and workers' compensation laws. Equal Employment Opportunity Commission- fair and equitable treatment of employees regarding hiring, firing, and promotions. Health and Safety regulations, Protect from Sexual Harassment

Overcome Problems with Office Politics

Unavoidable, Stay professional, Avoid gossip, Don't make enemies, Switzerland Use negotiation, resolve drama, Analyze influence map, Be brave and neutralize negative

Interpret and Adapt to A Business' Culture

Understanding leads to better performance Prepare materials that explain standards, approachable Important to develop trust, work efficiently and ask questions

Impact of Unemployment

Unemployment is inefficient, wastes human resources. Leads to inequality- least experience lose jobs first (minorities and young) Unemployed are discouraged about themselves and their abilities, give up search for work. Higher unemployment rate=greater chances of an economic slowdown. More people working,= more spending money, paying taxes= help grow economy Frictional- always present, occurs when workers transition (college, child, career change to work). Structural- low demand for job skills, often due to technology advancements/need for new skills. Cyclical- change in economic and business cycle. GDP declines=unemployment up

Appropriate Creativity

Unique yet effective strategies Idea must have value, be appropriate to cognitive demands of situation Innovative, try new/different approaches, Brainstorm ideas, Communicate, Get feedback

Follow-Up Letter after Job Interview

Unwritten societal rule, courteous and keeps your name in hiring manager and recruiter heads Express Enthusiasm- reinforce that you're a good fit and interest Include anything not mentioned- related experience Thank you for interviewer's time Be concise, maintain professionalism, Address next steps

Write Business Letters

Use full name to address people unknown. Never use To Whom it May Concern, always know who you're sending to. Arial or Times New Roman, Block paragraphing Include company info, date, recipients info Brief and professional, Courteous Enclosures if necessary Formal greeting/closing and a professional body. Can be used to apply for jobs or deliver information

Economic Utilities created by Businesses

Utility: added value of a product Form- created by design of product/ability to meet needs Place- having product where customer wants it, convenience Time-availability when it's wanted Possession- benefits of owning/using Want satisfying power, Dependent on customer's wants and needs.

Organizational Culture

Values and Behaviors that contribute to unique social and psychological environment of company Shared assumptions, values, beliefs that govern corporate culture Makes company common and special- Innovative, Orientation, Stable, Style

Open, Honest Communication

Various communication tactics and skills Builds connections and trust Keep clients informed, Real open door policy, Encourage differing perspectives Don't shoot the messenger, Encourage honesty

Sources of Income

Wages/Salaries- Compensation for work, fixed and regular Interest- Fee rate charged by lender for use of borrowed money Rent- Payment for space and property Dividends- Payment to shareholders from organization's earnings (taxable) Transfer Payments- Money paid by gov't to citizens (welfare, disability, SS)

Self-Esteem

Way you perceive your worth or value as a person. Important interpersonal skill that allows you to believe in yourself, Helps relate positively to others. Demonstrate positive self esteem by treating others with respect and friendliness, dressing appropriately on the job, and behaving in a confident yet courteous manner.

Estate Planning

What happens to your stuff after you die. Wills only provide intentions, judge must allow transfer to beneficiaries. Not just for the wealthy. Everyone needs to be conscious. People can spend lifetimes battling over assets. Necessary to avoid involving IRS/banks. Setting up trusts allows limited taxing, funeral arrangement, guardian for dependents, POA to others over investments. Appoint an executor you trust to estimate value during probate

Technology in Operations

Word processing programs- develop reports, letters, and announcements. Database programs- maintain customer lists, catalog inventory records. Spreadsheet software- analyze financial data, track business performance. Desktop publishing- creating layouts for forms, advertisements, and product manuals. Presentation software- delivering visual and verbal information for meetings. Internet is integral. Websites- promotion, stay connected with their customers. Web-page editing software- creates and maintains website. Communications software- communicate globally electronically. Consult research reports in order to make decisions on asset utilization TOM- Technology Operations Management, improve existing processes

Maintain Collaborative Partnerships

Work in unison respectfully, responsibly, and professionally Merge skill sets, enhance/complement not compete, motivate and support Meet outside of work

Supply Chain Collaboration

Work together as designers and manufacturers produce the commodity while marketing specialists and vendors distribute and sell the commodity. Joint planning and execution, Cooperation Vertical- 2 or more from different levels/stages sharing responsibilities, resources, and performance information Horizontal- interorganizational relationship between companies at the same supply chain level to make work easier

Interpret Data Mining Findings

Organize mass statistics into histograms, pie charts, curves for visual representations Clustering, Stratify, Block, Classify Observational not experimental, Deduce connections but can't imply causation between data sets Prediction, Sequential patterns

Financial Records

Organizing helps plan and measure progress, handle routine money matters, determine money have now and will have in the future, and make effective decisions about saving and investing. Documents to manage- bank statements, paystubs, ownership certificates, tax forms File cabinets- useful for maintaining printed documents and records, should be organized by type with labeled folders. Safety-deposit box/In Home Fire Safe- Items that are difficult to replace, such as car titles and birth certificates. Can be rented at a bank. Computer programs- create and manage a personal budget, pay bills online, or generate financial documents that can be stored electronically. Keep up to date, Keep recent on hand and file away the old

Technology in Human Resources

Recruiting/Hiring- Internet career services and company websites. Orientations use technology for job training and disseminating company policies. Payroll functions are automated in many companies. Software programs to assess employee performance using metrics

Company Intangibles

Can be protected through patents, trademarks, and copyrights Trade secrets are also protected by law and specific company policy, often by contractual agreement with employees. Brand Recognition Intellectual Property

Project Management

Carefully planned and organized effort to accomplish a specific objective. Developing project plan, Managing implementation of the project plan and operate regular controls to ensure info on performance relative to plan is accurate and objective. Create mechanisms to implement recovery actions when necessary. Stages- Feasibility, Definition, Project planning, Implementation, Evaluation, and Support/Maintenance.

Overcome Personal Biases and Stereotypes

Background, personal experiences, societal stereotypes, and cultural context impact our decision and actions unconsciously. Don't be exclusive, Develop core value system, Change your lens Take tests, prejudice comes from unlikely places, Check in with yourself

Maintain Customer Records

Buying habits, customers' contact, personal information, purchase/account history. Developed from face-to-face sales, direct mail responses, phone or email purchases, service requests, website visits, customer comment cards, or purchased from a third party. Database programs are filing cabinets to sort, find, choose, and organize Past data on the customer's purchases, trends in consumerism, Develop marketing strategies for that consumer's tendencies aggregated with those of other consumers

Electronic Communication Tools

Email, social media, internet- market to global audience, negotiate partnerships with foreign companies. Transfer of ideas and information digitally, key strategy component, speedy, frequency increases. Consolidates skills/intel for innovation Video/conferencing/webcasts- intimate interactions Lower costs, increase efficiency, outsource/offshore More competition- global in domestic world, empowers consumer

Handle and Report Emergency Situations

Emergency action plan- discusses how to report hazards. Pinpoints where to find emergency supplies such as flashlights and first aid kits. Minimize loss. Develop Emergency response team, Outline escape routes. Specify how to evacuate people with disabilities or other special circumstances. Consider internal/external workplace violence Report to 911 and management, common sense at discretion

Database Systems

A single data repository organization of components that defines and regulates the collection, storage, management, and use of data in a database environment Composed of data and metadata, data has a low level of granularity and describes a single domain

Legally Binding Contracts

Both parties voluntarily agree to terms, clearly outline both sides. Written (easier to prove) or Spoken. Deliberate and Binding. Exchange of valuables. Only enforceable for legal acts. Avoid lawsuits b/c expensive/lengthy. Invalid for illegal subject matter, coercion, or unclear terms/mistakes Offer and Acceptance, Genuine Assent- "this is a contract", Legality, Consideration- both sides get value, Capacity- general meaning is understood, and Writing.

Problem Solving Groups

Brainstorm individually and as a group, don't micromanage Select a strong team with experience, Identify leader, mandate participation, set agenda, listen to all ideas. Frame issues from multiple perspectives, Celebrate successes

Apply Info to Accomplish a Task

Brainstorm promotional strategies based on data, diff consumer preferences Facts, Correct information, Priorities/Deadlines, Input from others

Administrative Law

Branch of law that addresses the rules and regulations established by gov't agencies Executive Branch- regulates Federal Agencies and protects public interest Legislative Branch- establishes agencies, gives authority Statutory Control- establishing legislation, limiting, rulemaking, control activities Political Control- presidential/congressional influence, funding, leaders Judicial Review- appeals/amends, after harm is done, review actions, "last straw" Informational Control- required to provide public info, influence decisions, FoIA AdminProcedAct of 1946- outlines operation of fed. agencies

Human Resource Management

Bringing people and organizations together so that goals are met. Administrative and Supportive- hiring, training, development, scheduling, complaints, performance review, compensation, discipline, safety and health, welfare, industrial relations, and termination. A breach in professionalism with crimes such as discrimination, sexual harassment, or bribery can have a business shut down forever Management functions like planning, organizing, directing and controlling.

Financial Information

Financial Info- raw data, records, and reports. Sales, cost, risks, returns, inventory, operating systems, personnel costs, insurance, tax liability, and profitability. Economic conditions, investment alternatives, competition. Buy information from providers, rely on accuracy to make sound decisions. Monitor and report financial position, objective basis. Match company resources to planned activities/Identify additional resources needed Identify ways to reduce expenses and invest company assets. Forecast for future budgeting and growth, as well as to control and manage risk.

Global Trade

Global business environment enhances and speeds up improvements in technology, communication, production, information exchange and distribution methods. Raw materials movements Trade agreements reduce restrictions and allow for lower-cost production and more access to consumers than ever before. Compete multinationally, decisions adjust to reflect a global marketplace. Invest in international business ventures to expand markets, increase operating efficiency and reduce costs, reduce political and legal hurdles, diversify operations, and gain greater return on investments. Businesses must consider language, cultural differences, stability of govt that might result in political risks. Different economic philosophies=more/less government influence. Different monetary systems with fluctuating values among global currencies.

Role of Finance

Finance- pertains to money management. Plan is an important element of an overall business plan. Startup/equity financing, debt financing, and growth financing. Analyze a company's overall financial standing. Planning for profits by forecasting sales, evaluating profit potential, controlling costs, and budgeting, managing taxes and credit. Maximize shareholder value, Allocate assets, Manage Liabilities/Risk

Apply for Consumer Loans

Must be 18, need SSN, reside in market area. Monthly income info, current employer info, balance/payment for other loans (store cards, credit) Determine what type you need (personal, mortgage, auto, line of credit, credit-builder) Fill out application, Provide collateral, assets, purpose

Impact of Political Relationships with an Organization

Formal culture- strict chain of command, one person at top making all decisions. Several levels of management, or bureaucracy. Job titles are important as indicators of power and status. Making changes/Passing down decisions is complicated and time-consuming. Informal culture- employees are encouraged to make their own decisions. Creativity and teamwork Weeds- informal networks; Rocks- stabilizing; High ground- guide rails, overly bureaucratic; Woods- duality, comfort or frustration. Not necessarily negative, affects concentration and attitudes

Purchasing on Productivity

Formal process of buying goods and/or services can increase productivity as when the company profits, employees are more likely to be motivated. Getting updates keeps fresh and engaged

Simple Written Report

Formal report- generally long, analytical, and impersonal. Preliminary parts, body, and supplementary. Specific formatting guidelines with respect to margins, spacing, and headings Informal report- shorter, written in a less formal style. Concerned with everyday topics. Opening, body, and closing. Direct order- if the report is routine or you expect a favorable response from the reader Indirect order- when persuasion is necessary or if the subject matter is negative. Identify the problem, Decide areas to investigate, Determine the scope, Plan research, Develop preliminary outline, Collect and Analyze data, Draw conclusions, Make recommendations Weekly status report- short, basic info. Details about work completed on a project. Marketing plan is blueprint for activities, is longer and complex.

Budgets

Formal, written statement of expected revenue and expenses for a future period of time. Evaluated periodically with actual income and expenses. Revenues- cash sales, collections on accounts receivable Expenses- purchases, insurance, taxes, payroll. Set goals, prioritize them. Estimate income. Budget for unexpected events, fixed/variable expenses. Record spends. Review spending patterns and revise goals as needed Solvency- ability meet long term goals and debts

Basic Email Functions

Forwarding, BCC, CC, Attach Files Delete/archive, Filter Spam, Block Signature, Out of Office

Demonstrate Initiative

Fosters career advancement, Take on new projects Volunteer to do grunt work, Never stand still Go above and beyond, Think as a team member, not an employee Be prepared and self-promotional

Respond to Inquiries

If unknown, be honest. Go further and let customer know where to get the info or to get it and follow up timely. More likely to be respected for honesty and willing to help. Don't guess bc may be incorrect or misleading. Don't need to know everything, but should learn about business enough to know where or who can give them info Responses should be direct and assertive using credible sources Be professional and friendly, Gently lead the conversation, Stay focused Listen carefully to best answer and use knowledge. Thank them for their time.

Respond to Customer Inquiries

Inquiries can be sincere or hidden (price is the hidden problem, customer complains about color) Merchandise (defective, wrong size/color, damaged, improper labeling, purchased the wrong product) Store Personnel (high pressure sales, rudeness, providing insufficient product information, being inaccurate) Business (unhappy with the number/types of services offered, unhappy policies) Know the company (e.g., policies, history, capabilities, etc.)- Understand how to apply company policies to each situation in order to remain fair. Know capabilities in order to handle the customer inquiry rapidly and satisfactorily Know the product- Understand the customer's problem with a product. Makes it easier to understand the company policy in respect to the product Determine reason for complaint (concerned attitude) be assertive and friendly, Restate complaint/ask questions (show understanding of problem), Investigate problem (determine how to handle), Explain store policy (maintain fairness by following store policy), Take action (quick action, makes customer feel important)

Monitor Internal Records for Business Information

Internal data includes accounting records, inventory information, company sales figures, balance sheet, cash flow statement, and income statement They are used to calculate revenue, evaluate costs and expenses, and measure profit/loss Business information records include financial data/trends, legal documents, promotional strategies, customer records, information technology documents Keep up to date, Security

Identify Relevant, Valid Written Material

Internal- data records, previously collected research External- Internet, government (online, demographics, product/economic news, legislation/trends), specialized research companies (sell data, forecasts they collected) , and business/trade publications Should evaluate credentials (knowledge/expertise) of authors. Find sources that are objective. Small Business Administration (SBA), U.S. Census Bureau, Securities and Exchange Commission (SEC) are solid sources Apply the REVIEW concept- R: Relevance, E: Expertise of Author, V: Viewpoint of Author/Organization, I: Intended Audience, E: Evidence, W: When Published.

Job Search Strategies

Internet, Attend a career fair to network Be practical and effective, Occupational Outlook Handbook, LinkedIn (powerful tool, able to connect w/ people who interest you, connect w/ potential bosses), Events (ex career fair to network w/ professionals) Be proactive and ambitious

Sources of Career Information

Internet, Friends/Family, Counselors LinkedIn, Occupational Outlook Handbook, Career Fairs/Center

Techniques for Obtaining Work Experience

Internship- On-the-job experience- try out work activities in career field and develop good work habits Cooperative (co-op) education programs offer students opportunity to receive credit while working at a paid employment position. Job shadowing- following worker, learning while watching and listening. Apprenticeship- formal, 1-6yr program, learn a trade on-the-job. Volunteering- unpaid way to explore careers. Informational interview- structured meeting with a professional who works in a career that interests you. Networking- professional connections that could lead to job Freelancing- prove you can do work before hired

Demonstrate fairness

Listen to others, Understand their perspective Consider all facts, Use the same standards for every situation Take responsibility, Consider how your action affect others, No favorites

Controlling Debt

Lower fixed expenses Cut out the extras Budget Transfer High-Interest Balances Pay off Highest Rates

Build Trust

Loyalty with coworkers and clients creates profits Need to know that you will consistently deliver on your word Say what you mean, Mean what you say Be vulnerable, Respect, Take risks together, Give and Take

Reasons for Ethical Dilemmas

More than one choice available Different values and beliefs of decision makers No clear right or wrong, lack of integrity/resources, or ignorance Choice from alternatives, conflicting values, Impacts stakeholders Pressure to please all, cutting corners, negotiation

Office Politics

Multiple people battle for dominance, Increased conflict Misuse of power to gain attention or popularity Reduce productivity, Lack of supervision, Arrogance and Superiority

Collaborate and Aggregate Complex Internal Documents to Create a Common Voice

Multiple viewpoints establishes common voice Powerfully communicates ideas more clearly Mission and Brand are consistent and unified

Relevant Questions

Opened ended questions require more than yes/no. Avoid closed-response questions. Listen to presented material, ask questions connected to the material General to specific, match your speaker, know the purpose Research in advance for basis knowledge Explain misunderstanding, state what you know/don't, be clear Speak calmly, clearly, and confidently

Chain of Command

Order of authority/power; Easiest and most effective interns < associates < managers < senior managers < vice presidents < C-level executives

Adapt to Today's Markets

Organizations have specialists who research and analyze trends to make recommendations for relevancy to teams based on findings SWOT Analysis, Environmental Scans to identify improvement areas

Marketing in the Global Economy

Planning, Pricing, Promoting, and Distributing Ideas, Goods, and Services to Create Exchanges that Satisfy customers Inspires Competition- New and improved products; adds value (or utility) to existing products; innovation; lower prices, higher quality

Businesslike Telephone

Pleasant voice; Enunciate clearly and speak directly into the mouthpiece, don't shout. Good manners, Professional, not casual. Concise. Identify purpose Convey all necessary information, write down key points before or during the call. Listen actively, do not interrupt. Minimize distractions. Be prepared to take a message. Include date and time, name and message, a return phone number, REPEAT Customer oriented- How may I help YOU?; Virtual Business Meeting; First name and company. Refrain from jargon/slang.

Maintain safe work environment

Policies have significant financial impact; Cohesive effort, help each other out Accident management program- 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 opportunity for safety and health training. Make note of confined spaces, regulate air quality, give them proper ventilation, prevent unauthorized entries Maintaining safe atmosphere: regulate air temp, provide water Injury/illness: prevent with soap, hiring cleaners, flat working surfaces, natural disaster safe infrastructure

Function of Prices in Market

Price is the value in money placed on a good or service, how much it costs per unit/time period. Can affect value that customers places on an item. Helps establish a company's or product's image. Gives a competitive edge. Part of the business' end goal of making a profit. Acts as a signal for shortages and surpluses, help us to respond to changing market conditions. Determines a forecast quantity supplied and demanded=businesses determine how to reach equilibrium. Determines how much of a demand there will be for products

Wise Use of Credit

Receive cash or goods now and pay for them later, most commonly through the use of a credit card or a loan. 3 C's- character, capacity, capital. Ask yourself if you can afford the item in the first place. Would it be better to use your savings instead of credit? Should you put off the purchase for a later date? Be certain benefits of making purchase now on credit outweigh its costs, including fees and interest charges. Combine several purchases into one, thus making only one monthly payment. Credit card for major and expensive purchases. Safer, and more convenient, to use a credit card when shopping or travelling. Build a better credit history, which means you are seen as a reliable person to other lenders. Avoid the temptation to buy more than you can afford. Failing to repay a loan or credit card balance will damage your credit score, could lead to you losing your property or source of income.

Participate in Staff Meeting

Read important documents ahead of time and research in advance. Be prepared. Personal concerns shouldn't be brought up but in private meetings. Ask questions for clarification, Take notes. Pay attention, don't check email or be on phone even in slow parts. Listen politely, respect others, don't criticize. Don't dominate the convo, Keep comments brief, defend objectively Active listening, stay on topic, Held to assess goals and plan for the long-term. In order to maintain professionalism, parliamentary procedure is often used. Standard Order of Business: Reading/Approval of the Minutes-statement of agenda; Reports of Officers-leaders; Report of Standing Committees-employees; Report of Special Committees-guests; Special Orders - urgent, non-routine decisions; Unfinished Business/General Orders - pending decisions; New Business - current discussion Do one thing at a time, be courteous, Majority rule prevails and works its will, Minority rights to be heard must be protected- all members are equal Main Motion- brings business before assembly; Subsidiary- deals with main motion w/o voting on it; Incidental- non-debatable, no order of precedence; Privileged- urgent/important, take precedence; Bring back before assembly- reconsider old motion

Apply Written Directions to Achieve Tasks

Read to understand all of the written instructions all the way through at least once. Reread to comprehend what the instructions tell you to do. Ask any questions you still have. Follow the written instructions. Perform each step of the instructions in the exact order written. Keep the instructions with you as you follow them.

Assess long term Value/Impact of Actions

Realize how actions affect others and operations of general organization Projects, policies, programs- intended and un Projected metrics, common sense

Respect Privacy

Treat conversations, property, and work of friends and coworkers as if they were your own. Be respectful of the phone calls, faxes, email, voicemail, and documents of others. Keep sensitive information confidential. Workplace etiquette, Lack of respect can result in reprimand.

Foster Positive Consumer Relationships

Treat customers well in order to receive: Word of mouth (referrals) Online reviews Repeat business Good reputation Increased profit Believing that your customers- deserve the best, are your employers, deserve your attention, have the right to expect things, and have important problems

Staff Communication

Upward - subordinate to manager Downward - manager to subordinate Horizontal - same level Diagonal - subordinate <-> manager (diff. depts.) Grapevine - circulation of rumors and unofficial info Can create a culture of transparency and straightforwardness and encourage openness or do the exact opposite. Reward feedback to encourage it. 1-on-1, (non)transactional, group meetings (goals/plans/challenges), group chats, document sharing, emails, phones

Business Letter

Use full name to address people unknown. Never use To Whom it May Concern, always know who you're sending to. Arial or Times New Roman, Block paragraphing Include company info, date, recipients info Brief and professional, Courteous Enclosures if necessary Formal greeting/closing and a professional body. Can be used to apply for jobs or deliver information

Positive Working Relationships

Working with others is not always easy, Create and maintain positive and effective environment. Teamwork is critical for a group to achieve a common goal.Valuable team members make team's goals a top priority, build positive group dynamics, and are active listeners. Show respect for ideas and feelings. Be prompt with assignments and show responsibility to maintain relationships. Communicate effectively.

Tools for Database Systems

phpMyAdmin web-based manager tables, checks for errors, queries

Estate Planning

preparing a plan for transferring property during one's lifetime and at one's death

Brand Promise

A business's agreement with customers that it will consistently meet their expectations and deliver on its brand characteristics and values. A recognizable statement of enduring, consistent, relevant, and distinctive benefits valued by customers. Product or company can be easily identified, builds loyalty and recognition, what your company stands for Attracts the right employees/consumers who fit in with your corporate culture Unique Value & Consistency=Trust=Loyalty=Strong Relationships=Profit

Conflict-Resolution

Allowing each party to define the problem from their point of view. Allow each to suggest a solution Evaluate options so each can explain what they can and cannot accept. To overcome the differences, parties to a problem may have to think creatively and compromise. Done best when solutions allow each side of a dispute to save face and create the least amount of ill will. Sometimes, parties in a dispute may have to seek mediation or arbitration from an independent third party.

Executive Summary

Also called abstract/synopsis Summarizes key points of a report to the reader at the beginning. Used when report is long and/or technical so don't have to read the entire report. The format of an executive summary should match main report. An executive summary is typically a one-page document, 1/10th rule. Line spacing and headings may be different, usually not numbered in sequence with the body of the report Reader decides whether to read further. Background info. Written after writing body of report. Avoids jargon, technical language, abbreviations, and slang. Accurate and error free. Strong hook, Explains what the company does, Core strengths, Bullet points, Concise, End with sense of urgency

Government and Business

Always try to influence and persuade each other in many ways for various matters Government- Protect business property, enforce contracts and settle disagreements through the courts, and collect taxes on the products business sell. Enacts and enforces laws to prohibit certain behaviors, control business activities, and require certain standards (control monopolies, safety standards, regulate prices) Provide public goods, Improve public welfare, Protect public health, Stabilize the economy, Protect specific businesses or industries, Conserve the environment, Protect consumers, Preserve competition, and Regulate workplace conditions. Agencies monitor (Food and Drug Administration (FDA) and the Federal Trade Commission (FTC)).

Role of Business in Society

Backbone of society- makes/distributes goods and services we use each day, Job is to satisfy unlimited human wants Employment for millions of people. Wages paid to employees are used in economy to purchase. Profits earned are used to compensate owners and investors, Taxes support government spending on the needs of society. Ethically responsible for contributing to community and spreading good practices and setting high standards Meet the needs of diverse communities of people and improves the quality of life

Reconcile a Bank Statement

Bank statement- document showing activity on account over previous month, including beginning/ending balance and all inflows and outflows Bank account reconciliation- account for the differences between the bank statement and your records (checkbook register). May differ because written checks have not yet cleared the bank, or deposited money into account after the bank statement was prepared. Report errors to bank. Start by comparing the checks you have written with those listed on the bank statement. List any outstanding checks on the reconciliation form. Subtract total amount of outstanding checks from the ending balance on the statement. Add recent deposits not on the statement to the reconciliation form. Subtract any fees and add any interest as found on your bank statement to your reconciliation form.

Employee Role in Expense Control

Be more productive and decrease expenses for the company Minimize Travel Costs Control Energy Costs Avoid Wasting Office Supplies Take Care of Equipment Avoid personal work/company resources while on job Be on lookout for shoplifting/employee theft Work efficiently following procedures

Business Models

Business Model: conceptual structure that supports product or company explaining operations, financial plan, and goals. eCommerce- upgradation of traditional brick and mortar, sells online Bricks-and-Clicks- online and offline presence, order online and pick up in store, flexible, Target Nickel-and-Dime- cost sensitive, low prices, Dollar Store Freemium- common on Internet, offer basic services for free and charge extra for premium add-ons Hidden Revenue- Google/Facebook, free apps, monetize data One-for-one- TOMS, buy one give one, part of story Razor/Blade & Inverse- Accessories are more expensive Cash Conversion- Amazon, low profit margin, partners finance business, short term liquidity Peer-to-Peer- AirBnB, company is middle man Multi-sided- LinkedIn, invisible middle man, services for both sides Affiliate- feature other products, use your own traffic to help them

Basic Torts Relating to Business Enterprises

Business torts are civil wrongs committed by or against an organization. Harm resulting in financial loss done to intangible assets, such as intellectual property or relationships with clients. Tort = Court Negligence- unlawful and unintentional, careless, failing to adhere to standards, most common; slip/fall, car accidents, medical malpractice Intentional- unlawful; fraud, defamation, theft Strict Liability- lawful, but resulted in injury, responsibility on wrongdoer w/out proof, intent doesn't matter; defective products Wrongful Interference- interfering w/ prospective opportunities, draw customers away, defendant knows about contract and made attempt to cause breach Unfair Competition- similar to ™ infringement, confusingly similar product, false advertising, sole purpose to run someone out Disparagement- slander and false statements about another company, trade libel (published) Computer- damage to hardware or software, negligence Conversion- personal property taken from owner and given to someone else, does not require intent to permanently deprive Appropriation- without permission, using another person's name/likeness to benefit; use a celebrity ambassador; commercial exploitation Conspiracy/Collusion- alliance of 2 or more parties, everyone involved is liable Intrusion- invading privacy Duty of Care- expects individuals to exhibit socially responsible behavior by using caution to prevent harm and watching out for one another Misappropriation- embezzlement, theft of valuables entrusted to someone else

Technology in Customer Relationship Management

CRM cannot survive without technology- social media on the rise for 2-way Technology caters the needs of the customers Allows company to understands customer needs Compare customer data easily; Track sales and trends or create goals/reports Databases help collect data and make it organized Makes communication faster for inquiries and complaints Create views or dashboard of important information at a glance Internet enables, low operating costs with high reward Operational- support to front office business processes such as sales personnel, marketing and service staff Analytical- evaluates the necessary customer data for a wide variety of reasons

Financial Service Providers

Commercial Bank- institution offering full range of financial services, such as checking, savings, and lending. Dictated by Central bank (federal reserve) that conducts policy and regulation. Savings/Loan Association- specializes in savings accounts and mortgage loans, but now offers a wide range of services. Mutual Savings Bank- savings accounts and mortgages. Credit Unions- non-profit institutions that are owned by its members. Common bond of members such as employment with the same company. Full range of services. Non-deposit financial institutions- life insurance, investment, finance, and mortgage companies. Specialize in respective industry Investment Banks/Mutual Funds- raise capital through issuance of securities. Don't take deposits. Pool money to access broader securities market. Brokerage involves buying and selling securities. Financial Aid companies- higher interest rates loans to individuals and businesses that cannot borrow elsewhere, often due to credit problems. Insurance- transfer risk of loss to protect against death, disability, accidents, and damage Informal: moneylenders, family, pawnbrokers Formal: banks, firms Semi: credit union, govt agency

Types of Investments

Common Stock- unit of ownership that entities the owner to voting privileges in business. Advantage of receiving cash dividends. Owners share in the success of the company. Corporate Bond- corporation's written pledge to repay a specific amount of money, plus interest. Government Bond- written pledge of a government or municipality to repay a specific amount of money, plus interest. Buy a bond = lending money to a corporation or government entity for a period of time. Mutual Funds- investments of pooled money to buy stock, bonds, and/or other securities. Investments are selected by professional managers who work for an investment company. Expertise is beneficial to inexperienced investors. Real estate- own property that increases in value so you can sell it at a profit or receive rental income Security- tradeable asset of any kind Dividends- volatile,not guaranteed, high potential for returns Hedge Funds- aggressively managed portfolio with advanced strategies to generate high returns

Effective Communication

Communication- exchanging messages between a sender and receiver. Must be prepared to read for meaning, speak properly, and write effectively. Channels or media- avenues a message delivered on. Medium depends on nature/importance of the message. Effective listening- identify purpose of speaker, give feedback, and evaluate speaker's message. Communication Barriers- physical distance, position from speaker, verbal with vague or unclear language. Non-verbal cues- tone of voice, emphasis, and body language communicate as much as actual words

Economic Systems

Economic system- way a nation provides for the needs and wants. Defines how a country will uses resources to produce and distribute goods and services. Traditional based on the cultural or religious traditions used for generations. Mostly small, developing nations use this type of economy today. Market-no government involvement, marketplace determines what, how, and for whom goods will be produced. Command- nation's government makes all decisions. Controls factors of production in this system, socialism No country, however, is a purely traditional, market, or command economy. There are always influences that make it somewhat mixed Participants- consumers, producers, gov't in every system. Producers- make; Gov't- laws; markets- arrangement of buying and selling; economic- both; bartering- trading/exchanging.

Economics and Economic Activities

Economics- study of social science of meeting unlimited want and examining behavioral patterns/choices in regards to money based on environment, social, political, personal, and psychological factors. Purpose is to gain understanding/analysis of processes governing production, distribution, and consumption of goods/services. Activities- attract consumers of the target market and generate more cash flow. Production- creation; Distribution- availability; Consumption- usage. Manufacture, Buy, Sell, Invest, Transport. Resources determine activity. Goal is to increase profits.

Make Oral Presentations

Know purposes- greet, inform, request, persuade, propose; Know audience- beliefs, values, interests? What they already know/need to know? Expectation; Know subject/organize your thoughts. Relate subject to the audience Topical order- arranging related to subcategories ie pros/cons. Spatial- arranged according to physical space/geography like layouts. Be clear, brief, and direct. Speak at an appropriate volume and speed. Use inflection and tone of your voice to stress key ideas, repeat them with different phrasing Make emotional contact with your audience, and make eye contact. Posture and body language that match your message. Avoid nonwords- uh and um. Project enthusiasm and a positive attitude Keep presentations as focused and relevant as possible; engage audience by asking for feedback; use visual aides such as power points and boards

Effective Written Communication

Knowing your audience, knowing your purpose organizes thoughts, and knowing your subject. State clearly with active language. Inform, confirm, inquire, answer, or persuade. Requires that you have in-depth knowledge of the subject and how to relate what you know to the intended audience. Visual elements should enhance. Letters- formal methods, outside the business. E-mail- informal method used to reach those inside or outside the company. Memos- replaced by e-mail, more formal way to communicate within a company. Business reports are for lengthy topics, typically for internal use or for stockholders. Company publications may be used internally (for company policies) or externally (for marketing purposes)

Organized Labor and Business

Labor union- group of workers joined for common purpose (higher wages, benefits, improved working conditions) Increase their bargaining power with management when organized. Industrial- workers in same industry OR Craft/Trade- workers with similar skills. AFL-CIO is federation for nearly all labor unions Contracts created through negotiation process called collective bargaining involving union officials and company representatives. When can't agree, pressure strategies- strikes, picketing, boycotts (members) lockouts, injunctions, and strikebreakers (management). Workers gain individual dignity, fair treatment, protection, and fringe benefits. Pay union dues, support union decisions, and face hardships during strikes. Businesses have security regarding wages, benefits, and working conditions, union assists in recruiting and training employees. Increased costs in wages and benefits, limited control in personnel matters, and loss of production in the event of a strike.

Appropriate Graphic Aids

Make the data stand out on the page/support purpose of the document clearly/strongly; Organize systematically Graphics must be visible, not too detailed that it pulls away from the text; Help reader grasp ideas Pie chart- illustrate as parts of a whole. Table- rows and columns. Bar graph- values across categories. Line graphs- info over time. Pictures- depending on purpose, realistic representation. 3D model ideal format to show audience of what something will look like once constructed. Flow chart- progression, decision making, outcomes

Quality Control Measures

Methods and activities that organizations use to ensure excellence and conformance to standards Protect against financial loss and accidents Guarantees, Expiration Dates Strive to produce the most innovative products as efficiently as possible, considering situations that may affect. Inspect product, Observe workers, Receive feedback, Mandate certificates and degrees Output, Errors, Effect on consumer

Legal Procedure

Methods/Mechanics of Legal Process: inform-present-fact check-decision Rules governing all aspects of how a court case is conducted. Applies to both criminal and civil cases. The purpose is to make certain that every case is treated justly and consistently. Prescribes the formal steps to be taken in enforcing legal rights. Concerned w Due Process- respecting individual's rights; fair and speedy trial, attorney, etc. Procedural/Substantive Due Process- ensure chance to present evidence before penalty imposed/prevent fundamental (life, liberty, privacy) right removal. Greater chance fair treatment.

Legal Issues Affecting Businesses

Minimum wage, Tax obligations, OSHA- workplace safety rules, Employee protection laws- hiring, training, and firing, Truth-in-advertising laws, Antitrust laws, Industry federal regulations, product safety, zoning laws, licensing, public health, benefits and paid leave, protect investors, maintain competition Wrong Termination, Harassment/Discrimination, Immigration Audits, IP Issues- intellectual property ownership, Unhappy Customers, Equal Opp. Employment, Environmental protection SEC Securities Exchange Commission- regulates sale of stocks/bonds, investigates deals. Purchase order is a sales contract- indicates willing to pay in exchange for items. Open order- place order with best fit to supplier.

Legal Responsibilities Associated with Financial Exchange

Operate within boundaries set by the various commissions and agencies at every level of the government Honestly (no fraud), Confidentiality, Set to maintain balance and the greater good of the society Uniform Commercial Code (UCC)/court may find that a sale/contract is unconscionable, or grossly unfair to one party or another. In such a case, the contract may be voided or limited. Capacity to pay; rules and regulations to govern acceptable conduct in exchanges

Purchasing

Organizational Buyer- person who purchases goods for business purposes New task purchase-purchase is made for the first time Modified rebuy- buyer has experience buying the good or service but some aspect of the purchase has changed Straight rebuy- buyer routinely orders the goods or services from the same vendor(s) as past. Locally, regionally, domestically, or internationally. Need redible/dependable supplier that will negotiate terms of pricing, discount, delivery

Ascertain Employees in Meeting Organizational Goals

Organizational goals are strategic objectives that a company's management establishes to outline expected outcomes and guide employees' efforts. Employees must follow company policy, procedure, and protocol and accomplish all expected tasks in a timely manner.

Gross Domestic Product

Output of goods/services produced by labor/property located in a country. Qualitative measure of a productivity in dollars Nominal GDP- price levels in which GDP was measured; Real GDP- nominal GDP adjusted for changes in prices. Add private business spending, private investment, net exports, government spending, and personal spending, trade surplus, expanding inventories. Subtract trade deficit, net imports, and shrinking inventories. GNProduct is total dollar value of goods/services produced by a nation, including those produced outside of its own territory by its own citizens.

Emotional Intelligence

Perceive, express, understand, and regulate emotions. Foster self-understanding to recognize the impact of personal feelings on others. Develop personal traits to foster career advancement. Apply ethics to demonstrate trustworthiness in working with others and problem solving techniques to obtain solutions to issues/questions. Exhibit techniques to manage emotional reactions to people and situations. Identify with others' feelings, needs and concerns to enhance interpersonal relations. Use communication skills to foster open, honest communications, influence others' point of view. Manage stressful situations to minimize negative workplace situations and internal/external business relationships to foster positive interactions Implement teamwork techniques to accomplish goals. Employ leadership skills to achieve objectives.

Ethics

Principles use by an individual in making decisions Basic values and moral principles that guide behavior Honesty, respect, and equity. Maintaining confidentiality and having respect for company property. Listening to others with an open mind and responding with courtesy and tact. Utilitarian, morally right, most good for most people PR Build a reputation of honesty, balance company and stakeholder needs Retain employees, customer loyalty, avoid lawsuits.

Factors Affecting Business Profit

Profit is the monetary return a business' owner receives for taking the risk of investing in the business. Profit= Income-Expenses Gross profit- money left over after the cost of goods is subtracted from income from sales. Net profit- money left over after operating expenses are subtracted from gross profit. Demand for the good/service, expenses, prices, the (global) economy, competition, and chance. To increase profit- increase worker efficiency, increase sales, decrease expenses, vertical integration (expand new market), horizontal integration (expand various brands). Changes in sales, Economic health, Market stability, Natural factors

Small Business on Market Economies

Raising compensation to push inflation Outlook is good, able to compete Consumer has equal opportunity to choose Market economies are unregulated = infinite opportunity to startup and make profit/societal contributions. Diversified market of goods offered, provides jobs, stimulates demand, creates competitions, provides income and tax revenue.

Accounting

Recording, summarizing, and reporting financial information. Process determined by the size, type, and complexity of a business. Also consider types of decisions that will be made when designing an accounting system. Info- purchases, sales, expenses, and payroll. Records show changes and current account balance of each asset, liability, and owner's equity account. Cash method- income and expenses are recorded at the time the money changes hands. Accrual- records transactions at the time they occur even if no money changes hands at that time. Double-Entry accounting- debit and credit of a transaction. Account- Record summarizing information relevant to a single item in the accounting equation. With every action, at least two accounts will change. Group is called ledger.

Global Environment of Business

Rely on resources outside U.S. to remain competitive. Overall economy is reliant on a global marketplace. Foreign trade provides goods that would otherwise be unavailable or too costly and consumers help support businesses in the U.S. by buying goods made here. Geography, demographics, culture, economic development, technology, and political or legal concerns. Trade barriers- quotas, tariffs, embargoes, are formal political actions that can affect international trade. Informal barriers can be found due to cultural differences. Licensing- company allows another to market its products for royalties. Wholly owned subsidiary- establishing/purchasing a facility in foreign country Multinational firm- operates worldwide scale, organized under laws of home nation

Factors Affecting Business Risk

Risk is the possibility of incurring a loss that may impair a business' ability to provide returns on investments Economic- result in a financial loss Pure- chance of loss but no opportunity for gain; Speculative offers chance to gain or lose. Some risks are controllable, insurable, avoidable, transferable, or assumed. Human- caused by humans; Economic- poor market conditions; Natural- disasters Rate/State of market growth; Sensitivity to economy; Intensity of competitors Sales Variability, Per Unit price variability, Input Cost, Government Regulation

Business Cycle Impact

Series of recurring changes in economic activity. Expansion- economy is flourishing. Good time to start up or expand due to increased output of goods/services, investments Recession- economic slowdown lasting at least two quarters. Reduced output, consumers have less to spend, withdraw investments. Prolonged recession is called a depression. Trough- low point, marks beginning of the transition from recession/depression to recovery when signs of economic growth are near. Recovery- demand increases and businesses hire and supply more goods Peak and Contraction

Pay Stub

Starts with name, address, and social security number. Lists current pay period, current and year-to-date (total of all withholdings from Jan 1 to Present) ) earnings, taxes, and deductions. Current earnings may be described with hourly rate, the number of hours worked, and your gross earnings (hourly rate x number of hours worked). Deductions- union dues, money withheld for fringe benefits. Taxes may be withheld from your gross pay include Federal, State, Local, FICA (Social Security), and insurance. Net pay is your gross earnings minus taxes and deductions. Gross pay is total. May include bonus, commision, or overtime.

Organizational Design of Business

Step-by-step methodology which identifies dysfunctional aspects of work flow, procedures, structures and systems, realigns them to fit current business realities/goals and then develops plans to implement the new changes. Divisional- segment operations by type of item or markets served Functional- particular area of expertise or department: finance, marketing, sales Matrix- share resources; skills of employees shared for projects based on needs, dynamic Flatarchy- addresses Functional failings, few management layers, open communication, no boss to report to Bureaucratic- inflexible, large similar to gov't

Customer Relationship Management (CRM)

Strategies/Technologies/Processes/Policies to manage and analyze customer interactions and feedback to improve sales or marketing methods to meet/exceed the expected standards and increase revenue. Build, develop, maintain, and maximize the long-term value of customer relationships Link customer satisfaction to other business goals; Customers often choose the business that offers better customer service. Goals: better relationships with existing customers; customer loyalty; attract new customers; Gather and track information for business decisions; competitive advantage; long-term communication Collect customer info & draw conclusions about needs and wants/predict the loyalty and value in the future Service management after sales- maintenance, warranties Complaint management- resolve problems, communicate issues to organization Customer Buying Behavior- Variety-Seeking: routine items, desire to try diff. Things; Risk-Taking: expensive items from unfamiliar business; Status-Oriented: desire to have best quality/trendiness; Brand-Insisted: only buy from certain brand Database marketing- process of creating and maintaining customer lists: face-to-face sales, direct mail responses, phone or e-mail purchases, service requests, website visits, or they can be purchased from a third party. Satisfaction surveys, often giving a customer a reward while sharing demographic and purchase information with the company.

Effective Verbal Communication

Tailor to Audience Appropriate tone and intonation Clear and concise phrasing Proper Pacing Use visual aids to supplement message Supporting with research and statistics helps to increase your credibility and chances of effectively communicating. Interpersonal- talking with friends and having a family meeting. Important aspects include what you say and the atmosphere you're in, especially when making a first impression. Public speaking- formal version, speaking to a group of people. The purpose for public speaking can vary from sharing information to persuasion.

Taxes

Taxes are payments you make to the government for services they provide. Based on idea that everyone should contribute fair share, tax laws should be clear/simple, and system should be flexible. Tax dollars spent on public education and libraries, military defense and law enforcement, transportation costs, and fire protection to name a few. Income- percentage of earnings paid to IRS Property- percentage of loan paid to IRS, main source of govt $, value of land Estate/Inheritance- on wealth, post mortem Excise- seller pays percentage of revenue Sales- % of commodity price when buying nonessentials, businesses collect tax and give to govt at set intervals Payroll- withheld by employer Social Security/FICA- benefits after retirement

Ethics in Accounting

The AICPA Code of Professional Co- must keep accurate, honest, and complete record of transactions. Audits carried out by an independent party. Confidentiality must be maintained (clients' personal and company information) Avoid conflicts of interest between employees and customers. Due care. Be educated about insider trading as an unethical practice. Refrain from misrepresenting facts to achieve short-term goals contrary to a business' long-term objectives. Internal auditors review and improve the company's operations. Strict standards to ensure the business sticks to its agreements, designs plans to protect assets, and makes the best use of resources Can't be biased. SEC can punish legally, lose license Integrity, Lost credibility, Competence

Analyze Company Resources to Ascertain Policies and Procedures.

Training information, company manuals, work mentors, and supervisors provide these. Policies identify general rules (pay, days off, promotions/raises). Made in advance by management to assist employees decision making. General and relate to overall vision. Describe whom the rules apply to and why they exist. Procedures provide more detailed step-by-step plans of how to carry out. Identify very specific employee actions like emergency. The more input, the more people will feel "ownership" about the process and adhere to the manual. Company policies should be read thoroughly for complete understanding.

Preparing Taxes

Use a company to do it Gather income statements and receipts Fill out forms