Matty DECA 2023

Exhibit self-confidence

-demonstrated by how you present yourself + actions.-shown in personal hygiene and dress. I-shown through relationships with others + work habits.

Explain the nature of agency relationships

An area of commercial law dealing with a set of contractural, quasi-contractual, and non contractual fiduciary relationships that involve a person, called the agent, that is authroized to act on behalf o another (called the principal) to create legal relations with a third party

Describe the nature of legal procedure

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

Identify types of currency (paper money, coins, banknotes, government bonds, treasury notes, etc.)

Currency is a system of money in general use in a particular country.paper money- paper currency that is circulated for transaction-related purposes of goods and servicescoins-the metallic currency that forms part of a country's money supply.banknotes-a piece of paper money, constituting a central bank's promissory note to pay a stated sum to the bearer on demand.government bonds-a bond issued by a national government, generally with a promise to pay periodic interest payments and to repay the face value on the maturity date.treasury bonds- a government bond issued by the US Treasury.

Explain cultural considerations that impact global business relations

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

Make responsible financial decisions

(financial needs and wants)

Prepare bank account documents (e.g., checks, deposit/withdrawal slips, endorsements, etc.)

- A checkbook register is a booklet that you fill out for all deposits and withdrawals from your checking account.- Writing a check involves writing the 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 you are cashing or 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 your name and account number, along with the amount of the deposit. Also, be sure to record the amount of the deposit into your checkbook register.

Develop personal budget

- A personal budget is a plan for saving and spending your money based on your income and expenses.- Start your budget by defining your needs and your goals. Next you will need to prioritize your goals, arranging the items in order of importance. Then you must estimate your income and your expenses. Estimate your expenses in two categories—fixed and variable. Fixed expenses are usually the same amount each time you pay them. Variable expenses are those that vary each month.- It is important to be honest and realistic when creating your budget, even if it means revising some things. Also, check your progress and review your spending.

Demonstrate the wise use of credit

- build a positive credit history- set budget limits before you buy- always pay off your balance in full each month to incur no interest- never use minimum payments, they will be more in the long run

Respond to customer inquiries

-Acknowledge what the customer has said.-Demonstrate your willingness to help the customer.-Include a question or phrase that will encourage the customer to give you more information that will help you identify their needs.-Demonstrate that you have knowledge about the product they're interested in.-Be warm and friendly, so the customer feels comfortable talking to you.

Explain types of business ownership

1. Sole proprietorship - business owned and operated by 1 person. Owner is responsible for all operations and assumes all risk (unlimited liability). Borrowing money from banks can be hard because they normally require collateral. Owner makes all decisions and keeps all profits. Easy to start or close. 2. Partnership - A form of business in which two or more people own and operate. Share responsibilities but unlimited personal liability for partners. 3. Corporation - Legal entity that exists independently of its owners (shareholders). Same right and obligations as natural person. Elect board of directors, offers, and then managers to run the company. Can either be public, private, crown, or non-profit. Limited liability, shareholders do not operate the company, raise funds easier, lower tax rate. More complicated structures, value changes upon stock market. 4. Co-operatives - Owned and operated by a group of people with strong common interest. Start up funds shared among members, members own and control business decisions, profits divided by amount of business person does with coop. Limited risk, everyone gets 1 vote, everyone has same control despite how much money is invested but commitment can vary. Decision making becomes harder as more people join. 5. Franchise - Already established, rights to use the business name and sell product. Can get support, agreement in contract, provides packaging, lack of freedom, costs a lot, lack of control

Recognize and overcome personal biases and stereotypes (

A stereotype is an oversimplified distorted belief about a person or a group. It is important to recognize personal biases or stereotypes so that we may correct them. When you learn about others you become more tolerant and understanding.

Explain the concept of economic resources

A resource is any item that can be used to produce goods and services. Natural resources include anything that comes from nature. Human resources are people, the work they do, and the skills they possess. Capital resources include materials used in the production of goods and services. All of these economic resources are limited. The basic economic problem is how to meet unlimited wants with limited resources. This gap is a condition called scarcity.

Demonstrate a customer service mindset

A service mindset is an outlook that focuses on creating customer value, loyalty, and trust. To do this, a business has to care about the customer or prospect experience and work continuously at enhancing it. Listen carefully to the customer and acknowledge that you are there to help.

Describe the nature of legally binding contracts

A contract is a voluntary, deliberate and legally binding agreement between 2+ competent parties. Contracts are usually written but may be spoken or implied and generally have to do with sale, lease, employment, or tenancy

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

A country's economic development impacts both their ability to export and their desire to import.In general, the more advanced an economy is, the more it will be able to export; for example, the U.S. exports more than Sudan (though geography plays a role). However, the more interesting impact is on a country's imports.In general, a good can be normal or inferior. Demand for a normal good increases with income. As you get richer, you want more of a normal good. However, demand for an inferior good decreases with income. As you get richer, you want less of an inferior good.As a country's income grows, they'll want to import more normal goods (e.g. European chocolate). By contrast, developing countries will demand comparatively more inferior goods (e.g. many poorer countries have a high demand for coal instead of cleaner, yet more expensive, sources of energy).Obviously, more advanced economies will demand more goods, but keep in mind the types of goods they demand.

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

A country's history can play a notable role in either encouraging or restraining trade.For example, countries with historically closed, or partially closed, economies might find it difficult to garner support for trade.More prominently, industries that have been historically powerful may exert influence on policymakers to negotiate favorable trade deals. For example, in the United States, the coal industry gains significant attention, though the industry only employs 75K people, much less than theme parks or museums. However, the coal industry's long-held power allows it to exert disproportionate impact in politics and on lobbying.Likewise, such powerful industries can influence politicians to restrict imports, which will benefit their industry domestically.

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

A financial exchange is an act of transferring one's money from one entity to another.cash-money in coins or notes, as distinct from checks, money orders, or creditcredit-an arrangement to receive cash, goods, or services now and pay for them in the future.debit-a sum deducted from a bank account.electronic funds transfer-exchange of money by sending bank records via a computer network

Explain the concept of organized labor and business

A labor union is a group of workers who have joined together for the common purpose of improving the terms and conditions under which they work. Unions are formed to obtain higher wages, better benefits, and improved working conditions. When laborers organize, they are able to increase their bargaining power with business management.Two main types of unions exist today—industrial unions, made up of workers employed in the same industry, and craft/trade unions, which are groups of workers with similar skills. The AFL-CIO is the federation for nearly all labor unions, although some very large unions are independent of the federation.Labor union contracts are created through a negotiation process called collective bargaining, involving union officials and company representatives. If an agreement cannot be reached, pressure strategies may be imposed by either side, including strikes, picketing, and boycotts by union members or lockouts, injunctions, and strikebreakers by management.Several advantages and disadvantages exist for both sides in organized labor. Workers gain individual dignity, fair treatment, protection, and fringe benefits. However, they must pay union dues, support union decisions, and face hardships during strikes. Businesses benefit by having security regarding wages, benefits, and working conditions as well as having the union assist in recruiting and training employees. Businesses, though, face increased costs in wages and benefits, have limited control in personnel matters, and loss of production in the event of a strike.

Discuss the nature of environmental law

A legal forum for environmental and natural resources

Interpret a pay stub

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

Identify the basic torts relating to business enterprises

A tort is a wrongful act, whether intentional or not, that results in injury to another party. Torts include assault, battery, fraud, slander, false imprisonment, and trespassing to private property. Business torts are civil wrongs committed by or against an organization. These involve harm done to a businesses intangible assets, such as IP or relationships with clients. Another type of tort is a breach of fiduciary duty. A fiduciary is a party who is charged with acting in the best interest of any party. If a fiduciary to a adversely to other party best interest, a tort has occurred. Businesses that commit torts can be taken to court and be sued.

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

At some point, your job may require that you travel to another country. With an increase in globalization and trade, becoming a "world traveler" is becoming more necessary.DefinitionsBelow are definitions for the key words mentioned in this KPI:Passport - A passport is an official document issued by a government which certifies the holder's identity and citizenship. This document entitles them to travel to and from foreign countries.Book - A passport book may be used for all international travel by air, sea, or land.Card - A passport card may be used to enter the United States at land border crossings and sea ports from: Canada, Mexico, the Caribbean, and Bermuda.Visa - A visa is a endorsement, or additional verification, within a person's passport indicating the holder is allowed to enter, leave, or stay for a period of time in a foreign country.Vaccination - An injection intended to produce immunity in the body against a specific organism (such as bacteria, sickness, and disease).Proof of Citizenship - When applying for a U.S.Passport (and many other travel documents) you will need to provide proof of citizenship. After that, your passport my act as one form of proof of citizenship.Proof of citizenship may include: a valid passport, U.S. birth-certificate, certificate of citizenship, etc.Sponsorship for Employment - Employment Visas allow a foreign national to work in the U.S. for a period of time. This usually involves sponsorship for employment visa status by the U.S. employer

Adapt communication to the cultural and social differences among clients

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

Discuss the impact of bribery and foreign monetary payments on business

Bribery creates winners and losers.A company that offers bribes typically receives unfair advantages (though they risk legal action and reputational backlash), such as lack of regulation or being exempt from legislation. By definition, this negatively impacts businesses not part of the bribe.Foreign bribes are oftentimes highly prevalent in countries with faulty legal systems, which don't have systems in place to monitor and detect bribery.

Explain the nature of business ethics

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

Determine the relationship between government and business

Business influences the government by:~political decision makers~(Choosing whether or not they will back certain politicians, and therefore, certain ideas- Forming trade unions- By making political action committees- Effect government policies with their large investments)Governments influence businesses by: Making laws and regulations that determine what can be sold, who can buy it, etc.- Having government agencies that help workers, small businesses, and people who are trying to get jobs.

Explain the role of ethics in customer relationship management

Businesses have a responsibility to the consumers to behave ethically, judging what is the right and wrong thing to do.In customer relations, the primary concern in behaving ethically is to maintain the confidentiality of the customer's informationThe company has a moral obligation to safeguard personal information collected from the customer and are legally culpable if the information is mishandled or not properly protected

Discuss the measure of consumer spending as an economic indicator (

Consumer spending is also called consumption, and it includes all spending by households on durable goods, nondurable goods, and services. Consumer spending is one variable used to calculate Gross Domestic Product, along with investment, government spending, and net exports. The amount of money actually available for consumer spending is called disposable personal income. Consumer spending, then, is one measure of the overall health of an economy.

Explain the purposes and importance of credit

Credit enables businesses or individuals to obtain products or money in exchange for a promise to pay later. Businesses use credit to buy materials and supplies from other businesses. Credit makes it possible for millions of people and companies to purchase goods and services who otherwise would not have the means to do so. By extending credit, businesses provide a purchasing incentive to customers, thus enhancing their sales revenue and supporting the overall economy.

Validate credit history

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

Discuss the nature of debtor-creditor relationship

Creditor: to who the money is owed, debtor: who owes the money to the creditor. Can be voluntary or involuntary

Discuss the nature of customer relationship management

Customer relationship management involves finding customers and keeping them satisfied through a variety of means. It is useful for developing and maintaining customer relationships. The sharing of customer information among businesses has led to privacy issues. The government has regulations protecting the privacy of consumers, including offering customers the option of being added to mailing lists.

Discuss the United States judicial system

Decides the constitutionality of federal laws and resolves other disputes about federal law. Three main levels: district courts, circuit courts, and supreme courts. Made up of courts. The judicial branch interprets the law.

Describe legal issues affecting businesses

Disgruntled employees, discrimination/harassment cases, harassment, immigration audits, copyright and patent issues

Explain the impact of geography on world trade (

Due to advances in transportation, countries can (mostly) trade with any other country they choose; however, proximity plays a role. For example, after China, the United State's top trading partners are Canada and Mexico.Being landlocked also impacts trade, as 90% of the world's trade is carried by sea. Therefore, countries without access to a major waterway will be adversely impacted.Likewise, a country's closeness to foreign metro areas can also play a role. For example, many major cities in Europe are close together, increasing the demand for, say, German goods in France. However, if Germany were 1,000 miles further away, that demand would likely be lower.

Describe the concept of economic activities

Economic activities include: manufacturing, buying, selling, transporting and investing. The resources of a nation will help determine which economic activities should be pursued.

Describe the concept of economics

Economics deals with the production, distribution and consumption of goods and services. Specifically, economic systems deal with the way a country provides for the needs and wants of its citizens. Economic systems help countries to make decisions about how to use its resources.

Interpret business policies to customers/clients

Educate Employees:Explain to employees, particularly those that deal directly with your customers, why certain policies are in place. This allows them to respond in a way other than simply saying, "Sorry, that's company policy."Use Simple Language:Help employees learn how to explain the corporate policy to customers without talking down to them, yet not overwhelming them with industry jargon or unimportant details.Listen:Often, customers want the opportunity to speak or tell their side of the story, so direct employees to listen just as much as they talk. Sympathizing with a customer, particularly when it's a frustrating situation, can help ease tension. Allow employees to say things like, "I'm sorry for the inconvenience," or, "I know this must be frustrating for you."Explain:Answer customer questions as directly as possible to ensure them that your rules and policies are not arbitrary, but serve a specific purpose.Guidelines for interpreting business policies to customers:State the policy and explain how it applies to the situation, stress the desire to maintain fairness through the use of the policy, Remain calm, and answer any questions on store policy

Describe the impact of electronic communication tools (e.g., Internet, video- and computerconferencing, webcasts, email) on global business activities

Electronic communication tools have completely altered how business is conducted.For one, such tools have enabled telecommuting, allowing people to work from different parts of the country or world. This flexibility can help attract and retain talent.Additionally, advances in communication have facilitated more effective and varied B2B and B2C communications, resulting in more collaboration among business partners and marketing opportunities.In both contexts, companies use a variety of digital and social media properties to communicate with customers for both attraction (advertising and PR) and retention purposes (training).

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

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

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

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

Set financial goals

Financial goals involve setting a budget of money that is to be used for purchase, money to be invested in stocks/bonds, and money to be saved in raw form for future use.The importance of setting financial goals is to be able to recognize your financial needs and figuring out the steps to take them.Might include:- retirement savings- covering college for family- better standard of living- peace of mind

Handle difficult customers

Get control of yourself:Never argue with customers when they are angry, displeased or complaining.Listen and let the customer vent:Tune in to the customer; don't look for the nearest exit. The customer wants to be listened to, acknowledged and understood. Use body language to communicate that you're listening.Show the customer you care:Show concern for the customer's feelings. Maintain a concerned, sincere and interested facial expression. Your voice, as well as your body language and expression, communicate your attitude.Don't blame the customer or the company:When explaining your store's policy or trying to clarify what went wrong, use either the indirect approach ("There are a few questions before I can give you a refund") or "I" statements ("I need additional information") as much as possible.Try to solve the problem, or get someone who can:Even if solving the customer's problem isn't among your job duties, never say this to the customer. Get all the facts you can, and then tell the customer how you can help.Finally, don't make promises you can't keep:Get help from someone who knows more, is calmer, or has more power and authority.

Explain the nature of global trade

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

Discuss the impact of globalization on business

Globalization impacts businesses buy providing new ideas that come from around the world.

Identify sources that provide relevant, valid written material

Government publications, reputable news outlets, textbook, and professional research paper

Describe the impact of the political environment on world trade

Governments are responsible for negotiating and agreeing to free trade agreements.Therefore, the political climate can have a vast impact on a country's trade policy.In general, trade agreements seek to reduce or remove barriers to trade across borders, often through reducing tariffs (taxes on imports).Comparative AdvantageProponents of trade point to the concept of comparative advantage, the idea that a country can produce particular products more efficiently than another country.For example, Saudi Arabia is really good at producing oil. It makes perfect sense for Saudi Arabia to produce more oil than what it needs and to export the rest to other countries.Likewise, Chile is really good at producing copper, but not oil. Chile would be best served by playing to their strengths, producing lots of copper to use and export, and simply buying oil from Saudi Arabia.If they aren't suited to produce oil, why make the effort when Saudi Arabia is willing to sell their extra oil?This is the beauty of free trade - countries can allocate their resources more efficiently by specializing and trading for what they lack.Opponents of TradeOpponents of trade often argue the following: "Our country can produce cars, so why should we import them from other countries? By producing more cars in our country, we can support more jobs, even if it raises prices, right?"Job creation is always a major focus of political campaigns, and some politicians might promise to implement trade policies that reduce exports in favor of producing more goods domestically.Conversely, trade-friendly politicians who embrace globalization might seek to expand trade.SummaryAs you can see, politics can heavily impact a country's trade alliances, imports, and exports. This is an important factor to consider when discussing global economics and world trade!

Discuss the impact of a nation's unemployment rates (

Having to many unemployed people means more government subsidy reliance.

Determine factors affecting business risk

Human Risk: possibility of loss caused by humansEconomic Risk: unfavorable market conditionsNatural Risk: natural disasters

Describe method used to protect intellectual property

IP is a proprietary work/invention of an owner. Owners of IP file through the US patent and trademark office to protect proprietorship of their work. When challenged in court, owners of IP must defend the validity of their ownership. US Patent and trademark office legal documents include: 1. Patent - government license giving right to exclude others from making, using, or selling an invention for a limited time 2. Trademark - symbol or words legally registered as representing a company or product 3. Copyright - exclusive right to print, publish, film, and perform media and authorize others to do the same

Explain the principles of supply and demand

In a market-oriented economy like in the United States, supply and demand determine the prices and quantities of goods and services produced. Supply is the amount of goods and services producers are willing to make and sell. Demand is the willingness and ability of consumers to buy goods and services. Supply and demand interact in the marketplace resulting in a state of equilibrium, surplus, or shortage.The law of supply states that price and quantity supplied move in the same direction (a direct relationship). Thus, as price increases, the amount of goods and services supplied increases. Conversely, the law of demand states that as price increases, the amount desired by consumers will decrease (an inverse relationship). When the amount of a product/service being supplied equals the amount being demanded, equilibrium exists in the marketplace at that price. If, however, there is more supply than demand for a product a surplus exists, potentially leading to lower prices. A shortage exists when demand exceeds supply, a condition that can lead to rising prices.

Explain the impact of major trade alliances on business activities

In general, trade alliances set the terms of trade between two countries.As a simple example, the United States might sign a trade agreement with Mexico that allows the U.S. to export airplane parts with low tariffs and enables Mexico to export computers with low tariffs.To note, a tariff is a tax on an import.Trade alliances have a major impact on businesses, as they are the ones actually producing and selling products. They are the ones who stand to make a profit or a loss. The structure of trade deals can majorly impact business.Considering the above example, that trade agreement would be good for US manufacturers of airplane parts but maybe not so great for manufacturers of computers. On the whole, this agreement may be good for the U.S. if they have several airplane part manufacturers but few computer makers.Because of the major impact of trade alliances, many companies hire lobbyists to influence trade legislation that will benefit their industry

Discuss the impact of cultural and social environments on global trade

In international business, understanding the cultural and social environments of other countries is essential.Some companies will need to adjust their product to work in another country. In fact, a company's marketing mix will likely be completely different for a foreign company.Understanding the traditions, preferences, interests, and technology of another country can help a business to tailor their marketing efforts in foreign markets.

Comply with the spirit and intent of laws and regulations

Law is a body of rules prescribed by a controlling authority with binding legal force. Law consists of rules and regulate the conduct of individuals, businesses, and other organizations within societies. The law is intended to protect people against unwanted interference from others. In the US, there are 4 main sources of law and regulations.

Describe the economic impact of inflation on business

Inflation refers to rising prices; it is an indicator of the stability of an economy. A low level of inflation (between 1 and 5 percent per year) is considered good because it indicates a stable economy. Higher levels of inflation are harmful to businesses. Rising prices cause consumers to spend less, slowing the overall economy. Inflation also leads to higher wages. A high level of inflation may cause wages to increase beyond what businesses can afford to pay, which can lead to layoffs and downsizing. Interest rates rise in periods of inflation. Rising interest rates mean that borrowing money becomes more expensive. Businesses are, thus, less likely to borrow money to expand their operations. With inflation, the value of a dollar decreases so businesses and individuals cannot buy as much with the same dollar as they could before.Inflation can be helpful to individuals and businesses who are borrowers. Those who borrow at a fixed rate of interest can repay the debt with dollars that are worth less, which makes their repayments smaller than they would have been without inflation.

Describe factors that affect the business environment

Internal Factors: Core Competencies - strengths/weaknessesGoals/Objectives - envisioned accomplishmentsValues/Philosophy - beliefs on how to do businessExternal Factors:Macro Trends - various environmental, geopolitical, and social trendsEconomic Dynamics - changes in economic principles of industryCompetition

Explain the concept of competition

It's the various types of stores providing similar goods or services. It gives consumers a choice on which one they prefer depending on the quality and price.

Explain legal responsibilities associated with financial exchanges (

Legally speaking, a sale is a contract in which ownership of goods transfers immediately from the seller to the buyer for a price. If the transfer of ownership will take place at a future date, it is called a contract to sell, rather than a sale.Payment occurs when the buyer delivers the agreed price and the seller accepts it. The receipt of goods is when the buyer takes physical possession of the goods. A court may find that a contract is unconscionable, or grossly unfair to one party or another. In such a case, the contract may be voided or limited.

Determine personal net worth

List your assets (what you own), estimate the value of each, and add up the total.List your liabilities (what you owe) and add up the outstanding balances. ...Subtract your liabilities from your assets to determine your personal net worth.It is important to have a high net worth to make sure one's financial bases are covered and one's financial goals stay within reach.

Explain how organizations adapt to today's markets.

Organizations have market-research specialists and economic analysts to analyze trends in the ever-changing market and make recommendations to the marketing and finance teams based on their findings.

Describe functions of money (medium of exchange, unit of measure, store of value)

Money's most important function is as a medium of exchange to facilitate transactions.Unit of measure- Money also functions as a unit of account, providing a common measure of the value of goods and services being exchanged. Knowing the value or price of a good, in terms of money, enables both the supplier and the purchaser of the good to make decisions about how much of the good to supply and how much of the good to purchase.Store of value- In order to be a medium of exchange, money must hold its value over time; that is, it must be a store of value. If money could not be stored for some period of time and still remain valuable in exchange, it would not solve the double coincidence of wants problem and therefore would not be adopted as a medium of exchange.

Explain the organizational design of businesses

Organizational design is a step-by-step methodology which identifies dysfunctional aspects of workflow, procedures, structures, and systems realigns them to fit current business realities/goals and then develops plans to implement the new changes.

Maintain financial records

Organizing your financial records helps you plan and measure your financial progress, handle routine money matters, determine the money you have now and will have in the future, and make effective decisions about saving and investing. Documents to manage include bank statements, paystubs, ownership certificates, tax forms, etc.Records may be maintained in a file cabinet, a safe-deposit box, and/or on a computer. File cabinets are useful for maintaining printed documents and records, and should be organized by type with labeled folders. Items that are difficult to replace, such as car titles and birth certificates, should be kept in a safe-deposit box. These can be rented at a bank. Alternatively, you may choose to purchase an in home fire safe for such documents. Computer programs are an excellent way to create and manage a personal budget, pay bills online, or generate financial documents that can be stored electronically.

Describe the functions of prices in markets

Price is the value in money placed on a good or service. One function of price is that it can affect the value that a customer places on an item. Price helps establish a company's or product's image—many customers use price as a gauge to make judgments about products and companies. Another function of price is that it can give a competitive edge. Thirdly, the price of an item is part of the business' end goal of making a profit.

Analyze impact of specialization/division of labor on productivity

Productivity is the measure of worker output over a given period of time. Specialization and division of labor are important elements to increasing productivity. The theory behind this is that work can be completed faster and more efficiently when workers specialize in a certain area of production. An assembly line is an example of specialization and division of labor.Automation is the use of machines to do the work of people. It can cut production time, reduce errors, and simplify procedures, leading to greater overall productivity of the business.

Explain the concept of productivity

Productivity=the output of work, per worker, often measured per hour. When labor exceeds a certain percent of sales, layoffs or simply sending someone home early can be necessary to keep expenses downed productivity in line with company expectations. Training can enable employees to work quicker and smarter in less time.

Describe the nature of customs regulations

Protect the countrys economy, people, and environment. Monitor the flow of goods across international boarders.

Develop rapport with customer

Rapport is all about highlighting common interests and establishing a mutual feeling of friendliness. To do this you can match your customer's style, build trust (keep promises), and treat customers as valued members of your professional circle.

Explain the nature of import/export law

Regulations govern what can and cannot be brought in and out of the country

Explain the need to save and invest

Saving:-helps create wealth needed to achieve financial goals- protect business from emergency-reduce need for debt- provide long-term stabilityInvesting:-helps one achieve financial needs/goals (saving up for retirement)- investing will help build wealth over time-helps you stay in front of inflation-can help you save on taxes

Explain the concept of self-esteem

Self esteem is the way you perceive your worth or value as a person. It is an important interpersonal skill that allows you to believe in yourself and helps you relate positively to others. You can demonstrate positive self esteem by treating others with respect and friendliness, dressing appropriately on the job, and behaving in a confident yet courteous manner.

Reinforce service orientation through communication

Service orientation refers to a focus on service. In communication, service orientation can be maintained by demonstrating an emphasis on customer service in all communication. Similar to handling difficult customers, communication with a service orientation should demonstrate empathy and a focus on finding solutions that will satisfy the needs of the customerStaff to be trained in proper customer service techniques, including greeting customers, asking to assist them, wishing them a good day when leaving, etc.training to include role plays of customer service situationsthanking customer to be part of role plays concluding transactions at the cashemployees must make it clear to customers that we want to help them; the whole experience in our store must be positiveopen communication from the customer - employees - management (full circle)customers can be given the opportunity to fill out comment cards/online surveys, perhaps with a chance to win something/discountsemployees also be given chance to fill out feedback forms, surveys, suggestions

Explain the concept of Gross Domestic Product (GDP)

The monetary value of all the finished goods and services produced within a country's borders in a specific time period

Discuss the global environment in which businesses operate (

Social Forces - approval of brand among societyTechnological Forces - adaptation to new technologiesEconomical Forces - business cyclesGeopolitical Forces - legislation, international relations

Describe types of business models

Subscription, franchise, freemium, direct

Identify factors affecting a business's profit

Supply/Demand, Competition, Global Environment, Expansion into new markets (vertical integration) and into various brands (horizontal integration)

Describe the nature of taxes

Tax policy is regulated by the Internal Revenue Service (IRS) government agency. The funds are used to improve public services such as transportation, education, and infrastructure. Donations are often tax-deductible. (income tax, payroll tax, sales tax, property tax)

Explain the nature of tax liabilities

Taxes are payments you make to the government for services they provide. 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. The types of taxes include income, Social Security, sales, wealth and property taxes, as well as user fees. One can use several strategies to reduce tax liability. First, it is important to understand the current tax laws and how they affect you and your financial goals. Second, maintain complete and accurate tax records. Finally, learn and understand the types of taxes and how to make sound financial decisions, keeping taxes in mind.

Discuss the role of administrative law

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

Explain the impact of the law of diminishing returns

The change in total product output that results from hiring one more 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. In other words, utilizing too many workers may actually cause production to decrease.

Identify company brand promise

The statement made to customers to identify what they should expect out of a product/service. Associated with a slogan, logo, and company name. ADVERTISEMENT

Discuss the nature of law and sources of law in the US

The system of rules that a particular country or community recognizes as regulating the actions of its members and may enforce by the imposition of penalties. the sources of law in the US are constitutions, statutes, regulations, and case law.

Explain the time value of money

The time value of money is the increase of an amount of money due to interest earned over time or dividends paid. It is the idea that money invested now is worth later because you would earn interest or dividends on it. Interest is money you earn over time as a percentage of the principal or the original amount of money on deposit.

Describe types of business activities.

There are six general business activities. Generating ideas is an important activity in that businesses must remain competitive with other firms. Businesses also need to raise capital to finance their operations. Another important business activity is employing and training human resources. Businesses buy and sell goods and services. Marketing is a group of activities that provide and distribute the goods and services wanted and needed by a business' customers. Another activity is that businesses must maintain records to track performance and make decisions.

Identify the impact of small business/entrepreneurship on market economies

They create job opportunities and new wealth within the economy

Read and reconcile bank statements

This is the process of documenting and proving that your bank's account balance is accurate. Go over your deposits, withdrawals, and savings in order to make sure the numbers add up. If you have a deposit that the bank has not recorded yet, list this deposit as a reconciling item that should be added to your bank account's ending cash amount.

Determine economic utilities created by business activities.

Utility refers to the added value of a product. There are five types of utility.Form Utility: This type of utility involves using raw materials to make a finished product.Place Utility: This type of utility involves having the product where the customer wishes to buy the product.Time Utility: This type of utility involves having the product available when the customer wishes to buy the product.Possession Utility: The exchange of a product for money is known as possessionutility.Information Utility: Information utility involves communicating with thecustomer.

Calculate the cost of credit

To minimize the cost of credit:- pay off your monthly charges in full to not incur any interest- have a high credit card score to qualify for the best credit card fees and loans- choose a card with a good plan, interest rate, low annual fee, and promotional offers

Explain the types of economic systems

Traditional: unregulated perfect competition Command: gov. in charge minimal competitionMarket: unregulated, various forms of competition Mixed: regulated, various forms of competition

handle customer/client complaints

When a customer first makes a complaint, take a step backGive the customer your full attention and listen to the whole problem before respondingTreat them as an important individual by listening to their problem in full.Try to understand:In the face of a complaint, it's easy to be defensive - particularly if you don't believe you're at fault. However, you have to put yourself in the customer's shoes. If you were on the receiving end of their experience, would you personally be satisfied?Always use your initiative when dealing with complaints:If the blame lies with one particular member of staff, it is often best to remove the customer from their presence. This can defuse tension and emotion, and help the customer to re-evaluate their anger.However, never pass the customer around from person to person:Each complaint should ideally be handled by one staff member. Therefore, you should always ensure that the person assigned to the case has the authority to deal with the situation.

Assess personal strengths and weaknesses

When assessing your strengths and weaknesses, many areas can be explored. Interpersonal skills that can be assessed include self esteem, attitude, initiative, self control, creativity, flexibility, stress management, and time management skills. You will also want to assess more concrete skills and abilities. These are things that you will be asked to do in the workplace, such as selling a product or organizing an activity. Complete a self-assessment by asking yourself if you have these types of skills and taking inventory of your workplace values and needs. Determine what skills you are lacking and where you can make improvements. Develop your skills and abilities by reading, observing, and working in a real-world situation.

Assess personal behavior and values

assessed include self esteem, attitude, initiative, self control,creativity, flexibility, stress management, and time management skills.-more concrete skills and abilities include things that you will be asked to do in the workplace,such as selling a product or organizing an activity.-Complete a self-assessment by asking yourself if you have these types of skills and takinginventory of your workplace values and needs.-Determine what skills you are lacking and where you can make improvements.-Develop your skills and abilities by reading, observing, and working in a real-world situation.

Explain the concept of private enterprise

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

Determine the impact of business cycles on business activities

is the downward and upward movement of levels of gross domestic product (GDP) and refers to the period of expansions and contractions in the level of economic activities (business fluctuations) around its long-term growth trend.

Identify desirable personality traits important to business

self esteem, attitude, initiative, self control,creativity, flexibility, stress management, time management skills-more concrete skills and abilities include things that you will be asked to do in the workplace,-self-assessment by asking yourself if you have these types of skills, inventory of your workplace values and needs-Determine skills lacking and improvements-Develop skills by reading, observing, working in a real-world situation.

Describe sources of income (wages/salaries, interest, rent, dividends, transfer payments, etc.)

where the money is coming fromwages/salaries- a fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker. (salary- often expressed as an annual sum)interest-payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sumrent- pay someone for the use of (something, typically property, land, or a car).dividends- a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).transfer payment- a payment made or income received in which no goods or services are being paid for, such as a benefit payment or subsidy.