question

Explain types of business ownership. (CS)

answer

Sole Proprietorship - owned/run by one individual who receives all profits and is responsible for loss/debt; limited capital, unlimited liability Partnership - partners agree to cooperate in working toward mutual interests; combined capital, unlimited financial ability Corporation - sells shares in stock market, company is owned by multiple shareholders, allows for limited liability, greater financial power by issuing stock Monopoly - one supplier, no substitute goods or services readily available Private LLC - limited liability, no shares of stock Nonprofit - uses revenue to achieve social goals Franchise - chain of suppliers providing goods/services Cooperative/Joint Venture - run/managed by employees

question

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

answer

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

question

Extract relevant information from written materials. (PQ)

answer

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

question

Apply written directions to achieve tasks. (PQ)

answer

Directions must be followed meticulously to achieve tasks.

question

Analyze company resources to ascertain policies and procedures. (CS)

answer

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

question

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

answer

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

question

Follow oral directions. (PQ)

answer

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

question

Demonstrate active listening skills. (PQ)

answer

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

question

Explain the nature of effective verbal communications. (PQ)

answer

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

question

Ask relevant questions. (PQ)

answer

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

question

Interpret others' nonverbal cues. (PQ)

answer

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

question

Provide legitimate responses to inquiries. (PQ)

answer

Responses to inquires should be direct and assertive, while maintaining professionalism. They should also contain all necessary information.

question

Give verbal directions. (PQ)

answer

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

question

Employ communication styles appropriate to target audience. (CS)

answer

Use humor if appropriate, be dramatic/emotional if necessary, be serious when required, etc.

question

Defend ideas objectively. (CS)

answer

State evidence to back up your claims.

question

Handle telephone calls in a businesslike manner. (CS)

answer

State your contact information, say "How may I help you?", speak as if it were a real business meeting

question

Participate in group discussions. (CS)

answer

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

question

Utilize note-taking strategies. (CS)

answer

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

question

Organize information. (CS)

answer

Use charts and diagrams to organize information in a systematic manner.

question

Select and use appropriate graphic aids. (CS)

answer

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

question

Explain the nature of effective written communications. (CS)

answer

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

question

Select and utilize appropriate formats for professional writing. (CS)

answer

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

question

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

answer

Written work contains professional and advanced vocabulary and slang should not be used.

question

Write professional emails. (CS)

answer

Professional emails should be written similarly to other forms of business communication.

question

Write business letters. (CS)

answer

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

question

Write professional messages.

answer

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

question

Write informational messages. (CS)

answer

Informational messages contain a variety of information that has different levels of importance. It is usually presented in order of importance, so that the reader can clearly understand. Information should be explained throughly.

question

Write inquiries. (CS)

answer

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

question

Describe the impact of a person's social media brand on the achievement of organizational objectives. (CS)

answer

Social media can improve the public image of a person and allow them to connect with customers and advertise/market more effectively.

question

Distinguish between using social media for business and personal purposes.

answer

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

question

Explain the nature of staff communication. (CS)

answer

Types of Staff Communication: Upward - subordinate -> manager (same dept.) Downward - manager -> subordinate (same dept.) Horizontal - same hierarchical level Diagonal - subordinate manager (diff. depts.) Grapevine - circulation of rumors and unofficial info

question

Choose and use appropriate channels for workplace communication. (CS)

answer

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

question

Participate in a staff meeting. (CS)

answer

All employees should participate in the discussion. The purpose of staff meetings is to discuss issues that are of importance to the business, or to solve problems. Therefore, ideas and opinions are valuable. Employees should not comment on ever detail, should explain their ideas adequately, and not cause arguments with those who disagree.

question

Participate in problem-solving groups. (CS)

answer

Problem-solving groups allow each employee to be heard and ensure that their rights are protected.

question

Explain the nature of positive customer relations. (CS)

answer

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

question

Demonstrate a customer-service mindset. (CS)

answer

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

question

Develop rapport with customers. (CS)

answer

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

question

Reinforce service orientation through communication. (CS)

answer

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

question

Respond to customer inquiries. (CS)

answer

Customer inquiries should be responded to with all necessary and relevant information in an assertive and friendly manner. Make sure your response is accurate and clear. If you are not sure, refer to company handbook or upper management.

question

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

answer

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

question

Interpret business policies to customers/clients. (CS)

answer

The business policy should be stated in a colloquial and politically correct manner to those who do not understand it.

question

Handle difficult customers. (CS)

answer

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

question

Handle customer/client complaints. (CS)

answer

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

question

Identify company's brand promise. (CS)

answer

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

question

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

answer

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

question

Distinguish between economic goods and services. (CS)

answer

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

question

Explain the concept of economic resources. (CS)

answer

Economic resources are the factors used in producing goods or providing services. In other words, they are the inputs that are used to create things or help you provide services. Economic resources can be divided into human resources, such as labor and management, and nonhuman resources, such as land, capital goods, financial resources, and technology. Capital Resources - assets, monetary value Human Resources - labor/management Natural Resources - raw materials

question

Describe the concept of economics and economic activities. (CS)

answer

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

question

Determine economic utilities created by business activities. (CS)

answer

Form Utility - configuration of product; Changing raw materials or putting parts together to make them more useful Place Utility - physical location; Having a product where customers can buy it. Time Utility - timing of service; Having a product available at a certain time of year or a convenient time of day. Possession Utility - terms of ownership; The exchange of a product for some monetary value; cash, checks, credit/debit cards, and etc. Information Utility - communication with the consumer; information on websites, emails and etc.

question

Explain the principles of supply and demand. (CS)

answer

Supply - availability of good/service Demand - public desire for good/service Law of Supply - price and supply are positively correlated because it is more profitable and suppliers are more willing to produce/offer good/service Law of Demand - price and supply are negatively correlated because less people are willing to pay for said good/service Elasticity - sensitivity of supply/demand to increasingly subtle changes in price (high elasticity = sensitive to smaller changes in price, no elasticity = no change in supply/demand regardless of price) Market Equilibrium - price at which supply and demand are equal, correlates with equilibrium quantity, assessed by economists in order to avoid shortage or surplus Shortage - price too low, supply less than demand, not enough for every consumer Surplus - price too high, supply higher than demand, capital wasted on resources for things no one wants Factors Affecting Supply: Resource Price - negative correlation Related Product Price - negative correlation Number of Suppliers - positive correlation Technological Advancement - positive correlation Expected Future Prices - positive correlation Factors Affecting Demand: Substitute Price - positive correlation Complement Price - negative correlation Expected Future Prices - positive correlation Income - positive correlation (except for low-value) Population - positive correlation (except for low-value)

question

Describe the functions of prices in markets. (CS)

answer

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

question

Explain the role of business in society.

answer

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

question

Describe types of business activities. (CS)

answer

Operations - includes every activity needed to manufacture a product or provide a service; improving quality/efficiency Marketing - targeting needs and desires of consumers; determines the specifications of products and services, proper pricing, the best distribution channels, and packaging; Finance - When approached carefully, finance activities build a foundation for a company's security, ensuring future operations. Creating budgets, allocating funds throughout the company, determining investments, protecting assets, managing credit and preparing financial reports are other necessary financial activities; balance sheet (assets vs. liabilities) and income statement determine profit vs. loss

question

Explain the types of economic systems. (CS)

answer

Traditional - unregulated perfect competition Command - government monopolies Market - unregulated, various forms of competition Mixed - regulated, various forms of competition

question

Identify the impact of small businesses/entrepreneurship on market economies. (CS)

answer

Market economies are completely unregulated, meaning that there are few barriers to entry and startups can easily make contributions to society and profit.

question

Explain the concept of private enterprise. (CS)

answer

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

question

Identify factors affecting a business's profit. (CS)

answer

Supply/Demand - See PI #74 Competition - See PI #89 Global Environment - See PI #80 Expansion - into new markets (vertical integration) into various brands (horizontal integration)

question

Determine factors affecting business risk. (CS)

answer

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

question

Explain the concept of competition. (CS)

answer

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

question

Determine the relationship between government and business. (CS)

answer

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

question

Explain the concept of productivity. (CS)

answer

Productivity is a quantitative measure of the ratio of outputs to inputs. When productivity is lower than necessary, inflation occurs due to more input (resources) resulting in less output (money), decreasing each individual unit of money's value.

question

Describe the nature of emotional intelligence. (PQ)

answer

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

question

Explain the concept of self-esteem. (PQ)

answer

Self-esteem is a person's overall subjective emotional evaluation of his or her own worth. One can improve his/her self-esteem by assessing their strengths and appreciating them.

question

Recognize personal biases and stereotypes. (PQ)

answer

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

question

Assess personal strengths and weaknesses. (PQ)

answer

Strength - favorable attribute Weakness - inhibiting attribute

question

Identify desirable personality traits important to business. (PQ)

answer

Some desirable personality traits for business include multitasking, strategic thinking, diligence, confidence, decisiveness, leadership, initiative, and team-orientedness.

question

Exhibit self-confidence. (PQ)

answer

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

question

Demonstrate interest and enthusiasm.

answer

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

question

Demonstrate initiative. (PQ)

answer

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

question

Demonstrate responsible behavior. (PQ)

answer

Responsibility can be demonstrated by leaders through taking responsibility for both necessary tasks and faults.

question

Demonstrate honesty and integrity. (PQ)

answer

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

question

Demonstrate ethical work habits. (PQ)

answer

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

question

Take responsibility for decisions and actions. (PQ)

answer

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

question

Manage commitments in a timely manner. (CS)

answer

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

question

Exhibit a positive attitude. (PQ)

answer

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

question

Demonstrate self-control. (PQ)

answer

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

question

Explain the use of feedback for personal growth. (PQ)

answer

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

question

Adjust to change. (PQ)

answer

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

question

Respect the privacy of others. (PQ)

answer

Privacy is an important component of virtue and employees must not violate it by looking through personal communications or eavesdropping on conversation.

question

Show empathy for others. (PQ)

answer

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

question

Maintain the confidentiality of others. (CS)

answer

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

question

Exhibit cultural sensitivity. (CS)

answer

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

question

Explain the nature of effective communications. (PQ)

answer

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

question

Use appropriate assertiveness. (PQ)

answer

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

question

Use conflict-resolution skills. (CS)

answer

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

question

Explain the nature of office politics. (CS)

answer

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

question

Overcome problems and difficulties associated with office politics. (CS)

answer

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

question

Participate as a team member. (CS)

answer

Teamwork includes leadership and collaboration. By providing input to a task and facilitating new initiatives, employees can be better team members.

question

Explain the concept of leadership. (CS)

answer

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

question

Determine personal vision. (CS)

answer

Personal vision can be defined as a future goal that one hopes to attain. It should be SMART - Specific, Measurable, Achievable, Realistic/Relevant, and Time-Bound.

question

Demonstrate adaptability. (CS)

answer

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

question

Develop an achievement orientation. (CS)

answer

Tend to be leaders, set high standards, constantly learning, positive attitude, always performing the correct things while not being supervised.

question

Lead change. (CS)

answer

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

question

Enlist others in working toward a shared vision. (CS)

answer

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

question

Coach others. (CS)

answer

Others may need coaching and leaders should do so by assessing weaknesses, brainstorming solutions, and suggesting them in an assertive manner.

question

Treat others fairly at work. (PQ)

answer

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

question

Foster positive working relationships. (CS)

answer

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

question

Explain forms of financial exchange. (PQ)

answer

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

question

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

answer

Paper Money- Legal and Governmental value. Bank notes- a piece of paper money, constituting a central bank's promissory note to pay a stated sum to the bearer on demand. Treasury Notes- a note issued by the US Treasury for use as currency. Currencies with High Effect on Global Markets: U.S. Dollar EU Euro Chinese Yuan British Pound

question

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

answer

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

question

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

answer

Wage/Salary - periodic payment in exchange for labor Interest - increased payment in exchange for time Transfer Payment - government benefits Wage Garnishment - court-ordered initiative

question

Explain the time value of money. (CS)

answer

The time value of money (TVM) is the idea that money available at the present time is worth more than the same amount in the future due to its potential earning capacity. This core principle of finance holds that, provided money can earn interest, any amount of money is worth more the sooner it is received. The value of money changes over time due to fluctuations in the foreign exchange market and domestic business cycles. Picture this scenario: Given a CPI of 10%, a bank offers you three options: a) Receive $100 now b) Receive $109 in a year c) Receive $120 in two years Which choice yields the greatest return? A. In one year, $100 is worth $110, and in two years, it is worth $121, trumping both of the other choices by a dollar.

question

Explain the purposes and importance of credit. (CS)

answer

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

question

Explain legal responsibilities associated with financial exchanges. (CS)

answer

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

question

Explain the nature of financial needs. (CS)

answer

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

question

Set financial goals. (CS)

answer

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.

question

Develop a personal budget. (CS)

answer

Types of Budgets: Methods of Budgeting:

question

Explain the nature of tax liabilities. (PQ)

answer

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

question

Interpret a pay stub. (PQ)

answer

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.

question

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

answer

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

question

Maintain financial records. (PQ)

answer

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

question

Read and reconcile bank statements. (PQ)

answer

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

question

Demonstrate the wise use of credit. (CS)

answer

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

question

Validate credit history. (CS)

answer

Credit history should be checked frequently to ensure that all existent debts have been paid and that no nonexistent debts have been paid. Individuals often validate their credit history before applying for additional credit to make sure the information is accurate.

question

Protect against identity theft. (CS)

answer

Individuals should avoid sharing personal information such as social security number (SSN) and credit card number to prevent identity theft. Use secure web browsers when purchasing online.

question

Prepare personal income tax forms (i.e., 1040 EZ form) (CS)

answer

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

question

Describe types of financial-services providers. (CS)

answer

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

question

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

answer

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

question

Explain types of investments. (CS)

answer

Mutual Funds - multiple investors pool in money Real Estate - property ownership Stocks - shares of corporations (part ownership) Municipal Bonds - government notes sold for different value Corporate Bonds - company borrows money

question

Describe the concept of insurance. (CS)

answer

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

question

Describe the need for financial information. (CS)

answer

Trends in finance can help businesses make decisions based on funds available and history of profits and losses.

question

Explain the concept of accounting. (CS)

answer

Accounting is the action or process of keeping financial accounts.

question

Explain the role of finance in business. (CS)

answer

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

question

Discuss the nature of human resources management. (CS)

answer

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

question

Orient new employees. (CS)

answer

New employees should know all major company policies, as well as how to dress, act, behave, and perform their duties.

question

Explain marketing and its importance in a global economy. (CS)

answer

Marketing is the concept of promoting a product to an audience with the goal of selling it to consumers. All businesses market their products and attempt to allow it to appeal to a global market in order to increase opportunity for profit.

question

Describe marketing functions and related activities. (CS)

answer

Pricing - setting price Product Management - development to meet needs Distribution - making products available to consumers Financing - budgeting for marketing activities Marketing Information Management - researching trends and info on customers to develop strategies Selling - communicating with customers to determine and satisfy needs Promotion - advertising, personal selling, PR

question

Assess information needs. (CS)

answer

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

question

Obtain needed information efficiently. (CS)

answer

Surveys can be used to obtain information on customer feedback, while federal documents can be a source of demographic data.

question

Evaluate quality and source of information. (CS)

answer

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

question

Apply information to accomplish a task. (CS)

answer

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

question

Store information for future use. (CS)

answer

Information can be stored in electronic spreadsheets and physical documents.

question

Discuss the nature of information management. (CS)

answer

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

question

Identify ways that technology impacts business. (PQ)

answer

Technology can be used to market and sell products as well as improve a company's brand.

question

Explain the role of information systems. (PQ)

answer

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

question

Discuss principles of computer systems. (PQ)

answer

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

question

Use basic operating systems. (PQ)

answer

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

question

Describe the scope of the Internet. (PQ)

answer

The Internet is a large digital platform enabling businesses to market and sell products to a global audience.

question

Demonstrate basic e-mail functions. (PQ)

answer

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

question

Demonstrate personal information management/productivity applications. (PQ)

answer

Productivity applications such as presentation and spreadsheet software allows employees to store, organize, and present information.

question

Demonstrate basic web-search skills. (PQ)

answer

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

question

Demonstrate basic word processing skills. (PQ)

answer

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

question

Demonstrate basic presentation applications. (PQ)

answer

Presentation applications (such as Google Slides) can be used to organize information in a visually appealing format that can then be presented to an audience.

question

Demonstrate basic database applications. (PQ)

answer

Database applications allow companies to store information for future use.

question

Demonstrate basic spreadsheet applications. (PQ)

answer

Spreadsheet applications (such as Google Sheets) can be used to organize information and compile it in charts, graphs, and tables.

question

Use an integrated business software application package. (CS)

answer

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

question

Demonstrate collaborative/groupware applications. (CS)

answer

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

question

Create and post a basic webpage. (CS)

answer

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

question

Discuss the nature of data mining. (CS)

answer

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

question

Explain the nature of operations. (CS)

answer

Operations is the business activity of harvesting value from assets owned by a business. These assets can be tangible or intangible. Operations transform resource or data inputs into desired goods, services, or results, and create and deliver value to the customers. Two or more connected operations constitute a process, and are generally divided into four basic categories: (1) processing, (2) inspection, (3) transport, and (4) storage.

question

Describe health and safety regulations in business. (PQ)

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

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Report noncompliance with business health and safety regulations. (PQ)

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

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

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

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Follow safety precautions. (PQ)

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

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Maintain a safe work environment. (CS)

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

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Explain procedures for handling accidents. (CS)

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

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Handle and report emergency situations. (CS)

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

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Explain routine security precautions. (CS)

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All facilities should be frequently checked to ensure safety protocol is being adhered to. Make sure all doors are lock before leaving if you are the last person.

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Follow established security procedures/policies. (CS)

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

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Protect company information and intangibles. (CS)

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

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

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

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Maintain data security. (CS)

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Data can be secured through encryption software.

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Explain the nature and scope of purchasing. (CS)

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

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Place orders/reorders. (CS)

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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.

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Maintain inventory of supplies. (CS)

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

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Explain the concept of production. (CS)

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Production is the concept of designing, developing and manufacturing a product. It is one of the functions of marketing.

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

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

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Explain the concept of supply chain. (CS)

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Supply chain is the sequence of processes involved in the production and distribution of a commodity. They include the manufacturer, vendor, wholesaler, retailer, and finally the consumer.

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Maintain appropriate personal appearance. (PQ)

answer

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

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Demonstrate systematic behavior. (PQ)

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

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Set personal goals. (CS)

answer

Personal goals include those in fitness, family, social, spiritual, etc. areas

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Adhere to company protocols and policies. (CS)

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

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Follow rules of conduct. (CS)

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Rules of conduct direct appropriate, professional behavior and should be meticulously read and properly understood/followed.

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Follow chain of command. (CS)

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

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Explain the need for innovation skills. (CS)

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

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Make decisions. (CS)

answer

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

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Demonstrate problem-solving skills. (CS)

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Problem-solving skills include taking everyone's standpoints and negotiating a compromise to resolve conflict.

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Assess personal interests and skills needed for success in business. (PQ)

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Personal interests and skills such as socializing, public speaking, and data analysis are key to business.

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Analyze employer expectations in the business environment. (PQ)

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

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Explain the rights of workers. (PQ)

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

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Identify sources of career information. (CS)

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

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Identify tentative occupational interest. (CS)

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

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Explain employment opportunities in business. (CS)

answer

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

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Explain career opportunities in entrepreneurship. (CS)

answer

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

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Utilize job-search strategies. (PQ)

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Jobs can be searched using the Internet or by attending a career fair to network with professionals.

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Complete a job application. (PQ)

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

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Interview for a job. (PQ)

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

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

answer

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

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Write a letter of application. (CS)

answer

Letters of application are requests to apply for a job.

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Prepare a résumé. (CS)

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Résumés should include all prior experience and qualifications that support the candidate.

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Describe techniques for obtaining work experience. (PQ)

answer

Work experience can be obtained through internship or entrepreneurship.

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

answer

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

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Explain possible advancement patterns for jobs. (PQ)

answer

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

question

Explain the concept of management. (CS)

answer

Management is the concept of dealing with or controlling things of people.

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