Business Education

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Studying for FTCE: Business Education

COBOL

Programming language that was developed for coding business data. It is the oldest programming language.

BASIC

a popular programming language that is relatively easy to learn

BASIC =

Beginner's All-purpose Symbolic Instruction Code

COBOL =

Common Business Oriented Language

FORTRAN

a high-level programing language for mathematical and scientific purposes.

JAVA

a simple platform-independent object-oriented programming language used for writing applets that are downloaded from the World Wide Web by a client and run on the client's machine

AAUW =

American Association of University Women

FORTRAN =

Formula Translation

AAUW

a nationwide network that works for the advancement of equity for women and girls through advocacy, education, philanthropy, and research.

EEOC =

The US Equal Employment Opportunity Commission.

EEOC

enforces federal laws that make it ilegal to discriminate against a job applicant or an employee because of the persons reace, color, religion, sex (including pregnancy), national origin, ago, disability or genetic information.

NBEA (stands for...)

National Business Education Association

NBEA

Professional organization devoted exclusively to serving individuals and groups engaged in instruction, administration, research, and dissemination of information for and about business.

OSHA =

Occupational Safety and Health Administration

OSHA

An organization intended to assure safe and healthful working conditions for working men and women by setting and enforcing standards and providing training, outreach, education and assistance.

balancing

verifying all the transactions on your account to make certain your records match the bank.

financial statement

A written report of the financial condition of a firm. Includes balance sheet, income statement, statement of changes in net worth and statement of cash flow.

income statement

a financial document that shows how much money (revenues) came in and how much money (expenses) was paid out

sales

the gross revenue generated from the sale of something less returns (cancellations) and allowances (reduction in price for discounts taken by customers).

gross profit

the amount of direct profit associated with the actual manufacturing of the item sold. Calculated as sales less the cost of goods sold.

fixed assets

Longterm or relatively permanent tangible assets such as equipment, machinery, and buildings that are used in the normal business operations and that depreciate over time.

owner's equity

amount of money that owners would receive if they sold all of a firm's assets and paid all of its liabilities

footing

The total of the debit column or credit column of an account.

journalizing

The process of recording business transactions in a journal. Generally includes date, ledger account to be debited and amount, ledger account to be credited and amount, description and cross-reference to the general ledger.

posting

Process of transferring debit and credit amounts from journals to the ledgers

ledger

a specialized accounting book or computer program in which information from accounting journals is accumulated into specific categories and posted so that managers can find all the information about one account in the same place

corporation

business owned by many investors who buy shares of stock and risk only the amount of their investment. An organization with the legal rights of a person and which many persons may own.

mutual agency

Right of all partners in a partnership to act as agents for the normal business operations of the partnership, and their responsibility for their partners business related (but not personal) actions.

partnership

Business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement.

sole proprietorship

a business owned and operated by a single person. One individual acquires all the benefits and risks of running an enterprise.

BPA =

Business Professionals of America

BPA

the leading career technical student organization for students pursuing careers in business management, office administration, information technology and other related career fields.

FBLA =

Future Business Leaders of America

FBLA

A non-profit education association for students preparing for careers in business and business-related fields.

SIEC/ISBE =

La Societe Internationale pour l'Enseignement Commercial/ The International Society for Business Education

ISBE

A professional organization promoting education about business for students at all levels of the educational spectrum. Provide a network to promote international business education.

FBTEA =

Florida Business Technology Education Association

FACTE =

Florida Association for Career and Technical Educators

ACTE =

Association for Career and Technical Education

ACTE

national education association dedicated to the advancement of education that prepares youth and adults for careers.

trade bloc

A group of countries that work together to promote trade with one another.

NAFTA =

North American Free Trade Agreement

NAFTA

an agreement to remove most barriers to trade and investment among the United States, Canada, and Mexico.

free trade

international trade free of government interference

trade barrier

a block in international trade put in place by the government

wage rate

This is the compensation workers receive in exchange for their labor per unit time - the price of labor. Usually calculated as dollars paid times hours worked. Prevailing pay scale for work performed in an occupation.

enclosure notation

a special notation at the end of a letter that indicates that an item(s) is included with the letter, usually the word Enclosure.

reference initials

initials of the person that typed the letter or memo if different from the writer; initials should be double-spaced after the body and typed in lowercase

signature line

the signature of the originator of the message that is signed between the complimentary close and the writer's name

Smith Hugh Act

National Vocational Education Act of 1917 was an act of the United States Congress that promoted vocational agriculture to train people "who have entered upon or who are preparing to enter upon the work of the farm," and provided federal funds for this purpose.

George-Deen Act

In 1936, the United States government instituted this vocational law. It provided federal funds to states to improve vocational education in public schools and colleges. This law extended funding to workers in "distributive" occupations.

George-Barden Act

In 1946 the Federal government allowed vocational guidance to become a reimbursable activity; no specific appropriation was authorized but allowed for adaptation in the future by the needs of the states.

Perkins Vocational Education Act

Created in 1984, often referred to as the Perkins Act, authorizes federal funds to support vocational education programs. This was an act used to enhance occupational training opportunities for persons of all ages and backgrounds by providing financial assistance to technical programs and high schools and post high school institutions not offering degrees.

collective bargaining

Process by which a union representing a group of workers negotiates with management for a contract

employment-at-will

A common law doctrine under which either party may terminate an employment relationship at any time for any reason, unless a contract specifies otherwise.

implied covenant

A promise that the employer and the employee will be fair in their dealings with each other.

right to work

Refers to statutes that prohibit unions from making union membership a condition of employment.

"Tomorrows Business Leader"

Our high school and middle level student member magazine is published four times during the school year. Tomorrow's Business Leader features interviews with successful business leaders and articles on leadership, career options, postsecondary education alternatives, job-building skills, FBLA-Middle Level programs and services, and local chapter news.

administrative law

The body of law created by administrative agencies (in the form of rules, regulations, orders, and decisions) in order to carry out their duties and responsibilities.

common law

system of law that is the same for all people, based on court decisions that have become accepted legal principles

constitutional law

law that involves the interpretation and application of the U.S. Constitution and state constitutions

legislative law

Law created by lawmaking bodies such as Congress and state assemblies. Also called statutory law.

Bait and Switch

a deceptive way of selling that involves advertising a product at a very low price in order to attract customers who are then persuaded to switch to a more expensive product

4 functions of management

Planning, Organizing, Leading, Controlling

asset

Economic resource that is expected to be of the benefit in the future.

liabilities

the creditor's claims to the assets of the business

capital

wealth in the form of money or property owned by a person or business and human resources of economic value

appendix

A section of additional information at the end of a document.

bibliography

the written list of all the sources used in a report or book

Parts of a business letter

Sender's Address (unless on letterhead), Date, Inside Address (recipients name), Salutation, Body, Closing, Signature line, Enclosures, Typist initials

matrix organization

organizes employees into temporary work teams to complete specific projects

hierarchical organization

information is organized based on a hierarchy of categories, subcategories and shared features.

flat organization

An organization with relatively few levels in its hierarchy of authority.

internet

a computer network consisting of a worldwide network of computer networks that use the TCP/IP network protocols to facilitate data transmission and exchange

intranet

a restricted computer network, a network designed for the exclusive use of computer users within an organization that cannot be accessed by users outside the organization

LAN

a local computer network for communication between computers

Wide Area Network

A computer network that covers a large geographical area. Most WANs are made up of several connected LANs.

modem

a device that lets your computer communicate through standard telephone lines for connection to the internet, other modems, or communications devices

router

connects multiple computers to each other as well
as to a WAN like the Internet.

vocational education act of 1963

Improve quality of education and technical training to better train baby boomers.

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