Get ahead with a $300 test prep scholarship
| Enter to win by Tuesday 9/24
Business Education Certification
Terms in this set (123)
Slow economic growth and high inflation
Smaller countries don't have smaller base.
Stock's price are high considering the value of earning per share. (EPS... Earning per share)
Passed so there are more opportunities for home ownership. Mortgage backed securities.
Par Value of a bond.
Value of a bond when it is issued.
Accounting Equation for Coporation
Assets=liabilities +shareholder's equity.
North American Free Trade Agreement.
USA, Canada, Mexico
National business Education Association
Product availability is greater then demand.
Greater demand then what is available.
World Trade Organization- International Community deals with claims- unfair protection.
Maslow's Hierarchy of Needs
Bottom to top:
Physiological (food/water), Safety (health fam), Love (friendship), Esteem (achievement), Self Actualization (creativity,acceptance)
Equal Employment Opportunity Commission- Job disscrimination, harassment- Unfair treatment:race/color/religion.
Occupational Safety and Health Administration.
American Association of University Women
Planned Economy- Government controlling aspects of economy. Prices/production.
Marketing- demand for product is...
Customer's desire/customers ability to get product.
Sarbanes-Oxler Act 2002
Fights corporate fraud- financial disclosures and reporting finances.
Sets interest rates- helps control economy- inflation/increase on demand.
Local Area Network- Group of computers/device that share communication line or network. Wireless link to service.
Wide Area Network- Telecommunications that extends over large geographical distance.
Computer programming for business use/finance- computer language for business.
4 Functions of management
Planning, Organizing, Leading, Controlling
Business Letter Layout
Sender's Address, Date, Inside Address, salutation, body, closing, enclosures.
Incorrect thumb position. Failure to stroke space bar.
Failure to strike keys with force.
Adjacent Key Drills
(Adjacent- keys next to) fingers out of typing position, long reach
Vowel confusion. Inattention to letter sequence in copy.
A note for future use, communication in a business.
Protects "Original works of authorship" Public domain, not protected.
Business Report Layout
Appendix (supporting information/supplemental info)
Only authorized users connected by Intranet.
World Wide Network- access anyone, anyone w/ IP address.
Private, hides behind firewalls.
Footing in Accounting Balance Sheets
Final balance on financial statement.
Posting in Accounting balance Sheets
Each journal entry has set of instructions- posting is carrying out procedure of journalizing.
Recording business transactions- primary function of financial accounting.
Accounting- Sole Proprietorship Equation
Assets = Liabilities + Owner's Equity
Organization of oil producing countries that regulates supply and prices.
Securities and Exchange Commission.
Military Alliance among N. American and European Countries.
Not a legal entity, One person responsible for all debts. (short term)
Business owned by 2+ people. Shared debts.
Gives right for person to do business on behalf of company/owner/partner.
Group of people act as single entity- long term.
Journalizing (Accounting balance sheet)
Taxable. Can be discontinued or reduced. Offered voluntarily by companies to make stock more attractive. Board of directors determine payments.
US Treasury Bonds
Low Risk Investment- compared to Value Stocks, index funds and mutual funds.
Dow Jones company
Most likely be a well-known corporation with large market capitalization. (Dow lists 31 companies most household names)
First step to starting a small business
Asses personal financial situation. (Start up capital, how long one can afford to support before business starts to earn profit.)
Pay off credit card debt-
Top priority then putting $ in a savings account. Credit card interest rates rise.
If a country is a net exporter, the value of the goods it exports exceeds the value of the goods it imports. Net exporters have positive trade balances, value of goods that they sell to other countries exceed the value of the goods they buy from other countries.
Government is protecting domestic consumer from foreign competition. Government will increase the domestic price for foreign made consumer goods- making domestic goods more attractive.
Looked at only if a loan is being taken. (not a bank account)
Comprehensive car insurance
Covers damage that the insured does to others and their property. Damage that is done to the insured and the insured's property. Collision insurance only covers done to the other's property.
Not caused by price increase on consumer goods.
Developing Countries and Emerging Markets
Nations whose economies rely on the export of non-oil commodities like rubber/copper. Developing countries are typically poorer and less able to provide social services and rely more heavily on manufacturing and service industries.
Company considering manufacturing a product in several emerging markets should consider:
Likelihood of political instability, Labor costs and regulations, and cost of shipping goods from that country and destination country.
Known for writing "The Wealth of Nations" a treatise on free market economics which he describes an invisible hand which guides the marketplace through individuals protecting their own self interest. He argued economic competition through a free market would be the best way to increase economic efficiency, productivity, and human happiness.
Basically- Free market economics
Economic Theory- Export and Import of products.
States countries with a comparative advantage in producing a particular product should produce and export that product and use the proceeds to import the other products they need from other countries.
Helps ensure that domestic jobs will be retained in the short term. By implementing protectionist measures that decrease the competitiveness of otherwise cheaper foreign goods, governments an protect the domestic industries that produce those goods and preserve the jobs who work in them.
Gross Domestic Product- Measures a country's economic output, including goods and serves over a given period of time. (Usually GDP is reported annually)
Human Resources Duties
Hiring, Training, and payroll...not sales. Employer-employee relations including recruiting and retaining employees.
Main Function of Human Resources
Facilitate communication between the employer and employees. Remain Neutral- so employees can express concerns.
Technology Aid Functions for Human Resources
Solicit resumes for open job positions.
Assess a new employee's job readiness.
Communication information about employee benefits.
B.F. Skinner's Operant Conditioning Theory
Undesirable behavior can be dealt with using positive reinforcement, negative reinforcement, punishment, or extinction.
Classical Theory of Management (Management Approaches)
Argues that productivity can be maximized by presenting the right combination of incentives, and correctly designing jobs.
Behavioral Theory (Management Approaches)
Emphasizes that understanding the worker's perspective is key to successful management.
Management Science (Management Approaches)
Asserts that productivity can be improved through the application of mathematical models.
Contingency Approach (Management Approaches)
Argues there is no single correct theory, instead, managers should apply the theory that is most sensible in a given situation.
Delegates authority. As a leader the manager always retains accountability for results and is responsible for employee's actions. However, the manager must be able to delegate decision making authority to employees to fulfill job function.
Fayol's Administrative theory of Management
Controlling, Commanding, Coordinating, Planning, and Organizing. Fayol pioneered the Classical Theory of Management.
National Environmental Policy Act of 1967
A business is required to prepare an EIS (environmental impact statement) when a new factory is built, (but not when a new worker, makes charitable contribution, or develops a new marketing initiative. Environmental impact statements assess the possible environmental concerns and damage that can result from a proposed action.)
Social Obligation Approach
When a manufacturing company implements the necessary anti-pollution measures as outlined by law, but noes not introduce any additional anti-pollution measures.
An agreement signed and dated by both parties and a witness.
If the only 2 oil refineries in US merged there would only be one oil refiner, creating a monopoly. Monopolies are illegal because they eliminate competition that ensures fair prices for consumers.
EEOC- Equal Opportunity Commission
Enforces: Civil rights act of 1964, Equal Pay Act, and Americans with Disabilities Act.
QuickBooks, Word Processing, Internet, 1-5 G of Memory
Word Processing- can compose fliers and advertising material. QuickBooks- used for small businesses for accounting. Internet allows for e-mail. 1-5G of memory is the standard home and what small businesses would need.
software program that allows users to apply mathematical formulas to numerical and categorical data.
Firewalls/Username and passwords
May prevent unauthorized individuals from accessing confidential data.
Date of births and social security numbers should not be published. Work phone/addresses/e-mail addresses should be useful.
Most important contents of a resume
Contact information, objective, educational attainment, relevant work experience.
Line Graph- Example
Can convey month to month gains and losses over a year, and changes in price over time with stock.
Bar and Pie Charts
are most effective for conveying categorical information about things like market share and sector weighting.
Usually used to show results that are comprised of many individual responses like surveys.
Manually Proofreading Business Documents
To edit/remove text that should not be there draw a horizontal line through the text with a loop at the right end.
Carets when editing
Used to indicate that something should be inserted into the text.
Diagonal lines when editing
Used to indicate that a letter should be lower case instead of Capital.
X's when editing
NOT used to edit.
Software for basic accounting functions.
Used by human resources.
Microsoft Office Software
SEO- Search Engine Optimization
Process of designing a website to maximize its placement in a search engine results for particular keywords, increasing traffic to the site.
Do not allow users to open up software programs on PC.
Website Site Map
Provides users with list of links to all the pages on the website. Site maps are also called indexes, list each webpage that is part of the website.
BBB- Better Business Bureau
Certification used for business to engage in e-commerce. It reassures consumers that the company is reliable. Not a govt. agency.Sets honest business practices.
Increased by destroying paper records of credit card information. Conducting employee background checks. Installing firewall and virus protection software.
Teacher's evaluation on program in terms of graduates are prepared.
consult with local business leaders and see where graduates could improve.
Business Teacher Advisor
The teacher is responsible for the health and safety of the students. Teachers provide guidance. Students are responsible for the holding of meetings/planning and activities.
Activity that would assess how well students have mastered learning objectives about a small business.
Developing a business plan.
A's mean lowest risk in chart format.
Deductions for part-time employees
Medicare, social security, and income taxes (W-4 employees)
Accounts Receivable are
Current Assets or short term assets. This term refers to open accounts that are not due yet.
Owner's Equity is compromised of:
The amount of their initial investment in the business plus and unclaimed profits from business operation. (Retained earnings)
Copyright Law/Copyright Act of 1976
Plays, poems and architectural plans are protected by copyright law as long as they are written down. Advertising slogans are not protected because they fall under the jurisdiction of trademark law.
A phrase associated with a particular product is protected. Copyright protects creative work, while trademarks protect business related slogans, symbols.
Who owns a corporation?
Corporation is owned by shareholders. Corporation is a separate legal entity from its shareholders. Shareholders only personal financial risk is their investment.
An employee being injured because an employer did not provide equipment in good working order. (Employees can work in hazardous conditions, so long as the employer provides adequate safety protection)
Internet, Wide Area Network. Cover extremely large area. (LAN covers smaller areas like offices, local area networks, LANS have faster data transfer speeds)
Employment - Ages and Hazardous.
It is illegal to employ someone under 18 in a job deemed hazardous (mining/manufacturing). Youths aged 16/17 can work in any job that is not hazardous and youths under 14 can work in certain designated jobs like newspaper delivery and babysitting.
Generally accepted accounting principles. Set of standards on accounting statements.
Financial accounting standards board issues GAAP
Actual cash received
Double entry bookkeeping
Two columns. Debts on left credit on right.
Different accounts: revenue/expense/liability
Document showing ending balance in ledger account.
Return on equity. Shows profitabilityz.
FIFO and LIFO inventory
Demonstrate changes over time.
Area of a rectangle
A=l x w
4 Ps of marketing
Product, pricing, placement, promotion.
Introduction, growth, maturity, decline