FTCE Business Education 6-12 SECRETS Study Guide Book., Exams of Study of Commodities

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FTCE Business Education 6-12 SECRETS Study Guide

Book.

Command Economy - > A system in which the central government makes all economic decisions. Securities and Exchange Commission (SEC) - > Responsible for regulating securities, investigating insider trading, and processing applications for public offerings (IPOs) of stock. The demand of a product is directly influenced by: - > Customers desire for a product and a Customers ability to obtain a product The Sarbanes-Oxley Act of 2002 was intended to... - > Fight corporate and accounting fraud Buyers Market - > A market in which product availability exceeds demand. Maslow's Hierarchy of Needs - > Physiological, safety, love/belonging, esteem, self- actualization. NAFTA (North American Free Trade Agreement) - > Allows open trade between the US, Mexico, and Canada. Debt Repayment History - > A consumers credit score is directly influenced by. World Trade Organization (WTO) - > The international community primarily rely to deal with claims of unfair protectionism by one county against another. Lower Labor Costs - > Biggest factor that leads American companies to manufacture their products overseas in developing countries like China and India Sole Proprietorships - > Assets= Liabilities + Owners equity PowerPoint - > Used for presentations and business plans.

Depreciation - > A decrease or loss in value. Personal Income Tax - > Taxes imposed on income earned Franchise - > Person pays a company for the right to recreate their business. Using the same business model, name, products, style and look. Par Value of A Bond - > Amount paid when the bond matures. Freddie Mac (1970) - > Expanding opportunities for home ownership. Emerging Markets - > Countries in the process of growth. In the process of rapidly industrializing. Countering Risk of Inflation - > The U.S Federal Reserve will most likely raise interest rates. Stagflation - > Slow economic growth + Inflation Stock Dividend - > Usually taxable, offered voluntarily by companies, and can be discontinued or reduced at any time. High Stock P/E Ratio - > The stocks price is high considering the value of its earnings per share. Bonds - > Investor is loaning money to an institution. Less risky than stocks when it come to investing. Stocks - > Investors purchase a very small amount of a company. Riskier than bonds when it comes to investing. Dow Jones Industrial Average - > Measure of average of stock prices of major industries Steps to start a small business: - > 1. Assess one's personal financial situation.

2. Come up with a solid business plan.
3. Consider location or the business.

4. Get financing.
5. Follow procedures for a business. Net Exporter - > A country that exports more goods than it imports. Tariff - > A government tax on imports or exports Credit Score - > A numerical rating of your credit-worthiness (how likely you are to pay off your debts). Comprehensive Car Insurance covers: - > Damage due to vandalism. A potential cause for Oil price increase... - > Price increases for costumer goods and services in the U.S. Developing Country - > A country that has low industrial production and little modern technology. Adam Smith's Wealth of Nations - > Idea of markets automatically channeling self- interest. He argued for free market economics. GDP (Gross Domestic Product) - > Measures a country's total economic output. Protectionism - > Economic policy of shielding an economy from imports. Advantage of protectionism for countries - > Ensures that domestic jobs will be retained in the short term. Economic Theory - > A simplification of reality used to make predictions about cause and effect in the real world. Human Resource Manager - > Responsible for hiring, training, and payroll. Not sales. Main function of a Human Resources Department - > Facilitate communication between the employer and the employees.

Human Resources Management - > The process of planning, staffing, leading, and organizing the employees of the business. Technological Aids - > Can be used to directly fulfill:

1. Soliciting resumes for open positions
2. Assessing a new employee's job readiness
3. Communicating information about employee benefits B.F Skinner Operant Conditioning Theory - > Method of learning that occurred through rewards and punishments for behavior. T Classical Theory Characteristic - > Productivity can be maximized by presenting the right combination of incentives, and correctly designing jobs. Behavioral Theory Characteristic - > Understanding the worker's perspective is key to successful management. Management Science Approach Characteristic - > Productivity can be improved through the application of mathematical models. Contingency Approach Characteristic - > There is no single "correct" theory; instead, managers should apply the theory that is most sensible in a given situation. Successful Manager - > Will be able to effectively delegate Authority. Five Essential Functions of Management (According to Fayol's Administrative Theory) - >
4. Controlling
5. Commanding
6. Coordinating
7. Planning
8. Organizing National Environmental Policy Act of 1967 - > The centerpiece of federal environmental policy in the United States.

Asset - > Something that has or produced value and is owned. Liquidity - > How easily an asset can be bought or sold. 4 P's of Marketing - > 1. Price

2. Product
3. Promotion
4. Place Social Obligation - > The obligation of a business to meet its economic and legal responsibilities and nothing more. Binding Contract - > An agreement signed and dated by both parties, and a witness. Equal Employment Opportunity Commission (EEOC) - > Responsible for enforcing:
5. Civil Rights Act of 1964
6. Equal Pay Act
7. Americans with Disabilities Act Microsoft Excel - > Mostly used to analyze numerical sales data. The program allows users to apply mathematical formulas to numerical and categorical data. Steps to prevent unauthorized individuals from accessing confidential data from a company. - > 1. Require a username and password to access it's computer system
8. Constructing a firewall to protect its computer system. Most important contents of a Resume - > 1. Contact Information
9. Objective
10. Educational Attainment
11. Relevant Work Experience Hoovers.com - > Provides the most detailed and comprehensive source of information about the top management of the company.

Types of Computer Softwares - > 1. Quicken

2. Peoplesoft
3. Microsoft Office Search Engine Optimization (SEO) - > The process of designing a website to maximize its placement in search engine results for particular keywords, thus increasing traffic to the site. Links - > 1. They direct internet users to other website that have additional relevant information.
4. They are used for marketing purposes, to entice internet users to navigate away from one website to view another.
5. They allow internet users to open additional windows that explain a webpage's content or provide technical assistance. Site Map - > A map of a website showing how all the pages are related (linked) to one another. Better Business Bureau - > Business-sponsored nonprofit organization providing information on local companies to consumers. Child Labor - > Using children to work in factories and businesses. Wide Area Network (WAN) - > A network that connects devices in geographically separated areas. Local Area Network (LAN) - > A computer network that covers a small area. Internet - > An example of a WAN. Occupational Safety and Health Administration (OSHA) - > Establishes and enforces standards that protect workers from job-related injuries and illnesses. Corporation - > A business that is owned by many investors.

Trademark Law - > Protects words, names, and symbols used to identify goods and services. Copyright Law - > Law that protects creative work. Patent Law - > Gives inventors the right to exclude others from making or selling patented inventions. Copyright Act of 1976 - > Creative works like plays, poems, and architectural plans are protected so long as they are written down. Owners Equity - > Comprised of the amount of their initial investment in the business plus any unclaimed profits (retained earnings) from the business' operation. Accounts Receivable - > Current Asset Two major types of Accounting Systems - > 1. Cash

2. Accrual Accounting Assets= - > Liabilities + Owner's Equity Double Entry Bookkeeping - > Two columns are used, debit is placed of the left and credit of the right. Trial Balance - > A list of accounts and their balances at a given time. Income Statement - > A financial statement showing profitability for a period of time. Balance Sheet - > A financial statement that reports assets, liabilities, and owner's equity on a specific date. Cost Accounting - > An area of accounting that involves measuring, recording, and reporting product costs. Useful for managers to help make decisions. Direct Costs - > Costs the go directly into making a product.

Line Graph - > Shows a connection between information. Mean - > Average group of numbers. Scatter Plot - > Shows how two variables are related to each other. Bar Graph - > Used the show data in a way that is clear and easy to understand. Circle Graphs - > Visual aids that show a variety of data. Life Insurance - > A type of coverage people buy that pays out upon a persons death. Sales Budget - > A detailed schedule showing expected sales expressed in both dollars and units. Master Budget - > Encompasses all the budgets of a company. Paid Time Off (PTO) - > In the form of vacation, sick time, and holidays. Companies may manage these by giving a certain amount of leave for each year of service. Workers Compensation - > Health insurance for workers injured on the job. Unemployment Insurance - > Provides benefits for workers who lose their jobs without fault of their own. Americans with Disabilities Act (ADA) - > Addresses rights of individuals with disabilities in employment and public accommodations. Family and Medical Leave Act (FMLA) - > Allows employees who are eligible to take up to 12 weeks (per year) of unpaid leave while having their job and health insurance protected. Federal Insurance Contributions Act (FICA) - > Law that requires workers to contribute to Social Security and Medicare. Health Insurance Portability and Accountability Act (HIPAA) - > Law that requires health information to be kept secure (protected) and private.

Entrepreneur - > A person who organizes, manages, and takes on the risks of a business. Can drive innovation. Sole Proprietorship - > A business owned by one person. Partnership - > A business owned by two or more people. Corporation - > A type of business that is its own legal entity. Internet Business - > A virtual business that operates on the internet. Marketing Information System (MIS) - > A method of gathering, using, and disseminating research in the marketing context. Retailer - > Mass merchandisers stores that sell many different types of products. Due Process - > A persons right to have the state respect his legal rights. Liability - > A party's legal responsibility for behaviors, actions, or inactions. Damages - > Money that is paid in an effort to make up for a loss. International Trade - > Exchanging goods and services between countries. Economic Factors that influence International Trade - > 1. Opportunity Costs

2. Comparative Advantage
3. Absolute Advantage Government Policies that are obstacles to International Trade - > 1. Quotas
4. Tariffs
5. Voluntary export restraints
6. Embargoes

Weak Dollar - > The value of the dollar is less than that of other countries, foreign goods are more expensive. Strong Dollar - > The value of the dollar is more than that of other countries, foreign goods are less expensive. Arm's Length Transaction - > Accounting principle states that people involved in a transaction should not be personally related. Bylaws - > A set of governing rules adopted by a corporation or other association. Validity - > Actually measuring exactly what you intend to measure. An important quality of a good assessment. Proper posture when Touch Keyboarding - > Back straight feet up front. Loop function - > Used to repeat a set of instructions. Kinesics - > The study of body motions as a systematic mode of communication. Chronemics - > The use of time. Haptics - > The study of touch. Proxemics - > The study of the use of space. Memorandum - > A form on which a brief message is written describing a transaction. Functional Resume - > A resume that presents information in terms of key skills. Matching Principle - > Recognize expenses in the same period as the revenues they help to generate. Statement of Shareholders' Equity - > statement disclosing the source of changes in the shareholders' equity accounts. Like Common stock.

Transformational Leadership - > Motivates employees to do exceptional things by having a clearly stated mission and the ability to persuade employee commitment. Social Responsibility - > The obligation of a business to contribute to society. C Corporation - > A corporation that is organized to sell stock to the general public. S Corporation - > A business corporation that qualifies for special income tax treatment. Professional Corporation - > A corporation formed by lawyers, doctors, or other professionals. Skimming Pricing - > Setting the highest initial price that customers really desiring the product are willing to pay. Cost pricing - > Set price equal to the marginal cost of the last unit. Penetration Pricing - > Setting a low initial price on a new product to appeal immediately to the mass market. Flexible Pricing - > Different customers pay different price. Tort Law - > Law that deals with harm to a person or a person's property. Voidable Contract - > A contract that may be legally avoided at the option of one or both of the parties. U.S Securities and Exchange Commission (SEC) - > An independent federal government agency responsible for protecting investors, maintaining fair and orderly functioning of securities markets and facilities capital formation. Blended Learning Approach - > Combines online digital media with traditional classroom methods. Classes can be devoted to solving problems rather than introducing content. Business Partners Agreement (BPA) - > Sponsors the Workplace Skills Assessment Program.

Cooperative Education Program (Co-Operative Education) - > A structured method of combining classroom-based education with practical work experience. Provides academic credit for structured job experience. Concept Mapping - > A visual representation of patient problems and interventions that illustrates an interrelationship. Role-Playing - > Trying on the role of others, or assuming the part of another person in society. Explicit Teaching - > Is skill based, students are active participants in the learning process. Used in diverse contexts and curricular areas. Inquiry Learning - > The learner asks questions and finds solutions to the problems and questions that they pose. Cross-Cultural Miscommunication - > A field of study that looks at how people from differing cultural backgrounds communicate. Corporate Inversion - > Process in which companies use to move overseas to reduce the tax burden on an income. Flextime - > A schedule that allows workers to choose work hours that fit their particular needs. Union Contracts - > Protect employees from unjust dismissal. Outsourcing - > Hiring workers in other countries to do a set of jobs. Job Sharing - > To share the responsibilities and duties of a single full time job with one or more other employees. Soft Skill - > Less tangible and harder to quantify. Like etiquette, getting along with others, listening, communication. Hard Skill - > The ability to perform technical tasks or complete procedures. Like writing, math, computer programming, reading.