ITB midterm

Career

A goal for work that is fulfilled through an occupation or a series of occupations.

Informational Interview

A planned discussion with a worker who is willing to help you find out about the work that a person does, the preparation needed for that career.

Mobility

The willingness and ability of a person to move where jobs are located.

Values

Things that are important to you.

Resume

A tool that provides information about you.

Cover Letter

An expressed interest in a specific job like a sales letter helps you get a job.

Employment Interview

A two-way conversation where you learn about the job and the company.

Mentor

An experienced employee who serves as a counselor to a person with less experience.

Buying Motives

The reasons consumers decide what products and services to purchase.

Target Market

A specific group of consumers who have similar wants and needs.

Marketing Mix

The blending of four marketing elements: product, distribution, price, and promotion.

Services

Activities that are consumed at the same time they are produced.

Price

The money a customer must pay.

Channel of Distribution

The route a product follows and the businesses involved in moving a product from the producer to the final consumer.

Advertising

The activity or profession of producing advertisements for commercial products or services.

Assets

What a company owns.

Liabilities

What a company owes.

Owner's Equity

The value of the owner's investment in the business.

Balance Sheet

The assets, liabilities, and owner's equity for a specific date are listed.

Income Statement

A financial statement that shows the company's revenues and expenses over a specific period, indicating profitability.

Cash Flow Statement

A report that provides an overview of cash inflows and outflows from operating, investing, and financing activities.

Tax

A mandatory financial charge or levy imposed by a government on individuals or entities, used to fund public services and infrastructure.

Net Worth

The difference between what a person or company owns (assets) and what they owe (liabilities), representing overall financial health.

Earned Income

Income derived from active participation in a trade or business, including wages, salaries, and tips, which is subject to income tax.

Revenue

The total amount of money generated by the sale of goods or services before any expenses are deducted.

Expense

The costs incurred in the operation of a business, including wages, rent, utilities, and supplies.

Budget

A financial plan that outlines expected income and expenses over a specific period, often used to manage resources effectively.

Unit Price

The cost associated with one unit of a product or service.

Brand

The identity of a specific product, service, or business, characterized by its name, logo, and overall image.

Impulse Buying

An unplanned purchase driven by emotions rather than a need for a product or service.

Express Warranty

A specific guarantee made by a seller regarding the quality or performance of a product.

Implied Warranty

An unwritten guarantee that a product will meet a minimum level of quality and performance.

Mediation

A method of resolving disputes with the assistance of a neutral third party to help reach a mutually agreeable solution.

Exemption

A provision that excuses a person or entity from a certain obligation or tax requirement.

Estate Planning

The process of preparing for the transfer of a person's asset base after their death, including wills and trusts.

Tax Credit

A provision that reduces the amount of tax owed, often based on certain qualifying expenditures.

Investment Income

Income earned from investments, including interest, dividends, and capital gains.

Tax Deduction

An expense that can be subtracted from gross income to reduce the total taxable income.

Identify the Problem

Recognize and define the issue that requires a decision.

Gather Information

Collect relevant information and data about the problem.

Identify Alternatives

List potential options or solutions to address the problem.

Weigh Evidence

Evaluate the pros and cons of each alternative, considering the information gathered.

Choose Among Alternatives

Select the option that best addresses the problem based on the evaluation.

Take Action

Implement the chosen alternative.

Review Decision and Consequences

Assess the outcome of the decision and make adjustments if necessary.

Consumer Movement

A social and political effort aimed at protecting the rights of consumers and ensuring they have access to safe products, fair pricing, and information.

Supply

The amount of a product that producers are willing and able to sell at various prices during a specific time period.

Demand

The quantity of a product that consumers are willing and able to purchase at various prices during a specific time period.

Main Sections of a Resume

Contact Information, Objective or Summary Statement, Work Experience, Education, Skills, Certifications, Additional Sections.

Different Types of Promotion

Advertising, Sales Promotions, Public Relations, Personal Selling, Direct Marketing.

Basic Financial Equation

Assets = Liabilities + Owner's Equity.

Services vs. Products

Services are activities consumed at the same time they are produced, while products are tangible goods that can be owned.

Identifying Target Market

Allows businesses to tailor their promotional communications to address the specific wants and needs of a group.

Payroll

The total amount of money a company pays its employees during a specific period.

Earnings Report

Summary of a company's earnings performance over a specified period that includes information on profits, revenues, and expenses.

Seven Rights of Consumers

Right to Safety, Right to be Informed, Right to Choose, Right to be Heard, Right to Satisfaction of Basic Needs, Right to Redress, Right to a Healthy Environment.

Mediation vs. Arbitration

Mediation is voluntary, while arbitration is a binding resolution.

Purpose of a Budget

Outlines expected income and expenses over a specific period, allowing effective resource management.