Comprehensive Business, Economics, and Consumer Rights Study Guide

What are the steps in the Decision-Making Process?

Identify the problem, gather information, identify alternatives, evaluate alternatives, choose, take action, and review your decision.

What is the Consumer Movement?

The consumer movement was a fight against unfair business practices, where consumers united to demand fair treatment from businesses.

What is supply?

Supply is how much something is available.

What is demand?

Demand is how much people want something.

List the steps in the Career Planning Process.

Self-assessment, exploration and research, decision making and goal setting, preparation and action, implementation and review.

What is an informational interview?

A planned discussion with a worker who helps you learn about their job, the preparation needed, and their feelings about the career.

What is the purpose of a resume?

A resume presents a concise summary of your work history, education, and skills.

What is the purpose of a cover letter?

A cover letter introduces why you are fit for the job you are interested in.

What are the main sections of a resume?

Contact information, a summary or objective, work experience, education, and skills.

What are the different types of promotion?

Advertising, personal selling, sales promotion, public relations, and digital marketing.

What is the basic financial equation?

Owner’s Equity = Assets - Liabilities

What are assets?

Assets are what you own.

What are liabilities?

Liabilities are what you owe.

What is owner's equity?

Owner's equity is the residual value of a business's assets after liabilities have been paid.

What is an income statement?

An income statement reports the revenue, expenses, and net income or loss.

What is a balance sheet?

A balance sheet reports the assets, liabilities, and owner's equity for a specific date.

What are the main sources of career information?

Online resources, people and networking, and career fairs.

What is the marketing mix?

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

How are services different from products?

Services differ by their tangibility, perishability, variability, and ownership.

How does identifying a target market improve promotion communications?

It allows businesses to create more focused, relevant, and efficient campaigns.

What is the difference between a payroll record and an earnings report?

A payroll record lists all employee pay details, while an earnings report shows the detailed breakdown for one employee.

What are the seven rights of consumers?

The right to safety, the right to be informed, the right to choose, the right to be heard, the right to satisfy basic needs, the right to redress, the right to consumer education, and possibly the right to a healthy environment.

How does an express warranty differ from an implied warranty?

An express warranty is in writing and legally binding, while an implied warranty is verbal and not legally binding.

What actions can be taken to be an involved consumer?

Researching, being involved, seeking expert advice, and giving and receiving feedback.

How does mediation differ from arbitration?

Mediation involves a neutral third party facilitating communication, while arbitration involves a neutral third party making a binding decision.

What is the purpose of a budget?

To achieve goals, have control and awareness, ensure financial stability, and better plan for the future.