ITB midterm

Vocab

1. CAREER-a goal for work that is fulfilled through an occupation or a series of occupations.

2. 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.

3. MOBILITY-the willingness and ability of a person to move where jobs are located.

4. VALUES-Things that are important to you 

5. RESUME-a tool that provides information about you.

6. COVER LETTER-a expressed interest in a specific job like a sales letter helps you get a job

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

8. MENTOR-A experienced employee who serves as a counselor to a person with less experience.

9. BUYING MOTIVES- the reasons consumers decide what products and services to purchase

10. TARGET MARKET-a specific group of consumers who have similar wants and needs

11. MARKETING MIX-the blending of four marketing elements product distribution,pice and promotion

12. SERVICES - activities that are consumed at the same time there are produced

13. Price-the money a customer must pay

14. Channel of Distribution-the route a product follows and the business involved in moving a product from the producer to the final consumer

15. ADVERTISING activity or profession of producing advertisements for commercial products or services.

16. Assets- What a company owns.🪪

17. Liabilities- What a company owes.👩🏼‍⚖️

18. Owner’s Equity- The value of the owner's investment in the business.💵

19. Balance Sheet- The assets, liabilities, and owner's equity for a specific date are listed.📋

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

21. Cash Flow Statement - A report that provides an overview of cash inflows and outflows from operating, investing, and financing activities.

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

23. Net worth is the difference between what a person or company owns (assets) and what they owe (liabilities). It represents the overall financial health of an individual or business.

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

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

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

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

28. Asset: Any resource owned by a company that has economic value and can provide future benefits.

29. Liability: Obligations or debts that a company owes to outside parties.

30. Owner's Equity: The residual interest in the assets of a business after deducting liabilities; represents the owner's stake in the company.

31. Balance Sheet: A financial statement that summarizes a company's assets, liabilities, and owner's equity at a specific point in time.

32. Income Statement: A financial statement that shows a company's revenues and expenses over a specific period, indicating its profitability.

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

34. Unit Price: The cost associated with one unit of a product or service.

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

36. Impulse Buying: An unplanned purchase driven by emotions rather than a need for a product or service.

37. Express Warranty: A specific guarantee made by a seller regarding the quality or performance of a product.

38. Implied Warranty: An unwritten guarantee that a product will meet a minimum level of quality and performance.

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

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

41. Cash Flow Statement: A financial report that provides an overview of cash inflows and outflows from a company's operating, investing, and financing activities.

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

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

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

45. Tax Deduction: An expense that can be subtracted from gross income to reduce the total taxable income.

The decision-making process typically involves several key steps:

1. Identify the Problem: Recognize and define the issue that requires a decision.

2. Gather Information: Collect relevant information and data about the problem.

3. Identify Alternatives: List potential options or solutions to address the problem.

4. Weigh Evidence: Evaluate the pros and cons of each alternative, considering the information gathered.

5. Choose Among Alternatives: Select the option that best addresses the problem based on the evaluation.

6. Take Action: Implement the chosen alternative.

7. Review Decision and Consequences: Assess the outcome of the decision and make adjustments if necessary.

Consumer Movement

The consumer movement refers to a social and political effort aimed at protecting the rights of consumers and ensuring that they have access to safe products, fair pricing, and information about products and services.

Supply and Demand

• 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.

Steps in the Career Planning Process

1. Identify the Problem

2. Gather Information

3. Identify Alternatives

4. Weigh Evidence

5. Choose Among Alternatives

6. Take Action

7. Review Decision and Consequences

Informational Interview

An informational interview is a planned discussion with an employee who is willing to share insights about their career, the preparation needed, and details about the work they do.

Purpose of a Resume and Cover Letter

• Resume: A tool that summarizes your work experience, skills, and education for potential employers.

• Cover Letter: A letter expressing your interest in a specific job and highlighting how your qualifications align with the role, functioning like a sales letter that portrays your candidacy.

Main Sections of a Resume

1. Contact Information

2. Objective or Summary Statement

3. Work Experience

4. Education

5. Skills

6. Certifications

7. Additional Sections (e.g., volunteer work, interests)

Different Types of Promotion

• Advertising

• Sales Promotions

• Public Relations

• Personal Selling

• Direct Marketing

Basic Financial Equation

Assets = Liabilities + Owner's Equity

Assets, Liabilities, and Owner's Equity

• Assets: What a company owns, including cash, inventory, and equipment.

• Liabilities: What a company owes, including loans and accounts payable.

• Owner's Equity: The value of the owner's investment in the business, calculated as Assets - Liabilities.

Income Statement and Balance Sheet

• Income Statement: A financial statement that shows a company's revenues and expenses over a specific period, indicating profitability.

• Balance Sheet: A financial statement that summarizes a company's assets, liabilities, and owner's equity at a specific point in time.

Marketing Mix

The marketing mix refers to the blending of four marketing elements: product, distribution, price, and promotion.

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

Identifying a target market allows businesses to tailor their promotional communications to address the specific wants and needs of that group, improving the effectiveness and relevance of marketing efforts.

Payroll vs. Earnings Report

• Payroll: The total amount a company pays its employees during a specific period.

• Earnings Report: A 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: A voluntary process where a neutral third party helps disputing parties reach a mutual agreement.

• Arbitration: A binding resolution process conducted by an impartial third party who makes a decision regarding the dispute.

Purpose of a Budget

A budget is a financial plan that outlines expected income and expenses over a specific period, allowing individuals or organizations to manage resources effectively and ensure financial stability.