Business Principles Study Guide 2017

Vocabulary

business ethics:

ethics:

non-renewable resources:

social responsibility:

quota:

tariff:

international business:

balance of trade:

exchange rate:

embargo:

exports:

imports:

contract:

copyright:

interstate commerce:

intrastate commerce:

patent:

monopoly:

public utility:

revenue:

trademark:

business plan:

long-term financing:

short-term financing:

start-up financing:

commission:

compensation:

1

Vocabulary (cont.)

full time employee:

part time employee:

human resources:

salary and wages:

entrepreneur:

sole proprietorship:

partnership:

corporation:

consumer:

brand name:

comparison shopping:

impulse buying:

budget:

business budget:

business plan:

start-up budget:

target market:

business environment:

occupation:

career:

talent:

ability:

career planning:

values:

ability test:

exit interview:

commercial bank:

2

Vocabulary (cont.)

credit union:

interest:

safety-deposit boxes:

check register:

signature card:

overdrawing:

fraud:

forgery:

endorsement:

capacity:

capital:

character:

credit:

creditor:

creditworthy:

credit rating:

fixed costs:

variable expenses:

transferable skills:

Concepts

BUDGETING, BANKING & CREDIT TEST STUDY GUIDE _______________ is an estimate of income and expenses over time. _____________ _____________ are costs/expenses which are the same every month. _____________ ______________ are expenses that fluctuate from month to month. _________ _________ _________ expenses that are not purchased very often.

3

Concepts (cont.)Components of a budget

(1) (2) (3) (4) (5)

Sources of Income (1) (2) (3) (4) (5)

Fixed Costs

(1) (2) (3) (4) (5) (6) (7)

Variable Expenses (1) (2) (3) (4) (5) (6) (7)

One time spends

(1)(2)(3)(4)

4

Concepts (cont.) Monthly Budget = A successful budget will be ___________, ___________, __________ __________, and ___________ ___________ to those involved. ______________ is a privilege of using someone else’s money for a period of time. ___________ is not a substitution for cash as you are required to pay the money “loaned” back.

3 C’s of Credit ________________ is the value of the borrower’s possessions. _________________ is a customer’s ability to pay a debt when it is due. _________________ refers to your honestly and willingness to pay a debt when it is due as well as show stability.

Questions that ask about character: (1) (2) (3) (4)

Questions that ask about capacity: (1) (2) (3) (4)

Questions that ask about capital: (1) (2) (3) (4)

5

Benefits of Credit (1) (2) (3) (4) (5)

Precautions for the use of credit (what to avoid) (1) (2) (3) (4)

Questions you should ask to determine if you should borrow money from a lender: (1) (2) (3) (4)

A ___________ ____________ is a not for profit institution formed by people who have like occupations or live in the same community with a full range of financial services except for investments.

A ______________ ___________ is a for profit institution with a full range of financial services. Advantages to having a checking account (1) (2) (3) (4)

Social responsibility businesses care about their communities and help make them better places to live. Social responsibility concerns relate to four areas: _____________________ , _____________________, ______________________, and ____________________.

Businesses spend money for installing non-polluting and safer equipment, for building renovations to remove hazards, for rehabilitation programs, and for community projects. Code of business ethics is a standard or guide for employee behavior.

Nations do business with each other to increase the variety of goods and services available to their consumers.

Three barriers to international business are ____________, ____________, and ____________.

Multinational companies conduct business activities in several countries and have management capable of doing business worldwide.

6

Concepts (cont.)Advantages of international business include:

(1)(2)(3)

Disadvantages of international business include:

(1)(2)

Government protects our rights as citizens through _____________ and ____________ services; as consumers and business owners through the ___________________________ and ______________________________; and as workers through __________________________.

Government regulates utilities and prevents unfair business practices.

Government collects and reports valuable information, and provides loans to help businesses get started or overcome natural disasters.

Government buys a variety of goods and services and employs workers.

Government raises money through ______________ and _________________.

Small-business owners are independent, self-motivated, risk takers, persistent, hard workers, and have technical knowledge and management ability.

Small-business ownership begins with an __________. Putting a business idea into action means finding the right location for a business and choosing the right team to help run the business. The most important step in starting a business is __________________- spending time gathering and studying information before the business is started.

A written business plan serves as an objective guide to the development of a new business.

Three primary types of financing needed by many small businesses are:

(1)(2)(3)

Employees can make a difference in the success or failure of a business. The impact of one person can be very noticeable in a small business with only a few employees.

Small business owners should carefully determine the category of employee needed, study work requirements in preparation for hiring a new employee, search for people who meet a specific need or skill requirement, and then hire the qualified applicant.

Compensation and benefits include a salary or wages, financial incentives and fringe benefits.

Concepts (cont.)

7

Sources of training within a small business include the owner or experienced employees. Other sources include trainers who conduct training programs offered by schools and colleges; seminars, classes, and training materials.

Steps to determining monthly budget (1) tally your income sources (figure out how much money you bring in on a monthly) (2) determined fixed costs (fixed costs are expenses that are charged the same price each month) (3) include variable expenses (costs that can change from month to month) (4) predict one time spends (5) pull it all together

Budget: Income – Expenses (Fixed & Variable Costs, One Time Spend) – Emergency Fund - Savings = Discretionary Income (income left over)

Parts of a Budget:

Sources of Income: (1) Earnings (2) Investment Income (Stocks/Bonds) (3) Loans(4) Savings (5) Other: child support, allowance, social security income

Costs:

Fixed Costs: are expenses that are the same every month and do not change

Parts of a Budget (cont.):

Fixed Costs (1) Rent/Mortgage (2) Utilities (water, gas, electricity) (3) Internet (4) Government/Bank fees(5) Cell Phone (6) Insurance

Variable Expenses: are expenses that are different each month

Variable Expenses: (1) Transportation (2) Travel and events (3) Entertainment (4) Vacations

One time spends: (1) Computer (2) Furniture (3) Software (4) Gifts (5) Car/Boat

Steps to determining monthly business budget (1) tally your income sources (figure out how much money you bring in on a monthly basis- sales + other income) (2) determined fixed costs (fixed costs are expenses that are charged the same price each month) (3) include variable expenses (costs that can change from month to month) (4) predict one time spends (5) pull it all together

Parts of a Business Budget:

Income Sources: hourly earnings, product sales, investment income, loans, savings, other Fixed Costs: rent/mortgage, utilities, salaries, internet, government and bank fee, cell phone, website hosting, accounting services, legal services, insurance

Concepts (cont.)

8

Variable Expenses: raw materials, contractor wages, commissions, advertising, other marketing costs, transportation, travel & events, printing services

One-Time Spends: computer, furniture, software, office supplies

Tips on having a Successful Interview: (1) be on time for appointment (2) go alone to the interview (do not take friends or family) (3) dress properly (4) try to be calm during the interview and try not to talk too much (4) leave when the interviewer indicates that the interview is over (5) thank the interviewer for the opportunity to discuss the job and your qualifications (6) after the interview send a brief thank you note (7) be patient after the interview as the selection process can take some time.

Tips on Succeeding on the Job: (1) ask questions: if you don’t understand something, ask (2) avoid complaining (3) be on time to and from breaks (4) be attentive to how you look (5) be on time (6) be friendly with co-workers (7) do your work well and timely (8) follow the rules

Decision Making Steps in Buying (1) identify your needs or wants (2) know the choices that are available to you (price, quality, location, variety) (3) determine the measure of satisfaction of your needs or wants (4) consider the alternatives (5) make your decision to buy

Writing Business Plans: How to Identify Customers and Competitors

A critical part of a successful business plan is identifying your customers and the competition. Solid business plans incorporate research on potential customers and competitors. Begin by asking the following questions, and then apply the tips on how to become a winning business:

Three Customer Questions

Who is buying? What do they buy? Why do they buy?

Three Competitor Questions

How big are they? Which customers are they after? What is their strategy?

Three Ways to Win

Cut costs to the bone Offer something unique Focus on one customer group

9

Concepts (cont.)

Making a Business Plan Work

A business plan is a strategy for survival that looks at your company today (understanding your surroundings) and then into the future. Your business plan will help you prepare if you include these elements:

Plans: Company mission, vision, goals, and objectives that all work together Organization: A structure for your company that makes sense Procedures: Efficient and effective ways of doing things Leadership: An ability to influence and encourage others around you Skills: The talents and expertise your people need to succeed Culture: Beliefs and attitudes that lead to doing the right thing

Basic Parts of a Business Plan

When you’re putting together a business plan, divide the plan into these basic sections — which every quality business plan should have:

Executive summary Company overview Business environment Company description Company strategy Financial review Action plan

Business-Planning Checklist

You have a number of essential tasks to complete before you write your business plan. Having a clear picture of your goals and how to attain them is at the core; but consider the other factors on this list of business-planning essentials:

Get everyone involved in setting goals and objectives Learn all you can about your customers Understand who your competitors are Identify your strengths and weaknesses relative to opportunities and threats Determine which capabilities you absolutely need to succeed List all the things you do that add customer value Make sure that you do your financial homework Imagine several different versions of your company’s future

When buying items, a consumer should consider a business’ reputation, value of brand names, and the choices of stores availability.

A good shopper, consumer, takes time when making purchases, buys when prices are lowest, and avoids impulse buying through the use of shopping lists.

10

Consumers have the right to (1) be informed (2) safety (3) to be heard (4) the right to remedy (to sue) (5) consumer education (6) service

Consumers have 5 responsibilities (1) to be honest (2) be reasonable (3) report unethical practices (4) be informed (5) be involved

Banks earn most of their revenue by charging for loans they make and by investing part of the money deposited by customers. Banks and other financial institutions serve communities by employing people, lending money to build homes, start new businesses, plant crops, finance educations, buy goods, pave streets, build hospitals, and buy new business equipment.

A checking account provides convenience, safety, proof of payment, and a record of finances.

When opening a checking account, you must sign your name on a signature card, which becomes record of your signature, make your deposit, and select your checks.

Credit is the privilege of using someone else’s money with the obligation to repay it at a future time.

3 C’s of Credit Worthiness: (1) Character – honesty and willingness to pay debts (2) Capacity – the ability to pay debts (3) Capital – value of a person’s possessions

Credit is misused if it results in overbuying, careless buying, paying higher prices in stores that grant credit, or incurring excessive debt

Costs of credit in addition to interest include service fees, the cost of collecting bad debts, and credit insurance.

The cost of credit varies among lenders you can save money by shopping around and comparing interest rates, amount of monthly payments and the total financial charge

Parts of a resume are:

Heading: Name and contact informationEducationWork Experience (if none, just put activities that have skills that can transfer to a job)ActivitiesAwards (if none, don’t put awards as a part of the resume)Reference (upon request)

When making career decision, including a tentative one, there are five decision-making steps that should be followed: (a) gather information (b) analyze what has been learned (c) think about different plans of action (d) select a plan of action and (e) evaluate the career decision

3 resume types:

(1) Chronological (work history in order with most recent first)(2) Functional : puts the related previous work experience on the work history first(3) Skills : skills are listed first on the resume

11

Tips on having a Successful Interview

Be on time for appointment Go alone to the interview (do not take friends or family) Dress Properly Try to be calm during the interview and try not to talk too much Leave when the interviewer indicates that the interview is over Thank the interviewer for the opportunity to discuss the job and your qualifications After the interview send a brief thank you note Be patient after the interview as the selection process can take some time.

Tips on having a Succeeding on the Job

Ask questions: if you don’t understand something, ask Avoid complaining Be on time for and from breaks Be attentive to how you look Be on time Be friendly with co-workers Do your work well and timely Follow the rules

Should These People Open an Account?

Read each profile below and answer:

1. Elena is in her first year of college, living away from home on the college’s campus. Her parents pay room and board, and she’s got loans, grants, and scholarship paying for tuition. She has her own checking and savings accounts and a 10-hour per week work study job. She doesn’t have any credit cards right now.

a) Should this person open a new credit card?

b) What evidence from their profile or assumptions are you basing your decision on?

c) What’s one more piece of evidence you’d like to know about this individual before making an ultimate decision on whether they should open the account?

12

d) If they do open the new credit card account, what’s one thing this individual should monitor or use caution about?

2. Miguel is starting his fourth year of medical school; his ultimate goal is to become a pediatric surgeon. Med school keeps him so busy that he definitely doesn’t have time for a part-time job. He’s been using his savings for day-to-day expenses, but he’s down to $3,000, which won’t last him the full year. He’ll begin earning money next year, once he starts his residency. He has one credit card right now, but it’s a store card at his favorite clothing store, and it only works there, not for other purchases.

a) Should this person open a new credit card?

b) What evidence from their profile or assumptions are you basing your decision on?

c) What’s one more piece of evidence you’d like to know about this individual before making an ultimate decision on whether they should open the account?

d) If they do open the new credit card account, what’s one thing this individual should monitor or use caution about?

ECONOMIC REVIEW

MATCH THE FOLLOWING WITH STATEMENTS WITH THE CORRECT WORD

13

(a) Demand (b) Marketplace (c) Profit (d) Scarcity (e) Goods (f) Wants (g)Supply (h) Mixed Economy (i) Natural Resources (j) Capitalism (k) Economic System (l) Market Economy (m) Direct Economy (n) Competition (o) Economic Resources

___ Rivalry among businesses to sell their goods and services___ Money left from sales after subtracting the cost of operating the business___ An economy system in which individuals are free to engage in business transactions with buyers who are able and willing to sell goods and services where they earn a profit___ Problem that faces individuals, businesses and governments of satisfying unlimited wants with limited resources___ The quantity of a product or service that consumers are willing and able to buy at a particular price___ An economic system in which most economic resources are privately owned and decisions are largely made by free exchange in the marketplace___ Raw materials supplied by nature___ The means through which goods and services are produced___ A nation’s plan for answering the key to economic questions___ An economic system that combines government ownership and control/regulation of basic Industries with private ownership of consumer-goods businesses

Fill-in the Blanks

1. There are three types of economic systems: _____________________, __________________ and ___________________.

2. Everyone plays the economic roles of ________________, _______________, and __________________.

3. ______________resources are vital to the production of good and services.

4. Every ________ must answer questions of what to ___________, how to produce, and for whom to produce.

5. Five features of a market economy are _________________, _________________, ______________, _________________, and ________________.

6. ________________ economies have replaced most controlled economies because of the success of these economies around the world.

14

ANSWER THE FOLLOWING QUESTIONS COMPLETELY INCLUDE BACK UP INFORMATION TO YOUR REASONING.

Who decides what will be produced in a directed economic system?

How is the question of what goods and services will be produced determined under a custom-based system?

If the U.S. operated as pure capitalism, what changes might occur?

What are the similarities and differences between economic systems, economic roles and economic decision? How do they relate to one another?

ANSWER THE FOLLOWING QUESTIONS COMPLETELY INCLUDE BACK UP INFORMATION TO YOUR REASONING.

Explain the relationship of needs, wants and unlimited wants and how you resolve what is important.

15

Sheila’s father told her that with the family’s limited resources, she will have to choose between hiking boots, a new coat and season tickets to the ball game during the school year. If you are Sheila, describe the steps to the decision making process and provide the advantages and disadvantages of the choices.

Explain and give examples of showing how enterprises stay in business when they sell at higher prices the same goods and services sold by other businesses. (Hint: Iphone is an example)

16

It has been said that the term “market” in our market economy refers to an idea and not to a place. What does this mean?

Give three ways that consumers benefit from competition among businesses.

BUDGETING QUESTIONS

1. Erica needed and wanted a scooter. She was aware that she had three choices: a Vespa, Honda Jazz, and a Piaggo. The prices varied significantly among her choices. They were all available in varying degrees of quality from several reputable dealers.

(a) Develop a list of questions she might ask herself in response to making buying decisions.

17

(b) Suggest a shopping strategy that will help her get what she wants.

2. You are a student at Xavier University. You have $500 in savings. You receive a grant that covers your tuition and books as well as room and board. You take a part-time job which pays you $150 per week. You have to pay for utilities (water& electric), cell phone bill, internet, food and entertainment.

a. Describe in detail how you would come up with a budget and what would be included in the budget. I don’t need to see calculations.

18

3. Jose recently became a peer financial advisor at his college. He was excited about this role, as it combined his love of personal finance with his desire to help others in his college community. He often found himself amazed by the lack of knowledge that students had about all things financial, whether it was checking accounts, credit cards or student loans.

His parents had taught him valuable lessons growing up and his surprise came from the fact that most students didn’t have similar experiences with their families. Jose had recently seen more students coming forward to ask him for advice regarding credit cards. He wasn’t sure if it was peer pressure (one roommate telling another) or the influx of credit card spam that seemed to have hit student email boxes recently. In fact, just that afternoon, Michelle had come to his office with one of these credit card offers.

She could not contain her excitement:

“Hey Jose, I couldn’t believe this offer I got from a credit card company today. The offer says that I get the credit card for 0% interest for a limited time. It’s amazing to me that they don’t charge me any interest and don’t make me pay them back. Am I missing something as this seems too good to be true? I mean, what is the right way for me to evaluate such a great offer?”

a. What should Jose tell Michelle about this offer?

19

b. What should Jose ask Michelle about the three C’s of credit?

c. What if any questions should Jose ask Michelle about her spending habits and budgeting?

d. What additional questions should she ask prior to getting a credit card?

4. Kris needs to find a financial institution to put her money. Kris is afraid and wants to make a good decision and also is skeptical of banks. She asks you to give her information on commercial banks and credit unions. She really doesn’t know what the differences are.

a. What advice would you give Kris as to why she should keep her money in a credit union or commercial bank? Be sure to give advantages and disadvantages to a credit union as well as a commercial bank.

20

5. Kyle needs to get his finances in order. He has been overspending and now owes money on 3 credit cards as well as paying for his car notes, insurance, rent, utilities etc. Kyle asks you for advice.

a. What should Kyle do prior to trying to start a budget and why?

b. Explain why Kyle will need to curb spending and give him a strategy.

c. What other information would you give Kyle so that he can put together a budget?

6. Jacob goes to City Trend to buy some jeans. While in the store he notices some price discrepancies. The tag says the jeans cost $10 less than what the Store Manager says.

a. What rights does Jacob have as a consumer?

21

b. What advice would you give Jacob concerning the practices of this store?

7. Fill out the following information correctly.

You have to pay an electric bill to the Entergy Company for 95.00. Please input the information needed to correctly fill out this check. Use today’s date for the date on the check.

(a) What do you need to open a checking account?

22

(b) If you are under 18, can you open a checking account and what if so, under what circumstances could you do so?

(c) What questions would you ask before opening a checking account?

8. April is a college student who wants to open a bank account for the first time. She has $500 cash to deposit in the account initially. The bank she chooses is not near her dorm, and it's difficult for her to get there. She has a part-time job and receives a bi-weekly paycheck that will be directly deposited into her account.

a. What type of bank account should April open and why did you select that type of account?

9. Jill has an issue with impulse buying. Give her some solutions to help her overcome this issue.

23

10. Which of the following is the correct way to fill out a check?

(a)

(b)

(c)

24

(d)

SOCIAL RESPONSIBILITY QUESTIONS

1. Provide two disadvantages of International Business. What could you do to overcome the disadvantages to your company? Please explain in detail.

2. Name two of the social concerns of social responsibility and provide two examples of what you can do to address each these concerns. Please explain in detail.

25

3. How can the government protect the following groups? Provide a detailed response and provide at least one example for each category.

a. Citizensb. Consumers and Business Ownersc. Workers

4. What are the reasons that the U.S. would impose (a) embargoes, (b) tariffs, and (c) quotas? Explain how each helps the U.S.Assume you started a business that manufactures ceramic products. These products are new and exclusive on the U.S. market. Your market survey shows that consumers want them and will buy them for their homes. You already have invested in a small building, equipment, supplies, and materials. You have hired three people to work with you.

You soon discover that a trading partner of the U.S. has similar products to export. This country’s labor costs are extremely low, and workers in that country receive few benefits. Your business without foreign competition, could grow to employ hundreds of workers. You consider this foreign producer of ceramic products unfair competition.

26

(a) What can our government do to help you get started and have a chance for success in your business?

(b) What might the other country do if the U.S. government does not allow it to trade ceramic products freely?

5. Ellie decides that she is going to start a new business. She is going to her services as a personal chef and caterer. She has decided on the company name, Soup to Nuts. She comes to you because she knows you’re taking a business class.

a. Before you advise Ellie, what questions should you ask her?

b. Advise Ellie on what she needs to do prior to starting a small business and steps she should take to get her business started.

27

6. Ellie has taken your advice and is getting started on her small business she’s trying to figure out what type of financing she should get from the bank. What do you tell her about the different types of financing and help her figure out what kind of financing she needs? Explain why you picked the financing you did for Ellie.

7. Ellie has made a decision on the financing for her company based on the information that you provided. She needs to write up a business plan.

a. Provide her with the information she needs to write up a business plan.

28

b. Are there any questions that you need to ask her about her business at this point? Why or Why not? Explain.

8. Mr. Neo Anderson turned his hobby into a baseball card business. Neo began his business with a small loan from the bank and the money saved from working while in college. The business grew steadily each year. By preparing a specific budget at the beginning of each year, Mr. Anderson was able to spend his money wisely on new inventory and improvements to the store.

This year Neo used the same budgeting process that he had implemented the past 4 years. He estimated that sales would increase 8%, so Neo planned to increase expenses accordingly. The budget projected another nice profit. The first two months of the year went well. Then the economy suddenly slipped into a recession that continued through the rest of the year. Customers cut back on their spending at the store. Mr. Anderson’s sales declined but his expenses continued to increase.

(a) Mr. Anderson encounters problems in the fifth year when his planning had been so successful in the past. Provide Neo with some advice. What financial planning recommendations would you make that would help Neo by making changes to his business plan.

29

9. Candy Cane, a prosperous property developer, thinks a mall should be built on a large piece of land that she owns. Ms. Cane is respected in the community. She has supported community programs in the past. Some prominent community members have asked her to donate the land for a city park. She knows that a neighborhood park will help resolve the shortage of recreational areas in her community. However, income from a mall located on her land could add profits each year. The extra income could then be used to support additional social programs.

(a) What is the dilemma that Candy Cane faces?

(b) What advice would you give Ms. Cane? Provided a very detailed response

30

10. Mr. Cringle is a small business owner and is fairly successful. He has 15 employees: 8 salaried full-time employees, 4 on commission and 3 part-time employees. The salaried employees get fringe benefits in addition to their salaries. Mr. Cringle makes 5,500 monthly. He has expenses of utilities of 400 per month, rent of 1,000 per month, phone of 190 per month. Equipment rental of 40 per week. Delivery transportation fees of 200 per month. Mr. Cringle decides he would like to expand his business and buy property instead of renting a building and hire 5 more employees.

(a) Based on the above information, what steps would you take to come up with a monthly budget?

(b) Should Mr. Cringle take a loan to expand his business? Why or Why not.

31

BUSINESS PLAN QUESTION

1. Ellie decides that she is going to start a new business. She is going to her services as a personal chef and caterer. She has decided on the company name, Soup to Nuts. She comes to you because she knows you’re taking a business class.

a. What can you tell Ellie is the most important thing to do prior to starting a business and what should be put into a business plan.

b. Advise Ellie on what she needs to do prior to starting a small business and steps she should take to get her business started.

CAREER REVIEW

1. Patrick Clover is in college at LSU and is a Biology major with a 3.7 GPA.

He hasn’t had a lot of job experience. Here is his job experience:

Fall 2016 to present: Biology research assistant to Dr. Frog in the Biology department at LSU

32

Summer 2016: Library researcher at LSUFall 2015 through Spring 2016: Tutor in Biology, Chemistry and Math at LSUSummer 2014: Geek Squad for Best Buy in King, LA

Patrick’s skills: Scientific Research, good with Windows and Microsoft applications, able to debug computer systems and correct basic computer hard drive issues, great communication skills and good organizational skills.

Patrick’s contact information: 4321 Irish Blvd., King, LA 70125; 504-223-4579; goirish@gmail.com

Patrick is trying to get a paid internship to do medical research at Johnson and Johnson Corp.

(a) What is the best type of resume that Patrick should use and why?

(b) Based on your response to part (a), write Patrick’s resume.

33

2. Ray Ban has a job interview for a position in management at the J. Crew Corporation. He has a business degree from New York University (NYU) and a master’s degree from NYU as well. He has held positions in retail sales, business and management.

Please advise what advice you would give Mr. Ban in preparing for

a. His interview

b. Submitting his resume.

34

c. Job application.

3. What are the differences between a skills resume, chronological and functional resumes?

4. When would you use the following resume types:

a. Functional Resume

35

b. Chronological Resume

c. Skills Resume

5. Kelly is a Junior at Grace King. He isn’t sure what he wants to do after he finishes school but he is going to college. Advise Kelly what are some steps that he can take in trying to figure out a career. Be detailed.

6. What are 4 tips for successful interviews?

36

7. What are 4 tips for succeeding on a job once you have one?

8. What are all of the components of a resume?

9. Personal traits or characteristicsa. Abilitiesb. AIMc. Attributesd. Actions

10. This section of the resume lists a variety of other information to accentuate your key abilities and attributes

e. Design Layoutf. Functional Resumeg. Chronological Resumeh. Attributive Resume

11. Skills and knowledge that can be applied to accomplishing work tasksi. AIMj. Action Verbsk. Attributesl. Abilities

37

12. Which of the following are the best references to list in a résumé?m. Former employersn. Family memberso. Coworkersp. Classmates

13. An important first step in a career planning process is q. Employee market assessmentr. Career developments. Application processt. Personal assessment

14. Which of the following would be a correct statement about filling out a job application?u. Write clearly using a black or blue pen to present a professional appearancev. Using a pencil to fill out the job application in case you make a mistakew. Leave blank spaces for information that you do not have readily availablex. A résumé is not necessary if you are completing a job application

15. Employers often skim your resume, ensuring these are part of the communication process in developing your resume will increase your chances of being considered for a position

y. Job positionz. Tone, style, and designaa. Name blockbb. Detailed background and skills

16. One key to a successful interview iscc. Take someone with you to the interviewdd. Appear friendly and talk a lotee. Dress casually niceff. Be prompt

17. An exit interview isgg. An interview that is done as you are about to leave your formal interviewhh. An interview for a jobii. An interview about your knowledge of the jobjj. An interview that is done when you are leaving a company

18. Which of the following is inappropriate during a job interview?kk. Asking questions about the positionll. Dressing appropriatelymm. Talking to muchnn. Taking notes

38

19. Tacie needs to bring her resume to her first interview. She asks what are the basic components of the resume. You give her the following information on resumes

oo. Include your date of birth and social security numberpp. Include your Facebook and twitter addressesqq. Include your previous jobs and educationrr. Include your political views and religion

Define the following terms:

Career planning

Occupation

Values

Mobility

Transferable skills

Talent

Ability Test

Personal references

39

Answer the following questions:

What is the difference between a talent and an ability?

Provide an example of a talent, ability and a transferable skill.

What are the steps to planning a career? Can these types of steps be used for anything else?

What is a career information interview and what is it used for?

40

Why is investing in additional education something that should be considered in career planning?

41