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Praxis II 0101 & 5101 Business Education

Entrepreneurship
the process of starting, organizing, managing, and assuming the responsibility for a business. The foundation of the free market economy. Create diverse product market.
Basic Organization Structure
function, product, market, customer, location. Division of labor, structure for making decisions. Goal: Maintain efficiency in business.
Management Problems.
Span of Management – too many immediate subordinates to be effective. Job assignments unclear.
Management Structure
Functional, territorial, product and matrix
Functional Management Structure
Divides the parts of the business by what they do. Production, Acctg, marketing, etc.
Territorial structure
operations are spread out over a variety of areas each operating independently
Product structure
break along product lines(auto manufacturer)
Matrix structure
functional and product structures – both financial and production oversee a project
Management style-Exploitative/Authorative
managerial decisions are imposed on subordinates and management has greater responsibility; little communication overall on the hierarchy; Employees very dependent on jobs and exploited by management. Ex: bad factories. Ineffective
Management style-Exploitative/benevoloent
managerial assumption that management acts in the best interest of the workers; little communication overall on the hierarchy; Management patronizing and fail to take into account employees feelings. Ineffective
Consultative style
small degree of trust in employees by management; all employees feel some responsibility for the overall success of the company, there is some degree of teamwork and freedom to act on minor issues among employees. But management handles larger issues and does not trust lower level employees with important manners.
Participative-group style
most effective. Managers have trust in subordinates b/c every employee is well trained and competent. Motivation by reward not punishment.
Sole proprietorship
owned and operated by one person. Suffer from limited sources of capital, high risk. Do not have to pay income taxes on profits, only personal income.
Corporations
distance and viable entity. Ownership of a corporation is held by individuals who own shares of corporation’s stock. Individual shareholders are not responsible for the actions of the corporation-just lose initial investment. Employees cannot be prosecuted for the acts of the corporation at large. Attract solid managers, manipulate/influences govt policy to suit their ends.
Corporate governance
Stockholders elect the members of a board of directors who oversee the operations of the corporation. Real power held by management group not stockholders who cooperate with a few major stockholders to ensure they remain in power.
Proxies
permission given by stockholders to someone else to manage the stockholder’s interest in the corporation.
Advantages of Corporations
ownership of corporations is easily transferable and it rarely has any effect on the daily operations of the business.
Disadvantages of corporations
double taxation-company taxed as legal entity and shareholders must pay income taxes on dividends.
Partnerships
business owned and operated by two or more principals for the purpose of making a profit. Jointly provide capital and labor in exchange for shared profit or loss. No govt permission is required for a partnership, business affairs do not have to be shared beyond partners., as a business form is not required to pay income taxes. Disadvantages: unstable, hard to dissolve if one partner is found to be incompetent.
Cooperative
small group of individuals or smaller groups that join together to achieve some common goals. Ex: credit unions, retail consumer groups, residential organizations, and marketing associations.
Board of directors
selects upper level management including the CEO and supervises strategy and financial objectives.
Business planning
assess the business’ current status, anticipate trends in the market and consider the financial implications of proposed plans. Planning is impossible without good records from the acctg department.
Steps to Business planning
1. Becoming aware of an opportunity or problem. 2. Define a clear and verifiable objective. 3. Develop the premises of their future plans – forecasting changes in market, assessing population growth and changes in price level. 4. Consider the various means of getting the job done, weigh alternatives. 5. Selecting a course of action. 6.Develop the supporting plans for the great plan to be completed.
Business Objectives
goals or end points to where the business is aiming.
Business Policies
statements of purpose that will define the way a business goes about achieving its goals. A successful set of policies set limits to business activity and encourage initiative.
Business strategies
Overall plans that take into consideration such external factors as trends in the marketplace or actions of the competitors. Course of action.
Business procedures
must be clear and specify exactly how future actions should be performed.
Business rules and programs
things that employees are either required to do or are forbidden from doing.
Fiscal policy
created and implemented by the federal government in the hopes of increasing the gross national product, raising employment and stabilizing price and money.
Expansionary fiscal policy
combats a recession by either lowering taxes or increasing government spending
Contractionary fiscal policy
aims to fight inflation and involves raising taxes and decreasing spending.
Monetary policy
actions of a bank or currency regulation organization that affects the size of the money supply and therefore interest rates. Designed to restrain inflation, improve the employment rate and stabilize the economy.
3 ways the Fed carries out monetary policy
Open market operations, discount rate, reserve requirements. To halt a recession – expands the money supply, decrease inflation – limit spending by contracting the money supply.
Open Market operations
government purchasing and selling of government securities (bonds) to affect the size of the money supply (to increase, buys securities)
Discount rate
rate of interest charged to member banks for loans.
Federal reserve
centralized national bank, established by the National Monetary Commission in 1908 via the Federal Reserve Act in 1913, bank of private banks. Consists of the Board of Governors, Fed Open Market Committee, 12 Federal Reserve banks and the various banks and advisory committees.
Board of Governors
7 members appointed by the President, confirmed by the senate and serve 14 years. Typically economists. Create and implement monetary policy, decides on amount of money to loan member banks and to set the rate of interest on loans, over sees bank mergers and acquisitions of American banks and any international member banks. Reports to congress.
Interstate commerce commission ICC
established in 1887 by Interstate Commerce Act. Regulates rates that carriers charge and oversees any mergers, acquisitions and sales of carriers.
Paying for Deficit
Govenment issues treasury notes, bills and bonds
GDP
Total value of goods and services produced by that country in a given time period. Used to assess country’s economic health.
GDP Calculation
Sum of 4 components of aggregate demand: net exports-.exports less imports, consumption -.total spent on durable goods, non durable goods and services, investment and federal/state/local government purchases. Excludes net income from foreign sources -.that included is GNP.
Taxes
Fed largely funded by income tax, States by property and sales taxes.
Taxable income
amount of personal or corporate income that is left after all deductions, exemptions and losses have been subtracted.
Tax deductions
Medical and dental if greater than 7.5% of income;Interest on mortgage and investments, items that are stolen or lost due to natural disaster. Also work related costs, legal fees, home office expenses and education expenses related to ones job.
You cannot deduct costs from plastic surgery, political contributions, raffle tickets, funeral expenses, commuting expenses.
Five Goals for a mixed economy
Full employment, stability, economic growth, efficiency, and equity.
Inflation
Rate of change in the price level
Deflation
Decrease in price level
Demand pull inflation
greater demand results in inadequate supply and raised prices.
Cost push inflation
increases in the cost of production lead to supply shortages across the economy, leading to an increase in prices.
Recession
Economic situation in which GDP is on the decline for 3 quarters. Leads to falling prices which can lead to a depression. Can sometimes lead to an increase in prices which is known as stagflation.
Perfect competition
State of a market in which there are a number of firms selling the identical product at the same price. No one firm has control over the market.
Monopolistic Competition
a market structure in which many companies sell products that are similar but not identical
Oligopoly
economics; a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors
Monopoly
exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices
Supply
the desire and ability to sell a particular good at a particular price within a given time period.
Demand
Willingness to buy a certain quantity of goods at a particular price.
Relationship between supply and demand
demand curve slopes such that a greater quantity is being demanded when the price is lower.
Supply curve
Producers will make more goods as the price for those goods rises.
Law of Diminishing Returns
If one aspect of production is increased while all the others remain at the same level, the overall return will decrease after a certain point
Labor force
Unemployed and employed workers
Unemployed workers
Out of work but actively seeking work.
Seasonal unemployment
labor flux in a year
Frictional unemployment
huge numbers of people entering and leaving the job market at any time. Time between being unemployed and finding a job.
Structural unemployment
changes in industry result in a mismatch between jobs available and the skills possessed by workers.
Cyclical unemployment
unemployment that rises during economic downturns and falls when the economy improves
Competing in foreign markets
Investment, exporting, licensing agreements.
Balance of Trade
difference between the value of nation’s exports and imports.
Comparative Advantage
the ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.
Basic equation of accounting
Assets = sum of liabilities and capital.
Total Value of ownership = assets – liabilities
Property Rights
when a partnership or person owns a business, this ownership is registered as net worth, capital or proprietorship. When a business has borrowed funds in order to sustain operations, claims to the lenders are known as liabilities. Taxes on property are also a liability.
Stockholder’s Equity
Amount of original investment + dividends
Accounts Receivable
Asset
Accounts Payable
Materials purchased on account – increasing assets and increasing A/P Liability
Debit
Any transaction that increases the assets of a firm or reduces liabilities.
Credit
Decreases assets or increases liabilities.
Double entry bookkeeping
the practice of writing every business transaction in two places
Actual costs and sales
Basis of accounting; the exception is depreciation.
Inaccuracies in Tradition accounting
Assets often change their value as a business owns them. Measuring the depreciation is not an exact science. Difficult to predict whether or not inventory will be sold.
Problems of inflation
make it impossible for accountants to accurately predict costs.
Balance sheets
the accounting statement that describes the relationship between assets on the left side and claims against those assets on the right.
Income Statement
exactly what happened during a given year what sales and expenses were as well as profits. Sales less expenses – lists profit or loss.
Sales, net sales
total amount of goods sold in a period – considered final when delivered. Net sales = sales less returns, damaged goods and discounts.
Cost of goods sold
the total cost of buying raw materials and paying for all the factors that go into producing finished goods Does not include things like office expenses, shipping or advertising.
Gross profit
net sales minus cost of goods sold
Income
Income before taxes;gross profit minus operating expenses
Net income
Income after taxes; profit
Cash Comparisons
Increase in A/P is the same as borrowing cash because the business gets the materials it needs without losing the use of cash owed for them. Reducing A/R means increasing cash as prior customers have finally paid off their purchases.
Current ratio
Current Assets divided by Current Liabilities. Good if twice as many assets to liabilities.
Quick Ratio
Current Assets – Inventory divided Current Liabilities. Assets that can be quickly turned into cash. Healthy: debts = no more than half of the ownership equity.
Inventory Turnover ratio
A ratio that measures the liquidity of inventory by measuring the number of times average inventory sold during the period; computed by dividing cost of goods sold by the average inventory during the period.
Gross profit margin
Measures the difference between what it costs to produce a product and the selling price. Successful margin = 25-30%
Pretax profit margin
Pretax Income divided by Total Revenue. 8-10% of the dollar. Exception is places with high turnover rate – like supermarkets – 1-2% of the dollar.
Measuring profitability
What the company earns after income taxes found on the income statement. Income taxes take about half of earnings. Ratio of profit after taxes to net worth assesses what the owned of a company are making from their investment. It is calculated by taking the profits after taxes and dividing them by the net worth of the business
General Ledger
the ledger that contains all of the financial accounts of a business that uses double entry bookkeeping.
Calculating Depreciation
if not assessed properly, assets are overstated. Straightline, declining balance, activity method.
Trial Balance
All credits and debits from all ledgers are listed into two columns. Prepared during each financial period in summation of the closing of the previous ledgers. Used to pinpoint errors made during the creation of the ledger.
Total Marketing concept
The idea that a business must organize itself so that the marketing department has the resources to attract new customers. Marketing activities account for about 1/3 to 1/4 of the workforce.
Marketing Mix
Combination of tools used by marketing program to promote a certain product to market. Includes product mix, distribution mix, communication mix and the service mix.
Copyright
the exclusive, legal right of a person to reproduce, publish, and sell his or her own literary, musical, or artistic creations
Trademark
a name, symbol, or other device identifying a product; it is officialy registered with the U.S. government and its use is legally restricted to its owner
Patent
a document granting an inventor sole rights to an invention
Market segmentation
When marketing executives attempt to remove the thread of competition by marketing their product to an exclusive portion of the population.
Phases of Marketing
(1) Marketing executives research the market in an attempt to determine exactly what goods and services customers are looking to buy. (2) Company attempts to provide the product to the public at the appropriate time,place,and price.
Intermediate purchasers
Buy things to resell. Unlikely to be susceptible to flashy marketing.
Physical Distribution management
Transfer of goods from producer to customer. Main goals: maximize level of customer service and minimize cost to company.
LIFO
inventory accounting in which the most recently acquired items are assumed to be the first sold; method is supposed to create the lowest ending inventory in a period of rising prices. Also create a lower taxable income, lower gross profit.
FIFO
inventory accounting in which the oldest items (those first acquired) are assumed to be the first sold; creates a higher ending inventory and lower cost of goods sold, higher gross profit and higher taxable income.
Price Elasticity
A measure of the sensitivity of demand to changes in price. Calculated by dividing the percent change in quantity demanded by the percent change in price.
Interest rate formula
principal times rate times time
Consumer Education
Enables students to enter the marketplace with a more sophisticated understanding of how to spend their money.
Consumer budget
Fixed expenses, variable expenses, and discretionary expenses.
Consumer finance companies
Small companies that loan money for basically any purpose at a high interest rate.
Comercial Banks
All commercial banks in the US are owned by private individuals thru the purchase of common stock.
Demand Deposit
can be withdrawn at any time.
Time deposits
CDs
Prime rate
rate of interest banks charge on short-term loans to their best customers
FDIC
Federal Deposit Insurance Corporation: A federal guarantee of savings bank deposits initially of up to $2500, raised to $5000 in 1934, and frequently thereafter; continues today with a limit of $250,000
Deposit insurance
A system under which the government guarantees that depositors will not lose any money even if their bank goes bankrupt.
Savings banks
depository institution originally set up to serve small savers overlooked by commercial banks
Savings and loan association
a thrift institution that is required by law to make a certain percentage of its loans as home mortgages
Life Insurance companies
Large holders of individual savings; assets of life insurance company are earned by selling policies for much more money than the likely cost of death benefits to be paid out at the time they are sold. Insurance companies typically invest their assets in corporate stock, corporate stock bonds and home mortgages.
Commercial finance companies
purchase the a/r of a business at a discount but seller pays if default. Make loans on bus. inventory or machinery and equip. Charge higher rates that commercial banks b/c higher risk involved.
Factoring and Comercial Finance
Factoring companies purchase ar from businesses at a discount also but take the loss if the ar is unpaid.
Sales finance companies
Allow people to pay for items on a payment plan.
Leasing advantages and disadvantages
More expensive to lease because companies pay for interest and depreciation on equipment. Leasing costs are tax deductible and there is less up front cost layout, less commitment to assets.
Public market
Individuals and companies that buy stocks, bonds and insurance.
Common Stock
Represents ownership in a publicly held company which entitles owners to dividends (if declared by the company’s Board of Directors), voting rights on matters affecting the company, and in the elections of Boards members.
Par value
value assigned to a share of stock and printed on the stock certificate
Preferred stock
Stock that gives its owners preference in the payment of dividends and an earlier claim on assets than common stockholders if the company is forced out of business and its assets sold
Corporate bonds
Long-term debt issued by private corporations typically paying semi-annual coupons and returning the face value of the bond at maturity
Types of bonds
Mortgage bond (property on bond), Collateral trust bind(stocks and bonds held from other companies are held as security of repayment), Debenture (assets and earnings of company offered as repayment), Debenture(general assets of company)
Investment banks
Financial institutions that assist firms in the process of issuing securities to investors. Investment banks also advise firms engaged in mergers and acquisitions, and they are active in the business of selling and trading securities in secondary markets.
Brokerage Houses
Employ market analysts to research firms to find strengths and weaknesses of businesses looking for financial investors. Almost all investment banks operate as brokers. Charge a commission on purchases and sales.
Security Exchange
A marketplace where member brokers who represent investors meet to buy and sell securities. NYSE.
Security exchange members
4 types: commission brokers, registered traders, odd-lot dealers, those who focus on own behalf.
Listed stock
Stock that is authorized to be bought and sold.
Securities investors
buys stocks for long term use.
Price earnings ratio
Ratio between the market price of a stock and the profits per share over the last year. (To compute the P-E ratio, divide the earnings into the market price of stock).
Speculation market
people buying on the margins–paying cash for some and using credit for the remainder of the purpose. Problem: people cannot pay off their credit
Bear market
Stock market that experiences a general decline in prices of stock. Not all stocks experience a decline in value, but most do.
Bull market
Stock market experiences a general rise in prices and stock trading volume for shares over a period of time.
Option trading
Options to buy and sell stock are exchanged.
SEC
an independent federal agency that oversees the exchange of securities to protect investors
Promissory Note
a written contract with a promise to pay a supplier a specific sum of money at a definite time
Drafts
Instrument of credit – an order is made by one party to pay another through a third party. Order to pay versus a promise.
Demand draft
draft that is payable upon presentment; regular check is a demand draft.
Time draft
a draft payable at a specified future date
bank acceptances
A time draft drawn on, and accepted by, a bank. They are limited to 6 months in the US. They may be kept to maturity or sold.
Certified checks
A personal check drawn on your account on which your financial institution imprints the word “certified”, signifying that the account has significant funds to cover its payment.
Cashier’s check
A check bought from a bank with payment guaranteed by the bank
Lines of credit
Agreements made by a bank to lend money at a stated interest rate whenever the owner needs it. A fee is charged for the privilege whether the money is used or not, and interest is charged on any money that is used.
Present value theory
investment analysts use pvt to account for the changes in the value of a sum of money over time.
Risk management
identify, consider and make the most efficient defense against various types of risk.
Career cluster
jobs or occupations grouped together because of similar knowledge or skills
4 main categories of employee rights
collective bargaining, working hours and pay, workplace safety, discrimination in the workplace.
Human resource accounting
A process designed to measure the present cost and value of human resources as well as their future worth to the organization.
Civil Rights Act 1964
This act made racial, religious, and sex discrimination by employers illegal and gave the government the power to enforce all laws governing civil rights, including desegregation of schools and public places.
Equal Pay Act 1963
An amendment to the Fair Labor Standards Act, this act requires equal pay for men and women doing equal work.
EEOC
Enforces laws to prevent unfair treatment on the job due to sex, race, color, religion, national origin, disability, or age.
Age Discrimination in Employment Act of 1967
Applies to businesses with 20 or more employees working at least 20 weeks of the year. Prohibits discrimination in hiring or firing based on age, for persons aged 40 or older.
COBRA
Consolidated Omnibus Budget Reconciliation Act; law to provide terminated employees or those who lose insurance coverage because of reduced work to be able to buy group insurance for themselves and their families for a limited amount of time.
Equal Employment Opportunity Act of 1972
Title VII of the 1964 civil rights act was extended to cover federal, state and local public employers and educational institutions by the Equal Employment Opportunity Act of 1972.
Health Insurance Portability and Accountability Act of 1996
the purpose was to improve portability and continuity of health coverage in the group and individual markets; combat waste, fraud, and abuse in health insurance and health care delivery; promote the use of medical savings accounts; improve access to long-term care services and coverage and simplify the administration of health insurance. It requires that health care providers ensure that patient confidentiality be maintained.
Family and Medical Leave Act of 1993
Allows employees to take a total of 12 weeks’ leave during any 12-month period for the birth of a child or serious health condition of the employee
Drug Free Workplace Act
Requires federal contractors with contracts of $100,000 or more to certify that they are maintaining a drug-free workplace
OSHA
a government agency in the Department of Labor to maintain a safe and healthy work environment; Occupational Safety and Health Act
Applications for employment
Application forms cannot inquire about age, marital status, arrest records, gender, religion, citizenship or nationality.
Statute of Frauds
State law requires certain instruments, such as deeds, real estate sales contracts and certain leases, to be in writing to be legally enforceable
Factor’s Lein
gives the second company the right to hang onto merchandise until payment is made to the original owner.
tort
(law) any wrongdoing for which an action for damages may be brought
Three types of torts
intentional, negligence, liability
Bankruptcy
a legal process intended to insure equality among the creditors of a corporation declared in bankruptcy
Chapter 7 bankruptcy
a filing has been done, and a cease letter is sent to each employee about three weeks before the close of the company. Next somebody can buy your company and then no Bankruptcy will happen. If no buyer happens, the bank or some other entity, will take a look at all the assets and then try and sell the assets. Typically, only 1/3rd of employees are kept to finish the loose ends of the company.
Chapter 11 bankruptcy
Reorganization of a business where company can operate with pre-bankruptcy management in place while the entitlement of lenders and investors are reorganized to replace a failed capital structure.
Chapter 13 bankruptcy
equivalent to chapter 11 bankruptcy but applies to natural persons. this type of bankruptcy allows for a payment of debt over a period of time and debtor keeps assets.
Occupational health and safety act 1970
Ensures the safety of workers and prohibits firing an employee for reporting workplace safety hazards or violations.
Vocational Education Act of 1963
Improve quality of education and technical training to better train baby boomers
1968 Amendment to the Vocational Education Act of 1963
Included support on Post secondary education and new provision for funding an expanded vocational curriculum.
Carl D. Perkins Vocational Education Act of 1984
established equal opportunities for
Carl D Perkins Vocation and Applied Technology Act of 1990
additional funding for technology and communication between business and education communities.
Bloom’s Taxonomy
There are six categories of cognitive objectives organized by complexity: Knowledge, Comprehension, Application, Analysis, Synthesis, Evaluation.
Howard Gardner
devised theory of multiple intelligences: logical-mathematic, spatial, bodily-kinesthetic, intrapersonal, linguistic, musical, interpersonal, naturalistic
command economy
An economic system in which the government controls a country’s economy.
Sarbanes-oxley act 2002
requires that the CEO and CFO of large companies that have publicly traded stock personally certify that financial reports made to the SEC comply with SEC rules and that info in the reports are accurate.
maslow hierarchy of needs
a method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization
nafta
A trade agreement between Canada, the United States and Mexico that encourages free trade between these North American countries.
mortgage calculation
The fixed monthly payment for a fixed rate mortgage is the amount paid by the borrower every month that ensures that the loan is paid off in full with interest at the end of its term. The monthly payment formula is based on the annuity formula. The monthly payment c depends upon:
r – the monthly interest rate, expressed as a decimal, not a percentage. Since the quoted yearly percentage rate is not a compounded rate, the monthly percentage rate is simply the yearly percentage rate divided by 12; dividing the monthly percentage rate by 100 gives r, the monthly rate expressed as a decimal.
N – the number of monthly payments, called the loan’s term, and
P – the amount borrowed, known as the loan’s principal.
rate of return on bonds
Yield is a figure that shows the return you get on a bond. The simplest version of yield is calculated using the following formula: yield = coupon amount/price. When you buy a bond at par, yield is equal to the interest rate. When the price changes, so does the yield.
converting foreign exchange rates
This report promulgates exchange rate information pursuant to Section 613 of Public Law 87-195 dated September 4, 1961 (22 USC 2363 (b)) which grants the Secretary of the Treasury sole authority to establish for all foreign currencies or credits the exchange rates at which such currencies are to be reported by all agencies of the government. The primary purpose is to ensure that foreign currency reports prepared by agencies shall be consistent with regularly published Treasury foreign currency reports as to amounts stated in foreign currency units and U.S. dollar equivalents.
National environmental policy 1967
is a United States environmental law that established a U.S. national policy promoting the enhancement of the environment and also established the President’s Council on Environmental Quality
stock split
A division of shares of a company into a larger number of shares. (A 2 for 1 split allows a shareholder to double the number of shares but worth one half of their previous value).
GDP
Gross Domestic Product
GNP
gross national product
Accounting Cycle
activities performed in an accounting period that help the business keep its records in an orderly fashion.
Accounting Process
Analyzing, Recording, Classifying, Summarizing, Reporting and Interpreting.
Financial Statements
Financial reports that summarize the financial condition and operations of a business
Savings
a fund of money put by as a reserve
Investment
spending on capital equipment, inventories, and structures, including household purchases of new housing
Managing Credit
use when necessary, know agreement, make payments on time, pay off credit card, inform creditors if you cant make payment
Risk
expose to a chance of loss or damage
Financial Institutions
a bank, trust company, insurance company, credit union, building and loan association, savings and loan association, place for deposit of funds or medium of savings or collective investments.
M0
M0: In some countries, such as the United Kingdom, M0 includes bank reserves, so M0 is referred to as the monetary base, or narrow money.
MB
is referred to as the monetary base or total currency.[8] This is the base from which other forms of money (like checking deposits, listed below) are created and is traditionally the most liquid measure of the money supply
M1
narrowest measure of the money supply that includes all coins and paper bills in circulation, traveler’s checks, checking account balances, and balances in credit unions
M2
All of M1 + less immediate (liquid) forms of money to include savings, money market mutual funds, and small denomination time deposits.
M3
measure of the money supply Example. M2 plus deposits at institutions that are not banks such as savings and loan associations
MZM
Money Zero Maturity; A definition of the money supply that includes monetary balances immediately available at zero cost to households and businesses for making transactions. Equals M2 minus small time deposits plus money market mutual fund balances owned by businesses.
Money
the most common medium of exchange… Example. functions as legal tender;
Wealth
The total value of money and other assets, minus outstanding debts
Bank Note
a piece of paper money especially one issued by a central bank
Balance sheet
a record of the financial situation of an institution on a particular date by listing its assets and the claims against those assets
Cash Flow Statement
A financial summary for a specific period that shows the beginning balance on hand, the receipts and disbursements during the period, and the balance on hand at the end of the period.
Income Statement
a financial document that shows how much money (revenues) came in and how much money (expenses) was paid out
Linux
an open-source version of the UNIX operating system
Open-source software
Software such as Linux that includes its uncompiled source code which can be modified and distributed by programmers
Stored-Program concept
instructions to be executed by the computer are represented as binary values and stored in memory
Programs
Sets of computer instructions designed to solve problems and feed them into the computer’s memory through keyboards and other input devices.
Algorithm
a precise rule (or set of rules) specifying how to solve some problem
Debugging
Correcting errors in software.
Machine Language
Uses numeric codes to represent the most basic computer operations-adding numbers, subtracting numbers, comparing numbers, repeating instructions, and so on.
High-level Langauges
Make it possible for scientists, engineers, and businesspeople to solve problems using familiar terminology, and notation rather than cryptic machine instructions.
Compiler
A translator program that compiles a complete translation of the program from a high-level computer language into machine language before the program runs for the first time.
Natural Languages
Languages that people speak and write in everyday.
Documentation
Instructions for installing and using the software.
Read Me
Files with installation instructions and last-minute release notes.
Help files
Appear on-screen and at user’s request
Online help
Accessed through the local help files or at the company’s Web site.
Updates
Containing bug fixes and minor enhancements.
Upgrades
With significant feature and/or improvements.
Service packs
containing bundled updates.
plug in
is a program that interacts with the host application, extending its functionality in some way.
Compatibility
Backward compatible with other previous softwares.
End-user license agreement (EULA)
Typical software warranty
Software License
when you buy the right to use the software.
Volume Licenses
special licenses for families, companies, schools, or government institutions.
Copyrighted Software
Can’t be legally duplicated for distribution to others.
Copy protected/ Digital rights management (DRM)
technology to ensue that they can’t be duplicated with conventional copying techniques.
Software Piracy
Is the unauthorized copying and selling of software
Public-domain software
Web sites, user groups, and other sources free for the taking.
Shareware
Free for the trying, with a send-payment-if-you-keep-it honor system.
Web applications
Applications that run remote Internet servers rather than on local PCs.
Mashups
Provide new services by combining data or functionality from two or more external sources.
Vertical-market applications/custom applications
Run on a single computer, or it might be a mashup that combines data and applications from several different business systems across the web.
System Software
A class of software that includes the operating system and utility programs, handles these details and hundreds of other tasks behind the scenes.
Operating system (OS)
Keeps hardware running efficiently and to make the process of communication with that hardware easier.
Multitasking
the concurrent execution of multiple applications the operating system creates dozens of processes.
Virtual Memory
Space on a hard disk or other storage device that simulates random access memory.
Authentication
Mining that users are who they claim to be
Authorization
ensuring that users have permission to perform a particular action.
Utility programs
Serve as tools for doing system maintenance and repairs the operating system
Device drivers
are small programs that enable I/P devices keyboard, mouse, printer, and others to communicate with the computer.
Booting
The remainder of the operating system is loaded into memory in this process.
Interface
The look and feel of the computing experience from a human point of view
Character-based interfface
a user interface based on characters rather than on graphics
MS-DS
Became the standard operating system on IBM-compatible computers.
Command line interface
requires the user to type commands that the computer responded to
Menu-driven interface
Enabled user to choose commands from on-screen lists
Menu
on screen lists
Graphical user interface (GUI)/Mac
Interface designed for mac
Microsoft windows
the most popular operating system for PCs.
Task bar
Provides one-click acces to open applications, making it easy to switch back and forth among different tasks.
Hierarchical menus
In windows and Mac OS organize frequently needed commands into compact, efficient submenus
Popup menus
can appear anywhere on screens
Context-sensitive menus
Offer choices that depend on which on-screen object the user has currently selected.
Access
A Microsoft application used to create a database.
application
Productivity software such as MS Office.
CAD
A means of creating architectural or mechanical designs using a computer.
desktop publishing
The production of a document, usually incorporating both text and graphics.
Excel
A MS application that allows a user to create spreadsheet documents.
extension
The three-letter (or more) addition to the name of a file indicating the type of application that produced the document.
FrontPage
A MS application that allows a user to create web pages.
license
Permission to use software, not ownership.
MOS
A set of tests designed to evaluate a user’s ability to create documents using MS Office applications.
MS Office
A group of Microsoft applications that includes word processing, database, spreadsheet, and presentation software, as well as others, depending upon the package choices.
Outlook
A MS product that functions as a personal organizer with e-mail, calendar, address book, and other functions.
PDF
An Adobe software product that comes in two parts: a free reader and a software product with which to create documents.
piracy
The stealing of software by copying it and giving or selling it to another person.
PowerPoint
A MS application that allows a user to create presentation documents used to display information.
program
A general term used to describe any action performed by a computer.
Publisher
A software program from MS that allows the user to perform desktop publishing functions to create different documents.
Quicken
A software application that allows the user to track expenses and income, much like a checkbook.
shrink wrap license
The software license that is invoked as soon as the plastic wrapping is removed from a new software package.
software
A general term used to describe computer programs such as applications and operating systems.
voice recognition
A software package that can convert digital sound into text.
Word
A MS application that allows a user to create word processing documents.
word processing
A software application that allows the user to key text and then manipulate it.
Works
A MS application that provides basic word processing, spreadsheet, and database capabilities in a single application.
WYSIWYG
An acronym meaning that what appears on the screen is what will be printed.
Zip file
A document that has been compressed to take up less space on a computer and to make it quicker to download.
adapter card
A card used by the CPU to communicate with devices inside and outside the case.
binary number system
The number system used by computers; it has only two numbers, 0 and 1, called binary digits, or bits.
BIOS (basic input/output system)
Firmware that can control much of a computer’s input/output functions, such as communication with the floppy drive and the monitor. Also called ROM BIOS.
BIOS setup bit
Used to change some settings on the motherboard.
bit(binary digit)
A 0 or 1 used by the binary number system.
bus
The paths, or lines, on the motherboard on which data, instructions, and electrical power move from component to component.
byte
A collection of eight bits that can represent a single character.
cards
Adapter boards or interface cards placed into expansion slots to expand the functions of a computer, allowing it to communicate with external devices such as monitors or speakers.
central processing unit (CPU)
Also called a microprocessor or processor. The heart and brain of the computer, which receives data input, processes information, and executes instructions.
chipset
A group of chips on the motherboard that controls the timing and flow of data and instructions to and from the CPU.
clock speed
The speed, or frequency, expressed in MHz, that controls activity on the motherboard and is generated by a crystal or oscillator located somewhere on the motherboard.
CMOS (complementary metaloxide semiconductor)
The technology used to manufacture microchips. CMOS chips require less electricity; hold data longer after the electricity is turned off, are slower, and produce less heat than earlier technologies. The configuration, or setup, chip is a CMOS chip.
CMOS RAM
region of memory that uses battery power to retain data after the PC is shut off.
CMOS setup
A chip on the motherboard that contains a very small amount of memory, or RAM enough to hold configuration, or setup, information about the computer The chip is powered by a battery when the PC is turned off. Also called CMOS configuration chip or CMOS RAM chip.
data bus
The lines on the system bus that the CPU uses to send and receive data.
data path size
The number of lines on a bus that can hold data, for example, 8, 16, 32, and 64 lines, which can accommodate 8, 16, 32, and 64 bits at a time.
DIMM (dual inline memory module)
A miniature circuit board installed on a motherboard to hold memory. DIMMs can hold up to 2 GB of RAM on a single module.
expansion cards
A circuit board inserted into a slot on the motherboard to enhance the capability of the computer.
expansion slots
A narrow slot on the motherboard where an expansion card can be inserted. Expansion slots connect to a bus on the motherboard.
firmware
Software that is permanently stored in a chip. The BIOS on a motherboard is an example of firmware.
flash ROM
ROM that can be reprogrammed or changed without replacing chips.
floppy disk drive (FDD)
See Floppy drive.
floppy drive
An older secondary storage device sometimes found inside the case.
front side bus (FSB)
Another term for the system bus.
gigahertz (GHz)
One thousand MHz, or one billion cycles per second.
graphics card
See video card.
hard copy
Output from a printer to paper.
hard disk drive
See hard drive.
hard drive
The main secondary storage device of a PC, a small case that contains magnetic coated platters that rotate at high speed.
hardware
The physical components that constitute the computer system, such as the monitor, the keyboard, the motherboard, and the printer.
hertz (Hz)
Unit of measurement for frequency, calculated in terms of vibrations, or cycles per second. For example, for 16-bit stereo sound, a frequency of 44,000 Hz is used.
host bus
another term for the system bus.
keyboard
A common input device through which data and instructions may be typed into computer memory.
magnetic hard drive
See hard drive.
main board
another term for motherboard.
megahertz (MHz)
One million Hz, or one million cycles per second.
memory
Physical microchips that can hold data and programming, located on the motherboard or expansion cards.
microprocessor
another term for the CPU.
monitor
The most commonly used output device for displaying text and graphics on a computer.
motherboard
The main board in the computer, also called the system board. The CPU, ROM chips, SIMMs, DIMMs, RIMMs, and interface cards are plugged into the motherboard.
mouse
A pointing and input device that allows the user to move a cursor around a screen and select items with the click of a button.
non-volatile
memory: Refers to a kind of RAM that is stable and can hold data as long as electricity is powering the memory.
Parallel ATA (PATA)
The older and slower ATA standard.
parallel port
female 25-pin port on a computer that can transmit data in parallel, 8 bits at a time, and is usually used with a printer. The names for parallel ports are LPT1 and LPT2.
peripheral device
Devices that communicate with the CPU but are not located directly on the motherboard, such as the monitor, floppy drive, printer, and mouse.
port
(1) As applied to services running on a computer, a number assigned to a process on a computer so that the process can be found by TCP/IP. Also called a port address or port number. (2) Another name for an I/O address. See also I/O address. (3) A physical connector, usually at the back of a computer, that allows a cable from a peripheral device, such as a printer, mouse, or modem, to be attached.
power supply
A box inside the computer case that supplies power to the motherboard and other installed devices. Power supplies provide 3.3, 5, and 12 volts DC.
primary storage
Temporary storage on the motherboard used by the CPU to process data and instructions. Memory is considered primary storage.
printer
A peripheral output device that produces printed output to paper. Different types include dot matrix, ink-jet, and laser printers.
processor
another term for the CPU.
program
A set of step-by-step instructions to a computer. Some are burned directly into chips, while others are stored as program files. Programs are written in languages such as BASIC and C++.
protocol
A set of rules and standards that two entities use for communication.
RAM (random access memory)
Memory modules on the motherboard containing microchips used to temporarily hold data and programs while the CPU processes both. Information in RAM is lost when the PC is turned off.
ROM (read-only memory)
Chips that contain programming code and cannot be erased.
S/PDIF (Sony-Philips Digital Interface) sound port
connects S/PDIF sound card to the motherboard.
secondary storage
Storage that is remote to the CPU and permanently holds data, even when the PC is turned off, such as a hard drive.
serial ATA (SATA)
The newer and faster ATA technology.
serial port
A male 9-pin or 25-pin port on a computer system used by slower I/O devices such as a mouse or modem. Data travels serially, one bit at a time, through the port. Serial ports are sometimes configured as COM1, COM2, COM3, or COM4.
software
Computer programs, or instructions to perform a specific task. Software may be BIOS, OSs, or applications software such as a word-processing or spreadsheet program.
solid state drive (SSD):
secondary storage device that contains no moving parts.(EX: solid state hard drive, USB drive)
startup BIOS
Part of system BIOS that is responsible for controlling the PC when it is first turned on. Startup BIOS gives control over to the OS once it is loaded.
system BIOS
BIOS located on the motherboard.
system board
Another term for the motherboard.
system bus
The bus between the CPU and memory on the motherboard. The bus frequency in documentation is called the system speed, such as 400 MHz. Also called the memory bus, front-side bus, local bus, or host bus.
system clock
A line on a bus that is dedicated to timing the activities of components connected to it. The system clock provides a continuous pulse that other devices use to time themselves.
trace
A wire on a circuit board that connects two components or devices.
USB (universal serial bus) port
A type of port designed to make installation and configuration of I/O devices easy, providing room for as many as 127 devices daisy-chained together.
video card
An interface card installed in the computer to control visual output on a monitor. Also called display adapter.
video memory
Memory chips embedded on a video card.
volatile
Refers to a kind of RAM that is temporary, cannot hold data very long, and must be frequently refreshed.
Access
A Microsoft application used to create a database.
application
Productivity software such as MS Office.
CAD
A means of creating architectural or mechanical designs using a computer.
desktop publishing
The production of a document, usually incorporating both text and graphics.
Excel
A MS application that allows a user to create spreadsheet documents.
extension
The three-letter (or more) addition to the name of a file indicating the type of application that produced the document.
FrontPage
A MS application that allows a user to create web pages.
license
Permission to use software, not ownership.
MOS
A set of tests designed to evaluate a user’s ability to create documents using MS Office applications.
MS Office
A group of Microsoft applications that includes word processing, database, spreadsheet, and presentation software, as well as others, depending upon the package choices.
Outlook
A MS product that functions as a personal organizer with e-mail, calendar, address book, and other functions.
PDF
An Adobe software product that comes in two parts: a free reader and a software product with which to create documents.
piracy
The stealing of software by copying it and giving or selling it to another person.
PowerPoint
A MS application that allows a user to create presentation documents used to display information.
program
A general term used to describe any action performed by a computer.
Publisher
A software program from MS that allows the user to perform desktop publishing functions to create different documents.
Quicken
A software application that allows the user to track expenses and income, much like a checkbook.
shrink wrap license
The software license that is invoked as soon as the plastic wrapping is removed from a new software package.
software
A general term used to describe computer programs such as applications and operating systems.
voice recognition
A software package that can convert digital sound into text.
Word
A MS application that allows a user to create word processing documents.
word processing
A software application that allows the user to key text and then manipulate it.
Works
A MS application that provides basic word processing, spreadsheet, and database capabilities in a single application.
WYSIWYG
An acronym meaning that what appears on the screen is what will be printed.
Zip file
A document that has been compressed to take up less space on a computer and to make it quicker to download.
adapter card
A card used by the CPU to communicate with devices inside and outside the case.
binary number system
The number system used by computers; it has only two numbers, 0 and 1, called binary digits, or bits.
BIOS (basic input/output system)
Firmware that can control much of a computer’s input/output functions, such as communication with the floppy drive and the monitor. Also called ROM BIOS.
BIOS setup bit
Used to change some settings on the motherboard.
bit(binary digit)
A 0 or 1 used by the binary number system.
bus
The paths, or lines, on the motherboard on which data, instructions, and electrical power move from component to component.
byte
A collection of eight bits that can represent a single character.
cards
Adapter boards or interface cards placed into expansion slots to expand the functions of a computer, allowing it to communicate with external devices such as monitors or speakers.
central processing unit (CPU)
Also called a microprocessor or processor. The heart and brain of the computer, which receives data input, processes information, and executes instructions.
chipset
A group of chips on the motherboard that controls the timing and flow of data and instructions to and from the CPU.
clock speed
The speed, or frequency, expressed in MHz, that controls activity on the motherboard and is generated by a crystal or oscillator located somewhere on the motherboard.
CMOS (complementary metaloxide semiconductor)
The technology used to manufacture microchips. CMOS chips require less electricity; hold data longer after the electricity is turned off, are slower, and produce less heat than earlier technologies. The configuration, or setup, chip is a CMOS chip.
CMOS RAM
region of memory that uses battery power to retain data after the PC is shut off.
CMOS setup
A chip on the motherboard that contains a very small amount of memory, or RAM enough to hold configuration, or setup, information about the computer The chip is powered by a battery when the PC is turned off. Also called CMOS configuration chip or CMOS RAM chip.
data bus
The lines on the system bus that the CPU uses to send and receive data.
data path size
The number of lines on a bus that can hold data, for example, 8, 16, 32, and 64 lines, which can accommodate 8, 16, 32, and 64 bits at a time.
DIMM (dual inline memory module)
A miniature circuit board installed on a motherboard to hold memory. DIMMs can hold up to 2 GB of RAM on a single module.
expansion cards
A circuit board inserted into a slot on the motherboard to enhance the capability of the computer.
expansion slots
A narrow slot on the motherboard where an expansion card can be inserted. Expansion slots connect to a bus on the motherboard.
firmware
Software that is permanently stored in a chip. The BIOS on a motherboard is an example of firmware.
flash ROM
ROM that can be reprogrammed or changed without replacing chips.
floppy disk drive (FDD)
See Floppy drive.
floppy drive
An older secondary storage device sometimes found inside the case.
front side bus (FSB)
Another term for the system bus.
gigahertz (GHz)
One thousand MHz, or one billion cycles per second.
graphics card
See video card.
hard copy
Output from a printer to paper.
hard disk drive
See hard drive.
hard drive
The main secondary storage device of a PC, a small case that contains magnetic coated platters that rotate at high speed.
hardware
The physical components that constitute the computer system, such as the monitor, the keyboard, the motherboard, and the printer.
hertz (Hz)
Unit of measurement for frequency, calculated in terms of vibrations, or cycles per second. For example, for 16-bit stereo sound, a frequency of 44,000 Hz is used.
host bus
another term for the system bus.
keyboard
A common input device through which data and instructions may be typed into computer memory.
magnetic hard drive
See hard drive.
main board
another term for motherboard.
megahertz (MHz)
One million Hz, or one million cycles per second.
memory
Physical microchips that can hold data and programming, located on the motherboard or expansion cards.
microprocessor
another term for the CPU.
monitor
The most commonly used output device for displaying text and graphics on a computer.
motherboard
The main board in the computer, also called the system board. The CPU, ROM chips, SIMMs, DIMMs, RIMMs, and interface cards are plugged into the motherboard.
mouse
A pointing and input device that allows the user to move a cursor around a screen and select items with the click of a button.
non-volatile
memory: Refers to a kind of RAM that is stable and can hold data as long as electricity is powering the memory.
Parallel ATA (PATA)
The older and slower ATA standard.
parallel port
female 25-pin port on a computer that can transmit data in parallel, 8 bits at a time, and is usually used with a printer. The names for parallel ports are LPT1 and LPT2.
peripheral device
Devices that communicate with the CPU but are not located directly on the motherboard, such as the monitor, floppy drive, printer, and mouse.
port
(1) As applied to services running on a computer, a number assigned to a process on a computer so that the process can be found by TCP/IP. Also called a port address or port number. (2) Another name for an I/O address. See also I/O address. (3) A physical connector, usually at the back of a computer, that allows a cable from a peripheral device, such as a printer, mouse, or modem, to be attached.
power supply
A box inside the computer case that supplies power to the motherboard and other installed devices. Power supplies provide 3.3, 5, and 12 volts DC.
primary storage
Temporary storage on the motherboard used by the CPU to process data and instructions. Memory is considered primary storage.
printer
A peripheral output device that produces printed output to paper. Different types include dot matrix, ink-jet, and laser printers.
processor
another term for the CPU.
program
A set of step-by-step instructions to a computer. Some are burned directly into chips, while others are stored as program files. Programs are written in languages such as BASIC and C++.
protocol
A set of rules and standards that two entities use for communication.
RAM (random access memory)
Memory modules on the motherboard containing microchips used to temporarily hold data and programs while the CPU processes both. Information in RAM is lost when the PC is turned off.
ROM (read-only memory)
Chips that contain programming code and cannot be erased.
S/PDIF (Sony-Philips Digital Interface) sound port
connects S/PDIF sound card to the motherboard.
secondary storage
Storage that is remote to the CPU and permanently holds data, even when the PC is turned off, such as a hard drive.
serial ATA (SATA)
The newer and faster ATA technology.
serial port
A male 9-pin or 25-pin port on a computer system used by slower I/O devices such as a mouse or modem. Data travels serially, one bit at a time, through the port. Serial ports are sometimes configured as COM1, COM2, COM3, or COM4.
software
Computer programs, or instructions to perform a specific task. Software may be BIOS, OSs, or applications software such as a word-processing or spreadsheet program.
solid state drive (SSD):
secondary storage device that contains no moving parts.(EX: solid state hard drive, USB drive)
startup BIOS
Part of system BIOS that is responsible for controlling the PC when it is first turned on. Startup BIOS gives control over to the OS once it is loaded.
system BIOS
BIOS located on the motherboard.
system board
Another term for the motherboard.
system bus
The bus between the CPU and memory on the motherboard. The bus frequency in documentation is called the system speed, such as 400 MHz. Also called the memory bus, front-side bus, local bus, or host bus.
system clock
A line on a bus that is dedicated to timing the activities of components connected to it. The system clock provides a continuous pulse that other devices use to time themselves.
trace
A wire on a circuit board that connects two components or devices.
USB (universal serial bus) port
A type of port designed to make installation and configuration of I/O devices easy, providing room for as many as 127 devices daisy-chained together.
video card
An interface card installed in the computer to control visual output on a monitor. Also called display adapter.
video memory
Memory chips embedded on a video card.
volatile
Refers to a kind of RAM that is temporary, cannot hold data very long, and must be frequently refreshed.
Fractional reserve system
banks keep a fraction of deposits as reserves and use the rest to make loans
NBEA
National Business Education Association- Professional organization devoted exclusively to serving individuals and groups engaged in instruction, administration, research, and dissemination of information for and about business.
Delta Pi Epsilon
is a national graduate honorary society for professionals who support and promote scholarship, leadership, and cooperation toward advancement of education for and about business. DPE was established in 1936 at New York University and presently is made up of members affiliated with over 60 university and state-based chapters.
Marketing Education Association
The national Marketing Education Association is an organization of educators and business people committed to the career development of youth and adults in the area of marketing, management and entrepreneurship
The Association of Career and Technical Educators
The Association of Career and Technical Educators (ACTE) is the largest national education association dedicated to the advancement of education that prepares youth and adults for careers. Its mission is to provide education leadership in developing a competitive workforce. ACTE works full-time on legislative issues to make sure career and technical education programs are adequately funded and that their members get all they need to make the most of their professional abilities
Smith-Hughes Act of 1917
law in 1917 that provided federal grants to support vocational programs and set up a Federal Board for Vocational Education
Vocational Education Act of 1963
Improve quality of education and technical training to better train baby boomers. Expanded technical training to include funding for training in any occupational area for which there was a need. Voc ed also expanded to include persons of all ages in all communities and encouraged development of programs at the post-secondary level but less than a B.S. degree
Vocational Education Amendments of 1968
The 1968 legislation extended and improved existing programs and authorized funds for developing new programs such as cooperative education, work-study, pre-technical, and occupationally related courses, and the use of federal funds for guidance and counseling. Monies were also provided for special populations, exemplary programs and projects, and for research.
Education Amendments of 1976, Title II
The 1976 legislation emphasized planning and accountability. The new law mandated that a state board or agency was to be the sole agency responsible for administration of voc ed programs. The state board was required to formulate a five-year state plan. To ensure quality, each state was required to evaluate the effectiveness of every program supported by federal funds. In addition to the five-year plan, an annual program plan and accountability report was required.
Carl D. Perkins Vocational Education Act of 1984
In 1984, Congress eliminated federal funding to maintain on-going voc ed programs at the local level. Funds available to the states had to be used for specifically stated purposes in the Act. These included increased attention to serving target populations, improving academic foundations and technological literacy of vocational students, and a stronger relationship between business and vocational education. The law also called for coordination with federal employment and training programs for economically disadvantaged and dislocated workers.
Carl D. Perkins Vocational and Applied Technology Act Amendments of 1990
The Perkins Act was rewritten in 1990 to shift focus away from training for one specific occupation in favor of broader academic and occupational preparation. The Act emphasized two related approaches: (a) Integrating vocational and academic education so that students gain strong basic and advanced academic skills in a vocational setting, and (b) Providing students with strong experience in and understanding of all aspects of the industry they are preparing to enter. Specific funding was provided to develop and operate coordinated Tech Prep programs leading to an associate degree or certificate.
Carl D. Perkins Vocational and Technical Education Act Amendments of 1998
Perkins III continued to emphasize the major program strategies reflected in the 1990 amendments. Specifically, the law promotes (a) integration of academic and vocational education, (b) broadening the focus of voc ed to emphasize industries and careers rather than entry-level, occupation-specific training, and (c) strengthening the links between secondary and post-secondary education through Tech Prep and other strategies. Perkins III also strengthened requirements for states to develop performance standards and imposed requirements for state reporting of student outcomes.
Carl D. Perkins Career and Technical Education Improvement Act of 2006
In 2006 Congress reauthorized Perkins III with the Career and Technical Education Improvement Act, which is also known as Perkins IV. The purposes of the 1998 law were expanded and two new purposes were added. The new Act provides for (a) increased focus on the academic achievement of career and technical education students, (b) strengthens the connections between secondary and postsecondary education, and (c) improves state and local accountability. Perkins IV is authorized through FY2012, for a total of six years instead of five.
American Vocational Association
The Business Education Division of ACTE is a diverse, broad-based group dedicated to educating today’s students for tomorrow’s business community. The skills taught in business education programs include keyboarding, database management, office management, accounting, and communications.
DECA
DECA, a national association of marketing education students, provides teachers and members with educational and leadership development activities to merge with the education classroom instructional program. DECA chapters attract students who are interested in preparing for entrepreneurial, marketing, or management careers. Working hand-in-hand with the education and business communities, DECA’s goal is for its student members to develop a “career success kit” to carry into their business and personal lives after graduation.
International Society for Technology in Education
A nonprofit professional org. that focuses on improving teaching and learning through effective integration of technology in pk-12 and teacher education.
Work-Based Learning
Opportunities for students to consider different careers and industries, learn basic workplace behavior, develop specific skills within an industry, and apply academic and occupational skills in the workplace.
School Based Enterprises
An effective educational tool in helping to prepare students for the transition from school to work or college. For many students, they provide the first work experience; for others, they provide an opportunity to build management, supervision and leadership skills.
Internship
Allows the student the opportunity to observe and participate in activities related to a career field; supervised by school personnel and related to the student’s career choice. May be paid or unpaid
Mentorship
Relationship with an experienced person, the mentor, who advises and helps a less experienced person, a protégée. Mentors are role models
Cooperative Education
a program that allows students to enhance classroom learning with part-time work related to their majors and interests
Job Shadowing
A short-term experience that allows the student to follow an experienced worker and see the day-to-day activities of a particular career.
Marketing
Marketing is defined by the American Marketing Association as “the activity, set of institutions, for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Product
commodities offered for sale
Promotion
a message issued in behalf of some product or cause or idea or person or institution
Place
Getting the product to a point at which the customer can purchase it; delivering
Price
The monetary amount charged for the product; exchange

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