Organizational Direction - deca.ca · Web viewStudents might discuss any of the following: the reasons for product/customer loyalty at the moment, advantages and disadvantages of

KeyPQ = Prerequisite level performance indicator content develops employability and job-survival skills and concepts, including work ethics, personal appearance, and general business behavior.CS = Career Sustaining level performance indicator content develops skills and knowledge needed for continued employment in or study of business based on the application of basic academics and

business skills.SP = Specialist level performance indicator content provides in-depth, solid understanding and skill development in all business functionsSU = Supervisor Content provides the same in-depth, solid understanding and skill development in all business functions as in the specialist curriculum, and in addition, incorporates content that addresses

the supervision of people.MN = Manager Content develops strategic decision-making skills in all business functions needed to manage a business or department within an organization. ON = Owner Content develops strategic decision-making skills in all aspects of business that are needed to own and operate a business.

SP “Sell” ideas to others (see Sell ideas to others)SP Access information in the database system CS Account for cash payments ((e.g., record cash, record expenses)

Record Cash - Record all cash payments in a cash payment journal. All cash shortage or overage must be recorded. Ensure all cash payments are moved to the general journal and finally moved to the general ledgerRecord Expenses – Record all expenses and maintain all receipts.

CS Account for cash receipts (e.g., record cash, record income)Record Cash – Record all cash receipts in a cash receipts journal. All cash shortage or overage must be recorded. Ensure all cash receipts are moved to the general journal and finally moved to the general ledger. Record Income – Create invoices for sales when a cash register is not practical. Reconcile all accounts at the close of each day. Optional journal entry:

DATE Debits CreditsCash XXRevenue XX

SP Account for long-term assets (e.g., record acquisition, record depreciation/amortization, record disposal) Acquisitions are capitalized to the appropriately named long-lived asset account Depreciation is calculated using straight-line, declining balance, double declining balance, or units of production method. Annual depreciation can be prorated for the months the asset

was owned. The half-year rule applies in the year of acquisition and disposal if Revenue Canada’s CCA (declining balance method) is used. Depreciation Expense is debited; Accumulated Depreciation (contra-asset) is credited.

Disposal – An asset can be sold, traded-in, or scrapped. Regardless, both the asset and its accumulated depreciation account are removed from the books with any residual value charged to Gain/(Loss) on Disposal Revenue/(Expense)

SP Account for long-term liabilities (e.g., bonds payable, notes payable, leases, etc.) SP Account for payroll transactions (e.g., earnings, taxes, benefits, other deductions) CS Account for petty cash SP Account for provisions (e.g., restructurings, warranties, customer refunds, etc.) CS Account for purchases (e.g., purchase requisitions, purchase orders, invoices, vouchers, etc.) CS Account for sales (e.g., invoices, sales slips, etc.)




SP Account for taxes CS Adapt communication to the cultural and social differences among clients

Participants should explain that communication is the process of exchanging messages between a sender and a receiver. They should identify that one must be an effective communicator, in terms of both sending and receiving messages, to be successful in adapting communication to the cultural and social differences among clients. Some of the areas of communication that the participant should identify are: effective listening skills – this allows a person to identify the purpose of the speaker, give feedback, and evaluate the speaker’s message barriers to communication – can be impeded by the distance and position from the speaker, or verbal impediment through the use of vague or unclear language non-verbal cues – a person’s tone of voice, emphasis and body language are critical because they often communicate as much as (if not more than) the speaker’s actual words Participants should identify that cultural and social differences occur among clients and the most successful way to adapt their communication to these differences is to ask questions,

observe and listen for feedback. They should watch for non-verbal feedback and respond appropriately when given. They must alter their sales approach, as they should for all clients (no two clients are the same and the same sales approach will not work on everybody). Adaptability, thinking on one’s feet, creativity and responding to feedback are all tools that they should employ when communicating with clients.

The main focus of marketing today should be to create effective communication methods and a communication mix appropriate to each of the diverse groups active in the market. Diversity marketing recognizes the influence of cultural programming and acknowledges that different consumer groups have life experiences in different cultural and social settings. Because of this different cultural programming, the tastes, values, expectations, beliefs, ways of interaction, ways of entertainment, and lifestyle preferences of these groups tend to be

different from others. These differences require the creation of customized marketing strategies.

SP Adapt written correspondence to targeted audiences Choose appropriate methods of delivering the written correspondence (email? letter? social media?) Writing in a style appropriate to the audience How formal or informal should the writing be (official correspondence must be formal) Provide context so that the information supplied makes sense Considering how much information and detail the audience will need Avoiding specialist terms. “Translate” these to make yourself understood by a general reader Ensuring the intended meaning of the sender and the interpreted meaning of the receiver are one and the same. Effective communication exists when the message is fully understood

CS Adhere to company protocols and policies PQ Adjust to change

Globalization and technology continually change the dynamic of work environments and the business cycle at large. In order to succeed as a business, workers must learn to adjust to these changes.




Once a company adopts philosophies, procedures, and protocols reflective of a change, employeesAnalyse the daily transactions Using First In, First Out Monday - bought 500 units at $1.00; total value = $500 Tuesday – bought 300 units at $1.25; total value = $375 Total 800 units $875 Using the periodic inventory system, the timing of the sales are ignored and an allocation is made at the end of the period Sold 650 units; therefore 150 units remain in inventory x $1.25 = $187.50 Using Last In, First Out Sold 650 units, therefore 150 units remain in inventory x $1.00 = $150.00Analyze business systems and procedures Does the company have a Code of Conduct that explains the company’s expectations with respect to ethical situations? There is a Code of Conduct for accountants from the professional organization According to the Code, is the employee required to report stock purchases based on company information (e.g. Legal insider trading) Has there been training ethics in the company? Example—a workshop in dealing with ethical dilemmas Is there whistleblower protection? Has the company culture set a moral tone and expectations? Does the leadership in the company act ethically? Participants should outline the role and necessary action of the operations/loss prevention team within the business system. Ideas might include: Recommending and enforcing a safe warehouse layout Assessing the current employee training program as well as recommending training changes to the HR department for them to enforce Evaluate current security systems and make recommendations for further action to reduce theft Participants should make the connection between the impact of the operations/loss prevention team on the procedures of other departments and the success of the business as a whole

SP Analyze cash budget/forecast variances Analyze cash flowAnalyze characteristics and benefits of financial products

CS Analyze company resources to ascertain policies and procedures A set of policies are principles, rules, and guidelines formulated or adopted by an organization to reach its long-term goals and typically published in a booklet or other form that is widely accessible.




Policies and procedures are designed to influence and determine all major decisions and actions, and all activities take place within the boundaries set by them. Procedures are the specific methods employed to express policies in action in day-to-day operations of the organization. Together, policies and procedures ensure that a point of view held by the governing body of an organization is translated into steps that result in an outcome compatible with that view.Analyze current banking trendsAnalyze daily transactionsAnalyze economic factors that impact a business’s financial condition Students should comment on how the business cycle and it’s stages (recovery, peak, recession, trough) are reflective of business Students might comment on how inflation rates and interest rates affect the operating and spending patterns of business Students might comment on the impact of unemployment rate on business

PQ Analyze employer expectations in the business environment employers expect a lot of things from their employees, including cooperation, initiative and a strong work ethic employees need to display a willingness to follow directions, to learn job tasks and skills every job is very different and so their job descriptions, employers expect employees to ask questions and show a desire to learn the job and perform it well employers hire people who they feel will help their company earn more money, or do better to contribute to the success of the company, no matter their role in the business employers expect a positive attitude, dependability, willingness to continue to learn/grow, initiative and cooperation they also expect workers to adapt to the environment quickly and maintain a positive environment

SP Analyze impact of specialization/division of labor on productivity MN Analyze operating results in relation to budget/industry SP Analyze product information to identify product features and benefits

Students might discuss any of the following: the reasons for product/customer loyalty at the moment, advantages and disadvantages of each delivery service and guaranteed delivery time, the price they will charge for delivery (who are the customers that will use this extra service), the company’s competition, or potentially needing a more significant online presence.

SP Analyze the impact of accounts payable schedules on working capitalWorking capital is defined as current assets minus current liabilities. In practice, it means having enough cash to pay bills on time. Accounts Payable (A/P) are bills that need to be paid so they are a draw on working capital. Efficient companies will pay their bills within the usual terms of 30-days, and, when a

discount is offered for early payment, will take the discount. To have enough cash to pay bills, companies will make sure they are collecting Accounts Receivables when they are owed, and, will likely have lines of credit to cover short-term

shortfallsSP Analyze transactions and accounts (e.g., purchase, sales, sales returns and allowances, uncollectible accounts, depreciation, debt)




SP Apply cost accounting techniques (e.g., overhead calculation, job and process costing, activity-based costing) SP Apply for a consumer loan CS Apply information to accomplish a task

To follow through and successfully accomplish a task, you need to do the following: Organize thoughts and activities well Take time out to reflect Not operate in crisis mode Know who needs to be in the loop Have a fundamental desire to complete things Set deadlinesShould a loan be granted for the whole amount or part of it, the following steps will be taken: Contract signed (principal, interest, term, amortization period, payment schedule) Date set for money to be deposited into the business’s account

SP Apply mathematical data analysis modeling techniques SP Apply project-management tools to monitor and communicate project progress

Apply the accounting equation to business transactionsPQ Apply written directions to achieve tasks CS Ascertain employee’s role in achieving governance objectives SP Ascertain employee’s role in meeting organizational goals

• The intent of organization goals is to focus employees’ efforts to attain those goals. Employees involved in attaining these goals will be more engaged, productive and efficient in their day-to-day effort, and will remain with the business longer because they have some ownership in the company’s success. Effective goal management is about getting every employee to use and develop their talents, skills and experience to help the organization meet its overarching goals.

• The organization’s goals are to rebuild the finance department, and, to find areas of improvement to sustain company growth • As Director of Finance, rebuilding the finance department will entail assessing the existing department – work and employees – determining how to streamline or improve the kinds of

work being done – listening to department employees’ ideas – fitting the skills of employees to that work – building individual’s skill sets• As Director of Finance, finding areas of improvement to sustain the company growth will entail: researching the history of the company; learning from the head of the company what

specific goals and long-range direction the business has; knowing from your own experience what practices are or could be incorporated to align the department with the company goals; communicate expectations and company direction to the department and get input from them; set measurable goals for each employee and assess annual performance based on




these thingsCS Ascertain employee's role in achieving governance objectives PQ Ask relevant questions SP Assess financial accounting fraud risk CS Assess information needs

A needs assessment is a systematic process for determining and addressing needs, or "gaps" between current conditions and desired conditions or "wants". The discrepancy between the current condition and wanted condition must be measured to appropriately identify the need. The need can be a desire to improve current performance or to correct a deficiency.

A needs assessment is a part of planning processes, often used for improvement in individuals, education/training, organizations, or communities. It can refine and improve a product such as a service a client receives. It can be an effective tool to clarify problems and identify appropriate interventions or solutions. By clearly identifying the problem, finite resources can be directed towards developing

and implementing a feasible and applicable solution. Gathering appropriate and sufficient data informs the process of developing an effective product that will address the group’s needs and wants.

Needs assessments are only effective when they are ends-focused and provide concrete evidence that can be used to determine which of the possible means-to-the-ends are most effective and efficient for achieving the desired results.

Assess long-term value and impact of actions on others Consider the intent of your actions. Think about how your actions influence all your customers Consider the alternatives available to you Assess the needs of other customers Adjust to the needs of customers on an ongoing basis Express the intent to listen to customer requests and needs Express a desire to be open-minded and always improving Awareness takes time, patience, and development

PQ Assess personal behavior and values PQ Assess personal interests and skills needed for success in business

An important part of attracting the right talent for a job is job analysis – a detailed study of the specific duties in a particular job and the human qualities required for that job. These specific interests and skills desired in a candidate must be communicated through the job description such that applicants can fairly assess whether or not their interests and skills

are best suited for the role. The HR representatives, through the hiring process, can then do the same assessment for each candidate who applies and qualifies for an interview based on the qualities represented in




their resumes. This allows for careful recruitment of qualified, interested, and motivated individuals who are prepared to commit to a positive work environment. As the business grows, job descriptions may change along with the skills needed to perform. Professional development opportunities (i.e. technical courses, training programs, etc.) must be provided to encourage employees to improve themselves and keep up with the evolution

of the industry.PQ Assess personal strengths and weaknesses

Student answers could take a number of different forms. A good business related way of answering would be to apply the SWOT Analysis to their own-self.SWOT Analysis: A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, straightforward model that assesses what an organization can and cannot do as well as its potential opportunities and threats. The method of SWOT analysis is to take the information from an environmental analysis and separate it into internal (strengths and weaknesses) and external issues (opportunities and threats). Once this is completed, SWOT analysis determines what may assist the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results.

Assess risk-return tradeoffsON Assess risks of personal decisionsSP Assess securities' fundamentals SP Assign value to an insurance claim CS Assist a customer in the opening of an account

Assist clients with establishing financial goalsSP Balance personal and professional responsibilities SP Build and maintain relationships with customers

Customer relationship management is a strategy for understanding your customers and their needs to optimize your interactions with them. Maximize your marketing and customer service capabilities to build and maintain customer relationships.There are many strategies to build and maintain relationships with customers. Examples include: Enrich and customize the way you communicate with your customers Network online through points of contact on a company website and/or social media Identify your best customers. Take the time to understand their wants and needs so you can find ways to add value to them.




Research, analyze and understand your customers, their motivations, their wants and needs Provide stellar customer service; being consistent over the long-term will build loyalty Personalize offers and offer flexibility Reward repeat business Encourage social media sharing Promise, deliver and manage marketing campaigns. People have the best of intentions but sometimes they just don’t follow through. This can be detrimental to business. Keep in touch. Even just a quick email or phone call speaks volumes to how much the company cares about a customer. Be clear. Emphasize the key pieces of information that the customer needs to know.

CS Build trust in relationships Calculate annual percentage rate. Total expenditures calculations Refer to judge’s instructions for values

SP Calculate bond-related values (e.g., the price of a bond given its yield to maturity, the coupon interest payment for a bond, the effects of interest rates on the price of a bond, etc.) Calculate break evenCalculate break-even ratio

SP Calculate capital investment return (e.g., payback, net present value, internal rate of return) SP Calculate cash flows associated with an investment (e.g., initial investment, operating cash inflows, operating cash outflows, terminal flows) SP Calculate employee deductions SP Calculate employee earnings

Calculate financial ratiosFinancial ratios are the most widely used tool of financial analysis. It can be expressed as a percent, rate, or proportion. The most common ratios used by lenders include:

Ratio Calculated What it meansDebt to equity

The total funds provided by creditors vs. owners

Times interest earned

The extent to which a company can pay its interest costs




Current ratio

The extent to which a company can meet its short term obligations

Profit margin

A measure of how much profit a company can generate with the amount of sales

Return on assets

A measure of how well the company can use its assets to generate profits

Return on equity

A measure of how much profit a company can generate with the amount of equity invested

Participants should demonstrate one or two ratios and describe a positive versus negative trend.Calculate gross revenueCalculate net salesCalculate payroll earnings and deductions

SP Calculate payroll taxes SP Calculate real-estate-related values (e.g., capitalization rate, gross rental multiplier, rate of return, etc.) SP Calculate stock-related values (e.g., the value of a constant growth stock, the expected value of future dividends, the expected rate of return, etc.) SP Calculate taxes owed by clients (i.e., individual and business) SP Calculate the cost of capital and its components (e.g., debt, equity)

Calculate the cost of capital and its components (e.g., debt, equity) (FI:747) (SP)Calculate the cost of credit (FI:782) (CS)*

SP Calculate the cost of goods sold Calculate the rates of return on financial investment products




SP Calculate the time value of money CS Challenge the status quo CS Choose and use appropriate channel for workplace communication

Channels of workplace communication include the following: team meetings, email, staff meetings, impromptu office chats, employee publications, letters, intranet, video, newsletter notice boards, open forum, web casting and similar activities

Know when formal and informal communication should be used; e.g. memo versus letter; e-mail versus a letter Know when formal language should be used Know when verbal communication would be adequate in lieu of a formal means such as a letter

SP Choose investments based on security’s technical analysis SP Choose investments based on security's fundamental analysis CS Coach others

The term coaching typically refers to methods of helping others to improve, develop, learn new skills, find personal success, achieve aims and to manage life change and personal challenges. Coaching commonly addresses attitudes, behaviours, and knowledge, as well as skills, and can also focus on physical and spiritual development too. Usually coaching contains some or all of these features:

one-to-one - involving a coach (teacher, trainer, mentor, coach) and learner (student, trainee, sometimes called the 'coachee') on-going and regular - coaching is commonly a continuing arrangement personalised - by the coach for the individual learner enabling - rather than prescriptive or imposed adapted and adaptable - to the changing needs of the learner planned - the coach normally works to a plan or structure model-based - coaching tends to be based on a structured 'proven' tested concept or methodology focused on aims - coaching normally works towards achieving agreed measurable outcomes measured and recorded - by the coach, and/or the learner time-based - coaching sessions, schedules, and outcomes normally are time-bound

SP Collaborate on and aggregate complex internal documents to create a common voice Collaborate with others Communicate clearly and show evidence of collaboration Did each participant contribute equally to the discussion? Did each participant contribute equally while answering questions?




SP Compare mergers and acquisitions SP Compare U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) SP Compile claim report PQ Complete a job application SP Comply with banking regulations SP Comply with financial reporting and internal control laws and regulations in corporate finance SP Comply with financial reporting and internal control regulations in accounting SP Comply with insurance regulations CS Comply with policies and procedures for use of property and equipment SP Comply with securities and investments regulations SP Comply with state regulations CS Comply with the spirit and intent of laws and regulations.

When one obeys the letter of the law but not the spirit, one is obeying the literal interpretation of the words (the "letter") of the law, but not necessarily the intent of those who wrote the law. Actions such as the ones below are generally followed when complying with the intent of the law (as opposed to the letter of the law): Ensure that those policies are applied properly and consistently and fairly present the financial results in a manner that is complete and understandable. Maintain a dynamic system of internal controls and procedures—including internal control over financial reporting—designed to ensure reliable financial recordkeeping, transparent

financial reporting and disclosure, and protection of physical and intellectual property. Recruit, develop and retain a world-class financial team. Internal audit conducts thousands of financial, compliance and process improvement audits each year. Audit Committees oversee the scope and evaluates the overall results of these audits, and members of that Committee regularly attend compliance meetings. Uphold financial integrity and avoid conflicts of interest. Publish integrity policies in many languages, provide them to all employees, and hold each employee accountable for compliance. Require employees to raise any compliance concerns and prohibit retribution for doing so. Facilitate open and candid communication, perhaps by designating ombudspersons throughout the Company to act as independent resources for reporting integrity or compliance

concerns. Hold directors, consultants, agents, and independent contractors to the same integrity standards. Disclose controls and procedures. Strike a committee to review compliance with accounting and other departments, to evaluate the fairness of our financial and non-financial




disclosures, and to report their findings. Ensure the strong oversight of our financial reporting activities by our independent registered public accounting firm, KPMG LLP, engaged by and reporting directly to the Audit

Committee. SP Compute key banking calculations (e.g., interest, annual percentage rate, exchange rates, etc.)

Conduct a break even analysis The break-even point for a product is the point where total revenue received equals the total costs associated with the sale of the product (TR=TC). Break even analysis can also be used to analyze the potential profitability of an expenditure in a sales-based business. In using break even analysis, it is important to remember the problem associated with sensitivity analysis: Variables are often interdependent, which makes examining them each individually unrealistic. Often the assumptions upon which the analysis is based are made by using past experience / data which may not hold in the future. Variables have been adjusted one by one; however it is unlikely that in the life of the project only one variable will change until reaching the breakeven point. Management decisions made by observing the behavior of only one variable are most likely to be invalid. Break even analysis is a pessimistic approach by essence. The figures shall be used only as a line of defense in the project analysis. Conduct a client conference. Students should enter the meeting in their roles and with a clear outcome in mind – to convince the judge that their recommendation is sound Students could outline an agenda but at the very least should itemize their plan as they go along Students should be mindful of the time limit and finish their recommendation in time for your feedback Students should make a confident recommendation and answers questions respectfully

SP Conduct a database search to obtain background information on claimants and witnesses SP Conduct a risk assessment of an event

Conduct a staff meetingSP Conduct an environmental scan to obtain business information SP Conduct audit engagements

MN Conduct break even analysis Conduct client conferencesThe participants adapt to the role of a junior business analysts that are meeting a prospective client at a small local bank and are able to conduct the client conference in a professional manor.




SP Conduct qualitative and quantitative analysis of real-estate investments SP Conduct securities and investments lectures, seminars, and forums to attract potential clients SP Conduct surveillance work CS Consider conflicting viewpoints.

When you consider and counteract opposing arguments, you strengthen your own argument. Conflict is a 'clash of interests, values, actions, views or directions. Disagreement among people is the underlying basis of conflict. People disagree because they see things differently, want different things, have thinking styles which encourage them to disagree, or are predisposed to disagree.

CS Control debt SP Coordinate activities in the promotional mix

The main aspects to coordinate in a promotional mix are advertising, personal selling, sales promotion and public relations. Advertising includes any paid presentation and promotion of ideas, goods, or services by an identified sponsor. Personal Selling is a process of helping and persuading one or more prospects to purchase a good or service or to act on any idea through the use of an oral presentation. Sales promotion includes media and non-media marketing communication in order to increase consumer demand, stimulate market demand or improve product availability. Sales promotions: Incentives designed to stimulate the purchase or sale of a product (Ex. Coupons, sweepstakes, contests, rebates etc.)Public relations includes paid intimate stimulation of supply for a product, service or business unit by planting significant news about it or a favourable presentation in the media. Sometimes include direct marketing and sponsorship.Personal selling - a process of helping and persuading one or more prospects to purchase a good or service (Ex. Sales presentations, sales meetings, sales training)Advertising any paid form of non-personal presentation and promotion of ideas, goods or services (Ex. Print ads, radio, television, billboards etc.)Place advertisements that would appear locally promoting Shaved is now open year round, direct mail, posters/billboardsRecognize that TV ads would be created for each local marketSales promotions Incentives designed to stimulate the purchase or sale of a product (Ex. Coupons, sweepstakes, contests, rebates etc.)Offer discounts winter months on cold productsPublic relations/ publicity - non-paid non-personal stimulation of demand for a product or service that comes from planting significant news about it in the media (Ex. Newspaper, magazine articles, charitable donations etc.)Contact newspapers and radio stations to come review or feature the restaurant/ store/ eventSponsor local eventsDirect MarketingCoordinate distribution with other marketing activitiesCreate a presentation software package to support a sales presentation




CS Create and post basic web page SP Create promotional signs SP Cross-sell banking products and services CS Defend ideas objectively SP Define data needs and limitations (e.g., data fields, constraints, assumptions, variations expectations) CS Demonstrate a customer-service mindset PQ Demonstrate active listening skills CS Demonstrate adaptability SP Demonstrate advanced database applications SP Demonstrate appropriate creativity SP Demonstrate basic data mining techniques PQ Demonstrate basic database applications PQ Demonstrate basic e-mail functions PQ Demonstrate basic presentation applications PQ Demonstrate basic spreadsheet applications PQ Demonstrate basic web-search skills PQ Demonstrate basic word processing skills SP Demonstrate budgeting applications CS Demonstrate collaborative/groupware applications SP Demonstrate connections between company actions and results (e.g., influencing consumer buying behavior, gaining market share, etc.) PQ Demonstrate ethical work habits PQ Demonstrate fairness SP Demonstrate financial analysis applications PQ Demonstrate honesty and integrity PQ Demonstrate initiative




PQ Demonstrate interest and enthusiasm SP Demonstrate negotiation skills PQ Demonstrate personal information management/productivity applications CS Demonstrate problem-solving skills SP Demonstrate proper use of banking security tools/technology (e.g., remote drive-up equipment, safe deposit boxes, vaults, alarm systems, etc.) SP Demonstrate proper use of securities and investments tools/technology PQ Demonstrate responsible behavior PQ Demonstrate self-control PQ Demonstrate systematic behavior CS Demonstrate the effects of transactions on the accounting equation CS Demonstrate the wise use of credit CS Deposit checks SP Describe alternative risk transfer (ART) techniques (e.g., reinsurance, self-insurance, captives, etc.) SP Describe auditing techniques/procedures CS Describe basic teller performance standards SP Describe cash management proceduresSP Describe common management accounting performance measures (e.g., balanced scorecard, return on investment [ROI], customer profitability analysis, etc.) SP Describe components of a collection system SP Describe components of a payment system SP Describe components of automobile insurance coverage SP Describe components of commercial property insurance CS Describe crimes to which a bank could fall victim (e.g., fraud, robbery, phishing, etc.) SP Describe crucial elements of a quality culture SP Describe current business trends SP Describe data mining tools and techniques




Describe economies of scaleSP Describe factors affecting loan pricing and loan structuring SP Describe factors that affect the business environment

The internal business environment includes factors within the organization that impact the approach and success of your operations. The external environment consists of a variety of factors outside your company doors that you typically don't have much control over. Managing the strengths of your internal operations and recognizing potential opportunities and threats outside of your operations are keys to business success.Organizational DirectionThe role of company leadership is an important internal business factor. Your leadership style and the styles of other company management impact organizational culture. The positive or negative nature, level of family-friendliness, effectiveness of communication and value of employees are cultural implications that result from leadership approaches. Companies often provide formal structure or direction with mission and vision statements. These are forward-looking statements that provide the business for company decisions and activities.Other Internal FactorsThe strength of your employees is another crucial internal business factor. Motivated, hard-working and talented workers generally produce better results than unmotivated, less-talented employees. Your business processes and relationships within and between departments and employees also significantly impact business effectiveness and efficiency. In a high-performing workplace, employees not only have talent, but they work well together and collaborate on ideas and resolutions.External CompetitionOne of the most critical external business factors is competition. Whether you operate in a concentrated industry with a few major competitors or a large industry with many competitors, you need to know the competition. Many companies do competitive analysis to compare their offerings and prices to those of competitors. When developing business philosophies and products, it is helpful to use your strength in quality production, customer service or operational efficiency to build competitive advantages that benefit your customers.Other External FactorsOther common external factors fall into several categories, including socio-economic, legal or ethical, political and technological. Socio-economic factors relate to the values, attitudes and concerns of your target customers and their economic abilities to afford your products. The legal, ethical and political environments generally relate to your need to abide by business laws and to meet the ethical or social responsibility standards of your customers and communities. In some industries, technological evolution drives the need for companies to adapt and constantly research for improvements. Competition Economic environment Political environment Changes in technology Socio-cultural environment (including location of the business) Changes in demographics




Changes in the natural environmentPQ Describe functions of money (medium of exchange, unit of measure, store of value) PQ Describe health and safety regulations in business

Participant should address the requirement for businesses to operate according to municipal/provincial/federal regulations. Additionally, the participant may state that adhering and exceeding such regulations are imperative when providing a service to the public and contributes to the customer experience.

Governments have also established health and safety regulations to protect the consumer from harm emanating from products e.g. Food & Safety and product labeling regulations PQ Describe health and safety regulations in business SP Describe how securities are traded SP Describe information that can be obtained from annual reports SP Describe international services available to customers SP Describe legal issues affecting businesses SP Describe licensing exams required to sell securities and other financial products CS Describe manual and computerized treasury systems SP Describe marginal analysis techniques and applications

Marginal analysis is an examination that determines if the costs associated with the change in activity will result in a benefit that is sufficient enough to offset them. Instead of focusing on business output as a whole, the impact on the cost of producing one unit more is most often observed used as the basis for the analysis.

Marginal analysis is most often used in microeconomics to find the profit-maximization point; that is, where the marginal cost = the marginal revenue. It is the point where production balances fixed costs, variable costs, and machine capacity.

Marginal analysis can be used with inventory to determine the optimal quantity to have on hand.CS Describe marketing functions and related activities

Seven functions of marketing: Marketing information management – the process of getting the marketing information needed to make sound business decisions (marketing research) Financing – getting the money needed to finance the operation of a business (obtaining a bank loan; offering credit to consumers) Product planning – all the decisions a business makes in the production and sale of its goods and services (products to carry, branding, labeling, packaging, etc.) Pricing – deciding how much to charge for goods and services (takes competition into consideration & how much a consumer is willing to pay) Promotion – any form of communication used to inform, persuade, or remind people about a business’ products OR to improve a firm’s public image (TV and radio commercials;

specially designed perks as gifts with purchase-McDonald’s toys/glasses) Selling – providing customers with goods and services they want to buy (to the end user and in the industrial market as materials for business operations)




Distribution – making decisions about where to sell your product including the method of transportation (i.e. truck, rail, ship or air) and the storage of itemsSP Describe methods used to protect intellectual property SP Describe small-business opportunities in international trade PQ Describe sources of income (wages/salaries, interest, rent, dividends, transfer payments, etc.)

A source of income is any stream of revenue or profit centre that a person or business has. For individuals, they can include: salaries/wages, capital gains, dividend income, pension income, investment income, rental income, business income, contract income, insurance income, government assistance income.

CS Describe sources of securities information PQ Describe techniques for obtaining work experience (e.g., volunteer activities, internships)

Work experience can be obtained through: Volunteer positions Co-operative education programs Internships Job Shadowing Practicum placements

SP Describe techniques used to analyze customer financial information When considering a loan, banks will assess character, project viability, financial capacity, knowledge of the market. To analyze financial information, one can compare a business to industry averages, and to its own past performances.To assess a business’s performance, one can examine: trend analyses of accounts (especially Income Statement items) to assess improvements over time common-size financials (to compare where money is and isn’t being spent) ratio analysis Some significant ratios to compare against industry are: current ratio (current assets / current liabilities) – for short-term liquidity working capital (current assets – current liabilities) – available cash for daily operations debt and equity ratios (total liabilities / total assets) – how the business is financed interest coverage (EBIT / interest expense) – how well debt can be repaid return on sales (earnings / sales) – how much profit is gleaned from each sale return on equity (earnings / equity) – what the return the owner’s have on their investment return on assets (earnings / total assets) – how efficiently the assets are generating profit




EPS (earnings / common share) – how much each share of the business is worth p/e (stock price / EPS) – how favourably investors view the business

SP Describe the components of a well-governed company (e.g., board of directors, reporting, transparency, internal and external audit functions) A well-governed company is one that has a board of directors, accountable managers who report, diligent audit and control, transparency, and equitable treatment of employees.A well-governed company is one that is:Law-abiding. Management adheres to behaviour that is universally and legally recognized to be correct and proper.Transparent. Information is freely available and directly accessible to those involved. As well, policies and practices and their outcomes should comply with established rules and regulations.Accountable. Decision-makers abide by company policy and are answerable to stakeholders.Equitable and inclusive. Prejudices and discrimination are not tolerated.Socially responsible. Fair. No particular group within the business has an unfair advantage.Participatory. All employees are informed and organized, free to express themselves and work toward the best interests of the organization and society in general.With the new year-end, the month-, quarter-, and year-end will be finalized mid-January. The auditors and board of directors will be privy to the results at this time. The annual report will be published by late March. Corporate income taxes are due within three months of the year-end, and, in the year of a loss can be filed within six months without penalty.

MN Describe the concept of economies of scale CS Describe the concept of insurance

Insurance is the promise of a guaranteed payout in the event that a specified situation or loss occurs, in exchange for the payment of a premium. The insurance company determines your premium based on your risk or likelihood of having to collect on the policy. For example, an inexperienced driver will pay more car insurance than an experienced driver who has a clean record. Underwriting is the process of evaluating the risk to be insured; an actuarial will do the calculation. From the insurance company’s viewpoint, a number of people will pay premiums which collects into a “pool”. If a claim arises, it is paid from the pool. As the group paying premiums gets larger, the odds of a claim are more predictable, and as a result, the premiums will be lower.Describe the concept of price Price is the amount the consumer must pay for a product Influenced by costs, competition, demand, and supply Cost—all costs are calculated and then a mark-up is applied to achieve the price Competition—set the price in relation to competitors Demand—apply the concepts of supply and demand, the greater the demand for the product, the higher the price charged Supply—a product in short supply will have a greater demand




CS Describe the concepts of economics and economic activities SP Describe the determinants of exchange rates and their effects on the domestic economy SP Describe the economic impact of inflation on a business

Inflation is a period of constantly rising prices Inflation causes businesses to frequently have to adjust their prices upwards or make their products smaller. When prices go up, consumers need more money to have the same purchasing power, therefore, they ask for higher wages. The companies then must increase wages. They can afford

to do this by raising the prices of their products. It is a cycle.Describe the four major classes of loans made by financial institutions

SP Describe the functions and responsibilities of the loan servicing department CS Describe the functions of prices in markets

Price is the value in money placed on a good or service. One function of price is that it can affect the value that a customer places on an item. Price helps establish a company’s or product’s image – many customers use price as a gauge to make judgements about products and companies. Price can give a competitive edge as well as ultimately allow the business to satisfy their end goal to make a profit. The participant could discuss the pricing and how it creates an image for the retailer, as a higher price typically alludes to a higher end image, while lower prices usually indicate a lower end store.

SP Describe the impact of a country's history on world trade CS Describe the impact of a person’s social media brand on the achievement of organizational objectives.

To be successful, internal social media initiatives must focus first and foremost on the development of emotional capital, which we define as the aggregate feelings of goodwill toward a company and the way it operates. Sponsors, att endees and future participants will look at ALL social media to make their decisions, and if the overwhelming message that is being seen is negative it will have an impact.

SP Describe the impact of electronic communication tools (e.g., Internet, video- and computer conferencing, webcasts, email) on global business activities SP Describe the impact of governance processes on decision-making and management functions SP Describe the impact of the political environment on world trade CS Describe the importance of selling in the banking industry SP Describe the loan application generating process SP Describe the methods used to value long-term assets (e.g., tangible assets, intangible assets, natural resources, etc.)

Describe the nature of a profit and loss statement




Describe the nature of balance sheets Describes a company’s financial position at a given point in time A snapshot of the company’s financial structure Shows assets (what a company owns), Liabilities (what a company borrowed, its obligations) and equity (contributions from owners – common stock, plus contributions from profit

(retained earnings). The Balance Sheet must balance! Shows cash received from sale of stock any cash paid out for dividends.

SP Describe the nature of bank investment portfolios SP Describe the nature of budgets

A budget is an estimation of revenue and expenses over a specified future period of time; it is compiled and re-evaluated on a periodic basis. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do.

SP Describe the nature of business customs and practices in Northern Africa SP Describe the nature of business customs and practices in the North American market SP Describe the nature of business customs and practices in the Pacific Rim SP Describe the nature of business records

Participants should make the connection between business records and business decisions based on those records. Points to address this may include: Inaccurate records could lead to an under or over projection of the business’s financial position in its financial statements. Since these statements are used to make business decisions by management and investors, it can lead to misinformed business decisions as well as billing and delivery errors. Business records are also used as reference points if and when the company is audited, thus these records must be accurate and maintain for future use.

SP Describe the nature of cash flow statements Where does the cash come from? Where does it go? Shows what used/provided cash for the organization over a specific period of time. It focuses on change from one accounting period to the next. It is broken down into 3 sections:Cash Flows from Operating Activities – from the day-to-day business of the organization. Cash Flows from Investing Activities – shows the cash outlay for capital expenditures and acquisitions. Cash Flows from Financing Activities – cash received from borrowing and cash used to repay

SP Describe the nature of cash flowsThe cash flow of a business is a measure of the available funds as a result of sales and spending. Cash flows in are positive for the business and often represent earnings or investment




whereas cash flows out are generally negative and represent the use of business money to pay debts and expenses. A business must carefully plan and manage the cash flows in order to meet debt obligations without having to pay increased interest rates, in order to make timely purchases when desired, and in order to make decisions about big outlays of money. The business can also use sales forecasts to evaluate how quickly they can start seeing positive cash flow generated after making big expenditures (which is the case here). A business will hope to not have to rely on loans and other credit in order to afford purchases. Students might suggest that spending money on the bulk order of materials could lead to negative short term cash flow and therefore problems. The students might also spread the discounted savings over multiple years and argue that the cash flow will be better after some time.

SP Describe the nature of commodities MN Describe the nature of cost/benefit analysis.

Do costs outweigh benefit derived from it, i.e. is increase in revenue greater than increase in costs Take into account non-financial benefits (greater customer service, better reputation, etc.) and costs (opportunity cost, etc.)

SP Describe the nature of customs regulations SP Describe the nature of disability insurance SP Describe the nature of diversification strategies PQ Describe the nature of emotional intelligence

Emotional intelligence (EI) is the ability to identify, assess, and control the emotions of oneself, of others, and of groupsThe following categories of EI seem to be relatively well known: Perceiving emotions – the ability to detect and decipher emotions in faces, pictures, voices, and cultural artifacts—including the ability to identify one's own emotions. Perceiving

emotions represents a basic aspect of emotional intelligence, as it makes all other processing of emotional information possible. Using emotions – the ability to harness emotions to facilitate various cognitive activities, such as thinking and problem solving. The emotionally intelligent person can capitalize fully

upon his or her changing moods in order to best fit the task at hand. Understanding emotions – the ability to comprehend emotion language and to appreciate complicated relationships among emotions. For example, understanding emotions

encompasses the ability to be sensitive to slight variations between emotions, and the ability to recognize and describe how emotions evolve over time. Managing emotions – the ability to regulate emotions in both ourselves and in others. Therefore, the emotionally intelligent person can harness emotions, even negative ones, and

manage them to achieve intended goals.SP Describe the nature of entrepreneurship

An entrepreneur is a person who sees an opportunity and sets up a business taking financial risk in the hope of profit. They are characterised by being: hardworking, tenacious, visionary, creative, adaptable, ambitious, committed, determined, good decision-makers, calculated risk-takers, positive, motivated, eager to learn and collect information, opportunistic, are challenged by problems, successfully manage chaos.Describe the nature of ethics (EI:123) (CS)*




SP Describe the nature of Extensible Business Reporting Language (XBRL) SP Describe the nature of flexible budgets SP Describe the nature of income statements

An income statement describes a company’s revenues and expenses along with the resulting net income or loss over a period of time due to earnings activities. Participants should relate income statement accounts to the bakery industry. Describes a company’s revenues and expenses along with the resulting net income or loss over a period of time Shows how profitable the company is over a specified period of time Shows Sales (Revenues) less cost of doing business (Expenses) = Net Income (Profit

SP Describe the nature of legal procedure SP Describe the nature of legally binding contracts SP Describe the nature of managerial control (control process, types of control, what is controlled)

Managers are responsible for planning, organizing, leading and controlling Control refers to measuring how well the organization/their area of responsibility is performing with respect to organizational goals and then taking action to ensure goals are metParticipants should demonstrate an understanding of the importance of managerial control measures to ensure the integrity of the business. Having more than one person reviewing financial records avoids any abuse of positional power by employees to influence records or overlook errors.

SP Describe the nature of mutual funds Describe the nature of profit-and-loss statements

CS Describe the nature of retail/business banking processes SP Describe the nature of short-term financial management

Describe the nature of target marketing in the financial services industrySP Describe the nature of taxes

Despite the common misperception, taxes play a positive role in our lives By collecting taxes, government is able to improve the standard of living for all citizens – with better services and roads, transit, health, education, recreational and cultural facilities

and programs With good jobs and low unemployment, the personal income tax base is stronger, and with prosperous businesses, the corporate tax base is also healthy, fueling even more funding for

city-provided goods and services By levying reasonable taxes, the quality of life enjoyed in the city can be improved – they may wish to survey the public regarding this The city may wish to begin dialogue with those businesses that will benefit from a new convention centre regarding a limited special sales tax or surcharge to help with financing (a




downtown improvement tax) The large, successful home-based insurance company should definitely be approached first about “headlining” sponsorship or a corporate municipal tax credit for a financial donation

SP Describe the nature of technical analysis CS Describe the nature of the insurance industry SP Describe the nature of the national banking system CS Describe the need for financial information

Describe the need for financial information Financial information includes raw data, records, and reports; businesses rely on accurate financial information to make sound decisions. Financial information is used to match company resources to its planned activities and to identify additional resources that may be needed or secured. Businesses use information to identify ways to reduce expenses and invest company assets. Also, information is used to forecast for future budgeting and growth, as well as to control and manage risk. The objective of financial statements is to provide information about the financial position, performance, and changes in financial position of an enterprise. Financial information is useful to a wide range of users making economic decisions. Owners and managers require financial statements to make business decisions Employees require this information for use in compensation and bonus contracts Prospective investors use this information to assess the viability of investing in a business Banks and lenders use financial information to determine loan terms, loan amounts, interest rates, and required collateral. Government entities use this information to evaluate taxes declared and paid by a company Suppliers use financial information to assess the creditworthiness of the business Customers use financial information to assess the company's ability to provide products or services in the futureDescribe the relationship between accounting and finance.

SP Describe the relationship between economic conditions and financial markets SP Describe the relationships that institutions providing banking services have with their communities SP Describe the rights of stockholders SP Describe the role and responsibilities of individuals in the securities and investments industry SP Describe the role and responsibilities of risk management personnel

Describe the role of a financial institutionFinancial institutions differ from financial services providers. Financial service providers help you make a profit on your money, explain risk/return relationships, and periodically review




your investment portfolio with you. Financial institutions - banks and credit unions - are in business to make a profit by using (while safeguarding) your money. They make money by charging interest, or charging for services: business and personal loans, advancing mortgages, chequing and savings accounts, debit and credit cards, bill payment services, money transfers, currency exchange, financial advice, payroll services, safety deposit boxes, among others.

CS Describe the role of financial institutionsFinancial institutions differ from financial services providers. Financial service providers help you make a profit on your money, explain risk/return relationships, and periodically review your investment portfolio with you. Financial institutions - banks and credit unions - are in business to make a profit by using (while safeguarding) your money. They make money by charging interest, or charging for services: business and personal loans, advancing mortgages, chequing and savings accounts, debit and credit cards, bill payment services, money transfers, currency exchange, financial advice, payroll services, safety deposit boxes, among othersDescribe the scope in managerial accounting (direct cost, indirect cost)Direct Cost – are those costs that can be tied directly to cost object (which is an item for cost are compiled such as a product, person, customer). Examples of direct cost: direct materials to make the products, sales commission and freight.Indirect Cost – Costs that are not directly associated with making a product. Examples are cost that are incurred in marketing, selling and designing the product (marketing, advertising, utilities, rent, travel)

SP Describe the scope of costs in managerial accounting (e.g., direct cost, indirect cost, sunk cost, differential cost, etc.) PQ Describe the scope of the Internet

The Internet, is a global network that facilitates the exchange of data and information between users around the world. The Internet is used to access and exchange information, through such tools as websites, e-mails, blogs, news sites, social media sites, etc. Twitter, Facebook, LinkedIn and many job search sites may be used to reach potential managers

SP Describe the services of professional organizations in accounting SP Describe the services of professional organizations in banking services SP Describe the services of professional organizations in insurance

Describe the sources of Securities InformationMoney markets – A part of the financial market in which investments have a high liquidity and very short matures are traded. The money market is used by people as a vehicle for borrowing and lending in the short term. Capital markets – Financial markets for the buying and selling of long-term or equity backed securities. The most famous types of capital markets are the stock market and bond market.Insurance markets – The buying and selling of Insurance in the marketplace.Commodities market – Is a market that trades in primary rather than manufactured products. Soft commodities are agricultural products such as wheat, coffee, cocoa and sugar. Hard commodities are mined, such as gold and oil.

SP Describe the United States' judicial system




SP Describe the use of technology in compliance SP Describe the use of technology in customer relationship management

Relationships have increased in importance in the field of business and marketing in the recent past. This importance can be linked to the changing nature of competition and technological developments. In this context, the question that has been posed is how these two factors affect the development of relationships. In the case of competition, relationships can serve as the basis for competitive advantage, while technology serves as the enabler of relationship building.

SP Describe the use of technology in human resources managementTechnology has changed the business world many times over. In the Information Age, the advent of computers and the Internet has increased that impact significantly. Many businesses cannot even function without the use of computer technology. This impact is seen in nearly all areas of business, including human resources, where technology continues to have a significant impact on HR practices.Recruiting One way in which human resources has been significantly impacted by technology is in the area of recruiting. Before the Internet, HR recruiters had to rely on print publications, such as newspapers, to post jobs and get prospects for open positions. Other methods such as networking also were used, but HR recruiters did not have the ability to post a job in one or more locations and have millions of people see it all at once. Technology has made recruiting more efficient and, in the hands of the right recruiter, more effective as well.Training Information technology makes it possible for human resources professionals to train new staff members in a more efficient manner as well. The ability to access company information and training programs from remote locations eliminates the need for trainers to work directly with new hires on all training. Some interaction will always be necessary on some level, of course, but training in virtual classrooms makes it possible for the HR professionals to train a large number of employees quickly and to assess their progress through computerized testing programs.Data Storage and Retrieval Human resources professionals generally process a considerable amount of paperwork and also have to keep much of that paperwork on file for a considerable period of time. The use of electronic imaging has made it possible for companies to store and retrieve files in an electronic format. Technology also makes it possible for human resources professionals to simply print the forms that are needed for employees. Printing on demand eliminates the need to dig through an endless number of files in the file cabinet to find what is needed.Performance Management Enhanced performance management is another by-product of technological improvement. Human resources professionals can use computer technology to assess employee performance and also to get employee feedback to be used for the betterment of the organization. Various software programs make it possible for human resources professionals to examine employee performance using metrics to ensure that employees are meeting performance standards. Employees that don't measure up can be subjected to additional training or let go in favor a replacement that can come in and do the job.

SP Describe the use of technology in operations SP Describe the use of technology in risk management

Describe the use of technology in the distribution function Technology can help improve the distribution process – based on computer tracking methods, the buyer can track customer habits Tracking inventory with barcodes – ease in receiving process




Technology to monitor sales levels from month to month Internet adds convenience to the distribution process – a company website customers to order cards that are not commonly carried on site Use of kiosks so that customers can view inventory, check availability, and place orders on goods that are not readily available in the store

SP Describe the use of technology in the financial-information management function The use of technology will improve services and reduce costs, by: Saving time and labour when budgeting, accounting, analyzing, and billing Optimizing costs and expenditures Optimizing production and assembly Organizing and optimizing customer/product demand Recording, sorting, organizing, analyzing, protecting, and otherwise managing the Balance Sheet items and the sub-ledgers of the business Keeping data secure

SP Describe the use of technology in the selling function Computers for online sales Notification of promotions and sales on line Credit cards, chip and debit cards for purchases Computers as cash registers; controls inventory and creates sales history and stores info Track customer information, correlate sales to customer profiles and track sales figures Use past information to forecast potential new purchases for existing customers

SP Describe trust department policies and procedures SP Describe trust services available to customers SP Describe types of banking institutions (e.g., central banks, retail banks, universal banks, etc.) CS Describe types of business activities SP Describe types of business models SP Describe types of financial risks (e.g., interest rate risk, equity risk, commodity risk, etc.) CS Describe types of financial service providers

Banks and Credit unions provide chequing and savings accounts, investment vehicles, as well as loans and mortgages.Investment banks which provide financial services to corporations (IPOs, mergers, underwriting, etc.)Insurance companies provide life insurance (term and equity), and insurance for your car, house, health, etc.




Accountants specialize in many things such as tax, small business, audit, financial analysis Financial planners will help a family understand, plan and implement a saving/spending planInvestment companies and brokerages provide stocks, bonds, mutual funds, etc. for people to invest in Three different types of financial service providers : Dealer, local bank, finance company All provide loans for the customer to purchase the car however they have different amounts of payments and annual percentage rates Creates and sells financial products or services. Banking, securities, real estate, and insurance are all financial service industries an investment portfolio company advises clients how/where to invest payment to the financial investment company may be either flat fee (per year, per month….) or a % of the portfolio, such as 1-2% of the amount the customer invests

CS Describe types of financial-services providers CS Describe types of retail/business banking products and services SP Describe types of securities and investment firms

Determine a client’s financial situationDetermine amount of funds a business needs

SP Determine client's insurance needs Determine cost of goods soldDetermine credit worthiness

CS Determine customer/client needsThe participant should use the following strategies to indentify out what a customer/client needs are: Questioning Observing ListeningAfter carefully doing all of the above, vendors should continue to observe and listen carefully while making suggestions of merchandise to the client. They should listen for verbal and non-verbal clues and respond / alter their responses appropriately

CS Determine economic utilities created by business activities Economic utility is defined as the measure of satisfaction received by a consumer from consuming a good or service. Generally, the more of a good or service is consumed, the greater

the utility, however the additional satisfaction, or amount of utility, gained from each extra unit of consumption decreases. This concept is known as Marginal Utility. CS Determine factors affecting business risk

Business risk is the potential for business loss or failure




3 kinds of business risk: economic, natural and human Economic- occur from changes in overall business conditions (competition, changing consumer lifestyles, population changes, limited usefulness or stylishness of some products,

product obsolescence, government regulation, inflation or recession) Natural- result from natural causes (weather conditions-floods, fires, hurricanes, etc.) Human-caused by human mistakes and the unpredictability of employees or customers (dishonesty, carelessness, incompetence, accidents, illness, non-payment of accounts)There are many types of risks businesses face—political, financial, social, economic, legal, theft, safety, etc.There are many types of risks faced in the restaurant industry—alcohol, underage drinking, fire, burns, food poisoning, spills, broken glass, etc.It is important that businesses anticipate possible risks and create plans to deal with these risks.If possible, businesses should find ways to make certain that the risks are prevented before they occurDetermine financial strengths/weaknesses of a business Financial strengths my include positive profit and income numbers Minimal promotion expenses as related to sales, meaning word of mouth and repeat customers are the main source of promotion The fact that the business is able to travel and take advantage of prosperous communities Carnivals seem to be a low cost alternative to high priced entertainment in economically deprived communities Weaknesses may include high payroll expenses The business may suffer if economic downturn continues as customers cut back on spending

CS Determine personal net worth Determine profit margin requirement The profit margin is mostly used for internal comparison. A low profit margin indicates a low margin of safety: higher risk that a decline in sales will erase profits and result in a net loss. Profit margin is an indicator of a company's pricing policies and its ability to control costs. It is a cost accounting method that allows a company to determine the profitability of individual products. Contribution margin refers to a per unit measure of a product's gross operating margin; it is calculated simply as the product's price minus its total variable costs.Determine profitability of business services

MN Determine relationships among total revenue, marginal revenue, output, and profit Determine the book value of a plant asset

SP Determine the components of internal accounting control procedures for a business Determine the cost of goods sold Using FIFO; 650 units sold




500 units sold x $1.00 = $500150 units sold x $1.25 = $187.50therefore Cost of Goods Sold = $687.50

Using LIFO; 650 units sold300 units sold x $1.25 = $375350 units sold x $1.00 = $350therefore Cost of Goods Sold = $725

Determine the cost of inventorySP Determine the cost/value of inventory

Determine the factors affecting business riskSP Determine the impact of business cycles on business activities SP Determine the nature of organizational goals

Company’s overall goal is its mission statement Companies set long term (1-3 years) and short term (less than 1 year) goals Companies set strategies to attain the goals Companies need to set sales targets and/or performance expectations for employees, to give employees a frame of reference for self-managementGoals can be categorized as: financial (profitability, increased sales, market share), customer-centred (service), product-related (innovations), operational efficiencies, regulatory objectives, and, employee learning and growth related. Determine the reconciled bank balance In reconciling the bank account, it is customary to reconcile the balance per books and balance per bank to their adjusted balances Outstanding deposits and cheques are identified; errors and unrecorded memoranda re reconciledDetermine the relationship among total revenue, marginal revenue, output and profit

CS Determine the relationship between government and business CS Determine the relationship between government and business

NB: students may struggle with this unnecessarily confusing phrasing ("determine") crafted by US DECA Inc. Government and business can work separately or in partnership with each other. They can work together to provide goods and services to people in P3s - public - private partnerships. Often these partnerships are formed to build expensive infrastructure like

hospitals, roadways and even athletic stadiums or to provide essential goods and services to those in need.




Government-run businesses can also be sold to private people (privatization)Determine the relationships among total revenue, marginal revenue, output and profit

CS Determine ways of reinforcing the company’s image through employee performanceThe participant should identify the need for positive employee performance and mention some of the ideas listed below:• staff can improve customer satisfaction by carefully, quickly and pleasantly handling .customer transactions, and, knowing the various services offered by the company/store as well

as who can help the customer with those services. • pleasant greeting and a reassuring departure are useful tools in maintaining a good image• Offer helpful comments during and after a transaction and always thank the customer in order to build a good relationship• Follow up on all promises made to a customer, and check on their level of satisfaction after a purchase• Positive customer-client relations require compassionate and immediate action when dealing with complaints and inquiries. • Creating a harmonious working environment will improve employee morale and be genuinely passed on to the customerDetermine when to factor accounts receivableDevelop a promotional plan for a business

CS Develop an achievement orientationAchievement orientation is about getting results. It can be about working toward excellence or a personal desire to do better than before. People who are achievement oriented set high standards. Achievement orientations have been shown to be associated with individuals’ academic achievement, adjustment, and well-being. An employee with strong Achievement Orientation will be: Open to new challenges Have a greater ability to anticipate obstacles Willing to be held accountable for their actions Focus on identifying ways to do things better Learn how to initiate actions to improve personal performance Cultivate new strategies for obtaining information Become more successful in taking advantage of opportunitiesDeveloping this orientation includes the activities to promote or enhance this orientation, such as: setting realistic goals, monitoring the attainment and alignment of these goals.

SP Develop communication plans based on customer preferences MN Develop expense control plansSP Develop monitoring programs for restrictive contract requirements




CS Develop personal budget SP Develop policies to manage trade credit SP Develop project plan

Recognize that incremental improvements are not sufficient to address the (fundamental) problems in the business described.Identify clear objectives for what the project will be about; improving the way the store is operated from the customer’s perspective.Identify steps that will need to be taken to achieve the desired resultsA project plan answers the following basic questions regarding the project:• Why? - What is the task related to the project? Why is the project is being done?• What? - What are the activities required to successfully complete the project? What are the main products or deliverables?• Who? - Who will take part in the project and what are their responsibilities during the project? How can they be organized?• When? - What exactly is the project schedule and when can the milestones be completed?

CS Develop rapport with customers.Rapport is all about highlighting common interests and establishing a mutual feeling of friendliness. When people like each other – whether in business, friendship, or both – they tend to help each other.Most salespeople are naturally enthusiastic, positive, and outgoing people, but that doesn't necessarily mean everyone will like you off the bat. Here are three ways you can increase your rapport rating with prospects and customers: Match your customer's style. Pay attention to how your customer prefers to communicate and get in step. Does your customer prefer to get right down to business, or warm up by

engaging in small talk? What kinds of things does he or she find funny, interesting, or intriguing? If your customer talks quickly and loudly, make an effort to match that energy. Trust builds rapport. Your customers will learn to trust you if you do what you say. Keep your commitments, call when you say you will, and always follow through. Be careful not to

make promises you might not be able to keep. Too many salespeople make well-intentioned commitments, only to find themselves unable to find time to fulfill them. They may not always lose a sale because of this, but they're certainly not building the kind of trust that will make that customer anxious to give referrals.

Another way to build trust is to demonstrate that you're interested in their well-being -- beyond your own profit potential. Know and appreciate your customers' needs beyond your product. See what you can do to help them meet those needs. Little things like finding information for them or putting them in touch with other suppliers tend to make a big difference.

Practice reciprocity. When you treat people in a certain way, they tend to want to treat you in the same way. Find ways to treat your customers as valued members of your professional and even social circle. In life and in business, the little things make a big difference.

Develop strategies to achieve company goals/objectivesDevelop tolerance for ambiguity (EI:092) (CS)*

SP Differentiate among management accounting responsibility centers (i.e., cost, profit, investment, revenue) Responsibility centers are specific parts of a company that individual managers have accepted authority and accountability. Responsibility centers define exactly what assets and activities




each manager is responsible for. Managers in each responsibility center prepare a report to evaluate the performance of each center. Typically; there are 4 responsibility centers: Revenue Centers - Usually have authority over sales and very little control over cost. Cost Centers – Produce good or provide services to other parts of the company. Do not have any control over sales prices and are only evaluated based on their total cost. Profit Centers – Evaluated based on controllable margin which is the difference controllable revenues and controllable cost. These centers do not look at uncontrollable cost such as

allocated overhead and indirect fixed cost. Investment Centers – This department is responsible for revenues, expenses, and investments. Return on Investment is often used to evaluate their performance. Manager usually tries

to increase controllable profits or decrease average operating assets (improve productivity).Differentiate between services marketing and product marketing.

SP Discuss actions employees can take to achieve the company’s desired results. Employees, all have the responsibility on behalf of the store of satisfying the customer’s needs (motives) Employees have to realize that their success and enjoyment on the job depends on how successful the store is, so they have to be prepared to contribute to helping the store to become more successful.Discuss business ethics for business finance

SP Discuss components of flood and earthquake insurance SP Discuss components of homeowners/renters insurance CS Discuss considerations in selecting a financial-services providers

Choose someone who listens carefully and understands your needs. Do you trust them? Does their approach match what you’re comfortable with and want? Check that they have a qualification in financial planning Check that they have a successful history (how many clients they have, whether any disciplinary actions have been taken, how long they’ve been a planner, what products they’re

registered to sell, their track record, whether this is the only thing they do) Ask for references Compare fees with other planners

SP Discuss considerations in selecting a securities sales agent SP Discuss cost accounting systems (e.g., job order costing, process costing, activity-based costing [ABC], project costing, etc.) SP Discuss e-compliance issues in banking services CS Discuss employment opportunities in the finance industry

Types of banking and finance industry jobs focus outward on the customer and inward on the assets of the business. The jobs that focus on the customer are: tellers, loans and credit officers, financial planning, product and service sales. The jobs that focus on the business’ assets are: analysis (of holdings and funds), underwriting (large loans, pensions and




investments), actuarial, accounting, audit, forecasting, treasury (of currency), management.Because money is the backbone of business, and because there are many, many banks, there will always be work in the financial sector as well as variety, ongoing education, and advancement opportunities.

SP Discuss ethical considerations in the securities and investments industry SP Discuss ethical issues in the banking industry SP Discuss external forces affecting a company's value SP Discuss federal and state regulation governing the insurance industry SP Discuss federal regulation of lending functions SP Discuss federal regulation of operations functions in banking services SP Discuss laws and regulations governing the securities and investments industry SP Discuss legal considerations affecting risk management SP Discuss legal considerations in the finance industry

There are laws covering a broad spectrum of corporate finance matters. With regard to finance, any or all of these have legal considerations associated with them: agency, assignments of accounts receivable, bankruptcy, bonds and indentures, collection of loans/debt, commercial paper, common stock, consolidations, contracts, disclosure, incorporating, dividends, documents of title, leases, marshalling of assets, mergers, mortgages, negotiable instruments, options, ownership, partnerships, permits and licenses, proxies, record keeping, sales contracts, stockholders, taxes, voting, warrant rights.

SP Discuss licensing and certification in the insurance industry SP Discuss non-traditional uses for financial information (e.g., lean, sustainability reporting, activity based costing [ABC], six sigma) SP Discuss opportunities for building professional relationships in finance

Join finance-related professional organizations Building professional relationships is creating and expanding networks. Developing a network of professional relationships will help a finance employee to learn more about their

specialty, learn about employment opportunities as they arise, connect and collaborate with other specialists, develop long-term mentorships and friendships, and be a source of information for others.

Opportunities to expand professional networks exist in getting to know people in the banking/finance sector, becoming a member of finance-related organizations, attend conferences/conventions and business social events, and have a presence on social media (LinkedIn).

PQ Discuss principles of computer systems CS Discuss procedures for the secure handling of cash




SP Discuss professional designations for accountants (e.g., CPA, CMA, CIA, CFE, etc.) SP Discuss professional designations for banking professionals SP Discuss record retention requirements applicable to correspondence and documentation

Discuss return on investmentSP Discuss state regulation of the accounting industry SP Discuss the administrative duties associated with trusts SP Discuss the analysis of a company’s financial situation using its financial statements

Current Ratio = Current Assets/Current LiabilitiesCurrent ratio measures a company’s ability to pay short-term and long-term obligations. A 2:1 ratio is the norm.

SP Discuss the connection between business analysis and business process management SP Discuss the cost of common stock SP Discuss the cost of corporate bonds SP Discuss the effect of tax laws and regulations on financial transactions SP Discuss the elements and role of a bank security program SP Discuss the financial planning process

Businesses use financial planning in order to achieve financial goals. Financial planning includes making a budget so that predicted expenditures can be measured against predicted cash in-flows. If a business plans correctly, necessary funds should be available as needed for a variety of business needs.

SP Discuss the functions of operations departments in securities and investments SP Discuss the global environment in which businesses operate SP Discuss the impact of a nation’s unemployment rates

The currency market is the most driven by the Employment Report. An unanticipated rise in employment, for example, means a rise in the dollar. Reactions to surprises relate to the implications on short-term interest rates. The currency market has become increasingly sensitive to the data and pays particular attention to the unemployment rate.The bond market is concerned with what the unemployment rate may indicate about inflation and interest rates. A strong employment report may indicate an economy that is heating up too quickly, leading economists and traders to become concerned about inflationary pressure. However, it can also raise concerns about tightermonetary policy and forthcoming interest rate increases. The equity market looks for rising employment as a sign of corporate optimism and growth potential. It is also concerned with inflation and interest rates, but to a lesser degree.

SP Discuss the impact of bribery and foreign monetary payments on business SP Discuss the impact of cultural and social environments on global trade




Understanding different cultures and social norms – better understanding of customers – better marketing efforts Understanding of different cultures and social norms helps to establish better supplier/buyer relationships

SP Discuss the impact of employee benefits on business financials SP Discuss the impact of globalization on business

Discuss the impact of new technology on the financial industrySP Discuss the impact of obsolescence on business expense CS Discuss the impact of technology on securities and investments CS Discuss the impact of technology on the banking industry CS Discuss the importance of corporate governance in business SP Discuss the importance of ethics in data mining CS Discuss the importance of meeting and exceeding customer expectations SP Discuss the importance of utilizing ethical purchasing methods SP Discuss the involvement of financial institutions in the real estate industry SP Discuss the issuance of stock from a corporation SP Discuss the levels and types of external financial reporting SP Discuss the manner in which insurance companies generate income SP Discuss the measure of consumer spending as an economic indicator SP Discuss the nature and scope of compliance in the finance industry SP Discuss the nature of annual reports

Annual reports are published documents that communicate the company’s performance and financial information to interested users and stakeholders. The published annual report (generally around 100 pages) contains detailed explanations of how the company performed, the accounting firm’s statement of assurance (audit), financial

statements, notes detailing financial statement lines, and key personnel (generally in this order). There will be 6 months reported in the year of the new year-end (July to December inclusive)There are typically four different financial statements that organizations use to communicate this information. They are: The income statement; The statement of retained earnings; The balance sheet; and




The statement of cash flows.SP Discuss the nature of auditing/attestation standards SP Discuss the nature of business customs and practices in the Middle East SP Discuss the nature of convergence/consolidation in the finance industry SP Discuss the nature of corporate bonds SP Discuss the nature of cost accounting budgets SP Discuss the nature of cost allocation SP Discuss the nature of credit-based insurance scores SP Discuss the nature of customer relationship management

Customer relationship management (CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth

CS Discuss the nature of data mining SP Discuss the nature of debtor-creditor relationships

System for collecting money from other businesses: Sales team generates sales invoice and sends one copy to the customer and one to Accounts Receivable A/R records daily invoices and payments, and, prepares the daily deposit cross-checking that the electronic total (keyed in to the system) = physical total (physical cheques and

wire/electronic transfers) To minimize losses on foreign exchange, payments need to be in our country’s currency (not the international clients’) A/R overdue reports are printed (at least) monthly; overdue accounts are contacted Delinquent accounts can be sold to collection companies, have legal proceedings started to collect, or be written offSystem for collecting money from in-store customers: In stores, a debit/credit machine purchased from Moneris or like-company, is needed to transfer sales money from the teller to the company’s bank account; these daily cash sales are

reconciled and fees are recorded From on-line sources, daily cash sales are reconciled and fees are recordedA payment system for companies selling to other companies would include the following: Companies applying for credit terms prior so they can be invoiced rather than pay COD (cash on delivery) Companies paying their debts primarily by company cheque or wire transfer Large, multi-period bills like contracts will often require interim/progress payments




A return policy Payment terms of 30 days with interest charged on overdue accounts Letters, collection agencies, legal follow-up for delinquent accountsFor companies selling to the general public (outlet stores, brand name stores), payment system components would include: For in-person sales, accepting cash, debit card, or credit card (no personal cheques) For online purchases, the company can set up a shopping cart check out, or arrange a 3 rd party payment system (like PayPal), or accept e-transfers; shipping must be included; and, the

currency must be our country’s currency A return policy

SP Discuss the nature of depreciationDepreciation is the term used to describe the decrease in value of fixed assets over time and the allocation of these decreases in value to periods of time over which the asset is used. An asset can expect its net book value to decrease each year for its predicted life as it gets used up and starts to wear down. Depreciation is shown in two different ways: by the creation of a “contra-asset” account on the Balance Sheet (reduces the book value of an asset and therefore the net-worth of a business) and through an expense account on the Income Statement (increases the amount of expenses which in turn reduces the amount of income and therefore, income tax to be paid). Students must demonstrate that depreciation plays a role in the decision to buy or lease the equipment.

SP Discuss the nature of domestic and international business insurance SP Discuss the nature of enterprise risk management (ERM) SP Discuss the nature of environmental law SP Discuss the nature of errors and omissions (E&O) claims made against insurance professionals SP Discuss the nature of global risk SP Discuss the nature of health insurance coverage SP Discuss the nature of hedge funds CS Discuss the nature of human resources management

Human resources management refers to the management of a business’s workforce. Human resources management involves a variety of functions including recruiting, hiring, training, evaluation, performance management, benefits, compensation, employee health and safety, ensuring adherence to labour laws, etc. Effective human resources management processes and procedures are critical to the efficient and successful operation of a business, and can have an impact on the organization, its employees, and its customers. Human Resources Management [HRM] is a set of organizational activities directed at attracting, developing, and maintaining an effective workforce. It involves processes such as hiring, orientation, professional development, counselling, and dismissals through which the department tries to motivate and retain qualified personnel to

operate the company effectively.




CS Discuss the nature of information managementInformation management is the collection and management of information from one or more sources and the distribution of that information to one or more audiences. It also refers to the organization and control over the structure, processing and delivery of information. Students may summarize this be saying that IM is the ability of a business to use information about its products, customers and competitors to its advantage

SP Discuss the nature of Initial Public Offerings CS Discuss the nature of insurance claims SP Discuss the nature of insurance fraud SP Discuss the nature of international investment strategies SP Discuss the nature of investment risk SP Discuss the nature of law and sources of law in the United States /Canada

Legislation is enacted at all levels of government in Canada - the federal government, the provinces and territories, municipalities - and forms a major body of law. Our elected representatives introduce and debate proposed laws dealing with matters within their jurisdiction.There are three sources of law in Canada: Constitutional Law (derived from the Canadian Constitution) and is based on the BNA act 1867 (Socials 10), the Constitution Act 1982, and the Canadian Charter of Rights and

Freedoms. It overrides Statute and Common Law. Statute Law (derived from elected government representatives at all levels of government) Some examples of Statute Law are: The Criminal Code, the Highway Traffic Act, and the

Youth Criminal Justice Act. These laws override Common Law. Common Law (aka Case law) is based on previous precedent-setting legal decisionsThere is Public Law and Private Law. Public Law is where people or businesses are prosecuted in the interest of the public by government representatives (Crown lawyers). Private Law is where an individual or group wants to sue another individual group for damages to person or property. This is also know as Civil Law.

SP Discuss the nature of life insurance SP Discuss the nature of loan products SP Discuss the nature of long-term assets (e.g., tangible assets, intangible assets, natural resources, etc.)

Tangible Assets have physical form and have useful lives and generate financial benefit to the company for more than one year. Examples include Land, Buildings, Equipment, Vehicles, Investments. The economic benefit of the asset is expensed via Depreciation Expense over the periods the asset generates revenue for the company (matching principle).

Intangible Assets do not have physical form and are generally ideas or intellectual properties that provide economic benefit to the company for over one year. Examples include Patents, Copyright, Trademarks, Royalties, Goodwill. Like tangible long-term assets, economic benefit for intangibles is amortized over the course of their useful lives, or as




dictated by government or accounting standard regulations Natural Resources are long-term tangible assets that are taken from the land, water, or air. They include ore or oil bodies, trees, fisheries among others. These assets are depleted

over time on a units-of-production basis in the account Depletion Expense.SP Discuss the nature of long-term assets (e.g., tangible assets, intangible assets, natural resources, etc.)

Tangible Assets have physical form and have useful lives and generate financial benefit to the company for more than one year. Examples include Land, Buildings, Equipment, Vehicles, Investments. The economic benefit of the asset is expensed via Depreciation Expense over the periods the asset generates revenue for the company (matching principle).

Intangible Assets do not have physical form and are generally ideas or intellectual properties that provide economic benefit to the company for over one year. Examples include Patents, Copyright, Trademarks, Royalties, Goodwill. Like tangible long-term assets, economic benefit for intangibles is amortized over the course of their useful lives, or as dictated by government or accounting standard regulations

Natural Resources are long-term tangible assets that are taken from the land, water, or air. They include ore or oil bodies, trees, fisheries among others. These assets are depleted over time on a units-of-production basis in the account Depletion Expense.

SP Discuss the nature of long-term care insurance SP Discuss the nature of margin accounts SP Discuss the nature of market timing SP Discuss the nature of Medicaid SP Discuss the nature of operational risk management SP Discuss the nature of pro forma statements SP Discuss the nature of problem loan management SP Discuss the nature of retirement investment plans CS Discuss the nature of retirement planning

Simply put, during the working years, a person needs to put aside enough money to live on once they no longer have income (retire). Planning considerations include: determining how much money you will need (living, travelling, long-term care, life expectancy, taxes), what sources of income you will have (pension, investments, government income

SP Discuss the nature of risk control (i.e., internal and external) SP Discuss the nature of risk measurement SP Discuss the nature of short-term (operating) financial plans SP Discuss the nature of stock adjustments SP Discuss the nature of stock options




CS Discuss the nature of the accounting cycleThe term accounting cycle refers to the steps in recording financial information and preparing financial statements. It is called a cycle because the steps are repeated each reporting period. Steps 1&2 are done daily; steps 3-5, monthly; steps 6-8, annually. These are the steps in the cycle:1. Journalize the transactions in the general journal; 2. Post the transactions to the general ledger; 3. Adjust the accounts (for accrued expenses, depreciation, prepaid amounts, unrecognized revenue, etc.); 4. Prepare an adjusted trial balance; 5. Prepare financial statements (Income Statement, Retained Earnings, Balance Sheet, Cash Flow); 6. At year-end, close the accounts7. Prepare a post-closing trial balance8. Have the accounting system and records audited by an external accounting firm

SP Discuss the nature of the secondary mortgage market SP Discuss the nature of title insurance SP Discuss the nature of unemployment insurance SP Discuss the relationship between bond prices and yields SP Discuss the relationship between risk management and business finance

Risk management strategies such as risk avoidance, risk retention and risk transfer can impact the finances of business because these strategies relate to whether the business should spend now for future benefit or delay spending to reduce the amount of annual expenditures Student’s ability to assess risks will impact on their decision as to how to best use the finances of the company.

SP Discuss the responsibilities of regulatory agencies that oversee the banking industry SP Discuss the role and responsibilities of treasury management personnel SP Discuss the role of administrative law SP Discuss the role of credit unions SP Discuss the role of ethics in accounting SP Discuss the role of ethics in finance SP Discuss the role of ethics in operations

Ethics in operations, specifically purchasing, involves conducting business with suppliers/vendors in good faith, granting all competing suppliers/vendors fair and equal consideration, requiring honesty and accurate representation of goods and services from all suppliers, and ensuring activities are conducting according to the law and business policies.




SP Discuss the role of investment banking in the primary marketplace SP Discuss the role of life insurance in investment, retirement, and estate planning SP Discuss the role of standard costing in the preparation and analysis of budgets SP Discuss the role of supervisory/regulatory bodies in the insurance industry SP Discuss the role of the Federal Reserve system in banking operations SP Discuss the roles and responsibilities of accounting-standard-setting bodies (i.e., SEC, FASB, IASB, GASB) CS Discuss the secure handling of checks SP Discuss the use of cost-volume-profit analysis

COST – Overhead/fixed costs (FC) are constant from month to month. As more items are sold, the fixed cost per item decreases. Operating/variable costs (VC) fluctuate due to the number of items sold. As more items are sold, the variable cost per item remains constant. Total cost = FC + VCVOLUME – the number of items soldPROFIT – total sales revenue less total costCost-volume-profit analysis is used by companies to figure out how changes in costs and volumes affect their net income. Cost-volume-profit graphs are used to assess “what-if” scenarios. “What if” we sell 20,000 units at $5? “What if” our FC go up by $2000 per month and VC are reduced? Which scenario, with our FC and VC, will be more profitable? “What if” we sell 2000 more units – how much profit does this equate to?Discuss the use of financial ratios in accounting Ratios are the most widely used tools for analyzing financial statements. They provide clues to and symptoms of underlying conditions. Ratios refer to an economically important relation between two variables from the financial statements that are expressed as a mathematical relationship. They are used by Wall Street to detect intra-company trends (trends from one period to the next), compare one company to a competitor, and to compare one company to industry

benchmarks.Discuss the use of Generally Accepted Accounting Principles (GAAP) GAAP should lead to external users having the most useful financial information possible when making their business decisions GAAP encompass broad principles and conventions of general application as well as rules and procedures that determine accepted accounting practices at a particular time “Generally Accepted” means that these principles have authoritative support through the Canadian and provincial business corporations acts and securities legislation Must comply with GAAP is a company has publically traded shares or debt (follow the CICA Handbook) Most other companies also follow GAAP as these principles result in the most useful information for decision making The petty cash fund is a current asset




By accounting for the petty cash fund this allows the financial statements to provide information on the economic resources (assets) of the company Replenishment of the petty cash fund allows for recognition of the effect of the fund on the financial statements

SP Discuss the use of variance analysis in managerial accounting SP Discuss trends in the insurance industry (e.g., hacker insurance, identity theft insurance, etc.) SP Discuss types of investment objectives CS Distinguish among types of business documentation

There are several types of business documents that provide evidence for a transaction. This documentation can also be called a source document. The below are types of documentsSales InvoicePurchase OrderLand DeedElectricity/telephone billCancelled checkMemorandum of transaction. Signed and executedCash Receipts

CS Distinguish among types of business transactionsBusiness transactions can be divided into two types of payment: Cash Transactions - Settled immediately in cash. Cash transactions can also include transactions made my check. Cash transactions may be classified as cash receipts and cash

payments. Credit Transactions – Most business can give customers a certain number of days to pay for delivered products and services. Unfortunately; some customers will not want or be able

to pay.Business transactions can be divided into three types of purchases: Items to be used up – that last less than a year, and, inexpensive assets (under $500) that would last longer Items to be kept – current and long-lived assets Items to be sold – debit to the current asset Inventory

CS Distinguish among types of business transactionsBusiness transactions can be divided into two types of payment: Cash Transactions - Settled immediately in cash. Cash transactions can also include transactions made my check. Cash transactions may be classified as cash receipts and cash

payments. Credit Transactions – Most business can give customers a certain number of days to pay for delivered products and services. Unfortunately; some customers will not want or be able to




pay.Business transactions can be divided into three types of purchases: Items to be used up – that last less than a year, and, inexpensive assets (under $500) that would last longer Items to be kept – current and long-lived assets Items to be sold – debit to the current asset InventoryDistinguish between debt and equity financing

CS Distinguish between economic goods and services Economic goods are tangible items such as products or materials that satisfy consumer wants or needs. Economic services are intangible and satisfy consumer wants or needs such as haircuts, dry cleaning, or massages. Services cannot be owned or returned by someone as could be with a

good. Services are delivered by a service provider who is paid to do so by a consumer.SP Distinguish between internal and external audits CS Distinguish between using social media for business and personal purposes

Social media for business is extremely different than social media for personal use. While the broad concepts are somewhat similar, there are several differences that are important to know. Here are three major ones:Hashtags Personal Use: Hashtags are meant to designate the topic of your post. In a social context it could be something like #Halloween2015 to populate your post when anyone searches for

anything on the topic of Halloween2015. Professional Use: Though they have little importance to people who use social media for personal reasons, hashtags are essential for small businesses on Facebook, Twitter, Instagram

and Pinterest. They can help people find your business easily, and they expand the reach of your posts.No matter which social network you use, hashtags are important. They are a key component of social media marketing, and it’s important to learn how to use them properly.Images Personal Use: Typically, people share photos of their vacations, the food they eat and anything else they find interesting. Photographs are interesting to look at, and sometimes simply

writing a post about something doesn’t do it justice. Professional Use: When it comes to marketing your business, photos serve a very different purpose. Instead of showing what you’re up to and who you’re with, it’s better to show

pictures of your products and any ads or promotions you have going on at the time.When it comes to social media marketing strategy, there’s much more to images than you think. For a personal profile, you can pretty much upload any images you want (although consider who you have in your personal networks who may be tied to your professional networks). For a business, that’s not the case. It’s important to learn what type of images to use, and what to do with them once they’re uploaded. Analytics




Personal Use: Analytics are a way to collect data about your website or your Facebook business page, and they really don’t apply to a personal profile. Long story short, they have no personal use, and most people have never seen them.

Professional Use: Analytics are critically important to a successful social media campaign for a small business. You can use them to measure who is looking at your website, when they look at it, where they are, and what pages they click on. Facebook also has its own analytics program called Insights that measures data for your business page. The information you gain from this data is crucial to the future success of your business. Without it, you will have a hard time tailoring your online marketing strategy to the specific needs of your business.

When it comes to your personal profile, analytics are nonexistent and unnecessary. When you use social media for a business, however, they are crucial to success. They can be data-heavy and difficult to comprehend. That’s why it’s important to learn how to interpret them properly, so you can use this data to your advantage.

SP Distinguish between variable costing and absorption costing SP Document business processes

Draw conclusions based on information analysis (NF:278) (CS)* SP Draw conclusions on the research question/issue CS Edit and revise written work consistent with professional standards CS Employ communication strategies appropriate to target audience

Written communications dispatched by mail e.g. statements detailing tax liabilities and payment schedules. Paper-based items sent by mail have the advantage of providing a clear, fileable statement that is likely to reach its intended recipient. Writing is used when you have to provide detailed information such as figures and facts, even while giving a presentation. It is also generally used to send documents and other important material to stakeholders which could then be stored for later use as it can be referred to easily as it is recorded.

Oral communications: customers can 'phone in' with their queries. They can also speak directly to the employee who is managing their account. Oral communication allows most misunderstandings to be resolved immediately. Oral communication could be said to be the most used form of communication. Whether it is to present some important data to your colleagues or lead a boardroom meeting, these skills are vital. In recent years verbal communication has been replaced to a great extent by a faster form of written communication and that is email.

Online communications. Today consumers can complete their Tax Return, claim tax credits and do a variety of other business with the Inland Revenue directly online, thereby saving a great deal of time. An important advantage of this method is that ongoing 'help' is provided by pop-up help facilities. This is a cheap, quick and efficient means of communication.

Advertising on TV and in the press e.g. to alert people to payment deadlines or to eligibility for tax credits. CS Employ communication styles appropriate to target audience

When choosing a communication style, one must consider the audience and their needs. In order to get to know the audience and to communicate effectively, you must identify: what information are they seeking, how will they use this information, how much information do they need to make a purchasing decision, what is their budget, what obstacles must you overcome with the target audience. Based on this information, you can decide how much data and detail to divulge or how much emotional language and connection to establish. The participants should discuss appropriate methods for the desired audience. In general, some questions that should be considered regarding your audience are:




• How important will the audience see your message as being? • Does your communication ask the audience to take some action? • How much information does your audience need? • What obstacles must you overcome with the target audience? • What are the benefits to your audience of what you have to communicate? • How will your audience use this information? • What method of communication is best suited to this message? In addition, you should consider how formal and how detailed you wish your communication to be. Use language and terminology that are appropriate to the audience.

CS Enlist others in working toward a shared vision Show others the benefits of a shared vision (could be a positive work environment where employees want to go to work and enjoy being there leading to increased productivity and

cohesiveness). Model behaviours from the top down so others see how it can and will work. Gather feedback and input from others about what the vision should be and how it can be achieved. Involve them in the process so they have ownership to it.Establish investment goals and objectives

SP Establish monitoring programs for contract-specific revenue arrangements SP Establish processes for timely reporting of required information

Evaluate a business’s liabilities Can conduct a debt/equity ratio analysis: 30,000/126,000 = 23.8% which is quite low meaning company is financed mainly by contributions from the owner There are accounts payables meaning credit has been extended to the business, a good thing because it keeps cash longer within the businessEvaluate alternative financing plans

SP Evaluate alternative revenue arrangements (e.g., cost-plus pricing, contingent fees) SP Evaluate an existing client's insurance needs

MN Evaluate channel membersThe evaluation channel members is important because the failure of one member can cause the failure of the whole. Channel members can be employees as well as independent business firms.When choosing a channel member consider the following:• The nature of your product




• The degree of control you want over the passage of inventory through the channel• The relative importance of channel member• The number of channel members involvedThe major criteria of evaluating ongoing channel members is sales, but there are others:• Sales is the most popular performance criteria used in channel evaluation. Sales might further be subdivided into current sales compared with historical sales, comparisons of sales with

other channel members, and comparisons of the channel member's sales with predetermined quotas. • Maintenance of adequate inventory• Selling capabilities• Attitudes of channel intermediaries toward the product• Competition from other intermediaries and from other product line carried by the manufacturers own channel members.Evaluate future cash flow

SP Evaluate injury claims and needed medical treatment SP Evaluate leases

Evaluate project results (OP:159) (SP)SP Evaluate project results / success

Prior to starting a project objectives need to be set in order to be able to evaluate the success of the project when complete. Evaluate stakeholder and customer satisfaction. Ask a simple question to all parties involved: Were you satisfied with the result? If not all parties are satisfied, it is a sign there were

inefficiencies in the project. To help you decide what changes might be made to future projects, ask all parties involved what could have been improved to make the project successful, and make changes as necessary to future projects.

Determine if the project met its business objectives. Ask end users of the project if the results meet their needs. The end user can be anyone who is utilizing the results of the project and can include outside customers. For small businesses, the end users are often the same people who worked on the project. If the project did not meet its objectives, it is usually a sign of insufficient resources or unclear objectives. For future projects, make sure objectives are understood at the outset and that the project is given sufficient resources.

Evaluate end-user adoption. Reach out to the end users of the project to determine if they are utilizing the results of the project as expected. If not, ask what changes are needed to make the results useful. Determine the frequency with which they are utilizing the results. If the project is successful, you will find high-end user adoption and frequent use. If end-user adoption is low, consider including end users in the charter stage of your next project to ensure the outcome is something they will find useful.

Evaluate the final delivery of the project. Some projects have excellent outcomes but create unnecessary headaches. Ask all parties involved in the project if the delivery of the final result went smoothly. Were they able to quickly implement the results, or did the results of the project leave them confused? Were the results well explained, or did they have to follow up with extra questions? If the stakeholders feel like the project was not delivered properly, define delivery objectives at the outset of future projects. This ensures the project manager continues to focus on the project throughout the delivery stage.




See if the project met governance requirements. At the outset, most projects elect an advisory committee to review the project's outcome. In very small businesses, the reviewer is often an individual, such as the owner or president. Check with the project’s other advisors. Was the project adequately reviewed throughout the process? Did the project manager check in with advisors regularly? Was the review process too frequent or not frequent enough? If the reviewers believe the project was not adequately reviewed, it is time to review the project governance policy. Consider a more frequent or stricter review schedule for future projects.

See if the project provided benefits to its stakeholders. Ask all parties involved, including end users, if the project has resulted in benefits for the business and its employees. Are the benefits substantial or a small improvement? What additional benefits would you like to see from future projects? Successful projects create noticeable benefits. If the project has not realized benefits, it doesn't always mean the project wasn't executed successfully. If the objectives of the project were met but benefits were not realized, carefully review the objectives of your next project to ensure they will result in noticeable benefits.

Evaluate project success Prior to starting a project objectives need to be set in order to be able to evaluate the success of the project when complete. Evaluate stakeholder and customer satisfaction. Ask a simple question to all parties involved: Were you satisfied with the result? If not all parties are satisfied, it is a sign there were

inefficiencies in the project. To help you decide what changes might be made to future projects, ask all parties involved what could have been improved to make the project successful, and make changes as necessary to future projects.

Determine if the project met its business objectives. Ask end users of the project if the results meet their needs. The end user can be anyone who is utilizing the results of the project and can include outside customers. For small businesses, the end users are often the same people who worked on the project. If the project did not meet its objectives, it is usually a sign of insufficient resources or unclear objectives. For future projects, make sure objectives are understood at the outset and that the project is given sufficient resources.

Evaluate end-user adoption. Reach out to the end users of the project to determine if they are utilizing the results of the project as expected. If not, ask what changes are needed to make the results useful. Determine the frequency with which they are utilizing the results. If the project is successful, you will find high-end user adoption and frequent use. If end-user adoption is low, consider including end users in the charter stage of your next project to ensure the outcome is something they will find useful.

Evaluate the final delivery of the project. Some projects have excellent outcomes but create unnecessary headaches. Ask all parties involved in the project if the delivery of the final result went smoothly. Were they able to quickly implement the results, or did the results of the project leave them confused? Were the results well explained, or did they have to follow up with extra questions? If the stakeholders feel like the project was not delivered properly, define delivery objectives at the outset of future projects. This ensures the project manager continues to focus on the project throughout the delivery stage.

See if the project met governance requirements. At the outset, most projects elect an advisory committee to review the project's outcome. In very small businesses, the reviewer is often an individual, such as the owner or president. Check with the project’s other advisors. Was the project adequately reviewed throughout the process? Did the project manager check in with advisors regularly? Was the review process too frequent or not frequent enough? If the reviewers believe the project was not adequately reviewed, it is time to review the project governance policy. Consider a more frequent or stricter review schedule for future projects.

See if the project provided benefits to its stakeholders. Ask all parties involved, including end users, if the project has resulted in benefits for the business and its employees. Are the benefits substantial or a small improvement? What additional benefits would you like to see from future projects? Successful projects create noticeable benefits. If the project has not realized benefits, it doesn't always mean the project wasn't executed successfully. If the objectives of the project were met but benefits were not realized, carefully review the objectives




of your next project to ensure they will result in noticeable benefits.Evaluate projected income statements

CS Evaluate quality and source of informationNot all information is created equal. Just because you find information at the library does not guarantee that it is accurate or good research. In a business setting, being able to critically evaluate information is necessary in order to conduct quality research. Each item you find must be evaluated to determine its quality and credibility in order to best support your research. To evaluate a source consider the following:Authority - Who published the source? What is the purpose of the publication? Where does the information in the source come from? Does the information appear to be valid and well-researched, or is it questionable and unsupported by evidence. Who is the author? What are the author's credentials (educational background, past writing, experience) in this area? Have you seen the author's name cited in other sources or bibliographies? Is the content a first-hand account or is it being retold? Primary sources are the raw material of the research process; secondary sources are based on primary sources.Currency - When was the source published? Is the source current or out of date for your topic?Purpose - What is the author’s intention? Is the information fact, opinion, or propaganda? Is the author's point of view objective and impartial? Is the language free of emotion-rousing words or bias? Is the publication organized logically? Are the main points clearly presented? Do you find the text easy to read? Is the author repetitive?

SP Evaluate vendor performanceThe participant should consider the following when evaluating a vendor’s merchandise. Will the merchandise suit their target customer? Is the merchandise the right fit for their image and stores? Is the quality and styling of the merchandise something that works with their reputation? Costs of the merchandise - to the retailer (including shipping costs) – costs to the public Production capabilities, past experience, product quality, the availability of special buying arrangements or services that correspond to this vendor When dealing with a vendor for the first time, buyers might solicit references to determine the vendor’s reputation. Many businesses maintain resource files and journals that document

past experience with vendors. Such a journal may include an evaluation of product quality, delivery performance, and customer service. Returns relating to the quality of products may cause a vendor to be dropped.

Participant should address methods of determining success such as: Sales Customer satisfaction Returning customersExamine the future of financial institutions

PQ Exhibit a positive attitude




Indicators of a positive attitude include the following Maintain positive body language Smile and nod when listening to customer’s concerns Avoid crossing your arms in front of your chest – this demonstrates that you are ‘closed’ and not listening to what the customer is saying Acknowledge the customer’s concerns and reassure them that you understand what they are saying and that you will do whatever you can to ensure that their concerns have been

addressed Avoid getting angry and using negative words or tone of voice Avoid using a demonstrative tone with the customer or becoming confrontational with them

CS Exhibit cultural sensitivity Exhibiting cultural sensitivity may start with language lessons, but more often extends to learning the etiquette, protocol, communication styles, and negotiation approaches of various

international business associates and clients.PQ Exhibit self-confidence SP Explain approaches to real estate lending SP Explain career opportunities in banking services CS Explain career opportunities in entrepreneurship SP Explain career opportunities in insurance CS Explain cash control procedures (e.g., signature cards, deposit slips, internal/external controls, cash clearing, etc.)

There are several steps that must be used in order to ensure that all cash is handled securely:When handling and safeguarding cash, all cash, checks and payment cards should be kept in safe or locked room. During business, all forms of cash should be stored away and locked. Access to areas where cash is stored should be extremely limited.Signature Cards – Update signature cards to remove check signers as soon as they leave the organization.Deposit Slips – Once a deposit has been reconciled, a neutral deposit ticket is created by someone other than the cashier. The form should be signed by two people who verify the deposit amount. If you walk to deliver your deposit, change your route and time regularly.Internal controls – These are controls that are created by the organization to improve efficiency and security in policies and procedures. External Controls - These include any rule or regulation that has an effect on the action of the company. This can include tax laws developed by the government which affect the flow of money, lease increases or other policies outside the organization.

SP Explain causes of stock price fluctuations PQ Explain communication techniques that support and encourage a speaker




Communication techniques that support and encourage a speaker include both verbal and non-verbal communication. Techniques like active listening, maintaining eye contact, exhibiting positive body language, speaking clearly and in an appropriate tone are all techniques that can support and encourage a speaker.

SP Explain cultural considerations that impact global business relations Explain customer/client/business buying behavior Buying Behavior is the decision processes and acts of people involved in buying products/services. Businesses need to understand: Why consumers make the purchases that they make? What factors influence consumer purchases? The changing factors in our society.There are 3 main categories of factors that influence buying behaviour: Personal: demographics factors such as gender, race, and age Psychological: motives, perceptions, ability and knowledge, attitudes, personality, lifestyles Social: opinion leaders, roles and family influences, reference groups, social class, culture and sub-culturesThere are 4 types of buying behavior that vary in degree of the customer’s involvement in the process: Routine Response/Programmed Behavior – buying low involvement frequently purchased low cost items; need very little search and decision effort; purchased almost automatically.

Examples include soft drinks, snack foods, milk etc. Limited Decision Making – buying products occasionally. When you need to obtain information about an unfamiliar brand in a familiar product category, perhaps. Requires a moderate

amount of time for information gathering. Examples include clothes. Extensive Decision Making/Complex – high involvement, unfamiliar, expensive and/or infrequently bought products. High degree of economic/performance/psychological risk.

Examples include cars, homes, computers, education. Impulse buying – no conscious planning.

SP Explain divestiture concepts (e.g., spin-offs, split-ups, etc.) SP Explain economic and marketplace factors impacting bank portfolio quality SP Explain employee's role in expense control CS Explain employment opportunities in business

Employment opportunities may be based on the duration of employment (temporary v. permanent), the type of employment (employee v. contract), the number of hours worked weekly (part-time v. full time) as well as the method of compensation (paid wages v. paid salary v. internship v. volunteer v. job shadowing).There are both private and public sectors, and many types of business – retail, wholesale, manufacturing, service.

SP Explain ethical considerations in providing information. Information ethics has been defined as "the branch of ethics that focuses on the relationship between the creation, organization, dissemination, and use of information, and the ethical




standards and moral codes governing human conduct in society". It provides a critical framework for considering moral issues concerning informational privacy, moral agency, new environmental issues problems arising from the life-cycle (creation, collection, recording, distribution, processing, etc.) of information (especially ownership and copyright, digital divide, and digital rights). Dilemmas regarding the life of information are becoming increasingly important in a society that is defined as "the information society". Information transmission and literacy are essential concerns in establishing an ethical foundation that promotes fair, equitable, and responsible practices. Information ethics broadly examines issues related to ownership, access, privacy, security, and community.

SP Explain ethical issues in insurance Explain factors affecting the development and growth of the travel and tourism industry Development and growth of travel and tourism is positively affected by the support of government, and highly-rated facilities and attractions The city already has a large airport, an abundance of hotel rooms, a new ballpark, and a completed major downtown renovation of businesses Couple this with the next phase of a new convention centre that includes effective promotion, and interest should lead to further growth in travel and tourism for the city An extreme national economic downturn or tragic travel situation would however temporarily set-back any desired growth

SP Explain factors that influence customer/client/business buying behaviourBuying Behavior is the decision processes and acts of people involved in buying products/services. Businesses need to understand: Why consumers make the purchases that they make? What factors influence consumer purchases? The changing factors in our society.There are 3 main categories of factors that influence buying behaviour: Personal: demographics factors such as gender, race, and age Psychological: motives, perceptions, ability and knowledge, attitudes, personality, lifestyles Social: opinion leaders, roles and family influences, reference groups, social class, culture and sub-culturesThere are 4 types of buying behavior that vary in degree of the customer’s involvement in the process: Routine Response/Programmed Behavior – buying low involvement frequently purchased low cost items; need very little search and decision effort; purchased almost automatically.

Examples include soft drinks, snack foods, milk etc. Limited Decision Making – buying products occasionally. When you need to obtain information about an unfamiliar brand in a familiar product category, perhaps. Requires a moderate

amount of time for information gathering. Examples include clothes. Extensive Decision Making/Complex – high involvement, unfamiliar, expensive and/or infrequently bought products. High degree of economic/performance/psychological risk.

Examples include cars, homes, computers, education. Impulse buying – no conscious planningExplain factors that motivate people to purchase financial products/services




Explain factors to consider when selecting a store siteSP Explain factors to consider when selecting investments SP Explain federally mandated health insurance requirements and restrictions (e.g., ERISA, COBRA, HIPAA, Affordable Care Act, etc.) SP Explain financial disclosure regulations and policies SP Explain forms of dividends PQ Explain forms of financial exchange (cash, credit, debit, electronic funds transfer, etc.)

Credit enables a business or individual to purchase goods and services in exchange for a promise to pay later. It is most helpful when consumers want to make major purchases, though it is often used for more common, less expensive items. Customers typically use a credit card to make such purchases. Businesses may have credit cards for their managers, but typically, businesses negotiate credit terms for ongoing purchases, like n/30 (net amount due in 30 days).

Consumers using a debit card authorize a seller to withdraw funds directly from the consumer’s bank account at the time of sale. Businesses make direct payments by electronic transfer (online or through their bank).

A cash sale is any transaction in which the customer pays for the item with cash or a cheque. Other forms of retail sales transactions include:

Layaway means removing merchandise from stock and keeping it in a separate storage area until the customer pays. In an on-approval sale, an agreement is made permitting a customer to take merchandise home for further consideration before paying. A COD sale is a transaction that occurs when a customer pays for goods at the time they are delivered.

PQ Explain forms of financial exchange (cash, credit, debit, electronic funds transfer, etc.) SP Explain fundamental analysis used in making investment decisions SP Explain how digital communications (e.g., email, text messages, chats) exposes business to risk

With digital information, there is risk of unauthorized leaking of confidential information regarding customers, employees, company finances, and intellectual assets, as well as the company’s reputation With social media, companies have little or no control of what the public says about them, or who sees the social media content. The heightened level of vulnerability and exposure created by e-business necessitates a brand new level of digital risk sensitivity directed by a hyper-aware board and senior

management and permeate throughout the extended organization. Perhaps the greatest risk of all in the e-business world is the harm to reputation and the catastrophic, unlimited financial consequences that could stem from liability claims by damaged

stakeholders (customers, suppliers, shareholders, etc). As the Internet continues to evolve as a business tool, stakeholder accountability will be the prime motivator. Explain how organizations adapt to today’s marketsThe key to being able to successfully compete and grow lies in flexibility--adapting your strategy to changing business conditions. Regardless of your industry, the marketplace changes all




the time and you cannot afford to stick to the same plan from which your business grew. You may be forced to change your marketing strategy due to the entrance of a new competitor into the market. New gadgets and software are churned out almost constantly. A business plan may need to change to keep up with innovation. Changes in government regulations can significantly impact the way your company does business. From safety and environmental procedures to quality control measures, businesses have to implement several policies to be in compliance and, though these are usually for the benefit of the consumer, they often incur an extra cost to the proprietor of the business. Attaining growth and streamlining operations for increased efficiency may require a radical game plan change. Lean production and management as a way to cut waste may require an overhaul of the production process. Things to consider to adapt effectively:• Analyze the current market situation: While performing a market analysis, evaluate what changes have occurred and how they interfere with your overall mission. Identify what other

competing products manufacturers have released. Consider the needs of your customers and appreciate how they have changed over time. Conduct research online or in major stores distributing your products to gain insight into what resonates with the customer.

• Obtain the requisite skills: If adaptation requires certain skills, build them before your competitors do so that you are better placed to serve the customer. Attend seminars, buy books, or look for resources online to help you build the skills needed.

• Rebrand: Branding is arguably one of the most effective methods to update and change your business, and may increase users' perceived value of your existing product or service and rejuvenate growth. Determine whether the new branding scheme for your products or service will appeal more to your target audience, better represent the personality of your target group, and increase your credibility with the market

• Satisfy your customers' needs: Understand your market and provide the most reliable, cost-effective, high-quality products or services possible. Listen to feedback from your customers and make the necessary changes in order to retain them. Let the customers feel that they can depend on your business and its products.

SP Explain how organizations adapt to today's markets SP Explain how value is created for a company CS Explain information privacy, security, and confidentiality considerations in business

Businesses must protect their information from parties outside the business (hackers, infiltrators) and also protect their information from inappropriately leaving the business (employee carelessness and theft).Control the flow of electronic data by using firewalls, virus protection, passwords, encryption, frequent backups, IP security for data in transit, secure wireless transmissions, limit the rights of recipients to copy/resend.All the company’s financial information must be secured and not breached. This includes amounts of money as well as lists of people (customers, payables, shareholders) and things (assets, bank accounts, assets).Research shows a strong correlation between trust and willingness to participate in other financial services.

SP Explain information that can be obtained from financial statements SP Explain insurance underwriting techniques and processes




Explain investment goals and objectivesSP Explain key factors in building a clientele

A steady clientele for a business takes time to build. It takes a strong desire to succeed, coupled with best practices to build and maintain the customer base upon which your company thrives. A strong clientele can be built by: Discuss with the client what they need Make a list of clients and contact them frequently Make it your business to know the client’s business (or individual needs/wants) Get feedback from clients on how you well you are meeting their needs/wants Strive for consistency Offer rewards for continued business so the client has an incentive to keep working with youStudents need to demonstrate an understanding of why customers will patronize a business; i.e., what can the business do to continue attracting and keeping customers. It will not be enough to advertise to attract new customers, it is also necessary to satisfy them in order to keep them coming back frequently. Consumers have a choice as to where to spend their money and they will generally do so in a place they enjoy.

SP Explain key ratios/terms in banking SP Explain legal considerations for accounting SP Explain legal considerations for finance

There are laws associated with all Balance Sheet items in a business. Examples include: agents, assignments of accounts receivable, bankruptcy, bonds and indentures, commercial paper, common stock, conditional sales contracts, consolidation, contracts, corporations, cumulative voting, directors and officers of corporations, dividends, documents of title, leases, marshalling of assets, mergers, mortgages, non-voting stock, no par stock, options, partnerships, payroll, preferred stock, promoters, proxies, sales, stockholders, voting and voting trusts, and warranties. Businesses must follow municipal, provincial, federal and international laws when conducting business.

SP Explain legal issues associated with information management CS Explain legal responsibilities associated with financial exchanges

Customers are responsible for all transactions they enter into – including online transactions where they provide credit card or other financial data Bank responsible for fraudulent credit card transactions if credit card agreement offers Bank responsible for transactions which occur after a debit or credit card has been reported lost or stolen Banks responsible for transactions which occur if a device is placed on a debit or credit card machine which copies customer data Banks responsible for transactions which occur if bank system is hacked intoSales are legal contracts where goods are transferred from the seller to the buyer for a price. Payment occurs with the buyer delivers the agreed price and the seller accepts it. The receipt of goods is when the buyer takes physical possession of the goods. When an item is sold and the buyer pays, or promises to pay using credit, it becomes a legal transaction and the buyer is




legally contracted to pay the agreed amount within the agreed time frame. Extending credit, usually involves filling out paperwork and receiving approval to ensure that the (potential) buyer will be able to pay the indicated amount within the time given.

CS Explain marketing and its impact in a global economy Participants should describe marketing as the function of business used to communicate messages from a company to existing and potential customers around the world Well thought-out marketing strategies are needed to effectively reach a company’s full market potential In a global economy, a business’s marketing must reach beyond national borders and messages need to take into consideration additional factors such as: socio-cultural environments of

different nations, language and contextual differences, acceptable marketing strategies and content, etc. Without global marketing strategies, potential customers in other countries will not be aware of your company, brand, or product/service offering.

CS Explain marketing and its importance in a global economy SP Explain methods used to analyze capital investments (e.g., payback period, discounted breakeven, net present value, accounting rate of return, internal rate of return, etc.) CS Explain methods used to value inventory (e.g., FIFO, LIFO, average cost, etc.)

Using point-of-sale terminals that keep track of inventory as it is received and sold (perpetual method), there are 3 flow assumptions to value inventory: LIFO, FIFO, weighted/moving Average. LIFO – Last-in-first-out – The assumption is that the newest goods arriving in the store are the first ones sold, and, that the older merchandise is left. Generally, prices increase over

time. LIFO results in higher COGS (cost of goods sold) and lower ending inventory. Higher COGS results in lower net income. Lower ending inventory results in lower current and total assets, and a Balance Sheet inventory value that, over time, becomes further and further from its replacement value. COGS = $10,245; Inventory = $1,520

FIFO – First-in-first-out – The assumption is that the oldest goods in the store are the first ones sold, and, that the newest merchandise is left. FIFO results in lower COGS, higher net income, higher inventory value, and higher current and total assets. COGS = $10,025; Inventory = $1,740

Weighted average – The assumption is that an average of old and new merchandise is sold. Every time merchandise is purchased, a new average cost per item is calculated. Every time merchandise is sold, it is removed from inventory at the average price. This results in COGS and inventory values that fall between LIFO and FIFO.

PQ Explain possible advancement patterns for jobsAdvancement for jobs is typically linear. As you gain experience, acquire new skills, and develop your knowledge of a specific subject area in an organization, you increasingly become more qualified and capable of the job responsibilities of your supervisor. This pattern continues and as you take advantage of professional development opportunities you may be promoted up the corporate ladder. Sometimes, a lateral move is possible in which you apply your skill set in a different department working with a different team.

CS Explain procedures for detecting and reporting counterfeit currency CS Explain procedures for handling accidents

Hire staff with the proper qualifications—first aid, CPR, customer service certifications, alcohol handling Staff need to be thoroughly trained to handle accidents Create a procedures manual to teach staff how to deal with a variety of risk situations




Train the staff on the manual When an accident has occurred, help the customer, contact the manager, solicit whatever help is necessary—ambulance, follow up to make sure the customer is fine, fill out an accident

report, discover what can be done to make certain that this type of accident does not occur again.According to the WSIB (Workplace Safety Insurance Board):i. Get first aidii. Inform employer and ensure payment for transportation and immediate medical careiii. Pay workers wages for the day of the injury iv. Report injury to the WSIBAn ‘exceeds expectations’ answer will include preventative measuresThis needs American terminology as well

SP Explain professional designations in the field of business finance (e.g., CF, CFA, CCM, CTP, CFM, etc.) There are more designations and certifications than what are mentioned here. Candidates should list designations and certifications, not job titles.

● CFA – Chartered Financial Analyst (portfolio management, investment analysis, derivatives, analyze financial markets, provide investment recommendations)

● CRP – Certified Financial Planner (financial planning, investment advice, retirement planning)

● FRM – Certification – Financial Risk Management (credit risk, market risk, liquidity risk, other financial risks)

● CCP – Certified Credit Professional (manage credit departments)SP Explain professional designations in the securities and investments industry (e.g., CFS, CFA, BCAA, BCS, CSC, CFP, etc.) CS Explain reasons for ethical dilemmas

The nature of ethical dilemmas is that the ‘‘right thing to do’’ is not immediately or even eventually clear. These dilemmas are problems because their resolution is neither simple nor easy and they must be confronted under time pressures as well as conflicting financial and political demands. Often the ‘‘right answer’’ comes with a price tag. Moreover, in many instances, the crucial factors underlying the dilemma are not immediately obvious. So, how can individuals better resolve these dilemmas and reduce their chance of making a mistake that they will later regret? As in many areas of life, we often fail in ethics, not because we don’t know the right answer, but rather fail to ask the right questions. To tackle ethical dilemmas and avoid making ethical mistakes, executives, managers, and professionals can use the following five questions, which, while they will not guarantee making the right decision, can help prevent making the wrong one. They are:• What are my self-interests in this situation and how might they influence me? Self-interests are a natural part of human nature. They are neither necessarily good nor bad but should be

acknowledged so as to prevent you from doing something unethical.




• What are the interests of others and the larger society and to what extent should I take them into consideration? What would lead to the greatest good for the greatest number and to what extent should that be my predominant criterion in this situation?

• What principles and values, laws and regulations, policies and procedures, or socially appropriate behaviors do I need to consider? Are the relevant principles or processes more important than outcomes? Am I willing to apply those same principles to myself regardless of the personal consequences?

• In my job or role, my personal or professional relationships, or as a member of the larger society, what are my obligations to others? How should the principle of reciprocity apply? Are my obligations sufficiently important that I would be willing to sacrifice my self-interest, a fundamental principle or the greater good?

• What is in my long-term best interest and that of society in general, and how can I simultaneously meet both those commitments? Where do my long-term interests and those of others intersect, and is there a decision or action that might satisfy both?The challenge, having asked these five questions and considered their implications, is to understand and minimize any inherent conflicts among the values and obligations that they underscore. This can be addressed by focusing on three criteria for resolving such value conflicts primacy, balance and acceptance. Primacy asks, ‘‘Which questions are most relevant to the values that are important to you and your organization in this situation?’’ Balance encourages seeking the best tradeoff if you must compromise among values. Acceptance asks, ‘‘How well will your decision and its underlying rationale likely hold up under public scrutiny?’’

SP Explain record keeping procedures for tax accounting Explain risk management in the financial services industry

SP Explain risks and risk management strategies specific to broker-dealers CS Explain routine security precautions

Routine security precautions will be to (1) ensure the safety of the staff and (2) ensure the security of the business and its inventory. Staff must be reminded that safety is their personal responsibility. To avoid loss-time accidents and repercussions for themselves and the business, they should: Always follow the correct procedures. Never take shortcuts. Take responsibility and clean up if you made a mess. Clean and organize your workspace. Ensure a clear and easy route to emergency exits and equipment. Be alert and awake on the job. Be attentive at all times to your work surroundings. When in doubt, contact your supervisor or manager for instruction, guidance, or training. Never take risks when it comes to safety. Obey safety signs, stickers, and tags. Take short breaks




Your retail business takes precautions to protect the store and its contents. But accidents, oversights, and thefts are all-too-common in the retail industry, which means even the most comprehensive line of defense may still leave your business exposed to risk.

SP Explain strategies for selecting investments Explain techniques for improving profit marginExplain the benefits of electronic funds transfer (ETF) ETF systems transfer funds between parties without use of paper (e.g. deposits, cheques etc.) Debit and bank credit cards, on-line banking payments and pre-authorized monthly payments are examples of ETFs ETFs normally result in better internal control because no cash or cheques are handled by company employees The benefits include: Reduction in cost of making payments by cheque, such as postage and envelope costs Also reduces the risk of lost, stolen or forged cheques

SP Explain the benefits of supply chain collaboration CS Explain the concept of accounting

Accounting is defined as the art of recording, classifying, and summarizing in terms of money, transactions and events which are financial in nature Bank reconciliation is the process of comparing and matching figures from the accounting records against those shown on a bank statement Accounting concepts that would be applicable to a bank reconciliation include: Going Concern – where accountants assume that the company is not going broke Consistency – valuation methods are treated the same way from month to month, allowing users to make more meaningful comparisons of financial information Matching – journal entries resulting from “outstanding” bank items should be matched with the income earned for a specific accounting periodParticipants should be able to identify and explain accounting fundamentals as they apply to this situation. The participant’s address may include: Accounting involves the careful and accurate recording of the transactions of a business. These records are used to formulate financial statements that represent the financial position of the business.Accounts payable handles invoices charged to the company on orders made

CS Explain the concept of competitionCompetition is the rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market-share growth. In any industry it is important that companies distinguish themselves from competition by promoting their competitive advantage – how/what makes the company better than competitors. This ultimately gives consumers a reason to choose one competitor over another and drives sales. Competition benefits consumers by helping to maintain reasonable prices, providing new and improved products, and providing a wide selection of products from which to choose. It forces businesses to operate efficiently. Competitors can be direct (the same products are offered) and indirect (different kind of product that can satisfy the consumer’s need).




CS Explain the concept of economic resources Economic resources are defined as the means through which goods and services are made available to consumers Another term for economic resources are factors of production The three types of economic resources are natural resources, human resources, and capital resources Natural resources are those raw materials we get from the earth, water, and air Human resources are the people who work to produce the goods and services; also known as the workforce or labour, and includes both the physical and mental work performed Capital resources are man-made resources such as buildings, equipment and money that is used to produce goods and services The proposed new convention centre will utilize both the city’s human and capital resources in a productive manner To not utilize these available economic resources would stifle continued economic development, a commitment and vision the city has already embarked upon

SP Explain the concept of Gross Domestic Product (GDP) CS Explain the concept of leadership

Someone they respect Someone who has a vision and is able to execute strategy to achieve that vision Trusted by and has the confidence of subordinates Communicates effectively – helps employees understand company’s business strategy, understand how they can contribute to the success of the organization, share information with

employees on how the organization and division is doing Organizes groups of people to achieve a common goal. Leadership styles differ among various individuals. Is able to motivate others to work together while following goals/instructions. Good leaders increase productivity of companies as well as creativity and overall effectiveness.

CS Explain the concept of management SP Explain the concept of organized labor and business

Explain the concept of place (distribution) in the financial services industryCS Explain the concept of private enterprise

Private enterprises are organizations owned and operated by individuals and not on behalf of government institutions.CS Explain the concept of production

The participant should recognize some of the following characteristics of production: Identify the job/task Identify the resources or data required to transform resources into goods and services




The logistics of getting the job/task done efficiently, correctly, and safely Impact of job/task on customer satisfaction/experience Successful production focuses on achieving high production efficiency, low costs, and mass distribution.

CS Explain the concept of productivity A measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs. Productivity is computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period.

PQ Explain the concept of self esteem CS Explain the concept of supply chain SP Explain the economic impact of interest-rate fluctuations

Explain the economic impact of travel and tourism on a community or an area The impact from travel and tourism on a community and its economy is significant Hotels are booked, restaurants are busy, sports and entertainment venues are filled, and retail sales will increase, if people are visiting with major conventions and conferences being

held in the city This, in turn, keeps citizens working and creates civic pride Such an economic impact will continue with the attraction of new businesses and more industries desiring to locate in a booming cityExplain the effect of inventory systems on cost of goods sold First In, First Out (FIFO) gives the lowest cost of goods sold and the higher value of ending inventory Last in, First Out (LIFO) gives the highest cost of goods sold and the lower ending inventory valuation

SP Explain the elements of an underwriting file SP Explain the estate planning process SP Explain the evolution of commercial banking

Explain the forms of Financial ExchangeExplain each of the three payment methods currently received from customers (other than cash). Credit Cards – It is a small card issued by a bank giving the holder an option to borrow funds. The interest is used for short-term financing. Interest usually begins one month after a purchase is made. Each card is given a pre-set limit to charge.Debit Cards – A payment card that deducts money directly from a consumer’s checking account to pay for a purchase of items. Debit cards are very handy because they stop the need for people to carry cash. Checks – Actual paper item which serves as a promise to pay. It is written off of an actual checking account.




SP Explain the impact of a country's economic development on world trade Explain the impact of a country's economic development on world trade (EC:116) (SP)

SP Explain the impact of business customs and practices on global trade SP Explain the impact of business operational practices (e.g., total quality management [TQM], lean production, just-in-time [JIT], etc.) on managerial accounting SP Explain the impact of geography on world trade SP Explain the impact of major trade alliances on business activities SP Explain the impact of political relationships within an organization

Importance of the social network/informal communication Power – formal/position power versus informal/social power Relationships outside formal chain of command – contacts Networking – ability to get job done in different ways

SP Explain the impact of political relationships within an organization SP Explain the impact of the cost of capital on capital investments SP Explain the impact of the law of diminishing returns SP Explain the impact of the purchasing process on productivity SP Explain the importance of actuarial science in the insurance industry

Explain the importance of maintaining financial recordsWith regards to bank reconciliations, the maintenance of financial records allows the user to check for accuracy of cash receipts and payment cheques against bank records; allows journal entries to be made to update the cash account; allows for discrepancies to be identified and corrected; and produces regular monthly reportsExplain the importance of the supply chain in business performance. Supply chain management (SCM) involves optimizing your operations to maximize both speed and efficiency. Speed is important because customers value fast service. Increasing speed, however, can cause costs to skyrocket, so maximizing efficiency is equally important. Company success and customer satisfaction are both needed.Supply chain experts diagnose problems, creatively work around disruptions, and figure out how to move essential products to people in need as efficiently as possible.Good supply chain performance will:Boost Customer Service Customers expect products to have the assortment and quantity they want, where and when they want, and good customer service.Reduce Operating Costs Supply chains must quickly deliver products to avoid holding costly inventories in stores any longer than necessary, avoid material shortages that would shutdown production, design




networks that meet customer service goals at the least total cost. Improve Financial Position Supply chain managers because they help control and reduce supply chain costs, minimize the needed number of large fixed assets such as plants, warehouses and transportation

vehicles in the supply chain, and, speed up product flows to customers. Lesser known, is how supply chain management also plays a critical role in society. SCM knowledge and capabilities can be used to support medical missions, conduct disaster relief

operations, and handle other types of emergencies.SP Explain the nature and scope of financial globalization

Answers may include the globalization and inter-connectedness of many companies and countries, stock or financial markets, and trickling results in the US from other global economic factors. A global or international stock portion of a portfolio may be recommended.

CS Explain the nature and scope of purchasingThe purchasing function of a business ensures that all production materials or inventory items are available for use when needed. Effective purchasing must be cost effective and efficient and take into account the quality of raw materials, where they are coming from, and what future costs are expected to be (will raw materials increase in price over time, will there be a shortage of raw materials due to external factors, etc.). Purchases must stick to a budget communicate effectively with the accounting/finance department.

SP Explain the nature and scope of the financial-information management function Financial management is the planning, organizing, directing and controlling of the financial activities of the enterprise. Some major aspects of financial management are: Financing the business (with debt or equity) Capital budgeting (money to purchase required assets) Maintaining liquidity (having sufficient working capital) Ongoing operations (cash flow, insurance, currency)

SP Explain the nature of a mutual fund prospectus CS Explain the nature of accounting standards CS Explain the nature of accounts payable

Accounts payable are short-term obligations arising from the purchase of goods and services in the ordinary course of the business Accounts payable exist when you have not yet paid for the assets or services you have received Businesses typically have 30 days from the invoice date to pay Companies are encouraged to negotiate sales terms such as 1/15 (take 1% off if paid within 15 days)and take the discount whenever possible

CS Explain the nature of accounts receivableAccounts receivable are amounts owed by customers on account resulting from the sale of goods and services in the ordinary course of businessAccounts receivables are generally expected to be collected in 30 days or so and are classified as current assets




SP Explain the nature of agency relationships SP Explain the nature of annuities SP Explain the nature of audits and assurance engagements SP Explain the nature of balance sheets

Describes a company’s financial position at a given point in time A snapshot of the company’s financial structure Shows assets (what a company owns), Liabilities (what a company borrowed, its obligations) and equity (contributions from owners – common stock – plus contributions from profit –

retained earnings). The Balance Sheet must balance Sub-ledgers provide detail for all line items on the Balance Sheet When compared with past years’ Balance Sheets, the health of the business can be determined. Managers, owners and investors use Balance Sheets to analyse and evaluate the current operations of a business and suggest changes/improvements.

SP Explain the nature of bonds Explain the nature of branding

SP Explain the nature of business customs and practices in Eastern Europe SP Explain the nature of business customs and practices in Latin America SP Explain the nature of business customs and practices in South Asia SP Explain the nature of business customs and practices in Western Europe SP Explain the nature of business ethics

Business Ethics is a specialized study of right and wrong where selling and business decisions are based on truth, honesty, integrity, and exemplary morals. It concentrates on moral standards as they apply particularly to business policies, institutions, and behavior. Ethical problems are problems of choice. Ethical problems arise not because of people’s tendency to do evil, but because of the conflicting nature of standards and interests, which are valid in themselves. Actions considered unethical are to over exaggerate claims or make unrealistic promises to clients, or to conceal information to make a deal, or to divulge confidential information in order to get ahead. Problems in ethical decision-making and behavior occurs only when individual interests and social norms conflict with each other. Choices in business often involve a trade between ethics and economics – a difficulty for businesses motivated by profit when they must choose to lower profits in order to make the better ethical decision.

MN Explain the nature of business plans SP Explain the nature of capital investment

MN Explain the nature of channel strategies




A channel strategy is a vendor's plan for moving a product or a service through the chain of commerce to the end customer. Channels of distribution can be short (manufacturer to customer) or long (going through intermediaries).Other possible channel options include: importers, agents, wholesalers, distributors, warehousers, brokers, sales force, e-commerce (website, social media), retail outlets, vending machines, value-added resellers (Amazon, shopping channel) The choice of channel will depend on: Time to market – for example perishable products need quick delivery The costs of each option vs the benefits Reach – where the customer expects to buy the product Skill – complex products need the skill and expertise of a knowledgeable sales staff Competition – mirroring the channels the competition uses may be the best alternative Control – ensure product integrity and level of customer service Cost of up front investment – whether there are funds to establish your own distribution network Brand Image – e.g., Coach sells almost exclusively through its own stores

CS Explain the nature of channels of distributionA channel of distribution is the road that a product or service takes from production to end user. Products and services may use direct or indirect distribution channels to arrive to a customer. Direct distribution is when the producer sells the product to the end user. Indirect distribution involves one or more intermediaries who aid in moving the product from producer to end user. Factors such as whether it is a consumer or industrial product, the cost and size of the product, or the uniqueness of the product, affect what channel of distribution is selected.

SP Explain the nature of commercial liability insurance Explain the nature of costing proceduresA business uses costing procedures to track and account for all the costs associated with manufacturing or merchandising. Costs can include both direct costs (such as raw materials) and indirect costs (overhead items like utilities and salaries) associated with production or operation. Costing procedures ensure that a business knows its average per item costs. In this event, students are actually being asked to cost the purchase of equipment and compare it to the cost of leasing equipment. In doing so they should demonstrate that they are aware of the true cost of each method. Solutions in the judges’ instructions indicate the information that students should use to cost the equipment purchase or lease. Proper costing must account for interest and depreciation. First In, First Out (FIFO) assumes that the earliest goods purchased are the first to be sold FIFO matches the physical flow of inventory, because it is generally good practice to sell the oldest goods first Last In, First Out (LIFO) assumes that the goods purchased last are the first to be sold Does not match the physical flow of inventory in a small merchandising business




More suitable for bulk foods or commodities such as sand or gasSP Explain the nature of derivatives

Explain the nature of direct advertising strategies Direct advertising sends messages directly to customers without the use of media; examples include direct mail, email and telemarketing Direct advertising also emphasizes a measurable response from customers

SP Explain the nature of dividend reinvestment plans (DRIPs) SP Explain the nature of dividends SP Explain the nature of education savings plans PQ Explain the nature of effective communication

Student answers will vary however they should indicate that communication is effective when it is clear, easy to understand and consistent and, at some point, apply the idea of effective communications to the case. • Communication can be verbal, written and non-verbal (body language). It includes questioning, listening, observing, empathy, good word choices, and honesty. Communication is also

effective if it is well matched to the target market or target audience of the particular product or message – it should “speak to” the target audience in a clear, inclusive and informative manner.

• Communication is the process of exchanging messages between a sender and a receiver. • Effective communicators need to understand channels of communication and media, barriers to communication, non-verbal cues, and have effective listening skills. In addition, one

must be prepared to read for meaning, speak properly, and write effectively. • Channels (or media) are the avenues through which a message can be delivered; e.g., email, intranet, newsletters, conversations, bulletin boards, meetings, letters. The choice of

medium depends on the nature and importance of the message. The more important the message, the more likely the message should be face-to-face.• Written communication must be clear, error-free, empathetic, and succinct. The subject and information should be easy to find and understand. Using an active voice, short words, and

avoid jargon. • Communication may be impeded by a number of barriers, including physical barriers such as distance and position from the speaker, and verbal barriers such as using vague or unclear

language. • Lastly, a person’s non-verbal cues—such as his or her tone of voice, emphasis, and body language—are critical because they often communicate as much as the speaker’s actual words.

PQ Explain the nature of effective verbal communication Effective verbal communication is achieved by knowing your audience and knowing your topic. Be as clear and as specific as possible in all verbal communications and especially when you are asking someone to carry out a task. To ensure the intended message is not miscommunicated or misinterpreted, it is important to be aware of what you are saying, organize your thoughts in a logical way before you speak,

and interpret the verbal and nonverbal cues of the recipient to gauge whether your message is making the desired impression. If you are not sure that people understand you, either




summarise what you have said in different words, or ask them to summarise your message in their own words. To know your audience, you must listen carefully to what they are communicating (verbal or nonverbal) to identify their needs and wants, and maintain eye contact in order to assess

understanding. In order to address a customer’s needs and wants, you must know what you are talking about to gain their confidence in you as an information source in customer service Begin conversations positively. If there is potential for conflict, start off with something on which you both agree to set a positive atmosphere.

PQ Explain the nature of effective written communications“Written Communication involves expressing yourself clearly, using language with precision; constructing a logical argument; note taking, editing and summarizing; and writing reports.” Effective communication exists when the message is fully understood so that the intended meaning of the sender and the interpreted meaning of the receiver are one and the same.Students should discuss the factors or issues such as: Focusing on the importance of clarity over style Identifying the key points, facts and themes Writing in a logical order Composing a strong introduction and ending Using short paragraphs and sentences rather than long, rambling ones. Helping key points to stand out by the use of headings, sub-headings and bullet points. This will allow your reader to quickly scan your message for the main points. Writing in a style appropriate to the audience Considering how much information and detail the audience will need Avoiding specialist to make yourself understood by a generalist reader How formal or informal should the writing beExplain the nature of estate planning (FI:572) (CS)*Explain the nature of ethical leadership (EI:131) (CS)*

CS Explain the nature of financial needs (e.g., college, retirement, wills, insurance, etc.) Financial needs are the funds needed for the present and the future. In the present, families need money for: rent or mortgage, utilities, food, transportation, clothing, repairs, insurance, taxes, leisure & entertainment, and charity. For the future, money

needs to be put aside for children’s education, mortgages, pensions and estate planning. There is the trade-off between spending the money today versus saving the money for tomorrow. A budget is the most common means of planning and balancing the financial needs of today and tomorrow. People have differing levels of financial security with regard to spending versus saving, as well as to the risk versus return of long-term investments.

Businesses need money in the present to cover day-to-day expenses (payables), short-term loans, bank payments, and payroll. Insurance is purchased to mitigate various risks. In the future, businesses need money to discharge long-term debts, maintain or replace assets, and expand/improve the business.




Explain the nature of financial plansExplain the nature of financial services marketingExplain the nature of financing instruments

SP Explain the nature of global trade SP Explain the nature of hostile takeovers SP Explain the nature of import/export law

Explain the nature of interest rate riskSP Explain the nature of liability insurance

Explain the nature of loans/leasesSP Explain the nature of managerial cost accounting (e.g., activities, costs, cost drivers, etc.) SP Explain the nature of Medicare CS Explain the nature of office politics

Office politics is the use of power and social networking within an organization to achieve changes that benefit the organization or individuals within it. Influence by individuals may serve personal interests without regard to their effect on the organization itself. Office politics can also be impacted by change within the organization.

CS Explain the nature of operationsOperations include all the activities involved in the day-to-day functions of the business conducted for the purpose of generating profits. It is the organization of everything the company needs to do business. This includes facility location, facility layout, facilities management and maintenance, purchasing, production scheduling, quality control, inventory management, supply chain management, logistics management, administration, safety & security, and employee relations.

SP Explain the nature of organizational cultureOrganization culture are the values and behaviours that contribute to the unique social and psychological environment of an organization. Organizational culture includes an organization's expectations, experiences, philosophy, and values that hold it together, and is expressed in its self-image, inner workings, interactions with the outside world, and future expectations. It is based on shared attitudes, beliefs, customs, and written and unwritten rules that have been developed over time and are considered valid.

SP Explain the nature of overhead/operating costs Overhead and Operating costs combine to add up to the costs of operating the business Operating costs can either be fixed (overhead or operating) or variable (operating) Overhead costs must be paid regardless of the level of production or sales and are relatively constant from month to month (insurance, rent, wages, utilities when they cannot be tracked

for individual jobs, supervisor salaries). Fixed costs do not fluctuate due to the number of items sold. The fixed cost per item decreases as more items are sold.




Variable costs are for the most part the materials and direct labour used to make the product, and are therefore dependent on the business’ level of production, and change constantly depending on the units of production. Variable costs fluctuate because of the total number of items sold. The variable cost is constant as more items are sold.

CS Explain the nature of payroll expenses (e.g., Social Security tax, Medicare tax, FUTA, SUTA, workers’ compensation, etc.) Explain the Nature of Plant Assets A plant asset is a fixed, or long-term asset that is tangible in nature and includes the actual plant or building as well as all the equipment and machinery needed to outfit the plant or

building They last many years and are depreciated over their useful lives

CS Explain the nature of positive customer relations A positive customer relations mindset means believing that your customers: deserve the very best, are your employers, deserve your focused attention, have the right to expect things of

the company, and have important problems and complaints. Positive customer relations yield benefits to the business, the employees, and the customer. Businesses benefit by being more competitive, obtaining repeat business, and greater profits. Employees may receive customer compliments and perhaps a raise or promotion for good customer service skills. Customers benefit by having a more pleasant, satisfactory buying experience. This creates an atmosphere of goodwill.

Positive customer relations need to be demonstrated when speaking to customers in person, over the phone, or online. It should also be evident while handling complaints, inquiries, and requests.

Demonstrate good customer relations by doing the following: considering and attempting to meet their needs, concentrating on them without distractions, following up with them, following through on what you say you are going to do, and being efficient in handling issues.

SP Explain the nature of pricing and rate-making in insurance SP Explain the nature of project management

Project management as we know it today has evolved in order to plan, coordinate, and control the complex and diverse activities of modern industrial, commercial, and management change projects.All projects share one common characteristic – the projection of ideas and activities into new endeavors. The ever-present element of risk and uncertainty means that the events and tasks leading to completion can never be foretold with absolute accuracy. For some very complex or advanced projects even the possibility of successful completion might be in serious doubt.The purpose of project management is to foresee or predict as many of the dangers and problems as possible and to plan, organize, and control activities so that projects are completed as successfully as possible in spite of all the risks. This process starts before any resource is committed, and must continue until all work is finished. The primary aim of the project manager is for the final result to satisfy the project sponsor or purchaser, within the promised timescale and without using more money and other resources than those that were originally set aside or budgeted.

SP Explain the nature of real estate investments SP Explain the nature of risk management




Risk Management strategies are used by business to mitigate the impact of business failures and to eliminate or reduce the possibility of business failures. Businesses often use four strategies of Risk Management: Risk Transfer (moving the risk to another party), Risk Avoidance (eliminating or reducing the likelihood of risk factors), Risk Insurance (purchasing insurance to cover costs associate with realized risks) and Risk Retention (accepting the possibility of risk and not acting).

SP Explain the nature of short sales Explain the nature of short-term financial instruments

CS Explain the nature of special journals Special journals are created to help the process of journalizing posting transactions. They are used when a company has many similar transactions. There are four types of special journals: Sales journals – record transactions that involve sales on credit.Cash receipt journals – record transactions that involve payments received using cash.Purchase journals – record transactions that involve purchases using credit.Cash payments journals – record transactions that involve expenditures used paid with cash.

CS Explain the nature of staff communication The student should explain the role staff communication plays in the workplace; that is, to uniformly instruct, explain, or provide information to all employees (and stakeholders) at

exactly the same time. The means of communicating can be by email, poster, letter, conversation, newsletter, intranet, notice board, meeting The structure of communicating should be factual, precise, inclusive, clear, succinct Good communication allows companies to be productive and operate effectively Can be formal and informal – emails, meetings, conversations Can include surveys, feedback, help lines Can be through recognition and rewards Can empower employees if they feel they are able to communicate and express needs/wants/desires or problems Communications are generally on-going and regular, planned, and focused on aims

SP Explain the nature of statements of changes in equity SP Explain the nature of stocks SP Explain the nature of stress management PQ Explain the nature of tax liabilities SP Explain the nature of tools that can be used to access information in the database system SP Explain the nature of variable annuities




Explain the nature of wage and benefit programsSP Explain the nature of workers compensation insurance

Explain the need for accounting standardsIn preparing financial statements, accountants are confronted with the potential dangers of bias, misinterpretation, inexactness, and ambiguity. In order to minimize these dangers, the accounting profession has developed a set of standards that is generally accepted and universally practiced. Without this set of standards, each enterprise could develop its own methods for sharing financial information. As a result, it would be almost impossible to prepare information that could be used and compared.

CS Explain the need for innovation skillsInnovation skills are the use of new technology, materials, or processes to improve on existing products and services, or how they are produced and distributed.Background: There are many more innovators than there are inventors. Innovators conceive of ways to improve on existing products, processes, or distribution methods. Most innovators develop as a result of the competitive markets; one business tries to become better than another business at something.Being able to think outside the box and share ideas with your employer for the betterment of the company. Innovation skills are needed to meet the quickly changing realities of the banking and finance sector.

PQ Explain the need for ongoing education as a workerThe average American has at least seven jobs before he/she reaches age thirty. People can expect to change employers several more times before they retire. While some people end up losing their jobs due to downsizing, everyone is affected by it. If managers are cut, individual workers may acquire more responsibilities. The skills you will need to manage new responsibilities may require more education. You may need to update your skills or learn new ones to keep pace with employment trends, as job opportunities shift from one industry to another. The competitive global market puts added demands on workers, as businesses try to stay up-to-date with technology and ways of doing business.One of the key components of human resource management is providing training and education for employees. Education is important on an ongoing basis for many reasons, including:Ensuring employees are continuously aware of any changes and advances in the industry or in their customer base which may affect their businessInforming and training employees on any changes in process or procedure within the workplaceCommunicating relevant laws, rules, and regulations to employeesEnsuring employees have completed all mandatory training such as food safety, etc.Providing employees an opportunity to continuously improve how they do their job Ensuring employees are equipped to provide the highest levels of customer serviceKeeping abreast of new technologyLearning new skills which make the employee more versatile, valuable, and desirable in the market placeAchieving career-related goalsPromoting a can-do, adaptable, more integrative approach to problem-solvingFrom the employer’s perspective, employee education results in longer term retention of employees




CS Explain the need to save and investAll individuals are responsible for their own wealth. Savings normally refers to shorter term, safer investments. Investing denotes longer term, more diverse portfolios of products of varying risk. Savings are can be put into the safest places or products which often allow you access to your money at any time. Some examples may be given like traditional savings account, chequing accounts and certificates of deposits. If money is invested in a locked-in account and cannot be withdrawn until a certain date, the interest rate will be higher. When you invest, you have a greater chance of losing your money you invest in because they are not insured. However; they typically earn a higher rate of return and can grant the potential for greater rewards and wealth. The riskier an investment is, the more interest a company has to offer in order to get people to part with their money.

SP Explain the organizational design of businesses SP Explain the principal factors that affect securities markets SP Explain the principles of data analysis CS Explain the principles of supply and demand

Supply—The quantity of a good or service that producers can provide, determined by the costs of producing and by the price people are willing to pay for it.Factors that can increase or decrease supply: Change in the numbers of producers Changes in price—the higher the price the higher the supply Changes in technology Changing expectations for the future—during this economic downturn, consumers may not pay for this luxury item, or it may be an inexpensive luxury item that they can afford Changing production costs—this is a service business, perhaps wages could be decreasedDemand—the quantity of a good or service that consumers are willing and able to buy at a particular price.Factors that can increase or decrease demand: Changing consumer income—consumers may not be able to afford this luxury item Changing consumer tastes—consumers are spending more money of their pets Changing expectations for the future—see above Changes in population—may be more pet owners When supply and demand meet, it determines price and quantity sold supply goes up, the demand for the product goes down; prices go down supply goes down, the demand for the product goes up; prices go up

SP Explain the process of credit analysis SP Explain the purpose of internal accounting controls CS Explain the purposes and importance of credit




Credit enables businesses and individuals to obtain products or borrow cash in exchange for a promise to pay later. For day-to-day operations, businesses use credit (lines of credit) to buy materials and supplies from other businesses now and pay when those materials have been converted to product

and sold. Businesses borrow money for the long-term (loans and bonds) in order to purchase assets (buildings, equipment, machinery) and pay debts back on a schedule. Also, companies can extend credit to provide purchasing incentives to customers, enhancing their sales revenue. Credit allows a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. For individuals, this is most commonly made possible

through a bank using a credit card. Credit cards create convenience for carriers in not having to find ATMs or carry large sums of cash. They are also more widely accepted than other forms of financial exchange such as personal cheques because they are backed by trusted financial institutions.

CS Explain the responsibilities of finance professionals in providing client services Finance professionals in bank branches explain and help clients create personal budgets, control expenditures, secure and manage debt, set savings and investment goals, and implement

strategies for accumulating wealth. Tellers make deposits, process payments to various creditors, exchange currency, prepare bank notes, explain available bank services Finance professionals in banking should stay current with developments in the finance industry, including financial products, tax laws, and investment strategies as well as services

offered in their own bank. They should be trained in customer service (friendly approach, good listening skills, helpful and patient responses, a focus on providing the customer with what they need)

SP Explain the rights of mutual fund shareholders PQ Explain the rights of workers

Participant may discuss the following rights of workers: To be treated fairly and ethically To be compensated for work done To receive benefits as outlined in company policies and procedures To vacation as per provincial laws and company policies To work without harassment

SP Explain the role and responsibilities of financial management personnelSome of the more common positions are below. These positions do not have standard titles. Accounting is sometimes separate from Finance, so these jobs are grouped. Often companies are not big enough to have their own financial analyst or auditor. CFO (Chief Financial Officer)/Director of Finance – oversee all aspects of the company’s money management, key participant in planning the long-term viability of the business, assess

the financial impact of current events and possible future risks Treasury Manager – investments, foreign currency, insurance, controlling cash flow, optimizing credit facilities and cost of borrowing Financial Analyst – examine company financial data and assess risk and return of the present and future operations




Controller/Accountant – oversees the recording and reporting of financial information Auditor – examine the financial record keeping and accounting systems to ensure complete accuracy Accounts Payable Manager – records incoming invoices (bills), pays them on time, keeps customer files, maintains the integrity of the accounts Accounts Receivable Manager – record sales invoices and ensure the timely collection of amounts owed

CS Explain the role of business in society Businesses provide employment opportunities for people in society. These people become trained, skilled workers through their work experience thereby increasing their work capacity

and potential to contribute to the business and the economy. As workers develop, they are paid reflective of their skills, experience, and contributions. Some of the compensation earned by working is spent on consumables purchased from other businesses. This revenue generation allows the businesses to continue to afford to employ

more people. The government taxes business income, personal income, and purchases. This money is then reinvested into programs such as health care, education, and infrastructure for the

maintenance and betterment of our standard of living. Businesses also have a responsibility to the environment and sustainable practices such that future generations’ quality of life and standard of living aren’t compromised for today’s

society. The role of business in society is to meet the needs and wants of consumers, as well as providing good jobs for the workforce Business must also demonstrate good corporate citizenship By creating a partnership between the city, its citizens and businesses, a win-win situation can be achieved for all – an attractive convention centre that can be enjoyed, that creates good

jobs both directly and indirectly, and allows for recognized corporate support and publicity Cities should pursue agreements with major corporations to help finance the convention centre in return for sponsorship recognition (joint venture) Provide goods and services to people Provide employment to people and therefore compensation and a means of achieving a standard of living. Contribute to the improvement of society through the development of inventions and innovations. Offer essential services to people via public sector businesses Offer luxury services and allow for the consumption of entertainment, the arts, sports, etc.

SP Explain the role of capital markets in business finance CS Explain the role of customer service as a component of selling relationships

Selling relies on repeat business – customer service drives repeat business. Integral to successful selling is good customer contact. Service extras and a friendly, positive, knowledgeable, helpful staff are what the customer will remember and cause him/her to return. Product knowledge is part of customer service.

SP Explain the role of ethics in customer relationship managementEthics would require the business to follow all legal requirements and to maintain adequate records, perform audits, train employees regularly and employ all safeguards.




Participant could define ethics as it applies to information gathering and management.This is where the participant could indicate how the cashier could have handled the issue differently – addressing the customer’s concern and offering some sort of assurance of a change to the behaviour. The essence of good customer service is forming a relationship with customers – a relationship that that individual customer feels that he would like to pursue. Good customer service

is all about bringing customers back. And about sending them away happy - happy enough to pass positive feedback about your business along to others, who may then try the product or service you offer for themselves and in their turn become repeat customers.

Customers must be dealt with ethically and believe the company has acted ethicallySP Explain the role of ethics in financial-information management SP Explain the role of ethics in human resource management

Ethics would require the business to follow all legal requirements and to maintain adequate records, perform audits, train employees regularly and employ a diverse group of people.SP Explain the role of ethics in information management

Ethics within a company guide behaviours to be in the best interest of all involved parties. Management can ensure ethical treatment of information by incorporating the following: Know and obey the privacy laws where they conduct business Write company policies concerning information management – train employees to know this information, and disclose to customers (on the website, perhaps) Protect, secure and restrict access to collected information from inside and outside threats Place trust and the well-being of customer information ahead of company profits Support ethical behaviour and enforce sanctions against unethical practices

SP Explain the role of ethics in risk management CS Explain the role of finance in business

Finance is the function of business that pertains to money management. On a day-to-day business, finance is responsible to arrange sufficient funds to meet ongoing expenses. The finance department is also typically responsible for company insurance, currency management, and treasury concerns. In the long-term, finance is responsible for planning, raising, maintaining and paying off large sums for capital expenditures.

Finance plays a key role in planning a corporation’s start-up requirements (IPO’s), equity and debt financing and management, growth financing, and treasury. There are various financial statements that are used to analyze a company and its financial standing such as: income statement, balance sheet, and cash flow. The participant should demonstrate the importance of finance in any and every business and its operations

PQ Explain the role of information systemsInformation system refers to a network of communication and data channels used within a business. Typically the system consists of both hardware and software and is used to facilitate a variety of processes. Information systems can be used for inputting, storing, analyzing and/or distributing data and information.




The participant may point out that information systems are used for: Keeping records about customers and providing information about customers to hotel staff Coordinating hotel reservations that are made through various channels, including the hotel website, third party travel websites, or by phone

SP Explain the role of managerial accounting techniques in business managementThe role of managerial accounts is to analyze how the company is performing today to ensure their company’s long-term financial health. These accountants are different from financial accountants because they are focused internally, and not as focused on the external reporting company results to stakeholders. The role of this accountant in business management is to examine and prepare numbers for internal review to help companies budget accurately and perform more efficiently. The managerial accountant works with other managers. They constantly manage and analyze risk.

SP Explain the role of operations and compliance in risk management programs SP Explain the role of savings and loan associations SP Explain the role of transfer pricing in managerial accounting SP Explain the role requirements of entrepreneurs and owners SP Explain the roles and responsibilities of accounting professionals

Explain the significance of the buyer’s job Ultimately the buyers job is to have the goods available when the customers want it Buyer determines the amount of money available to make purchases – linked to the idea that carrying too much inventory can also affect cash flow Determine what the customers want – out of sight out of mind – customers must see what they will buy Explore target market, customer preferences, shop the competition Buyer determines the best supplier of the good and the best time to take deliveries of the good – agreement with distributor to purchase various cards for a term if the return of cards are

possibleExplain the structure of the budgeting process

CS Explain the time value of money Future value of money is different than current value Inflation and deflation cause the value to fluctuate, so a dollar may be worth less in the futureExplain the types of advertising media Direct mail advertising is advertising sent to prospective buyers through the mail. Outdoor advertising includes signs and posters, painted bulletins, billboards, and other rented spaces along city streets, highways, etc. Transit advertising is advertising used in buses, cabs, and subways; and in airline, bus and railroad terminals.




Specialty advertising is advertising which provides a useful product with an advertising message on it. Pens and pencils, calendars, balloons, key rings, and chains with companies' names on them are examples of specialty advertising.

Television advertising is advertising broadcast on TV. Spots are usually 15, 30, or 60 seconds in length. Radio advertising is advertising broadcast on the radio. Spots are usually 15, 30, or 60 seconds in length. Magazine advertising is advertising printed in magazines. Magazine ads can be printed either in black and white or in color. Newspaper advertising is advertising printed in the newspaper. Newspaper ads are printed most frequently in black and white but may be printed in color. They are sold by the line. Online advertising is advertising appearing on specific websites on the Internet. Examples include: banners around a webpage, a precursor to videos, pop-up ads, and, embedded ads in social

media. The websites the advertisement is to be displayed should have some connection to the target market in order to reach the most applicable viewers.Explain the types of business ownershipThere are essentially 4 types of business ownership: sole proprietorship, partnership, corporation and co-operative.Sole Proprietor – you are the sole owner, and fully responsible for all debts and obligations related to your business. All profits are yours to keep. Because you are personally liable, a

creditor can make a claim against your personal assets as well as your business assets in order to satisfy any debts.Advantages: Easy and inexpensive to register Regulatory burden is generally light You have direct control of decision making Minimal working capital required for start-up Some tax advantages if your business is not doing well (for example, deducting your losses from your personal income, and a lower tax bracket when profits are low) All profits go to you directlyDisadvantages: Unlimited liability (if you have business debts, claims can be made against your personal assets to pay them off) Income is taxable at your personal rate and, if your business is profitable, this could put you in a higher tax bracket Lack of continuity for your business if you are unavailable Can be difficult to raise capital on your own

Partnership – A partnership is a non-incorporated business that is created between two or more people. In a partnership, your financial resources are combined with those of your business partner(s), and put into the business. You and your partner(s) would then share in the profits of the business according to any legal agreement you have drawn up. In a general partnership, each partner is jointly liable for the debts of the partnership. In a limited partnership, a person can contribute to the business without being involved in its operations. A limited liability partnership is usually only available to a group of professionals, such as lawyers, accountants or doctors.When establishing a partnership, you should have a partnership agreement in place. This is important because it establishes the terms of the partnership and can help you avoid disputes later on. Hiring a lawyer or other legal professional to help you draw up a partnership agreement will save you time and protect your interests.




Advantages: Fairly easy and inexpensive to form a partnership Start-up costs are shared equally with you and your partner(s) Equal share in the management, profits and assets Tax advantage — if income from the partnership is low or loses money (you and your partner(s) include your shares of the partnership in your individual tax returns)Disadvantages: There is no legal difference between you and your business Unlimited liability (if you have business debts, personal assets can be used to pay off the debt) Can be difficult to find a suitable partner Possible development of conflict between you and your partner(s) You are held financially responsible for business decisions made by your partner(s); for example, contracts that are broken

Corporation - Incorporation can be done at the federal or provincial/territorial level. When you incorporate your business, it is considered to be a legal entity that is separate from its shareholders. As a shareholder of a corporation, you will not be personally liable for the debts, obligations or acts of the corporation. It is always wise to seek legal advice before incorporating.Advantages: Limited liability Ownership is transferable Continuous existence Separate legal entity Easier to raise capital than it might be with other business structures Possible tax advantage as taxes may be lower for an incorporated businessDisadvantages: A corporation is closely regulated More expensive to set up a corporation than other business forms Extensive corporate records required, including documentation filed annually with the government Possible conflict between shareholders and directors You may be required to prove residency or citizenship of directors

Co-operative - A co-operative is owned and controlled by an association of members. It can be set up as a for-profit or as a not-for-profit organization. This is the least common form of business, but can be appropriate in situations where a group of individuals or businesses decide to pool their resources and provide access to common needs, such as the delivery of products or services, the sale of products or services, employment, and more.




Advantages: Owned and controlled by its members Democratic control (one member, one vote) Limited liability Profit distributionDisadvantages: Longer decision-making process Participation of all members is required in order to succeed Possible conflict between members Extensive record keeping Less incentive to invest additional capital

CS Explain the types of economic systemsThe world’s economic systems fall into one of four main categories: traditional economy, market economy, command economy and mixed economy; however, there are unlimited

variations of each type. An economic system must define what to produce, how to produce it and for whom to produced it. Traditional – A traditional economic system is one in which each new generation retains the economic position of its parents and grandparents. Traditional economies rely on the

historic success of social customs. South America, Asia and Africa support some traditional economies of thriving agricultural villages. Tradition decides what an individual does for his living, so industry, clothing and shelter are the same as in previous generations.

Market – Market economies are based on consumers and their buying decisions rather than under government control. Market trends and product popularity generate what businesses produce. The producers choose how to make products based on the most economically sound decision: that might mean machine labour to save costs or human labour for specific skills. The buyers decide who gets which products by what they are willing to pay for what they want.

The market system relies on many factors to ensure its success. The profit motive or incentive for a financial reward for enterprise stimulates production. Information regarding available products and services needs to be available to producers and consumers. Producers use the information to set accurate prices and procure supplies at the lowest cost. Price relates directly to the costs and benefits of product creation and use and required profit.

Command – In a command economy, the government controls all economic activity. One example of a command economy is communism. In a government-directed economy, the market plays little to no role in production decisions. Command economies are less flexible than market economies and react slower to changes in consumer purchasing patterns and fluctuations in supply and demand.

Mixed – A mixed economy combines qualities of market and command systems into one. In many countries where neither the government nor the business entities can maintain the economy alone, both sectors are integral to economic success. Certain resources are allocated through the market and others through the state. Theoretically, this system should be able to combine the best policies of both systems, but in practice the proportion government controls and response to market forces varies. Some countries rely more on market emphasis and others on state planning.




SP Explain the use of cash budgets SP Explain the use of descriptive statistics in business decision making PQ Explain the use of feedback for personal growth

The term ‘feedback’ is used to describe the helpful information or criticism about prior action or behavior from an individual, communicated to another individual (or a group) who can use that information to adjust and improve current and future actions and behaviors. Effective feedback, both positive and negative, is very helpful. Feedback occurs when an environment reacts to an action or behavior. For example, ‘customer feedback’ is the buyers’ reaction to a company’s products, services, or policies; and ’employee performance feedback’ is the employees’ reaction to feedback from their manager – the exchange of information involves both performance expected and performance exhibited.All can benefit from feedback. Both common sense and research make it clear – feedback and opportunities to use that feedback helps to improve and enhance, whether an individual, group, business, business unit, company, or organization – and that information can be used to make better informed decisions. It also allows us to build and maintain communication with others.Feedback is valuable information that will be used to make important decisions. Effective feedback has benefits for the giver, the receiver, and the wider organization. Here are five reasons why feedback is so important.• Feedback is always there. If you ask someone in your organization when feedback occurs, they will typically mention an employee survey, performance appraisal, or training

evaluation. In actuality, feedback is around us all the time. Every time we speak to a person, employee, customer, vendor, etc., we communicate feedback. In actuality, it’s impossible not to give feedback.

• Feedback is effective listening. Whether the feedback is done verbally or via a feedback survey the person providing the feedback needs to know they have been understood (or received) and they need to know that their feedback provides some value. When conducting a survey, always explain why respondents’ feedback is important and how their feedback will be used.

• Feedback can motivate. By asking for feedback, it can actually motivate employees to perform better. Employees like to feel valued and appreciate being asked to provide feedback that can help formulate business decisions. And feedback from client, suppliers, vendors, and stakeholders can be used to motivate to build better working relations

• Feedback can improve performance. Feedback is often mistaken for criticism. In fact, what is viewed as negative criticism is actually constructive criticism and is the best find of feedback that can help to formulate better decisions to improve and increase performance.

• Feedback is a tool for continued learning. Invest time in asking and learning about how others experience working with your organization. Continued feedback is important across the entire organization in order to remain aligned to goals, create strategies, develop products and services improvements, improve relationships, and much more. Continued learning is the key to improving.

SP Explain the use of state risk pool programs SP Explain the use of technology in accounting

Explain the use of visual merchandising in retailing




SP Explain types of budgeting systems (e.g., top-down, bottom-up, incremental, etc.) SP Explain types of financial markets (e.g., money market, capital market, insurance market, commodities markets, etc.)

There are many choices in investing, and many should be utilized for a diversified portfolio Money market is lowest in risk, often investing in treasury bonds, and is very close to being cash The capital market invests in stocks, which are shares of public companies, in which the investor becomes part owner. There are many types of stocks and many risk levels of

companies, including those internationally based. Mutual funds of stocks may be an option to diversify in this arena, Insurance market may be chosen in a whole-life policy (not necessary) Commodities are high risk investments, which should not normally be used by a beginning investor, who is not in a high income bracket

CS Explain types of investmentsAnswers should reference the risk/return relationship of investments, the varying risk in different types of investments, and the benefits of a diversified portfolio. Recommendations should include distribution of investment among many types of investment classes, industries, and market capitalization (size of companies.) Included may be: Interest from cash holdings Dividends Stocks (common, preferred) Stock, growth or income Mutual funds Bonds (corporate or government) Government securities Real Estate Commodities Options, futures, derivatives Insurance policies (whole life) IPO – initial public offering Dollar cost averaging – investing the same amount each month

SP Explain types of requirements (e.g., business, system, functional, nonfunctional) Explain ways that technology impacts the financial service industry

PQ Extract relevant information from written materials Emails must be made a priority for the two office workers Emails from customers must be looked at three times in the day in order to give prompt feedback




Emails from customers must be read and work orders created for the services they need Work orders should be a standard form that is filled out and given to the plumbers Any questions for clarification need to be immediately emailed back to the customer or the customer needs to phoned Perhaps a customized email can be added to the website to make it easier for customers to respond to the email. For example—name, nature of problem, contact information, times

available, etc. This will make it easier for the office workers to extract the informationSP Facilitate (lead) group discussions CS Fill/empty ATMs (Automatic Teller Machines) CS Follow chain of command CS Follow established security procedures/policies PQ Follow instructions for use of equipment, tools, and machinery PQ Follow oral directions CS Follow rules of conduct CS Follow safety precautions

The manager needs to make certain that all employees are aware of the safety procedures and practices these procedures. New employees need to be trained as part of their orientation After an incident, the staff needs to review the incident to see what can be learned for the next time. If employees do not follow these safety precautions or do not take them seriously, the manager should discipline them As always, the manager must lead by example. Were the students’ recommendations in the interest of safety? Did their suggestions align with modern safety procedures

CS Follow up on the completion of the transaction Forecast future financing needs

MN Forecast sales Foster open, honest communication (EI:129) (SP)*

CS Foster positive working relationshipsFostering positive working relationships has many benefits: our work is more enjoyable, we accept change easier, and we're more innovative and creative.One can foster positive working relationships by: Mutual Respect – When you respect the people that you work with, you welcome the diversity represented in the group, value their input and ideas, and they value yours. Working




together, you can develop solutions based on your collective insight, wisdom and creativity, and time and energy isn’t wasted “watching your back” Mindfulness – This means taking responsibility for your words and actions. Those who are mindful are open, careful and attend to what they say, and are courteous and professional to

co-workers and customers at all times. Make work fun – arrange social events for employees to establish a more personal relationship, not just working relationship (i.e. team sports, get togethers, drinks after work, etc.) to

create a bond between workers. Regarding the work itself, positive working relationships are enhanced when these things are considered:

Establish team member roles and responsibilities Determine a common goal and strategies to achieve it Lay out employee expectations Weekly meetings to keep the team apprised of progress, and connected Strategically match workers by skill, experience, education, interests, etc. Open communication – allow employees to approach leader about any issues they are experiencing

PQ Give verbal directions CS Handle and report emergency situations

In answering this question the participant must show a sense of urgency, and display critical thinking. Possible scenarios they may discuss are as follows: What level of supervision/ management should report to the lobby to first asses the nature of the emergency Identify whether the emergency can be dealt with internally or if an external company is required due to extensive damage or safety concerns Possible forms of communication if any is required to ensure the further safety of Guests and Associates.

CS Handle customer/client complaints Similar to handling difficult customers – remain calm. Follow a step by step process.

Listen to the complaint. LISTEN and UNDERSTAND. Give the customer your full attention and listen to the whole problem before responding. Ask questions to clarify what the customer is saying. Put yourself in their shoes - if you had a problem, you would want someone to listen to you. Appearing disinterested, attempting to argue back, getting angry or frustrated, will only exacerbate the situation.

Apologize for customer feeling this way. Any number of factors could have contributed to the issue, and you might not be at fault. However, you need to take responsibility for the problem. Sometimes, an apology is all it takes to placate an angry customer.

Try to explain why this situation may have occurred, if possible rectify it, or call someone more superior (manager) who can. Customers never want to hear excuses. However, you are fully entitled to briefly explain why they didn’t receive the standard of service they expected. This should take place after you’ve listened to their complaint and made an




apology. Acknowledge the frustration and disappointment that the customer must be experiencing.

SP Handle differences in cash received/deposited CS Handle difficult customers

The participant should identify some of the items on the list below when discussing a process for handling customer complaints: Listen Take the customer aside to discuss the complaint Repeat the facts to show that you understand what the customer has stated Maintain eye contact and positive body language (do not cross arms or turn away) Get assistance from a supervisor, if necessary Establish a plan that determines the next action step Remain calm – the calmer you are the calmer the customer will stay. First just listen to the situation and see if the solution is within your capabilities, then try to resolve the situation. If you are unable to handle the situation yourself, you may ask a co-worker or manager for assistance

CS Handle telephone calls in a businesslike manner Callers should be greeted with a salutation (i.e. good morning, good afternoon, good evening) followed by the company name and employee name. This projects professionalism not only to the customer on the phone, but also the customers in the store who may be around the sales associate. Adding the employee name demonstrates confidence and accountability for the conversation about to take place. Project mannerisms and tone that reflect your pride in your job. Smiles are “heard” over the phone Enthusiasm to help customers demonstrates your enjoyment in working for the company Know about products and services offered by the company and share that information if applicable. Make suggestions of other things you can do to help the customer. Thank the customer for calling; confirm customer satisfaction; allow the customer to disconnect first.

SP Identify and correct accounting errors Accountants identify accounting errors by examining account balances and looking for reasonable, sensible, expected balances based on the history of the company. This process is easier if the balances can be compared to budgeted amounts. Accountants correct errors by comparing what journal entry was recorded versus what it should have been and then enter the correcting journal entry with full explanation.

SP Identify career opportunities in accounting CS Identify company’s brand promise




Brands are names, terms, designs, or symbols that distinguish a product from their competitors and they communicate features, benefits, qualities and value. This company is new and currently has no brand promise or slogan.

Creatively and effectively using a company brand image and slogan will help build product recognition, customer loyalty and a positive corporate and product image. The company’s brand promise is delivered through their brand name (the name of the company), their yet-too-be-developed slogan which must direct their entire business philosophy

and employee behaviour. Customers will come to have confidence in the product quality, the delivery and the company’s social responsibility based on the brand and associated brand promise.

Identify customer’s buying motives for use in sellingSP Identify data acquisition strategies PQ Identify desirable personality traits important to business

Students may cite the “7 habits of highly effective people” or they may simply discuss desirable traits such as: confidence, flexibility, motivation, enthusiasm, creativity, intelligence, emotional intelligence, etc.Independence: Be proactive – don’t wait for problems to happen Begin with end in mind – envision your long-term customer relationship and work toward it Put first things first – prioritize Interdependence: Think win-win – seek out mutually beneficial solutions in relationships Seek first to understand then to be understood – use empathetic listening to compel others to reciprocate Synergize – combine the strengths of people through positive teamworkIdentify factors affecting a business’s profitProfit is the monetary return a business owner receives for taking the risk of investing in the business. Profit equals income less expenses. There are two types of profit: gross – the money left over after the cost of goods is subtracted from sales, and net – the money left over after the operating expenses are subtracted from the gross profit.To increase profit, a business can increase worker efficiency, increase sales or decrease expenses.Factors that affect profit include: the demand for the good/service expenses – supplies, material, labour, administration, advertising price point – each type of product must determine what prices to set that will ensure that costs are covered while still making a profit but not so high that potential customers will be




driven away the economy chance

SP Identify financial risk factors associated with business contracts (e.g., ratio requirements, restricted transactions, financial report filing requirements) Identify how technology is changing the financial industry

SP Identify project benefits and costs SP Identify quality-control measures

A business builds a loyal clientele and many people in other cities would be aware of their name and image. Customers will have an idea of what to expect when they go to any location with the same name, and therefore, it is very important that the quality, presentation, product is carefully duplicated.It should be relatively easy to use the same suppliers for all locations. The bigger and more flexible issue will involve consistent presentation. In the case of a restaurant each cook usually develops their own particular “touch” with the food they are preparing, and extensive training or rigid guidelines will have to be in place to ensure consistent quality among locations. This will even involve the presentation and serving of food to the customers.The Head Office should also consider having area supervisors who would travel from location to location to ensure the consistency was being maintained.Identify reasons to analyze financial data

SP Identify requirements for international business travel (e.g., passport, visa, proof of citizenship, immunizations, and sponsorship letters) SP Identify requirements for transporting cash SP Identify resources needed for project

When you start your project you need to consider what resources are required to get it done. It’s always best to ask for the things you need at the beginning, rather than getting stuck halfway through because you haven’t planned it out, and having to ask then for additional resources. Projects can’t start without…• People Human resources are required to get the project done. Even if it’s just you. Normally a project team is a group of people and you won’t be working alone. • Capital Your project needs money, because it will need to pay for things, even if that is only your salary • Material Goods Projects also use up assets. Assets, or goods, vary from project to project but it’s highly likely that your project will need some kind of tangible resource. It’s

normally what you use the project budget to buy. Resources of all types are important to get you project off the ground and successfully moving in the right direction. The more effort you put into thinking through the types of project resources you need and requesting them far enough in advance to ensure that they are ready for you when you need them, the easier it will be for you to complete your project on time, on budget and to the required specifications.

SP Identify skills needed to enhance career progressionA student competitor could mention many sensible skills that could enhance career progression. The list below features those skills strongly recommended for today’s workplace:




Communication skills (listening, speaking, writing)Creative thinking and innovationFlexibility and adaptabilityLeadership/management skills and visionInterpersonal abilitiesCollaboration

CS Identify sources of career informationGathering as much information as possible when on the job search is very important and searching through the many avenues to find this information is just as important, which can be:people you know/word of mouth - local librariesemployerspost-secondary institutionsvocational officesstate employment officesinternet resourcesnewspaper (print/online) classifiedsministry of laborEach source of information can offer answers to different questions and help to give you a full picture of an interested careerCompanies advertise their jobs in different ways (media, recruitment agencies, word of mouth)

PQ Identify sources that provide relevant, valid written materialSources for written material may be obtained internally or externally. Internal sources include company data such as monthly sales records, internal policies, interviews with employees, etc. External sources include customer feedback, trade magazines, the government, etc. Local newspapers will provide construction information and updates Coupons can be provided in the temporary location, through newspaper, local coupon clipper magazines, flyers In-store flyers to provide details of construction updates Mobile sign outside main location to provide address of new temporary location Mobile sign outside new location making people aware of its existence, specials

SP Identify tax issues for clients CS Identify tentative occupational interest




SP Identify the basic torts relating to business enterprises Identify the basic torts relating to business enterprises (BL:069) (SP)

SP Identify the business process problem/issue Identify the company’s brand promise A brand promise is a statement that you make to customers that identifies what they should expect for all interactions with your people, products, services and company The brand promise represents the value the company will deliver to its target audience in order to earn loyalty

SP Identify the factors that contribute to operational risk (e.g., insufficient training, lack of supervision, inadequate security, poor system design, poor HR policies) SP Identify the factors that impact governance structures

Identify the four major functions a financial institution provides its customersCS Identify the impact of small business/entrepreneurship on market economies

Small business is big in Canada: 98.2% of all businesses have fewer than 100 employees. When you add in medium-sized businesses (100 to 499 employees), the percentage rises to 99.8%. They are the engine of the economy and their success is vital to Canada’s prosperity.Here are 10 things you probably didn’t know about small and medium-sized enterprises (SMEs) and their impact on Canada’s economy. There are almost 1.1 million SMEs in Canada. More than half (55%) have fewer than 4 employees. Only 1.6% are medium-sized businesses. Small businesses employed almost 69.7% of private sector workers in 2012, or 7.7 million people across the country. In the 2002 to 2012 period, small businesses were responsible for 77.7% of all jobs created in the private sector. Small businesses created around 100,000 jobs each year on average. SMEs represent 54.2% of the economic output produced by the business sector (in 2005). 90% of exporting companies have fewer than 100 employees, but produce 25% of the total value of Canadian exports. The largest number of SMEs are in the wholesale trade and retail sector (18.8%). Fewer than one out of four Canadian SMEs invest in research and development (R&D). Only half of new firms (51%) survive their fifth year of operation.

PQ Identify types of currency (paper money, coins, banknotes, government bonds, treasury notes, etc.)Currency is a system of money (monetary units) in common use, especially in a nation. Under this definition, British pounds, U.S. dollars, and European Euros are examples of currency. These various currencies are stores of value, and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance.

SP Identify types of data analysis modeling techniques




Identify ways technology impacts business. Marketing – AI and data analytics will personalize marketing for individuals; more advertising on social media sites Financial – technology will increase the speed of transactions, allow more mobile-based transactions, less bricks-and-mortar locations, focused need on cyber security AI and machine-learning: customization, personalization, more responsive to the customer; analyze large troves of information to advantage Workplace – more remote employees; more flex-desk, efficient work spaces; more accountability for behaviour Operations – more automation of sales forecasting, inventory control, ordering Problems – more complex malware, cyber attacks, ID theftIdentify ways that technology impacts businessThe legal field has expanded due to the impact technology as had on society. Today technology is a term referred to daily in every business. It may be relating to ticket sales in the entertainment business or on-line shoe sales in retail. It may be related to a new phone system being installed or new data entry software. There is no end to the impact technology has on communication, productivity and the overall nature of today’s business culture. With this new powerful innovative tool, come concerns and cautions that create a need for counsel in terms of confidentiality, on-line security, trademark and copyright protection, cross- culture issues, and more. Technology has also created concerns for ethics, but the benefits from profits and savings in productivity outweighs these concerns and commerce demands that technology keep rolling in a fast and aggressive manner. Computer software and hardware provide a manager with the means for capturing, storing, and analyzing information regarding the operations of the business. Better technology makes the job of managing easier because it improves the accuracy, timeliness, and usefulness of the information produced. Example: computer scanning of UPC codes when receiving eliminates errors made in identifying part numbers, which is an important factor in managing inventory. Example: linking the sales processing and invoicing system to the inventory management system also improves accuracy and reduces loss.

PQ Identify ways that technology impacts business SP Initiate correspondence with customers regarding market activity SP Inspect property damage CS Inspire others

People who inspire others: Are authentic – don’t put on airs, are honest, have integrity, show who they really are Connect with other’s dreams – listen, and help them align them with company goals Notice, name and nurture abilities that others don’t see in themselves Inspire with great, motivating stories Create a culture of inspiration and inclusion – commit to excellence and character development Empower others – provide clarity and structure, establish roles, encourage accountability Keep their team cohesive




Expect optimal performance – shared accountability, performance depends on clear goals and timely feedbackRecognize the team’s efforts with compliments or even weekly discussions on what they are proud of accomplishing

SP Integrate technology into accounting PQ Interpret a pay stub SP Interpret and adapt to a business’s culture

Interpret basic charts/tablesSP Interpret business data correlations CS Interpret business policies to customers/clients

Employees should be well trained on the policies and have many examples of how the policies can be interpreted. After a situation has been handled, it should be used as an example for employees for future reference. Explain the new changes Interpreting business policies typically involves explaining company procedures, often written in bureaucratic language, to customers who are already irritated and upset. By

acknowledging their frustration and using plain and ordinary language to describe what's required from the customer to proceed, customer service representatives can diffuse a tense situation, maximize the opportunity to conduct a successful transaction and provide pointers to other information, such as brochures, website links and other phone numbers for help and support.

Back up the business policy by describing how it helps streamline business transactions that actually help customers in the long run. Provide details about why changes to previous policies make the current policy more advantageous in terms of long-term gains. Cite any laws, studies conducted, customer feedback obtained or conventional business practices that reinforce the implementation of the business practice.

Involve customers in the interpretation of any business policy. Ask for candid feedback about how the rules impact their business. For example, record input with online surveys using free software applications such as Qualtrics, Zoomerang or SurveyMonkey. Publish your findings so that customers can see that you have taken their feedback seriously and intend to act on their suggestions.

Propose an implementation date that allows the customer time to adjust to your new policy and enforcement of a current policy. Ensuring customer satisfaction involves validating that new mechanisms meet the needs of existing customers and future customers alike.

SP Interpret correlations for investment decision making SP Interpret data mining findings SP Interpret descriptive statistics for business decision making SP Interpret descriptive statistics for investment decision making SP Interpret descriptive statistics for marketing decision making




SP Interpret financial ratios significant to investors Interpret financial statementsStudents should be evaluated on the concepts and principles involved in financial statement analysis Fundamental analysis that should be given are questions pertaining to profitability and repayment of debt Basically, the income statement shows how much money the company generated (revenue), how much it spent (expenses) and the difference between the two (profit) over a certain

time period. The income statement lets investors know how well the company’s business is performing - or, basically, whether or not the company is making money. Cost of goods sold is the expense most directly involved in creating revenue. It represents the costs of producing or purchasing the goods or services sold by the company. Companies with high gross margins will have a lot of money left over to spend on other business operations, such as R&D or marketing. So be on the lookout for downward trends in

the gross margin rate over time. This is a telltale sign of future problems facing the bottom line. When cost of goods sold rises rapidly, they are likely to lower gross profit margins - unless, of course, the company can pass these costs onto customers in the form of higher prices.

High operating margins can mean the company has effective control of costs, or that sales are increasing faster than operating costs. Operating profit also gives investors an opportunity to do profit-margin comparisons between companies that do not issue a separate disclosure of their cost of goods sold figures (which are needed to do gross margin analysis).

Operating profit measures how much cash the business throws off, and some consider it a more reliable measure of profitability since it is harder to manipulate with accounting tricks than net earnings.

When a company has a high profit margin, it usually means that it also has one or more advantages over its competition. Companies with high net profit margins have a bigger cushion to protect themselves during the hard times. Companies with low profit margins can get wiped out in a downturn. And companies with profit margins reflecting a competitive advantage are able to improve their market share during the hard times - leaving them even better positioned when things improve again.

A common profitability ratio is: Net Income Profit Margin = ----------------- Sales

SP Interpret loan terms for a client PQ Interpret others’ nonverbal cues

Nonverbal communication ranges from facial expressions and eye contact to body language, gestures, and signs and may also include use of space. Interpreting others’ nonverbal cues can be thought of as listening with your eyes. Nonverbal cues often tell more about the audience’s true thoughts and feelings than do their words. When nonverbal cues do not match verbal communication, verbal communication is often ignored. Some common interpretations of nonverbal cues are:




Crossed arms – closed-off or resistance. Hand under chin – decisions or analysis being made. Back of the neck scratch – has questions or concerns. Avoidance of eye contact – discomfort. It is important to be sensitive to cultural differences and aware of context in interpreting nonverbal cues so as to avoid misinterpretations.

SP Interpret securities table SP Interpret statistical findings

The purpose of analysing data is to obtain usable, useful information. To do this, it is important to determine WHAT we want analysed so that the correct data is collected. To find meaning in large amounts of data, data is grouped and summarized, and/or statistically analyzed (mean, median, mode, standards of deviation, frequency distributions, t-tests, regression, ANOVA, etc.)Interpretation is the process of attaching meaning to the collected information and determining the conclusions, significance, and implications of the findings. Patterns and relationships within the data are gleaned. The same data can be interpreted in different ways so to garner other interpretations discuss the data with stakeholders and consider the data from various perspectives. Think beyond the data but don’t stray too far. Focus on outlying data or data that seems to be the exception, as surprising, contradictory or puzzling data can lead to useful insights. Limitations must be disclosed with honesty.Students will reiterate the statistics they feel are pertinent in their analysis.

SP Interview claimant, witnesses, medical experts, and/or other individuals as necessary while processing the claim SP Interview client PQ Interview for a job SP Investigate suspected insurance fraud CS Journalize and post adjusting entries CS Journalize and post closing entries CS Journalize business transactions

Journalize/ post entries to establish and replenish the petty cash fund Entry to establish petty cash fund

Dr. Petty Cash $100Cr. Cash $100

(No change in cash flows as we increase Assets by $100 and decrease Assets by $100)




Entry to replenish petty cash (if there is no cash shortage or cash overage)Dr. Postage expense $45Dr. Inventory 30Dr. Miscellaneous exp. 10

Cr. Cash $85(Cash flows decrease by $85 and petty cash is not affected)

Entry to replenish petty cash (if there is a cash shortage)Dr. Postage expense $45Dr. Inventory 30Dr. Miscellaneous exp. 10Dr. Cash short 1

Cr. Cash $86(Cash short amount is reported in the income statement as a miscellaneous expense. If there was a cash overage, it would be recorded as miscellaneous income in the income statement)

Entry to replenish cash fund and increase it to $125Dr. Petty Cash $25Dr. Postage expense 45Dr. Inventory 30Dr. Miscellaneous exp. 10Dr. Cash short 1Cr. Cash $111

(Cash flows decrease by $111)CS Lead change SP Leverage personality types in business situations

Maintain a customer file for accounts receivableCS Maintain a safe work environment

Participants should outline what a safe work environment entails. Factors to consider include:• Layout of the location and associated risk factors to both employees and inventory• Employee breaks• Lighting




• Implementing training programs for employees to learn and refresh essential safety procedures and precautions in the warehouseParticipants emphasize the value of a safe work environment with the following benefits:• Less employee absenteeism due to injuries• Less damaged inventory • Increased productivity and efficiency due to employees’ security and faith in the company’s ability to maintain a safe work environment• Increased sales and revenue as less damaged goods are created and therefore less are being marked down, as well, higher productivity and efficiency may give the company the

opportunity to expand delivery furtherThe company should also:• train employees in conflict resolution, crowd control• have sufficient staff on hand to service customers• control placement of inventory; deeply discounted, large or expensive items to be retrieved by store staff• use rope barriers to create pathways to keep traffic moving, channel customers and provide a queuing systemMaintain a vendor file

PQ Maintain appropriate personal appearance Maintain appropriate personal appearance (PD:002) (PQ)

SP Maintain collaborative partnerships with colleagues Internal human resource policies – must reflect societal norms/expectations Honesty important – long-term relationships must be valued Individuals and companies do not work in isolation – must be a member of the business community locally and nationally/internationally - interdependent Social responsibility to all stakeholders to work together to establish and maintain common goals Goals – not just financial; must give back to environment in which firm operates

SP Maintain contract compliance documentation SP Maintain customer records

Use computer systems to collect and record all types of customer-related data Electronic records provide history, purchase trends, service usage, multiple contact points, and other data that analytics programs can use to personalize each customer’s experience

with the bank. Related services can be suggested to maximize the return on each client. Accessing customers by email, mobile, social media, (and not from walk-ins) is the norm. Maintain daily financial transactions How to track daily cash transactions and record them




T-chart, debits and creditsCS Maintain data security

Establish strong passwords - use a combination of capital and lower-case letters, numbers and symbols and make it 8 to 12 characters long, avoid using: any personal data or common words change your password every 90 days, never share a password, and, never write it down.

Put up a strong firewall Install antivirus protection Update your programs regularly - Frequently updating your programs keeps you up-to-date on any recent issues or holes that programmers have fixed. Secure your laptops - absolutely encrypt your laptop. Use encryption software which changes the way information looks on the hard drive so that, without the correct password, it

can't be read. Secure your mobile phones - they hold so much data these days that they are like a company computer. Enable remote wiping. Backup regularly (weekly is recommended) Data-leakage prevention software, which is set up at key network touch points to look for specific information coming out of your internal network. It can be configured to look for

credit card numbers, pieces of code, or any bits of information relevant to your business that would indicate a breach. Be careful with links carrying viruses arriving by e-mail, IM and surfing the Web. Educate your employees about safe online habits and a proactive defense.

CS Maintain employee earnings records (e.g., timecards, time sheets, etc.) PQ Maintain financial records

Inventory must be accurately maintained so that the company has stock at all times, and so that it can report accurate financial data. A computer system tracks every inventory item Minimum reorder points and supplier contact information is kept current Every received item is checked for damage, then scanned into inventory Items are stored in the locations assigned to them The receiving report is taken to accounting, and combined with the purchase order and invoice for payment All items leaving inventory are scanned out A physical count of inventory is taken at least once annually to verify its accuracy. Items missing from inventory could have been damaged or stolen. Obsolete items must be removed

from inventory and written off. The value of the inventory account should be approximately its replacement value

SP Maintain internal accounting controls CS Maintain inventory of supplies




It’s important to always have on hand sufficient supplies to run the business. Inventory turnover information (the rate at which the inventory is used) will help in making timely purchasing decisions and prevent having too much or too little inventory on hand. Computer systems can be used to tract inventory usage and/or a periodic inventory count can be used to keep records up-to-date.

SP Maintain job order cost sheets The costs of each job or order, are accumulated and totaled. All raw materials and direct labour for each job are assigned to that particular job. A share of overhead costs are allocated to each job based on a cost-driver, usually direct labour costs. Overhead costs include 3 things: 1) indirect materials such as glue and ink that cannot be accurately measured on an ongoing basis; 2) indirect labour such as supervisory salaries; and 3) general factory costs such as rent, electricity, insurance, maintenance. These jobs are aggregated on the Balance Sheet as Work In Progress Inventory.It is important to gather all the costs associated with manufacturing a product so that it can be priced to ensure a profit.Maintain petty cash record

CS Maintain the confidentiality of others Confidentiality means not sharing sensitive information that you know with someone else. This means not disseminating the information within the organization, or outside the

organization, and it means to protect and secure any information that has been printed (electronic or paper) and is being stored. These acts of professional courtesy are also part of displaying workplace etiquette and depending on the nature of the business could be against company policy. Failing to respect others' privacy can harm your personal and professional relationships, including being disciplined or fired on the job, or having you or your company taken to court

for compensation. For the person whose confidentiality was breached, it could cause a myriad of reactions ranging from mild embarrassment to social ostracism. Make capital expenditure decisionsUltimately, the students are making a recommendation about a capital expenditure. In justifying their decision they should demonstrate a systematic approach that identifies key benefits and drawbacks to each option. These types of decisions can also include qualitative justification (“owning” something versus not owing it) as well as make use of the quantitative information provided in the case.

CS Make decisionsStudents may select any of the choices available. Ensure that students explain WHY they have selected the given alternativeMaking a good informed decision is not that different to sitting on a jury – all reasonable doubt has to be removed before you can pass a verdict one way or the other. Thankfully, though, corporate decisions are seldom a matter of life or death!Don’t judge a book by its cover - You may be someone who’s big on first impressions when you meet people but you can’t let the same thought process influence your decision-making. If on first hearing an idea strikes you as a really good one, you may well be correct, but you mustn’t allow that first reaction to influence your ability to objectively weigh the cons as well as all the pros when they are presented.Do your homework - Just because no significant cons are presented it doesn’t mean they don’t exist, so get someone on to digging them up and evaluating them while you still have the




time – discovering them after you’ve launched the deal doesn’t do you any favours. Insisting that this homework is conducted becomes doubly important if and when everyone is unanimously in favour of going ahead with the project. Nothing is perfect, so work hard at uncovering whatever hidden warts the thing might have and by removing them you’ll only make it better still.Avoid making decisions in isolation - Every decision has some degree of impact on your ability to adopt other future opportunities in what the experts call ‘the decision stream’. This one may be a ‘too good to miss’ opportunity but how will it affect other projects or priorities and, if now is not the best time to do it, what risks if any are there in putting the thing on hold for an agreed period of time? If you cannot manage this project in addition to another that’s waiting in the wings, which one gets the nod and why?Do everything you can to protect the downside - All wise investors go to great lengths to do this with their stock portfolios and when setting up a new business you should try to employ the same strategies. Give it time - If you have the time to use the ‘orchestrated procrastination’ approach then do so. Without getting into the ‘paralysis by analysis’ mode, doing more rather than less homework on a project is seldom a bad thing. While looking at it more deeply you may find better alternatives or the marketplace may change.Making smart informed decisions is why leaders get paid the big bucks. There is really no science to getting it right every time which is why (unfortunately) decision-making is not a process that can be programmed to come in ‘just in time’ across the board.Make financial decisions based on appropriate market dataMake financial recommendations to meet client needsMake judgments and decisions, and solve problems Did the team have decisive and confident responses to the questions asked?

SP Make oral presentations Is the student speaking professionally and communicating clearly Are the indicators flowing into each other smoothly Is the student speaking directly or are they reading from their notes

CS Make responsible financial decisionsFor a business, the responsible financial decision is to maximize profit (although finance is not the only consideration when making a business decision – providing customers with products they want is important too!).To maximize profit, a company would: favour the products that have the highest margin favour the suppliers that offer the best credit terms negotiate better credit terms and credit limits when purchase volume increases take discounts at every opportunity make certain products are delivered intact before paying




ensure that the supplier provides prompt and reliable deliverySP Manage bank accounts (e.g., scope of services, fee structures, system integration) CS Manage commitments in a timely manner SP Manage customer accounts SP Manage investment portfolio SP Manage loans SP Manage pension investment portfolio SP Manage receipts and payments for a trust

Manage receivablesSP Manage the bid process in purchasing

Measure financial returnCS Model ethical behaviorSP Monitor for breach of contract of non-performance related terms and conditions SP Monitor internal records for business information

Proper inventory control is necessary to prevent loss. Inventory is an asset of the business that needs to be protected. Internal records provide the history of the business which helps to predict and plan for the future. Information is the foundation of control The emails and phone calls should be monitored. The results should be communicated to the employees that are not adhering to the policy and their managers. Employees that are not

following the policy should be disciplined. This would entail being warned verbally once, written up at the second offense, suspended without pay at the third and fired at the fourth offense. This process may vary based on how the employees deal with these steps.

Employees that adhere to the new policy should be acknowledged. This is a company that makes money by dealing with secure credit card information. All of the internal records (beyond emails and phone calls) should be monitored on a continual

basis.SP Monitor project portfolio CS Monitor projects and take corrective actions SP Monitor third-party relationships for potential risk




SP Motivate team membersMotivating people is a difficult task that is specific to the individual’s driving forces. Nine powerful ways to keep members motivated to do their very best on the job are: Pay your people what they are worth Provide them with a pleasant place to work Offer opportunities for self-development Foster collaboration within the team Encourage happiness Don’t punish failure Set clear goals Don’t micromanage Avoid useless meetings

SP Negotiate with claimant SP Notify client in writing when policy is cancelled CS Obtain investment information from online sources (e.g., search engines, online databases, blogs, forums, listserves, website, social media) CS Obtain investment information from publications (e.g., newspapers; magazines--current trends, regulations, business issues) CS Obtain needed information efficiently

Students should make recommendations about how to collect the needed information in a timely manner. They should have clearly outlined methods for data collection and an understanding of how to do this without spending an unrealistic amount of money.Optimize rates of return

CS Order and deposit currency/coin CS Organize information CS Orient new employees

When new employees are hired, it is important they complete an orientation process. This is used to introduce them to the business’s culture, brand and ways of working. It is also an opportunity for the business to communicate its expectations based on accountabilities, customer service, quality, etc. Orientation also involves training new employees on how to do their jobs. The participant may discuss the role of the person assigned to training new employees. Providing new employees with an opportunity to shadow other employees doing the same job Providing new employees with training on any equipment they are required to operate including POS systems, computer-based systems for entering customer orders and making table




reservations, etc. The participant may also provide additional examples of what will be included in new employee orientation at this company Once a candidate is selected, the most basic part of training is employee orientation through which employees get acquainted with company policies and programs, personnel with

whom they will interact, and the nature of the job. This probationary period can last between 2-4 weeks. Mentors may be assigned within a relevant department to assist the new employee through this process. Staff in each area are to implement training. A “Train the trainer” program might be needed here to implement a larger scale training program. With respect to orientation and training programs it is important to make new employees feel valued and welcome to familiarize them with the working environment. Orientation commonly includes the following: Tour of the Company Discussion of the company’s history, mission and values Description of what the company does Training on use and routine maintenance of equipment such as cash registers and computers. Information about payroll, benefits and company policies. Determine how training will be delegated

CS Overcome problems and difficulties associated with office politics/turf warsThe participant may demonstrate their ability to overcome problems and difficulties by:Showing an understanding and respect for the roles and responsibilities of various team members within the organizationDemonstrating an awareness of team dynamicsExhibiting strong communication and leadership skillsDemonstrate assertiveness

CS Participate as a team member CS Participate in a staff meeting CS Participate in group discussions CS Participate in problem-solving groups CS Pay bills SP Perform budgetary cost analysis (e.g., direct cost, indirect cost, sunk cost, differential cost, etc.)




SP Perform buy/sell functions to support trade execution SP Perform responsibility center budgeting (i.e., cost, profit, investment, revenue) SP Persuade others

Is the student convincing Are they able to back up their decision with facts from the case Convincing – do presenters believe their own role Consistent ideas

CS Place orders/reorders CS Plan project

Step 1: Identify & Meet with Stakeholders - It's important to remember that stakeholders aren't only the people who hired you to manage the project; a stakeholder is anyone who's affected by the results of your project. That includes your customers and end users, too. Make sure you identify all stakeholders and keep their interests in mind when you create your project plan.Meet with the project sponsors and key stakeholders to discuss their needs and expectations, and establish baselines for project scope, budget, and timeline. Then create a Scope Statement document to finalize and record the details of the project scope, get everyone on the same page, and reduce the chances of costly miscommunications. Here's a Scope Statement Template to get you started.Step 2: Set & Prioritize Goals - Once you have a list of stakeholder needs, prioritize them and set specific project goals. These should outline the objectives of the project — the benefits you hope to accomplish. Write out your goals (and the stakeholder need met by each one) in your project plan so it's clearly communicated and easily shared.Step 3: Define Deliverables - Identify the deliverables you need to produce in order to meet the project's goals. What are the specific products you're expected to complete?Next, estimate due dates for each deliverable in your project plan. (You can actually finalize dates when you sit down to define your project schedule in the next step.)Step 4: Create the Project Schedule - Look at each deliverable and define the series of tasks that need to be completed in order to accomplish each one. For each task, determine the amount of time it will take, the resources necessary, and who will be responsible for its completion.Next, identify any dependencies. Do certain tasks need to be completed before others can begin? Input deliverables, dependencies, and milestones into your Wrike Gantt chart, or choose from the many online templates and apps available.Step 5: Identify Issues and Complete a Risk Assessment - No project is risk-free, and you won't do yourself any favors by crossing your fingers and hoping for the best. Are there any issues that you know of upfront that will affect your project, like a key team member's upcoming vacation? What unforeseen circumstances could create hiccups? (Think cold & flu season, backordered parts, or technical issues.)Consider the steps you could take to either prevent certain risks from happening, or limit their negative impact. Conduct a risk assessment and develop a risk management strategy to make sure you're prepared.Step 6: Present the Project Plan to Stakeholders - Explain how your plan addresses stakeholders' expectations, and present your solutions to any conflicts. But make sure your




presentation isn't one-sided; it should be a discussion.You'll need to determine roles: who needs to see which reports, and how often? Which decisions will need to be approved, and by whom?Communicate clearly. Make sure stakeholders know exactly what's expected of them, and what actions they're responsible for. Just because it's obvious to you, doesn't mean it's obvious to them.

SP Plan strategies for meeting sales quotas. First the presenter should set a quota or sales objective for the winter months as it is not given in the case Strategies may include changes in the 4 P’s (Product, Price, Promotion, Placement) Lower the pricing as a special promotion during winter months will attract a greater amount of customers yet will continue to make profits for the company Presenters should be specific and have a specific price

SP Plan/Schedule displays/themes with management CS Post journal entries to general ledger accounts SP Post transaction data to accounting, compliance, and investment systems CS Prepare a chart of accounts CS Prepare a post-closing trial balance CS Prepare a résumé CS Prepare a trial balance

Prepare an accounts payable schedulePrepare balance sheetsPrepare bank account documents

PQ Prepare bank account documents (e.g., checks, deposit/withdrawal slips, endorsements, etc.) SP Prepare cash flow budgets/forecasts

MN Prepare cash flow statementsCalculate the amount of cash in, cash out and balance based on the transactions providedValues listed in the judge’s instructionsPrepare depreciation schedules.

SP Prepare federal, state, and local payroll tax returns and reports




Prepare for the sales presentation.CS Prepare personal income tax forms (i.e., 1040 EZ form)

Prepare profit and loss statementsSP Prepare simple written reports SP Prepare store/department for special event SP Prepare tax returns for clients (i.e., individuals and business) SP Prepare worksheets

Present and defend opinionPresent report findings and recommendations

SP Preserve automated accounting records SP Process accounts payable (e.g., maintain vendor file, post to ledger, process invoices and checks) SP Process accounts receivable (e.g., post to ledger, process payment, process uncollectible account, etc.) SP Process an insurance claim SP Process and settle securities transactions in accordance with transaction instructions CS Process damaged and/or mutilated currency and coin SP Process insurance documentation CS Process inventory adjustments (e.g., shrinkage, obsolescence, returns, etc.)

Process invoice of inventoryProcess notes payable and receivable

SP Process payroll payments and remittances (e.g., employees, benefits, taxes) SP Process preliminary budget detail

Process results of inventorySP Process transactions in negotiable monetary instruments (e.g., money orders, travelers checks, cashier checks, bearer bonds)

Project future cash needs SP Project future revenues and expenses




CS Protect against identify theftMeasures must be in place to limit access to card information – passwords, limited access, logins, firewalls, tracking of access, POS – well secured to prevent unauthorized access.Training of workers is most important – an understanding of their role in handling of credit/debit cards is vital.Adherence to all legal requirements with respect to data management.Participant could mention any of the above information as it relates to this case.

CS Protect company information and intangiblesCompany information and intangibles includes computer data and intellectual property (company secrets). Firewall Software - Firewalls are used to block and prevent unauthorized access to computer files. Firewalls prevent unwanted visitors from entering a computer system to use files,

gain personal information or destroy computer data. A good firewall should be part of a company’s computer system. Allow employees access to information which is job related only – block everything else. Any file that contains a credit card or client number, for instance, can be automatically

tagged with restrictions that encrypt it when it's put on a USB drive. Or, if that same information is shared within a company, the applicable rules might prevent those who see it from cutting and pasting any of the names and addresses.

Monitor data as it flows in and out of networks--including through USB ports, e-mail, file transfer protocol and Web browsers. Also monitor data leaving a company's network, blocking the movement of sensitive data or encrypting it.

Install software that classifies data by modeling their movement and watching for anomalies that might be signs of penetration or insider misbehaviour. Simple and effective internal threat management procedures can help prevent employee information leaks from happening to the bank. This will protect the company’s most

confidential and valuable information from being exposed to unauthorized parties Be aware of where critical corporate data is located and who has access to the data Develop an acceptable use policy for all employees that outlines appropriate use of corporate assets, information and intangible assets. This policy should outline company procedures

when a violation takes place Consistently enforce policies and procedures and revise as required Ensure there is an internal incident response plan and that the appropriate resources are available in-house to handle information loss or access by unauthorized employees or outsiders.Provide directions for completing job tasksThe student as human resources manager is to outline a set of directions to complete the job tasks. This might include: Instructions to assess employees needed to work the event Hiring process Instructions for orientation and training of new and existing employees Instructions to evaluate and to reward employees Instructions to identify employees you may wish to hire for other events in the future. Give clear directions




Be consistent Treat employees fairly Be firm when necessary Set a good example Delegate responsibility Foster teamwork Be ethical

PQ Provide legitimate responses to inquiries. Emails need to be responded to in a timely fashion—some of the emails might be about an emergency situation All emails should be looked at three times a day—this is a priority for the business Perhaps a new person needs to be hired A plumber may need to be called for explanations about the content of the email. If the office assistant cannot answer the email accurately, he/she should have access to a plumber to

ask for help Responses to emails must be done accurately and quicklyProvide the break-even formulaThe break-even point is established by dividing the total fixed costs by the difference between selling price per unit and variable cost per unit. Total Fixed Assets________ = Break-even point(Selling price per unit – variable cost per unit)

Read and Prepare Bank ReconciliationA bank statement is a document showing activity on your account over the previous month, including a beginning and ending balance and all inflows and outflows during that time. Bank account reconciliation is when you account for the differences between the bank statement and your records (usually your chequebook register). The balances may differ because you have written cheques that have not yet cleared the bank, or perhaps because you have deposited money into your account after the bank statement was prepared.

PQ Read and reconcile bank statements Reason effectively and use systems thinking Did the participants use good reasoning throughout the discussion? Were the explanations systematic and logical?

PQ Recognize and overcome personal biases and stereotypes CS Recognize and respond to ethical dilemmas




The nature of ethical dilemmas is that the ‘‘right thing to do’’ is not immediately or even eventually clear. These dilemmas are problems because their resolution is neither simple nor easy and they must be confronted under time pressures as well as conflicting financial and political demands. Often the ‘‘right answer’’ comes with a price tag. Moreover, in many instances, the crucial factors underlying the dilemma are not immediately obvious. So, how can individuals better resolve these dilemmas and reduce their chance of making a mistake that they will later regret? As in many areas of life, we often fail in ethics, not because we don’t know the right answer, but rather fail to ask the right questions. To tackle ethical dilemmas and avoid making ethical mistakes, executives, managers, and professionals can use the following five questions, which, while they will not guarantee making the right decision, can help prevent making the wrong one. They are: What are my self-interests in this situation and how might they influence me? Self-interests are a natural part of human nature. They are neither necessarily good nor bad but should be

acknowledged so as to prevent you from doing something unethical. What are the interests of others and the larger society and to what extent should I take them into consideration? What would lead to the greatest good for the greatest number and to

what extent should that be my predominant criterion in this situation? What principles and values, laws and regulations, policies and procedures, or socially appropriate behaviors do I need to consider? Are the relevant principles or processes more

important than outcomes? Am I willing to apply those same principles to myself regardless of the personal consequences? In my job or role, my personal or professional relationships, or as a member of the larger society, what are my obligations to others? How should the principle of reciprocity apply? Are

my obligations sufficiently important that I would be willing to sacrifice my self-interest, a fundamental principle or the greater good? What is in my long-term best interest and that of society in general, and how can I simultaneously meet both those commitments? Where do my long-term interests and those of others

intersect, and is there a decision or action that might satisfy both?The challenge, having asked these five questions and considered their implications, is to understand and minimize any inherent conflicts among the values and obligations that they underscore. This can be addressed by focusing on three criteria for resolving such value conflicts primacy, balance and acceptance. Primacy asks, ‘‘Which questions are most relevant to the values that are important to you and your organization in this situation?’’ Balance encourages seeking the best tradeoff if you must compromise among values. Acceptance asks, ‘‘How well will your decision and its underlying rationale likely hold up under public scrutiny?’’

PQ Recognize personal biases and stereotypes A bias is defined as prejudice in favour or against one thing, person, or group compared to another. A stereotype is defined as a widely held but fixed and oversimplified idea of a person or thing. Everyone views the world and makes decisions based on their lens of personal biases and stereotypes. Awareness of personal biases and stereotypes, and those held by international clients for or against you, can make international business interactions and transactions more

comprehensive.SP Recognize/Reward others for their efforts and contributions.

Every employee working at your workplace – from a simple technician to a richly experienced manager expects you to recognize his/her work and appreciate the efforts he/she puts in day after day for the success of your business. Employee recognition and rewarding is a process through which employers or business owners make a conscious effort to reward and award your employees not just to acknowledge their work but also to motivate them to continue with the same passion.




Employee recognition is the acknowledgment of an employee’s efforts, hard work and behavior at the workplace that have contributed to the organization’s success and objectives in some way. Both things are very important: recognizing and acknowledging these efforts, as well as rewarding employees for their fruitful efforts. Here are some ways in which you as an employer or business owner can recognize the efforts of your workplace and reward them accordingly:Day-to-day recognition – It is important to motivate and encourage employees to perform well on an everyday basis and not just on a periodic level. For example, small words of praise, little words of encouragement and constant motivation are highly important to make your employees feel encouraged for their efforts and to maintain a positive flow of the workplace environment.Informal recognition – Informal recognition is the kind of recognition which includes gestures of encouragement and appreciation. A pat on the back or a word of praise in front of the team can go a long way in boosting the morale of the employees.Formal recognition – Formal recognition is usually in the form of rewards for service, contribution, and achievements. These recognition forms also include events held for the celebration of achievements. Formal recognition often has some legal and policy requirements.Some forms of rewards are recognition (a plaque, certificate, company newsletter etc), promotion, a gift, or cash incentives which might include profit sharing.

CS Recommend bank solutions to meet client needs Recommend financial services

SP Recommend improvements to business processes CS Reconcile cash

Follow all normal financial accounting procedures by recording all cash transaction that may occur through the business checking account. Each month, the bank sends you a bank statement, which has the beginning and ending account balance and transactions that took place through the month. When you go through your bank statement and your financial records, make sure all transactions agree to business’s operations and follow up on anomalies Identify any reconciling items that will cause a difference between cash per GL and cash per bank statement (i.e. Outstanding cheques, transfers in progress) Reconciliation is essential to knowing the business’s true cash amount.

CS Record inventory transactions Record inventory usageRecord the disposition of assetsRecord transactions in a general journalRecord transactions in special journals The petty cash account is a sub-account of the cash account The following steps are required to account for the petty cash fund: To establish the fund, set up a separate general ledger account




Determine how much cash is required to replenish the fund by subtracting the cash remaining from the petty cash fund balance Total the petty cash receipts. Determine any cash over or short (the difference between the cash needed to replenish the fund and the total of cash receipts) Record the expenses incurred according to the petty cash receipts when replenishing the fundReduce risk of loss due to forgery and fraud

CS Reinforce service orientation through communication employees must make it clear to customers that they want to help them; the whole experience must be positive. The customer comes first. open communication from customer – employees – management (full circle) customers can be given opportunity to fill out comment cards/on-line surveys, perhaps with chance to win something/discounts train staff in proper customer service techniques, including greeting customers, asking to assist them, dealing with difficult or contentious issues/people, etc. customer service training, tips and messages to take place on on-going basis in staff meetings, employee newsletters, employee bulletin boards employees also be given chance to fill out feedback forms, surveys, suggestions

PQ Report noncompliance with business health and safety regulations Reporting Standards (IFRS) (PD:296) (SP)

PQ Respect the privacy of othersStudents may mention that there are laws governing information and personal privacy. Privacy allows us to be ourselves, to think and act without the presence, interference or judgment of others. Privacy is important to everyone, but especially to those who need support with their personal care, finances and recreation choices.To respect the privacy of others, people should: Knock and wait for permission to enter Leave people's mail and email unopened, and diaries, journals, notebooks and so on, unread. Make sure that privacy and modesty is respected during people's dressing, toileting and bathing times. Ensure that people with visitors are left alone to have that time together. Refrain from intruding on people when they are clearly spending time alone by choice. Respect confidences that have been shared with us, unless keeping silent puts someone at risk.

CS Respond to customer inquiries when responding to clients, it is important to use effective listening techniques such as: identify the purpose of the message give feedback to show understanding ask appropriate questions to gather more information




listen for verbal cues try to satisfy the customers/clients’ need as quickly as possibleSelect advertising media Participant demonstrates an knowledge of advertising media (four categories: print, broadcast, online and specialty) Participant outlines a media plan with rationale for each medium selected. Will this combination of media selected be effective in reaching the teams target market? Did the participant provide cost/budget considerations for the advertising selected?

CS Select and use appropriate graphic aids CS Select and utilize appropriate formats for professional writing

Typical formats include emails, letters, forms, reports and proposals In addition to email, and mail, written communications also include social media Are written for a limited number of purposes, usually to inform (to share information) and to persuade (to build goodwill with superiors, colleagues, and customers) State a main idea and develop it with more specific verbal and/or graphic details. Memos are brief, limited in scope, and to the point Are written in a polite, respectful, formal tone Use conventional paragraphs AND bulleted lists, headings/subheadings to make information easy to find and to read Use formal grammar, punctuation, spelling, and check that the content conveys the exact meaning

SP Select confidence levels SP Select real-estate investments based on qualitative and quantitative analysis

Select sources of capitalSP Select vendors

Set your criteria. ... Define your process. ... Call for bids. ... Evaluate the bid submissions. ... Monitor the supplier performance.Vendors/suppliers must provide: Reliability Provide quality Value for money (strike between cost, reliability, quality and service)




Strong service and clear communication Financial security (check their credit to ensure they won’t go out of business) A partnership approach - You want your suppliers to acknowledge how important your business is to them, so they make every effort to provide the best service possible. And you're

more likely to create this response by showing your supplier how important they are to your business.You can find suppliers through a variety of channels: Recommendations - ask friends and business acquaintances Directories Trade associations Business advisors Exhibitions Trade pressMake sure you know what you need. Don't be tempted by sales pitches that don't match your requirements. Understand the difference to your business between a strategic supplier, who

provides goods or services that are essential to your business - such as high-value raw materials - and non-strategic suppliers who provide low-value supplies such as office stationery. You will need to spend much more time selecting and managing the former group than the latter.

Spend time on research Ask around Credit check potential suppliers Price isn't everything - reliability and speed, for example Agree on service levels before you start Don't buy from too many suppliers - it will be easier for you to manage - and probably more cost-effective - if you limit the number of sources you buy from. This is particularly the

case with low value-added suppliers. ...but don't have just a single supplier – so you have an alternative supply source ready to help in difficult times

SP Sell ideas to others Selling an idea involves showing others how your idea will make the “after” better than the “now”. To do this, one must be short and crisp without extra verbiage and you must appeal to the person explaining why the idea has value to that person.Decision makers aren’t really interested in your idea—at least not on its surface. They’re really interested in its underlying value and what it can do for them and the end userListen to the end users, clients and managers as we begin developing ideas—but it also pays to carefully listen to decision makers before and during the idea presentation.Know your business and your productKnow the overall plan, but don’t get bogged down in too many details.Believe in the plan and you can sell it.




SP Sell ideas to others

CS Set financial goalsHaving multiple goals is common, including a mix of short- and long-term goals. For example, a long-term goal would be to "retire at age 65 with a personal net worth of $1,000,000," while a short-term goal would be to "save up for a new computer in the next month." On a short-term basis, families will set a monthly budget to track spending and saving. The actual amounts spent are evaluated monthly and refined. Setting financial goals helps to direct financial planning. Goal setting is done with an objective to meet specific financial requirements. For long-term goals, families will start with the end by determining how much needs to be saved. Using a conservative rate of return and the help of a financial planner or calculator, the total is divided into monthly amounts so that saving can be done on an ongoing, regular basis.

CS Set personal goals PQ Show empathy for others

Empathy is defined as the ability to understand and share the feelings of another. Thus, an empathetic student will try to directly relate to the customer’s feelings. Empathetic comments might include: I understand how important this is to you Acknowledge the frustration that the customer must be feeling. Explain that you too would be frustrated and upset if this happened to you. It is important that businesses anticipate possible problems and explain to the customer the steps that they can take to resolve the issue. Present in a positive way all of the things that the store will do to resolve this issue.Show evidence of creativity Were creative explanations given so that the judge (a world-class baker with very limited business or financial knowledge) could easily identify with and understand them?

SP Solicit feedback The only way to really find out whether your customers are happy, and what they might be unhappy about, is to solicit feedback from them. And the more channels through which this feedback can be taken, the better – as each one has different limitations in terms of the honesty and detail that will be expressed.Face-to-face feedback - There are many ways to get feedback from customers; some can start in the restaurant. Once the customers are present the staff then become the face of the business as they are the ones that the customer will remember as they leave their feedback. Social media - Social media is an invaluable tool for getting feedback. If you inform your customers of a restaurant’s pages on various social media sites, they can easily get in touch and leave feedback or reviews. Many diners will be more likely to leave reviews on social media given the centrality of these sites to their lives and, of course, their accessibility. Social media is especially attractive for customers because they know that they will get a response. Feedback forms - The company website is a great point of contact for customers. Having a feedback box on the website is a convenient place for customers to find a direct way to contact the restaurant. Having the feedback box on the website is also useful to encourage one time visitors to the restaurant and returning visitors to leave feedback. Through this, the business can get views on customers’ experiences at the establishment and – equally as important – the owners can get feedback on the workings and usability of the website too.




Tablet feedback systems - Mobile EPOS systems are becoming more common in restaurants and can be useful for gathering feedback. When there is a tabletop ordering system it can give an option to complete a feedback survey at the point of payment. This creates a no-fuss option for the customer to give feedback, as they do not have to complete any extra steps to give their opinion. These methods of feedback can be made fun for the customer as a type of mini-game. while the use of incentives to encourage them to complete the surveys will reward them for their effort. Another way that technology is being used to encourage customers to give their feedback is the use of specially designed kiosks located near the exit of the establishment. These again can be made into a fun mini-game to encourage customers to leave their feedback as they leave. Feedback from online customers - For those businesses that offer online ordering, there is another great opportunity to ask for customers’ thoughts on the service they received. Once the transaction has been completed and the customer has either picked up or had their item delivered, a follow-up email with links to a survey asking the customer how they rated the experience is a useful way, particularly for takeaway restaurants as they don’t have another point of contact with the customer if all exchanges with the customer are either by phone or online.Though it’s important not to bombard your clients with too many requests for comments and feedback, it is clearly essential for any successful business to know what their customers are happy or unhappy about. Setting up a range of different feedback channels will ensure that a wide and detailed set of customer feedback is collected. And this task will never be completed – businesses should continue to gather – and act on – feedback from consumers for as long as they wish to remain successful.

CS Store information for future use SWOT Analysis for the BankStrengths The strengths of the campaign should include all the features that make the campaign stand out again others in the market. These are features that give the campaign an advantage. Weaknesses Weaknesses are all the aspects where the campaign falls short. For example, the campaign might be too vague or confusing, or it may not present the bank in the most flattering manner. Opportunities Opportunities are all the ways in which the bank campaign might be further exploited. For instance, could the campaign be used to target a specific audience that the bank would like to have as customers? Threats Threats are anything negative that could arise from the campaign. For example, the campaign might make claims that could open it up to criticisms from competing banks, or the campaign may set unreasonably high expectations for customers.

PQ Take responsibility for decisions and actionsTake ownership for the customer experience, and avoid placing blame even if they were not directly responsible for the eventAssure the customer that they are committed to finding a solution that will ensure they are satisfiedApologize that the customer’s expectations were not metTarget products for specific markets

SP Test data for definitive associations SP Test data for definitive relationships




SP Test data for meaningful differences CS Track business environment changes that impact business financial results (e.g., stock market activity, economic developments, political development, competitive landscape

changes, product issues, etc.) SP Translate findings into actionable investment recommendations SP Translate research findings into actionable business recommendations PQ Treat others fairly at work PQ Treat others with dignity and respect SP Underwrite a loan application SP Underwrite an insurance policy SP Update the client on events/changes impacting portfolio CS Use accounting applications and systems CS Use an integrated business software application package PQ Use appropriate assertiveness

Being assertive means being able to stand up for your own or other people’s rights in a calm and positive way, without being either aggressive, or passively accepting ‘wrong’. Assertive individuals are able to get their point across without upsetting others, or becoming upset themselves.

PQ Use basic operating systems CS Use check-processing tools/technology (e.g., endorsers, encoders, joggers, scanners, strippers, etc.) SP Use claims analytics SP Use computer smart systems to assist in the underwriting process PQ Use conflict resolution skills

The participant may demonstrate conflict resolution skills by:• Clearly communicating the company’s policies and procedures• Effectively listening to the customer/employee’s concerns and questions• Responding appropriately to the customer/employee’s concerns and questions• Actively seeking a solution that both parties are satisfied with• Identifying when an approach or proposed solution is not working and suggest other possibilities to solve the problem• It is important to listen carefully to all sides of a situation.




• Conflict can be constructive if handled properly. A customer could have just moved their business without telling you and giving you an opportunity to fix the situation.• Where appropriate, work collaboratively with the staff to brainstorm possible solutions to the problem. This way the staff will buy in to the solution. As well, they may have some

clever and creative ideas to solve it.Conflict can be avoided if steps are taken early in a discussion to diffuse anger and facilitate communication, and it can be resolved by applying a series of thoughtfully applied steps. Here are some examples of conflict resolution techniques:Stay calm. The thing that leads to conflict is escalation. What starts people escalating is their anger. Most of us stop listening to understand as we get angry. Instead, we start listening in order to argue back. Listen to understand. The only way to settle a dispute or solve any kind of a problem is to listen carefully to what the other person is saying.Accentuate the positive. It is important to find some commonalities, or create them, between you and the person on the other end. State your case tactfully. The key here is to help people understand your perspective on things without making them defensive. To the extent you can disarm them, they will be more able to hear what you are really saying. Attack the problem not the person. Your points will be heard more clearly if you can depersonalize your comments and point only at the issue.Focus on the Future, Not the Past. Rather than focusing on what went wrong or who should have done what, the secret to dispute resolution is to treat it like problem solving and focus on what can be done to resolve the problem. Once that is done, companies can look to the past tense to analyze what went wrong and how to improve quality control and efficiency.

SP Use consensus-building skills SP Use Customer Relationship Management (CRM) technology SP Use data analysis software SP Use data visualization techniques (e.g., infographics, linked charts, etc.) SP Use networking techniques to identify employment opportunities.

Conduct informational interviews with your contacts and ask for referrals and for additional meetings Follow through with referrals, and always thank contacts in writing (email is fine) Create an inventory of your accomplishments, as a company, including your employment history, stability, profitability and opportunities for improvement. Keep these at hand should

a chance encounter become a contact Make a list of the assets you will bring as a prospective employer Bring business cards and a pen Write some notes so you'll remember the details on who you have just met on the business cards you collect or in a notebook When networking online, keep track of who you've emailed and where you have posted so you can follow up

SP Use power appropriately Use ratio analysis to evaluate company performance




Return on sales (net margin) is 43.39% which is quite high, could be due to low operating costs or high revenues This figure should be compared with historical data or with industry standards as it is relative If it is increasing it shows more profitability, if it is decreasing then the reason why should be examined

SP Use social media to solicit new ideas and solutions SP Use statistical data inferences to draw preliminary conclusions

Use T accountsSP Use the Internet to determine a potential client's risk SP Use the time value of money to make business decisions (e.g., projects, investments, etc.) SP Use time-management skills SP Use treasury systems (e.g., cash management, budgeting, forecasting) CS Utilize coin and currency equipment (e.g., bill strapping machines, coin/currency counters, counterfeit detectors, etc.) PQ Utilize job-search strategies

When conducting a job search, the initial step is to have a clear definition of what type of employment you are looking for. For example, if one is looking for an accounting position, what kind of accounting do they want to do? A person may wish to pursue a position in audit / tax or perhaps personal accounting. The search itself may follow after the search has been defined. Utilizing contacts is one means of a search; a person may develop contacts through attendance of networking events. These events can allow a person to develop relationships with others in the field and obtain specific advice. Accurately selling oneself is essential. When it comes to online profiles i.e. LinkedIn, it is important that credentials and work experience information are up to date. Doing so ensures that you attract the desired potential employers

CS Utilize note-taking strategies SP Utilize quality control methods at work

Participant’s answers may vary however responses should relate to the previous performance indicator regarding the crucial elements of a quality culture.SP Utilize resources that can contribute to professional development (e.g., trade journals/ periodicals, professional/trade associations, classes/seminars, trade shows and mentors).

Trade journals, magazines, continuing education seminars, courses, online learning, job shadowing A successful organization can generally trace its success to motivated employees. Discover what your employees want and create a way to give it to them or encourage them to earn it. When setting goals with each employee, encourage and include professional development goals

CS Validate credit history Customer has never been past 10 days past due on any debts Consistently paying a Visa and MasterCard bill, therefore building a credit historyValue long-term debt




Verify information in financial statementsCS Write a follow-up letter after job interviews CS Write a letter of application CS Write business letters SP Write executive summaries CS Write informational messages

Student is to explain what an informational message is and to provide an example.For an effective informational message the message is presented clearly and concisely so that the listener or reader can understand it easily.Basic considerations when writing the message might include: Know your audience Know your purpose Know your subject

CS Write inquiries SP Write persuasive messages

Presenters may come up with a specific message/slogan that they will use to persuadeMay speak about the importance of including persuasive messages in a presentation

CS Write professional emails

Documents

Organizational Direction - deca.ca · Web viewStudents might discuss any of the following: the reasons for product/customer loyalty at the moment, advantages and disadvantages of