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FBLA Region '23 > Personal Finance > Flashcards

Personal Finance Flashcards

1
Q

Rate of Return

A

the net gain or loss of an investment over a specified time period

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2
Q

High-Yield Savings Account

A

higher APY, but often, you won’t earn enough over the long-term to account for inflation; rates fluctuate, withdrawal limits, minimum deposit requirements; there are better choices for long term investments

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3
Q

APY/Annual Percentage Yield

A

the total interest you earn on money in an account over one year

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4
Q

Compounding Period

A

the time intervals between when interest is added to the account (annually, semi-annually, quarterly, monthly, daily)

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5
Q

APY Vs. Interest Rate

A

APY is the total interest you earn on money in an account over one year, whereas interest rate is simply the percentage of interest you’d earn on a savings account, investment or loan. In other words, the interest rate of an account is just one component of the account’s APY, which also factors in how often your interests compounds.

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6
Q

Money Market Accounts

A

combine features of a regular savings account with features of a checking account

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7
Q

Fair Credit Reporting Act

A

regulate the collection of credit information, which is frequently used to determine mortgage and lending rates. The law limits who can access a consumer’s credit history, and prohibits lenders from providing outdated or inaccurate information. The law also allows consumers to read their own credit reports, and to contest any inaccurate information

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8
Q

Fair Debt Collection Practices Act (FDCPA)

A

limits the actions of third-party debt collectors when attempting to collect debts on behalf of another person or entity

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9
Q

CAN-SPAM Act

A

governs email communication; Recipients have the right to stop being contacted

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10
Q

Gramm-Leach-Bliley Act (GBLA)

A

requires all U.S. financial institutions to reveal in writing how they handle, share, and protect consumers’ information

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11
Q

Children’s Online Privacy Protection Act

A

governs what information websites directed to children under 13 years of age can collect from their visitors

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12
Q

Fair Housing Act

A

protects buyers and renters of housing from being discriminated against by sellers, landlords, or financial institutions

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13
Q

Dodd-Frank Act

A

sweeping reform of U.S. financial regulations

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14
Q

IRAs vs. 401(k)

A

401(k)s are offered through employers, whereas IRAs are opened by individuals through a broker or a bank

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15
Q

When should you receive your W-2 from your employer?

A

January 31

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15
Q

When is the deadline to file your taxes?

A

April 15; an extension will give you an extra 6 months to October

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16
Q

Form 1040

A

taxpayers use to file their annual income tax return; can report all types of income, deductions, and credits

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17
Q

Form 1040EZ

A

a simplified form used by taxpayers that do not require the complexity of the full 1040 tax form; Your filing status was single or married filing jointly. You did not claim anyone as your dependent. You (and your spouse, if you’re filing jointly) were under age 65 in the relevant tax year, and not blind. Your taxable income was less than $100,000.

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18
Q

Form 1040A

A

a simplified version of Form 1040 that limits the number of tax credits; income must be less than $100,000

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19
Q

1040 vs. 1040A vs. 1040EZ

A

The simplest IRS form is the Form 1040EZ. The 1040A covers several additional items not addressed by the EZ. And finally, the IRS Form 1040 should be used when itemizing deductions and reporting more complex investments and other income.

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20
Q

Form 1099

A

a tax form issued by interest-paying entities, such as banks, investment firms, and other financial institutions, to taxpayers who receive interest income of $10 or more.

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21
Q

How many federal income tax brackets are there? What is the range?

A

7 brackets ranging from 10% to 37%

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22
Q

Venture Capital

A

capital invested in a project in which there is a substantial element of risk, typically a new or expanding business

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23
Q

What is the 401(k) plan for public entities?

A

403(b)

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24
Q

Fiduciary

A

someone who manages money or property for someone else; must manage money for benefit of other party and not your own

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25
Q

Consumer Report

A

contain information on an individual that is not in their credit report, including their “character, general reputation, personal characteristics, or mode of living” and are most often used by employers to check on job applicants

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26
Q

Express Warranty

A

when a seller makes a guarantee to the buyer that the product/service being offered has certain qualities

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27
Q

Implied Warranty

A

a guarantee that is not written down or explicitly spoken

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28
Q

General Liability Insurance

A

property damage and/or injuries to another person caused by an accident in which you’re at fault

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29
Q

Property Insurance

A

provides financial reimbursement to the owner or renter of a structure and its contents in case there is damage or theft—and to a person other than the owner or renter if that person is injured on the property

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30
Q

Retail Bank

A

offer members of the general public financial products and services such as bank accounts, loans, credit cards and insurance

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31
Q

Commercial Banks

A

concentrate on supporting businesses

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32
Q

Cooperative Banks

A

typically local or community-based associations whose members help determine how the business is operated. They’re run democratically and they offer loans and banks accounts, among other things.

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33
Q

Bank vs. Credit Union

A

banks are typically for-profit institutions while credit unions are not-for-profit and distribute their profits among their members

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34
Q

Wealth Management

A

an investment advisory service that combines other financial services to address the needs of affluent clients

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35
Q

Check Register

A

used to record financial transactions in cash

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36
Q

Bank Statement

A

a list of all transactions for a bank account over a set period, usually monthly

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37
Q

Components of a Credit/FICO Score

A

payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%)

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38
Q

Credit Bureau

A

companies that compile and sell credit reports; Equifax, Experian, and TransUnion

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39
Q

Debt Consolidation

A

a form of debt refinancing that entails taking out one loan to pay off many others

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40
Q

Debt Avalanche vs. Snowball

A

Avalanche: Pay off your highest-interest debt first; pay less overall
Snowball: Pay off your smallest balances first; builds motivation

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41
Q

Truth in Lending Act

A

ensures that creditors provide complete and honest information

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42
Q

Equal Credit Opportunity Act

A

prevents creditors from discriminating against individuals

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43
Q

Fair Debt Collection Practices Act

A

established rules for debt collectors

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44
Q

Credit Card Statement

A

A summary of the transactions on your account—your payments, credits, purchases, balance transfers, cash advances, fees, interest charges, and amounts past due

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45
Q

Credit Rating vs. Credit Score

A

Credit ratings are expressed as letter grades and used for businesses and governments. Credit scores are three-digit numbers used for individuals and some small businesses

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46
Q

Credit Rating

A

an evaluation of the credit risk of a prospective debtor;

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47
Q

Escrow

A

Funds or assets held in escrow are temporarily transferred to and held by a third party, usually on behalf of a buyer and seller to facilitate a transaction. “In escrow” is often used in real estate transactions whereby property, cash, and the title are held in escrow until predetermined conditions are met

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48
Q

How does credit availability change with the business cycle?

A

Peak=high availability
Trough=contractionary phase/low availability

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49
Q

Tax Deductions Vs. Credits

A

Deductions can reduce the amount of your income before you calculate the tax you owe. Credits can reduce the amount of tax you owe or increase your tax refund.

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50
Q

HMO/Health Maintenance Organization

A

delivers all health services through a network of healthcare providers and facilities; least freedom to choose providers; require referal to see a specialist

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51
Q

PPO/Preffered Provider Organization

A

A moderate amount of freedom to choose your health care providers – more than an HMO; you do not have to get a referral from a primary care doctor to see a specialist; Higher out-of-pocket costs if you see out-of-network doctors vs. in-network providers

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52
Q

POS/Point of Service Plan

A

blends features of an HMO with a PPO; requires referrals; You can see out-of-network doctors, but you’ll pay more.

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53
Q

Gated Vs. Non Gated

A

Refers to the need to obtain a referral from your primary care physician before seeing a specialist. With a “Gated” plan, you need a referral, with a “Non-Gated” plan, you don’t.

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54
Q

5 Cs of Credit

A

Most lenders use the five Cs—character, capacity, capital, collateral, and conditions—when analyzing individual or business credit applications

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55
Q

Exemption Vs. Deduction

A

both reduce your taxable income; The number of exemptions you can claim depends on your filing status and the number of dependents you have. The kinds of deductions you can claim, however, depend on your expenses.

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56
Q

Bonds Vs. Debentures

A

Bonds are debt financial instruments issued by financial institutions, big corporations, and government agencies having the backing of collaterals and physical assets. Debentures are debt financial instruments issued by private companies but are not backed by any collaterals or physical assets.

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57
Q

Bibliography

A

a detailed list of all the sources consulted and cited in a research paper or project

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58
Q

Warranty vs. Guarantee

A

A guarantee is a promise that something is of good quality and will perform the way it is intended to. A warranty is an assurance issued to the consumer, which is attached to a product.

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59
Q

Commercial Bank vs. Investment Bank

A

investment banks typically raise money by selling securities (like stocks and bonds). On the other hand, commercial banks use consumer deposits to fund loans and mortgages, and the interest on those loans becomes profit for the bank.

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60
Q

Ownership Investments

A

things you buy while expecting an appreciation in value; stocks, real estate, precious objects, and businesses

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61
Q

Lending Investments

A

debts you buy, expecting to be repaid; bonds, certificates of deposit, and Treasury Inflation-Protected Securities (TIPS)

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62
Q

Good Debt

A

debt the helps put you in a better position; taking out a mortgage, buying things that save you time and money, buying essential items, investing in yourself by borrowing for more education or to consolidate debt

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63
Q

Store-Value Card

A

gift card

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64
Q

Career vs. Occupation

A

Occupation: principal work or business, specifically as a means of earning a living

Career: an occupation undertaken for a significant period of one’s life; broader concept than occupation

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65
Q
A
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66
Q

Human Capital

A

the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country

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67
Q

money

A

any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context

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68
Q

elements of capitalism

A

private ownership, the motive for profit, the ability for businesses to compete in the free market, and minimal intervention in government

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69
Q

voluntary exchange

A

the act of buyers and sellers freely and willingly engaging in market transactions

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70
Q

equity

A

or economic equality, is the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics

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71
Q

factors of production

A

land, labor, capital, entrepreneurship

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72
Q

market value

A

how much something is worth in a competitive marketplace

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73
Q

CPI

A

consumer price index; measures inflation and purchasing power; measures the average change in price over time of a market basket of consumer goods and services

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74
Q

components of GDP

A

consumption, investment, government expenditure, net exports

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75
Q

“Investment” in GDP

A

purchase of new capital goods

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76
Q

“consumption” in GDP

A

private consumption expenditures by households and non-profit organizations

77
Q

capital stock

A

value of a company’s shares held by outside investors

78
Q

GNP

A

gross national product; value of all products and services produced by the citizens of a country both domestically, and internationally

79
Q

NDP

A

net domestic product; gross domestic product minus depreciation on a country’s capital goods

80
Q

NI

A

national income; the money value of all the final services and goods produced in an economy during a given period of time. It includes the incomes of all factors of production, such as rent, wages, profits, and interest

81
Q

PI

A

personal income; personal income refers to the total earnings of an individual from various sources such as wages, investment ventures, and other sources of income

82
Q

NI vs. PI

A

Personal income refers to the money received by factors of production, whereas national income represents the income generated by these factors

83
Q

DI

A

disposable income; income minus taxes

84
Q

absolute advantage

A

The ability of an actor to produce more of a good or service than a competitor

85
Q

comparative advantage

A

The ability of an actor to produce a good or service for a lower opportunity cost than a competitor

86
Q

balance of trade

A

difference between a country’s imports and exports

87
Q

Currency appreciation and depreciation

A

value of currency increases or decreases over time

88
Q

monopolistic competition

A

a type of imperfect competition such that there are many producers competing against each other, but selling products that are differentiated from one another and hence are not perfect substitutes (Restaurants, hair salons, household items, and clothing)

89
Q

oligopolisitc competition

A

a competitive situation in which there are only a few sellers (of products that can be differentiated but not to any great extent); each seller has a high percentage of the market and cannot afford to ignore the actions of the others (automobiles, airlines, pharmaceuticals)

90
Q

imperfect competition

A

the situation prevailing in a market in which elements of monopoly allow individual producers or consumers to exercise some control over market prices (includes monopolies and oligopolies)

91
Q

perfect competition

A

market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers (agricultural markets, foreign currency exchange markets)

92
Q

monopsony

A

market structure with only one buyer (U.S. government, miners in mining towns)

93
Q

antitrust laws

A

prohibit conduct by a single firm that unreasonably restrains competition by creating or maintaining monopoly power

94
Q

stock market

A

process and facilitation of investors buying and selling stocks with one another

95
Q

stock exchange

A

the actual intermediary that connects buyers with sellers (NYSE)

96
Q

stock index

A

numerical representation of a group of stocks that is used to track their collective performance (S&P 500, Dow Jones, Nasdaq)

97
Q

Who controls interest rates?

A

The Federal Reserve

98
Q

Income tax

A

levied by federal and most state governments; “progressive”

99
Q

Sales tax

A

levied by state governments; “regressive”

100
Q

Property tax

A

levied by local governments; “regressive”

101
Q

Excise tax

A

Excise taxes are taxes imposed on certain goods, services, and activities. Taxpayers include importers, manufacturers, retailers, and consumers, and vary depending on the specific tax (can be levied by federal, state, and local governments)

102
Q

Specific tax

A

refers to the excise tax imposed which is based on weight or volume capacity or any other physical unit of measurement

103
Q

Ad Valorem or Value-added tax

A

refers to the excise tax which is based on selling price or other specified value of the goods/articles

104
Q

Monetary policy

A

revising interest rates and changing bank reserve requirements (controlled by the Fed)

105
Q

When the Fed lowers interest rates…

A

financial institutions can procure funds at low interest rates. This enables them to reduce their lending rates on loans to firms and households.

106
Q

fiscal policy

A

the use of government taxing and spending to influence a country’s economy; influences aggregate supply and demand (controlled by the executive and legislative branch) (two main tools of fiscal policy are taxes and gov’t spending)

107
Q

Expansionary fiscal policy

A

increases aggregate demand directly through an increase in government spending (“loose”)

108
Q

reserve ratio/reserve requirement

A

sets the minimum amount that a commercial bank must hold in liquid assets

109
Q

open market operations

A

the purchase and sale of securities in the open market by a central bank to manage the money supply

110
Q

Discount rate/bank rate

A

rate of interest which a central bank charges on its loans and advances to a commercial bank

111
Q

Corporation

A

a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law, limited liability (Double tax: The profit of a corporation is taxed to the corporation when earned, and then is taxed to the shareholders when distributed as dividends)

112
Q

sole proprietorship

A

(unlimited personal liability) (self-employment tax, income tax)

113
Q

partnership

A

(Unlimited personal liability unless structured as a limited partnership)(Self-employment tax (except for limited partners, income tax) (no more than 50 members)

114
Q

Limited liability company (LLC)

A

(One or more people) (Owners are not personally liable) (Self-employment tax, Personal tax or corporate tax)

115
Q

Non-profit corporation

A

(Tax-exempt, but corporate profits can’t be distributed)

116
Q

labor union

A

organization of workers intent on “maintaining or improving the conditions of their employment (“organized labor”)

117
Q

circular flow model

A

model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between economic agents. The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction.

118
Q

4 factors of production

A

land, labor, capital, entrepreneurship

119
Q

business cycle

A

expansion, peak, contraction, and trough

120
Q

production possibility frontier

A

illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture

121
Q

brokerage firm

A

middleman who connects buyers and sellers to complete a transaction for stock shares, bonds, options, and other financial instruments

122
Q

capital deepening

A

capital per worker is increasing

123
Q

capital widening

A

situation where the stock of capital is increasing at the same rate as the labor force and the depreciation rate, thus the capital per worker ratio remains constant

124
Q

money growth

A

an increase in the amount of money in an economy; money supply

125
Q

lagging economic indicator

A

an economic statistical indicator that changes after macroeconomic conditions have already changed

126
Q

elasticity

A

measures change in quantity relative to change in PRICE

127
Q

Earned Income Tax Credit

A

a federal tax credit for working people with low and moderate incomes; It boosts the incomes of workers paid low wages while offsetting federal payroll and income taxes

128
Q

What caused stagflation in the 70s?

A

monetary and fiscal policy; oil embargo

129
Q

HMO/Health Maintenance Organization

A

delivers all health services through a network of healthcare providers and facilities; least freedom to choose providers; require referal to see a specialist

130
Q

PPO/Preffered Provider Organization

A

A moderate amount of freedom to choose your health care providers – more than an HMO; you do not have to get a referral from a primary care doctor to see a specialist; Higher out-of-pocket costs if you see out-of-network doctors vs. in-network providers

131
Q

EPO/Exclusive Provider Organization

A

A moderate amount of freedom to choose your health care providers – more than an HMO; you do not have to get a referral from a primary care doctor to see a specialist; No coverage for out-of-network providers; Lower premium than a PPO

132
Q

POS/Point of Service Plan

A

blends features of an HMO with a PPO; You can see in-network providers your primary care doctor refers you to. You can see out-of-network doctors, but you’ll pay more.

133
Q

Gated Vs. Non Gated

A

Refers to the need to obtain a referral from your primary care physician before seeing a specialist. With a “Gated” plan, you need a referral, with a “Non-Gated” plan, you don’t.

134
Q

Transitional Employment

A

a strategy that places individuals in temporary jobs with the goal of preparing them for permanent job placement. Transitional employment is offered to unemployed or underemployed individuals who need help integrating back into the workforce

135
Q

Affirmative Action

A

the practice or policy of favoring individuals belonging to groups regarded as disadvantaged or subject to discrimination; reverse discrimination

136
Q

Equal Employment Opportunity

A

refers to fair, unbiased treatment in the workplace; creates a culture that doesn’t accept any kind of discriminatory behavior

137
Q

Civil Rights Act

A

prohibits discrimination against women and minorities in the workplace

138
Q

Americans with Disabilities Act/ADA

A

prohibits discrimination against people with disabilities in several areas

139
Q

SMART Goals

A

Specific, Measurable, Achievable, Relevant, and Time-Bound

140
Q

OSHA/Occupational Safety and Health Administration requirements

A

Prevent workplace injuries and illnesses

141
Q

Pre-tax Deductions

A

any money taken from an employee’s gross pay before taxes are withheld from the paycheck (Medical and dental benefits, 401(k) retirement plans, group term life insurance)

142
Q

FICA/Federal Income Contributions Act

A

mandatory payroll taxes; Social Security (6.2%) and Medicare (1.45%); employee and employer each pay 7.65%

143
Q

Group Term Life Insurance

A

provides term life insurance as a benefit to eligible, enrolled employees or group members of an organization at a lower cost than what they would pay for an individual term life policy

144
Q

Mandatory/Statutory Benefits

A

medicare and social security contributions, worker’s compensation insurance, unemployment insurance and, under some state and local laws, paid sick leave; applicable large employers (50 or more employees) must also offer health insurance and family/medical leave

145
Q

Affordable Care Act (Obamacare)

A

increases health insurance coverage for the uninsured and implements reforms to the health insurance market

146
Q

Discretionary/Fringe Benefits

A

various types of non-wage compensation provided to employees in addition to their normal wages or salaries; not required by law (tuition assistance, childcare reimbursement, cafeteria subsidies)

147
Q

Salary Schedule

A

a system that determines how much an employee is paid dependent on the employee’s rank or status and the employer’s salary structure with grades that define the range of pay for an employee

148
Q

Variable Pay

A

the portion of sales compensation determined by employee performance; incentive pay

149
Q

Comparable Worth

A

concept aimed at leveling out salaries based on a job’s value, or worth, to a company; Equal Pay for Equal Work

150
Q

Broad banding

A

(a pay structure that consolidates a large number of narrower pay grades into fewer bands with wider salary ranges

151
Q

Strategic Compensation

A

strategies that help companies manage the total employee compensation while ensuring growth, equity, and transparency

152
Q

Piecework Plan

A

paying an employee a fixed pay rate for each unit they produce

153
Q

Merit/Incentive Pay

A

provides base-pay increases or bonuses for workers who perform their jobs effectively

154
Q

Employee Rewards/Recognition Programs

A

a system that an organization sets up to celebrate employee successes in an open forum and reward them with monetary and non-monetary perks for meeting goals or embodying core values

155
Q

Pay Rate

A

money received divided by hours worked

156
Q

Team-Based Compensation

A

financially compensates employees for the goals they meet as a collective group, rather than as individuals (bonuses)

157
Q

Coaching vs. Counseling

A

Coaching accepts existing performance and looks forward to even better performance from the employee. Counseling looks back at unacceptable performance to instruct an employee to reach satisfactory performance in the future

158
Q

Active Listening

A

listen attentively to a speaker, understand what they’re saying, respond and reflect on what’s being said, and retain the information for later

159
Q

Appraisal

A

the process of assessing an employee’s job performance and determining his or her suitability for future assignments

160
Q

360-Degree Feedback

A

assessment system or process in which employees receive confidential, anonymous evaluations from the people who work around them (subordinates, peers, colleagues, and supervisor)

161
Q

Personnel Law/Labor Law

A

mediate the relationship between workers, employing entities, trade unions, and the government

162
Q

IRCA/Immigration Reform and Control Act

A

prohibits employers from knowingly hiring, recruiting, or referring for a fee any alien who is unauthorized to work

163
Q

Form I-9

A

Employment Eligibility Verification, a United States Citizenship and Immigration Services form; used to verify the identity and legal authorization to work of all paid employees in the United States

164
Q

Exempt Employees

A

usually hold administrative, professional, or executive positions. They’re “exempt” from the Fair Labor Standards Act overtime regulations and, therefore, not entitled to overtime pay

165
Q

Non-exempt Employees

A

typically paid hourly and perform more manual or technical duties, entitled to overtime pay

166
Q

Negligent Hiring

A

The employer did not exercise reasonable care in hiring the employee, and now the employee has done something illegal

167
Q

Fair Labor Standards Act/FLSA

A

creates the right to a minimum wage, and “time-and-a-half” overtime pay when people work over forty hours a week for non-exempt employees; it also prohibits employment of minors in “oppressive child labor”

168
Q

ADEA/Age Discrimination in Employment Act

A

protects certain applicants and employees 40 years of age and older from discrimination on the basis of age in hiring, promotion, discharge, compensation, or terms, conditions or privileges of employment; prohibits involuntary retirement

169
Q

Family and Medical Leave Act

A

requiring covered employers to provide employees with job-protected, unpaid leave for qualified medical and family reasons

170
Q

Worker Adjustment and Retraining Act

A

protects employees, their families, and communities by requiring most employers with 100 or more employees to provide notification 60 calendar days in advance of planned closings and mass layoffs of employees

171
Q

Older Worker Benefit Protection Act

A

prohibits age discrimination in the provision of fringe benefits, such as life insurance, health insurance, disability benefits, pensions, and retirement benefits

172
Q

Employee Retirement Income Security Act/ERISA

A

sets standards to protect the interests of employee benefit plan participants and their beneficiaries

173
Q

Wagner Act/National Labor Relations Act

A

guarantees the right of private sector employees to organize into trade unions, engage in collective bargaining, and take collective action such as strikes

174
Q

Taft-Hartley Act/Labor Management Relations Act

A

outlawed closed shops, giving workers the right to decline to join a union. It permitted union shops only if a majority of employees voted for them

175
Q

Privacy Act of 1974

A

governs the collection, maintenance, use, and dissemination of personally identifiable information about individuals that is maintained in systems of records by federal agencies; require employers to let their employees know before any of their personal data is collected or processed

176
Q

Telecommuting

A

employees working from their own homes or other remote locations, connecting with coworkers via online platforms; remote work

177
Q

Job Sharing

A

an employment arrangement where two people, or sometimes more, are retained on a part-time or reduced-time basis to perform a job normally fulfilled by one person working full-time. This leads to a net reduction in per-employee income

178
Q

Flexible Scheduling

A

allows employees a level of autonomy to create their own schedules and find a work-life balance that works for them

179
Q

Open-Shop

A

a workplace that allows incoming recruits and existing employees to elect whether to join a union, rather than making it a requirement for employment

180
Q

Closed-Shop

A

employer agrees to hire union members only, and employees must remain members of the union at all times to remain employed

181
Q

Binding Arbitration

A

a form of dispute resolution in which the involved parties submit their arguments and evidence to a neutral arbitrator who reviews it, and then makes a final, legally binding decision on behalf of the parties

182
Q

Impasse

A

occurs when the two sides negotiating an agreement are unable to reach an agreement; deadlock

183
Q

Labor Strike

A

work stoppage caused by the mass refusal of employees to work

184
Q

Mediation

A

impartial third party neutrally assists disputing parties in resolving conflict

185
Q

Mediation vs. Arbitration

A

With mediation, the final decision is a reached agreement between the two conflicting parties, while arbitration calls on an arbitrator to analyze the case details and reach a verdict

186
Q

Screening

A

process used to determine a job applicant’s qualifications and potential job fit for a position to which they have applied; comes in right after candidate sourcing and involves skimming through resumes and cover letters

187
Q

5 Cs of Communication

A

Clear, concise, complete, cohesive, courteous

188
Q

Reference Manual

A

intended to assist users in using a particular product, service or application.

189
Q

Periodical

A

anything that comes out periodically. Magazines, newspapers, and journals

190
Q

Encyclopedia

A

a book or set of books giving information on many subjects

191
Q

Skimming Vs Scanning

A

Skimming is reading rapidly in order to get a general overview of the material. Scanning is reading rapidly in order to find specific facts.

FBLA Region '23 (9 decks)

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