Accounting

St. Michael-Albertville Business Standards 1. Accounting Standard Standard 1: Understands and applies basic procedures in the accounting cycle. Benchmark A. Uses the fundamental accounting equation (i.e., assets = liabilities plus owner’s equity). B. Understands the function of a balance sheet (i.e., a major report that lists the various asset, liability, and owner’s equity items). C. Understands the rules of debit and credit D. Understands the nature of the double-entry system. E. Understands the concepts of accounts receivable and accounts payable. A. Uses manual and computerized systems to prepare payroll records B. Calculates earnings (e.g., at an hourly rate, salary basis, commission basis) C. Calculates deductions (e.g., federal income tax, Social Security tax, Medicare tax, state income tax) D. Calculates employer’s payroll taxes (e.g., Social Security, Medicare, federal, unemployment, state unemployment) E. Prepares payroll reports (e.g., federal, state, local) F. Understands the relationship between gross pay, net pay, and deductions Placement Accounting 1 Accounting 1 Accounting 1 Accounting 1 Accounting 1 Standard 2: Understands and applies payroll theories and procedures. Accounting 11 Accounting 11 Accounting 11 Accounting 11 Accounting 11 Accounting 11 1 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards (i.e., net pay = gross pay less deductions) Understands interrelationships of financial statements. Prepares balance sheets (e.g., balance total assets with total liabilities plus net worth) Calculates financial ratios (e.g., gross profit, net profit, equity, debt ratios; ratios of expenses to sales; rate of turnover of inventories) Prepares income statements (e.g., add gross sales/gross billings and cost of goods sold, determine gross profit on sales, deduct expenses, record net profit) Prepares trial balances (i.e., summaries of ledger account balances used to check the arithmetical accuracy of ledgers) Uses a variety of journal formats to journalize business transactions. Prepares and utilizes budgets (e.g., makes cost and revenue forecasts, track budget performance, makes appropriate adjustments). Uses spreadsheet technology to prepare financial statements and reports (including charts and graphs) Uses spreadsheets and databases to determine price, profit, cost, and Standard 3: Interprets and creates basic financial statements. A. B. Accounting 11 Accounting 1 & 11 C. Accounting 11 D. Entrepreneurship, Accounting 1 & 11 E. Accounting 11 F. G. Accounting 1, 11, & 111 Accounting 111 Standard 4: Understands and uses accounting software and spreadsheets. A. Entrepreneurship, Accounting 111 Entrepreneurship, Accounting 111 B. 2 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards break-even point Uses accounting software to compare planned financial goals to actual financial statements Uses financial spreadsheets or accounting software for budget analysis and forecasting Knows various accounting software available for financial analysis and management (e.g., programs pertaining to productivity, payroll, investments, inventory control, ratio analysis) Understands the differences between manual and computerized accounting systems Uses common methods of computing depreciation (e.g., straight-line method, declining-balance method, sum-of-the-year-digits method). Understands the concept of profit and the computation of the breakeven point for a business (i.e., total fixed costs ÷ [selling price - variable cost per unit]). Understands the difference between current assets (i.e., expected to be converted into cash within 12 months, such as cash or merchandise), fixed assets (i.e., used over a period of several years of normal operations, such as a building a retailer owns), and C. Entrepreneurship, Accounting 111 Entrepreneurship D. E. Accounting 11 F. Accounting 111 Standard 5: Understands the concepts of assets, liabilities, and owner’s equity. A. Accounting 11 B. Entrepreneurship Marketing C. Accounting 11 3 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards intangible assets (e.g., reputation of servicing the public, franchise fees, patents, copyrights) Understands the concept of liabilities (i.e., debts incurred by the business to acquire assets) Understands the difference between current liabilities (i.e., an obligation that will be paid by a current asset) and long-term liabilities (i.e., debts that are due after 12 months of maturity) and their impact on financial statements Understands appropriate accounting techniques used to account for investments and withdrawals by owners Understands the concept of dividends D. Accounting 1 & 11 E. Accounting 11 & 111 F. Accounting 1 G. Business Law Standard 6: Understands how the legal system affects business. Accounting 111 Personal Business Law (PBL) A. Understands the similarities and differences between common law, statutory law, procedural law, substantive law, and agency regulations B. Knows common sources of law C. Understands the process courts uses to make law, and the importance of precedent in the legal system D. Understands the jurisdiction and function of state courts, federal courts, appellate courts, and the PBL PBL PBL 4 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards Supreme Court Understands the advantages and disadvantages of various methods for resolving disputes, such as litigation, arbitration, mediation, and conciliation Knows different kinds of business crimes (e.g., arson, forgery, fraud, embezzlement) Understands the legal steps necessary for forming and operating a sole proprietorship, partnership, and corporation, and understands the advantages and disadvantages of each type of organization Knows the characteristics of hybrid business organizations, including limited liability corporations, limited liability partnerships, joint ventures, and sub-chapter S corporations Understands the rights and responsibilities of those involved in each type of business organization. Knows the options that different business organizations have for declaring bankruptcy or dissolving their organization Understands the characteristics of different types of corporations (e.g., profit, non-profit, domestic, foreign) and different types of corporate E. PBL F. PBL Standard 7: Knows the characteristics of the major types of business organizations. A. Personal & Business Finance (PBF) B. PBF C. PBF D. PBF E. PBF 5 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards expansion (e.g., mergers, consolidations, conglomerates) F. Understands legislation protecting the rights of consumers (e.g., Fair Credit Reporting Act, Fair Credit Billing Act, Equal Credit Opportunity Act, Consumer Credit Protection Act, Federal Trade Commission Act, Consumer Product Safety Act) G. Knows the characteristics of different kinds of contracts (e.g., express and implied, bilateral and unilateral, oral and written) H. Understands rules pertaining to the interpretation and enforcement of contracts I. Understands how different countries laws affect contractual transactions Standard 9: Understands the nature of agency law and employment law Standard 8: Understands the nature of contract law, law of sales, and consumer law PBL PBL PBL PBL J. Understands how specific pieces of PBL legislation affect employers and workers (e.g. Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Occupational Safety and Health Act, workers’ compensation legislation, social security legislation, the National Labor Relations Act; the Taft-Hartley CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards 6 11/1/2009 St. Michael-Albertville Business Standards Act) K. Understands the significance of the collective bargaining process L. Understands legal aspects of the hiring process (e.g., what questions cannot be asked during an interview; the legality of asking applicants to take aptitude, polygraph, psychological and/or drug tests) Standard 11: Understands the legal implications of electronic communications and information systems on business M. Understands legal and ethical issues related to the ownership of electronically generated information N. Knows federal and state legislation that addresses computer crime O. Knows federal and state copyright and trademark laws that regulate computer hardware and software P. Understands a variety of ethical issues related to information systems (e.g., issues related to property, 7 11/1/2009 PBL PBL PBL Web Design PBL PBL Web Design PBL CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards privacy, access, and accuracy) Q. Knows legal issues resulting from new technological developments (e.g., computer snooping, software piracy, computer hacking) R. Understands key aspects of computer law Business Mathematics Standard 13: Analyzes and interprets data using common statistical procedures, charts, and graphs PBL PBL A. Uses statistical concepts to analyze data, evaluate results, and draw conclusions (e.g., data found in financial reports) B. Uses tables, graphs, diagrams, and charts to obtain or convey quantitative information (e.g., manual or electronic representations) C. Calculates measures of central tendency (i.e., mean, median, mode) and variability (e.g., standard deviation, range, quartile deviation) D. Understands how outliers may affect various representations of data (e.g., a regression line might be strongly influenced by a few aberrant points, whereas the scatter plot for the Entrepreneurship Comp Applications Entrepreneurship Comp Applications 8 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards same data might suggest that the aberrant points represent mistakes) E. Understands how the reader’s bias, measurement error, and display distortion can affect the interpretation of data F. Understands that making an inference about a population from a sample always involves uncertainty and the role of statistics is to estimate the size of that uncertainty Standard 14: Uses basic mathematical operations to solve business problems A. Computes various taxes (e.g., individual income, property, sales, employer, employee) B. Uses percentages to calculates interest in various situations (e.g., simple annuity, sinking fund, mortgage loan) C. Differentiates between various savings and investment opportunities D. Understands cash management (e.g., reconciling bank statements with check registers, reconciling and replenishing petty cash funds and cash drawers) 9 11/1/2009 Entrepreneurship Marketing Accounting 11 & 111 Accounting 11 Class of 200X PBF Accounting 1 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards E. Makes financial statement calculations (e.g., net sales, gross profit, operating expenses, net profit for the income statement; total assets, liabilities, and owner’s equity for the balance sheet; cash flow) F. Understands credit management (e.g., calculates outstanding amount for installment purchases, calculates finance charges, compare cash prices to installment prices, calculates the effects of early payoff of an installment plan) G. Makes sales computations (e.g., net sales, percent of markup, percent of markdown) H. Makes inventory record computations (e.g., determine inventory valuation; calculates cost in relation to inventories using purchase prices, transportation costs, taxes) I. Makes calculations relating to depreciation, cost recovery, and depletion (e.g., calculates the depletion of natural resources, calculates book value) Accounting 1 PBF Entrepreneurship Entrepreneurship, Accounting 11 Accounting 11 10 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards J. Understands various sources of discrepancy between an estimate and a calculated answer K. Uses formulas and equations to determine price, profit, costs, and break-even points L. Uses recurrence relations (i.e., formulas expressing each term as a function of one or more of the previous terms, such as the Fibonacci sequence or the compound interest equation) to model and to solve realworld problems (e.g., home mortgages, annuities) Economics Standard 15: Understands the basic features of economic systems and the role of economic institutions in the U.S. economy Entrepreneurship 1 & 11 Entrepreneurship PBF A. Understands that the effectiveness of allocation methods can be evaluated by comparing costs and benefits B. Understands that economic institutions have different goals, rules, and constraints, and thus respond differently to changing economic conditions and incentives C. Understands that in every economic systems consumers, producers, workers, savers, and investors Class of 200X Class of 200X Class of 200X 11 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards respond to incentives in order to allocate their scarce resources to obtain the highest possible return, subject to the institutional constraints of their society D. Understands that when transaction Class of 200X costs (e.g., tariffs, costs of gathering or disseminating information on products, transportation costs paid by the consumer) decrease, more specialization and trading will occur E. Understands that increases in productivity are affected by incentives that reward successful innovation and investments (e.g., in research and development, in physical and human capital) F. Understands that technological change and investments in capital goods and human capital may increase labor productivity but have significant opportunity costs and economic risks Standard 16: Understands the role of markets, prices, and the laws of supply and demand in the U.S. economy A. Understands that a shortage occurs when buyers want to purchase more than producers want to sell at the prevailing price and that shortages usually result in price increases Class of 200X Class of 200X PBF 12 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards B. Understands that a surplus occurs when producers want to sell more than buyers want to purchase at the prevailing price and that surpluses usually result in price decreases C. Understands that changes in supply or demand causes relative prices to change; in turn, buyers and sellers adjust their purchase and sales decisions D. Understands that the demand for a product will normally change (i.e., the demand curve will shift) if there is a change in consumers’ incomes, tastes, and preferences, or a change in the prices of related (i.e., complementary or substitute) products E. Understands that the supply of a product will normally change (i.e., the supply curve will shift) if there is a change in technology, in prices of inputs, or in the prices of other products that could be made and sold by producers Standard 17: Understands the different types of competitive structures and the role of competitive markets in the U.S. and other economies 13 11/1/2009 A. Understands that public service commissions typically regulate natural monopolies because people cannot rely on competition to control price and PBF PBF PBF PBF PBF CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards service levels in these cases B. Knows that in the long run the level of competition in an industry is determined largely by how difficult and expensive it is for new firms and entrepreneurs to enter the market and by consumers’ information about the availability, price, and quantity of substitute goods and services C. Knows that collusion among buyers and sellers reduces the level of competition in a market economy and is more difficult in markets with large numbers of buyers and sellers D. Understands that a natural monopoly exists when it is cheaper for one supplier to produce all of the output in a market than for two or more producers to share the output (e.g., electric companies) Standard 22: Understands basic concepts of banking and financial systems A. Knows that an interest rate is a price of money that is borrowed or saved and that interest rates are determined by forces of supply and demand B. Understands that higher interest rates provide incentives for people to 14 11/1/2009 PBF PBF PBF PBF PBF CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards save more and to borrow less, and vice versa C. Understands that riskier loans command higher interest rates than safer loans because of the greater chance of default on the repayment of risky loans D. Understands that higher interest rates reduce business investment spending and consumer spending; thus, policies that raise and lower interest rates can affect spending E. Understands the functions of various types of financial institutions (e.g., banks, savings and loans, credit unions) and non-bank lenders (e.g., Small Business Administration, Farmers Home Administration) F. Understands the process of credit creation and its role in financial institutions and the banking system G. Understands different types of credit Entrepreneurship Standard 23: Knows unique characteristics of an entrepreneur 15 11/1/2009 PBF PBF PBF PBF Class of 200X PBF A. Knows factors that contribute to a professional image (e.g., appearance, PBF Web Design CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards speech, writing, etiquette, integrity, ethics) B. Knows that entrepreneurship relates to the capacity to take responsibility for one’s own future, to initiate creative ideas, develop them, and to carry them through into action in a determined manner C. Knows personal, social, family, and career advantages (e.g., personal achievement, enhanced community status, family involvement, greater career potential) and disadvantages (e.g., loss of personal time, loss of corporate resources, diminished family security, loss of job security) of owning a business Standard 24: Knows characteristics and features of viable business opportunities A. Knows characteristics of a successful business (e.g., marketable idea, opportunity/plan, competitive advantage) B. Knows options for going into business (e.g., starting up a new business, buying an established business, acquiring a franchise) C. Knows that starting a new business 16 11/1/2009 PBF Web Design PBF Web Design Marketing Entrepreneurship Marketing Entrepreneurship Marketing CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards involves substantial risk; purchasing an existing business or buying a franchise reduces the risk involved with going into business D. Knows shifts in the marketplace creates unmet consumer needs and new businesses are created to meet these needs E. Knows the types of businesses in existence in their community and other information about their geographical area (e.g., population demographics, levels of unemployment, percentage of people that own their own home) Standard 25: Understands that cultural difference, export/import opportunities, and current trends in a global marketplace can affect an entrepreneurial venture A. Knows that entrepreneurs wishing to do business in another culture must understands that language and behaviors used in the American culture will not always be useful in a foreign culture (e.g., slogans that don’t translate meaningfully or are insulting after translation) B. Knows ways businesses can take part in international trade (e.g., manufacturers can build cost-saving factories in other countries; retailers may buy imported products to sell in 17 11/1/2009 Entrepreneurship Marketing Entrepreneurship Entrepreneurship Marketing Entrepreneurship PBF CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards the domestic market; consultants can travel to other countries to uses their expertise) C. Knows some reasons entrepreneurs would want to trade with other countries (e.g., prices of goods may be lower in other countries, competition in other countries may not be as intense, profit margins may be higher in other countries) D. Knows methods used to identify business trends (e.g., designing, conducting, and analyzing surveys) Standard 26: Understands how ethics, government, and different forms of business ownership affect the entrepreneurial venture A. Knows that even though entrepreneurs may feel overwhelmed by the number and scope of government regulations, those regulations promote competition and protect various groups or society as a whole (e.g., government sets standards for pure food and drugs) B. Knows that government regulations can affect the daily operations and basic decisions involved in the running of a business (e.g., what prices can be charged, what percentage of profit can be kept) 18 11/1/2009 Entrepreneurship Entrepreneurship Entrepreneurship Entrepreneurship CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards C. Knows federal, state, and local, code, licensing, and tax requirements D. Knows key regulatory agencies pertaining to the operation of small businesses (e.g., Federal Trade Commission, Equal Employment Opportunity Commission, Occupational Safety and Health Administration, Environmental Protection Agency) E. Understands that most of the transactions done in business involve contracts (e.g., oral or written legally enforceable agreements between two or more people), and that contracts contain five basic elements (e.g., agreement, consideration, capacity, legality, mutuality of consent) F. Knows that choosing the type of ownership depends on many factors (e.g., personal feelings about risk, financial situation, tax laws, business needs) and that there is not one best form of ownership G. Knows sources available to help entrepreneurs choose a form of ownership (e.g., attorneys, accountants, Small Business 19 11/1/2009 Entrepreneurship Entrepreneurship PBL Entrepreneurship Accounting 111 Entrepreneurship CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards Administration, clubs) Standard 27: Understands the characteristics and components of a business plan A. Knows that developing a business plan is a complex undertaking that involves information related to almost all areas of business B. Understands that although the risks of failure in starting a new business are relatively high, the development of a business plan is one factor reducing the chance of small business failure C. Knows questions that a business plan helps answer (e.g., what the goals of the business are, how the goals will be accomplished, the reasons for choosing a particular business idea, when the business will show a profit, the location of the business) D. Knows what information needs to be included in each of the sections of a business plan (e.g., the marketing plan should contain a marketing analysis and strategy; the management and organization plan should address what the management functions are and who will fill them) E. Knows sources of assistance for 20 11/1/2009 Entrepreneurship Entrepreneurship Entrepreneurship Entrepreneurship Entrepreneurship CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards developing a business plan Standard 28: Understands the financing necessary to start a business A. Knows factors that affect the amount of money needed to start a business (e.g., nature, size, and location of the business; current economic conditions; credit policies) B. Knows the advantages and disadvantages of equity financing (e.g., advantages: all profits go to the owner, may provide owner greater incentive to succeed, disadvantages: risk of losing money that may have taken years to accumulate, may have to live in less style than accustomed to) C. Knows the advantages and disadvantages of debt financing (e.g., advantages: it may be easier to borrow money than save it, interest on a business loan is tax deductible; disadvantages: high interest rates can make borrowing very expensive, limitations or restrictions that lenders may put on loans) D. Knows major types of loans used to finance a business (e.g., short-term loans, intermediate term loans, long21 11/1/2009 Entrepreneurship Entrepreneurship Accounting 111 Entrepreneurship Accounting 111 Accounting 111 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards term loans) E. Knows the financial statements a lender would evaluate when considering whether to grant a loan to an entrepreneur (e.g., projected income statement, cash flow statement, balance sheet) Information Systems Management Standard 29: Knows the characteristics and uses of computer hardware Accounting 111 A. Knows hardware components appropriate for specific tasks (e.g., types of printers needed for a publishing business; cash registers and price scanners used in various retail settings) B. Knows features and uses of emerging technology (e.g., optical character recognition, video conferencing, wireless devices) C. Identifies malfunctions and problems in hardware (e.g., evaluate why a school fax machine is not working and uses vendor “help lines” to solve the problem; take the proper steps to make an inoperative business printer work) and follow maintenance instructions for keeping relevant equipment in good working order Business Presentations Computer Applications Computer App. Entrepreneurship 22 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards D. Knows proper set-up of workstations (e.g., ergonomics, lighting, ventilation, cabling) Standard 30: Knows the characteristics and uses of industry- and subject-specific computer software programs A. Uses database software to enter, sort, search, and retrieve data (e.g., sort patient records according to admission date in a hospital database; look to see if a car part is in stock for an auto repair business) B. Uses spreadsheet software to update, add, and delete data and to produce documents (e.g., classroom grade totals, profit-loss statements, charts and graphs showing increase in customers eating at a restaurant) C. Uses presentation and multimedia software to design, create, edit, and format presentations (e.g., a sales campaign presentation, a report about new manufacturing technologies, a description of veterinary procedures) D. Uses word processing software to produce documents (e.g., manuscripts, business letters, memorandums, resumes) E. Uses desktop publishing software to produce a variety of publications (e.g., 23 11/1/2009 Keyboarding Computer App. 1 & 11 Web Design Computer App. 1 & 11 Computer App. 1 & 11 Class of 200X Excel PBF Business Presentations Web Design Class of 200X Computer App. 1 & 11 Business Presentations CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards newsletters, brochures, instructional manuals) F. Uses various resources (e.g., on-line help, tutorials, manuals) to troubleshoot problems with software G. Knows that different types of software exist for different subjects and industries (e.g., accounting software, marketing software, production software, health services industry software, aerospace industry software, agricultural industry software) H. Uses appropriate storage devices for software (e.g., floppy or hard disks, magnetic tape) Standard 31: Knows the characteristics and uses of operating systems, environments, and utilities A. Knows the different types of operating systems (e.g., multi-user, multitasking, single user) D. Knows how to organize and maintain directories and files using various operating systems Class of 200X Computer App. 1 & 11 Business Presentations Excel Word Web Design Computer App. 1 & 11 Business Presentations Business Presentations Computer App. 1 & 11 Excel Web Design All Classes Web Design Class of 200X Computer App. 1 & 11 F. Knows operating system commands 24 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards Web Design Computer App. 1 & 11 Business Presentations Web Design Computer App. 1 & 11 Business Presentations Computer App. 1 & 11 Business Presentations Web Design Standard 32: Knows characteristics and uses of communications and networking systems G. Knows how to import, export, and merge data in different formats (e.g., text, graphics) H. Knows how different operating systems rate in terms of ease of uses and functionality A. Knows types of communications hardware and software and their functions and uses (e.g., modems, Internet search software tools) B. Uses interactive electronic communication (e.g., mail, image transfer, remote bulletin board access, on-line information services) to send and receive information and to interact effectively among coworkers (e.g., to reschedule a meeting) C. Understands concepts of a computer network (e.g., single user and multiuser systems, local area networks, wide area networks) Computer App. 1 & 11 Computer App. 1 & 11 Standard 36: Understands plans and procedures for maintaining the security of information systems Standard 37: Establishes and uses a personal code of ethics for information systems uses and management 25 11/1/2009 B. Knows federal and state laws pertaining to computer crime, fraud, abuse, and electronic security breeches A. Knows standard rules followed within organizations for the handling of confidential information (e.g., a PBL Computer Applications PBL Accounting 11 Entrepreneurship CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards patient’s medical information, information concerning a product in development at a manufacturer) B. Knows ethical issues and problems relating to information systems (e.g., privacy, property, access) C. Knows acceptable telecommunications ethics, etiquette, guidelines, and laws PBF Computer App. 1 & 11 Computer App. 1 & 11 D. Understands the concepts of information systems integrity and confidentiality in the business environment and knows the risks of a breach of confidentiality A. Understands that information systems and technology have affected social ideals (e.g., worker/manager protocols; attitudes toward work, family, school, other cultures) Standard 38: Understands the impact of information systems and technology on business and society B. Knows how information systems and technology have caused greater interdependence among workers, organizations, and nations (e.g., workers that travel frequently can keep in close touch with the office via PBL PBF Accounting 1 Entrepreneurship All Business Classes All Business Classes 26 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards cell phone and e-mail) C. Understands how information systems and technology have changed the breadth and level of worker responsibilities (e.g., electronic funds transfer reduces the duties of a bank teller) All Business Classes D. Knows ways that information systems All Business Classes and technology have contributed to worker productivity (e.g., information systems technology has taken over some repetitive, boring, timeconsuming tasks, freeing employees up for other work) E. Knows economic effects of using information systems (e.g., high cost to business when purchasing equipment, reduced staff numbers, retraining of staff) F. Knows that the implementation of information systems and technology may help to resolve conflicts within the workplace (e.g., acquiring new skills may allow for job rotation to help reduce employee boredom) G. Understands the relationship of rapidly changing technology and 27 11/1/2009 All Business Classes All Business Classes All Business Classes CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards information systems to global competition, and job creation, obsolescence and supply/demand International Business Standard 39: Understands significant aspects of international business and trade and the opportunities they creates at the local, state, national, and international level A. Knows the resources of major cities New International Bus. Class of the world (e.g., ports; trade routes; transportation centers; foreign trade zones; natural, financial, and human resources) B. Knows ways in which participation in international trade affects a country’s economic potential to improve its quality of life C. Understands the impact of the importing and exporting process (e.g., benefits and costs of indirect and direct exporting; reasons businesses export; different forms of importing) D. Knows regions that are significant to international trade (e.g., European Community, Middle East, Pacific Rim, South and Central America, United States, Canada, Mexico, Commonwealth of Independent States) E. Understands factors that influence the balance of international trade NIBC NIBC NIBC NIBC 28 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards (e.g., different types of trade barriers, international trade agreements, positive and negative trade balances, the influence of trade sanctions) F. Understands the elements of international finance (e.g., currency values and foreign exchange rates; the effects of international currency exchange and foreign exchange markets on international business; elements of the international monetary system) G. Understands the role of risk management in international business (e.g., types of risks; ways to protect against trade risks) Standard 40: Understands the social, cultural, political, legal, and economic factors and issues that shape and impact the international business environment A. Knows unique social and cultural factors that affect international business activities (e.g., social roles of women and minorities in various subpopulations; time zones; workday; workweek; schedules; holidays) B. Knows factors that affect the choice of location for international companies (e.g., trade barriers, tariffs, quotas, taxation policies) 29 11/1/2009 NIBC NIBC PBF NIBC NIBC CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards C. Understands the impact of political environments and geography on international business (e.g., climate; time zones; distance; topography; social, economic, and natural resources; geographic factors such as natural resources and natural harbors) D. Understands the impact of culture on international business (e.g., ways in which language, behavior, values, and attitudes influence relations between trading partners; the impact of cultural traditions on international business practices; the importance of understanding the cultural background of international business partners) E. Understands the characteristics of marketing in international business (e.g., types of media used in foreign markets; advertising strategies and techniques used in foreign markets; strategies for increasing a business’s involvement in international markets; elements of multinational and mass marketing; similarities and differences between international consumer markets and commercial 30 11/1/2009 NIBC NIBC Marketing NIBC CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards markets) F. Understands ways in which social, cultural, technological, and geographic factors influence patterns of consumer buying in different cultures G. Knows factors that influence international business management (e.g., environmental factors that influence the uses of specific organizational structures; cultural factors that influence the uses of specific managerial styles in different countries; different approaches to human resource management in international business) Legal and Ethical Responsibilities Standard 41: Understands the obligations of businesses to the government and the community NIBC NIBC Standard 42: Understands the role of ethics in the business world 31 11/1/2009 C. Knows which government agencies are responsible for regulating various industries (e.g. FTC, FCC, USDA, CPSC) D. Knows ways in which businesses can influence government regulations (e.g., by lobbying government officials) E. Knows arguments concerning how and why businesses should be involved in their community F. Understands the importance of social responsibilities in the business world A. Understands the similarities and differences between the ethical PBL PBL Marketing Marketing PBL CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards systems of different cultures B. Understands how ethics differs from governmental regulations C. Knows that new governmental regulations are sometimes implemented in response to illegal or unethical business practices D. Knows ethical issues resulting from increased global competition (e.g., foreigners dumping products on the market at below-cost prices to drive competitors out of business; competing countries that tolerate questionable labor practices, bribery, corruption, and human rights violations) E. Knows ethical issues affecting consumers (e.g., truth in advertising, shoplifting) F. Knows ethical issues related to marketing (e.g., truth in selling, truth in packaging, price fixing, industrial espionage) A. Understands the importance of maintaining confidentiality in the work place (e.g. keeping a patients medical 32 11/1/2009 PBL PBL NIBC PBL Marketing Marketing PBF Entrepreneurship CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards records confidential) B. Understands the importance of respecting individual differences and promoting the just and equal treatment of all people in the workplace Standard 43: Understands ethical concepts, including integrity and confidentiality, as related to the business environment C. Knows ethical issues involving employer/employee relationships (e.g., poor working conditions, hours wasted on the job, employee theft) D. Knows what constitutes a business code of ethical behavior E. Understands how society and the economy benefit from citizens having an ethical and legal life style F. Knows techniques for solving problems that include ethical considerations G. Knows types of unethical behavior that have been known to exist in the workplace Management Standard 44: Understands the functions of management and how they are implemented PBF Entrepreneurship PBF Entrepreneurship PBF Entrepreneurship PBF Entrepreneurship PBF Entrepreneurship PBF Entrepreneurship A. Understands the role of strategic planning in a business B. Knows the steps involved in developing Entrepreneurship Class of 200X 33 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards a budget C. Knows tools used in project planning (e.g., PERT, Gantt) D. Knows management functions and how they are used (e.g., planning, organizing, directing, controlling, staffing, and evaluating) E. Understands the benefits and drawbacks associated with centralization and decentralization F. Understands ways in which organizations facilitate accountability through authority and responsibility G. Knows a variety of leadership styles and their effectiveness in different situations (e.g., hands-off, autocratic/directive, worker involvement) H. Knows a variety of management styles I. Understands the importance of financial management to business operations Standard 45: Understands the role of quality and continuous improvement in business organizations 34 11/1/2009 A. Knows strategic choices regarding quality that influence business Entrepreneurship Entrepreneurship Entrepreneurship Entrepreneurship Entrepreneurship Entrepreneurship Accounting 1, 11 & 111 Entrepreneurship Entrepreneurship CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards operations (e.g., quality management issues such as getting the entire organization to commit to quality improvement; quality control issues such as methods for achieving goals concerning quality) B. Knows strategic choices regarding quality that influence business operations (e.g., quality management issues such as getting the entire organization to commit to quality improvement; quality control issues such as methods for achieving goals concerning quality) H. Understands the relationship between quality and continuous improvement and profit I. Knows factors that influence the quality of a business organization’s services (e.g., staffing and employee training; strategic, design, and operation choices and decisions) J. Understands ways in which employee training and development can improve an organization’s work force (e.g., increased productivity, decreased absenteeism and turnover, decreased cost of materials and equipment due to errors, increased pay raises and more autonomy among employees) 35 11/1/2009 Entrepreneurship Entrepreneurship Entrepreneurship Entrepreneurship CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards Standard 46: Understands a variety of strategies used to make long-term and short-term management decisions C. Knows a variety of traditional and nontraditional sources used to secure financing (e.g., equity financing such as personal savings, family and friends, forming a partnership, or using venture capital; debt financing such as borrowing; short-term loans; long-term loans; government loans) D. Understands the importance of research to business planning and development E. Understands the impact of cultural differences on the ways in which business decisions are made F. Knows how financial data is used to make business decisions (e.g., income statement, balance sheet, cash flow statement, statement of net worth) A. Knows different forms of business ownership (e.g., franchises, employee stock ownership program; sole proprietorship, corporation, and partnerships in international business; limited liability corporation; limited liability partnership; non-profit) B. Understands the interrelationships of different organizational models (e.g., line, line and staff, functional) C. Knows situations in which multinational companies should uses 36 11/1/2009 Entrepreneurship Class of 200X Entrepreneurship Marketing Entrepreneurship Marketing PBF Accounting 1, 11, 111 Entrepreneurship Marketing PBF Standard 47: Understands various organizational structures and the advantages and disadvantages of each PBF PBF CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards alternative organizational structures (e.g., holding companies, divisions, joint ventures) D. Knows the advantages and disadvantages of different business organizations Standard 48: Understands general managerial skills and strategies A. Knows the elements involved in time management (e.g., planning, organizing, directing, controlling, evaluating) B. Knows resources that are used to make professional contacts (e.g., career development centers, business schools, alumni, business leaders) Standard 49: Understands human resource management issues and how they affect the success of the organization A. Knows factors that contribute to employee development (e.g., orientation and employee training; continuous training; the benefits associated with workshops, conferences, course work, and professional associations) B. Knows procedures used in the employee evaluation process C. Knows elements of job descriptions and how they are used in the recruiting process 37 11/1/2009 PBF Entrepreneurship Entrepreneurship Class of 200X PBF Entrepreneurship Entrepreneurship PBF Entrepreneurship Class of 200X CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards D. Knows ways in which management and employees can address human resource concerns (e.g., the grievance process, the collective bargaining process) F. Knows policies and procedures used to manage compensation (e.g., company performance, benchmarking, profit sharing) G. Knows criteria used to promote employees J. Understands the importance of timely communication of information pertinent to employees (e.g., company handbook, newsletters, memos) A. Knows the elements of a production schedule E. Knows types of inventory (e.g., perpetual, physical) Marketing Standard 51: Understands the roles of marketing and the impact of marketing on the individual, business, and society A. Understands how the market system operates as an independent, pricedirected system of exchange that satisfies needs and wants B. Knows how the marketing environment affects peoples’ lifestyles, standards of living, and preferences C. Knows the major types of markets in 38 11/1/2009 Entrepreneurship Entrepreneurship Entrepreneurship Entrepreneurship Keyboarding Standard 50: Understands operations management principles and procedures Entrepreneurship 11 Accounting 11 Marketing Entrepreneurship Marketing Marketing CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards the American economy (e.g., consumer market, including individuals and households; industrial market, including producers, resellers, and government; non-business organization market, including churches, civic and professional groups, and charitable organizations) D. Understands the role of marketing in providing form, time, place, possession, and information utility (e.g., form utility is added to products when they are prepared and displayed for sale, time utility is added to products by making them available when needed, place utility is added to products by having them available where needed, possession utility is added by transferring ownership to the customer, information utility is added by allowing two-way communication between the seller and the buyer) E. Knows marketing functions (e.g., distribution, financing, marketinginformation management, pricing, product planning, promotion, purchasing, risk management, selling) and how they contribute to the 39 11/1/2009 Marketing Marketing CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards marketing concept F. Understands the role of marketing in business and non-business organizations Standard 52: Understands how external factors and competition influence or dictate marketing decisions A. Knows advantages and disadvantages of marketing regulation and its effect on various businesses and industries B. Knows effects of domestic and international economic conditions on marketing strategy C. Knows ways in which special interest groups affect marketing (e.g., pressure for government regulations, boycotts) D. Knows effects of cultural differences on marketing E. Knows elements of direct and nondirect competition and their effects on marketing strategy F. Knows how marketing decisions and strategies are influenced by changing technologies (e.g., mass distribution systems, information technology, data bases, communications technology, 40 11/1/2009 Marketing Marketing Marketing Marketing Marketing Marketing Marketing CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards product innovation and development) Standard 53: Understands characteristics and processes of marketing research A. Knows purposes, benefits, and limitations of marketing research B. Knows a variety of approaches to marketing research (e.g., observation, survey, experiment) C. Knows steps involved in marketing research (e.g., defining the problem; developing a hypothesis; collecting, analyzing, and interpreting quantitative and qualitative data; drawing and presenting conclusions) D. Knows primary sources of data (e.g., interviews, questionnaires, observations) and secondary sources of data (e.g., library sources, governmental reports; reports published by trade associations, local Chambers of Commerce, banks, newspapers, and utility companies; industry research companies) used in marketing research E. Understands characteristics and purposes of a marketing-information system (MIS) (e.g., analysis of economic, technological, social, and regulatory environments; product 41 11/1/2009 Marketing Entrepreneurship Marketing Entrepreneurship Marketing Marketing Marketing CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards analysis; market analysis; competitive analysis; consumer analysis) Standard 54: Understands characteristics of a market and strategies used to deal with a diversified marketplace A. Understands the difference between the consumer market and nonconsumer market (e.g., government, industry, organizations) B. Knows factors that affect customer buying motives (e.g., culture, subculture, social class, family members, roles and status, personal factors, psychological factors) C. Knows strategies to influence rational and emotional buying motives (e.g., emotional motives such as ambition, pleasure, and leisure time; rational motives such as durability, economy in purchase, and dependability in use) D. Knows ways in which consumer markets are changing (e.g., population changes, such as shifts in age and mobility; size and distribution of income; changes in lifestyle and attitudes; increased leisure time; more purchases on credit; higher educational levels) E. Knows advantages and disadvantages of market segmentation and mass 42 11/1/2009 Marketing Marketing Marketing Marketing Marketing CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards marketing F. Knows factors to be considered when selecting a target market (e.g., selling costs, competition, required resources) and strategies to reach the selected target market Standard 55: Understands components and strategies of effective marketing plans (e.g., product development, pricing, distribution processes and methods, forms of promotion) A. Knows components of the marketing mix (i.e., product, price, promotion, place) and how they contribute to successful marketing B. Develop a marketing plan (e.g., describes the target market, states the marketing objectives, identifies the competition, describes the marketing environment, details each element of the marketing mix, develops a budget) C. Understands factors to be considered in product/service planning (e.g., product mix, packaging considerations, positioning/image, quality assurance such as warranties and service contracts) D. Understands pricing objectives, policies, and strategies, and factors that affect selling price (e.g., psychological effects, break-even 43 11/1/2009 Marketing Marketing Marketing Marketing Marketing CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards point, retail decisions, competition, image, supply and demand, mass production, price elasticity) E. Knows various channels of distribution (e.g., agents, brokers, retailers, wholesalers) and factors to be considered when selecting them (e.g., nature of the product, size/location of the market, availability of channel members, ability to manage marketing activities) F. Knows components of the promotional mix (e.g., advertising, personal selling, public relations, sales promotion) and characteristics and costs associated with these components G. Understands the difference between public relations and publicity (e.g., public relations activities are deliberate and planned, of public interest, and involve two-way communication; publicity is often unplanned and beyond a company’s control) Standard 56: Understands the selling process and forecasting principles and methods used to determine sales potential for specific products 44 11/1/2009 A. Understands the concept of market potential Marketing Marketing Marketing Marketing CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards St. Michael-Albertville Business Standards B. Understands the relationship between sales forecasting and business success C. Knows a variety of types of sales personnel (e.g., manufacturers, agents, missionary salespeople, retail salespeople) D. Understands the selling process (e.g., locating prospects, forming relationships with customers, identifying customer needs and suggesting solutions, handling objections, closing the sale, follow-up) E. Knows a variety of selling strategies (e.g., feature-benefit selling, suggestion selling, counselor selling) F. Understands a variety of sales approaches (e.g., industrial approach, retailing approach) FROM http://www.mcrel.org/careerstandards/Business.asp Entrepreneurship Marketing Marketing Marketing Marketing Marketing 45 11/1/2009 CURRICULUM/FOUCAULT/CURRICULUM/BUSINESS/business standards