Career Readiness
What document summarizes your work experience and skills for employers?
What is a résumé?
What does a company’s “mission statement” describe?
What is its purpose or goal?
A person who starts their own business is called a _____.
What is an entrepreneur?
What does a budget help you do?
Track income and expenses.
What is a “leader”?
Someone who guides and motivates others.
What should you always do after a job interview to leave a strong impression?
What is send a thank-you note/email?
What is the difference between revenue and profit?
Revenue is total income; profit is income after expenses.
What is the difference between an invention and an innovation?
Invention is creating something new; innovation improves an existing idea.
What does “pay yourself first” mean in saving?
Put money into savings before spending on wants.
What is the difference between autocratic and democratic leadership?
Autocratic = leader makes decisions alone; democratic = leader involves the team.
Name two examples of “soft skills” employers look for.
What are communication, teamwork, problem-solving, leadership, etc.?
What are the 4 Ps of marketing?
Product, Price, Place, Promotion.
What is a “business plan” and why is it important?
A written guide for running a business; helps secure funding and set goals.
What is the difference between credit and debit?
Credit = borrowed money; debit = money you already have in your account.
What is the main purpose of delegation in management?
To assign tasks effectively and use team strengths.
What does “networking” mean in career development?
What is building professional relationships to gain advice or job opportunities?
What is one common reason businesses fail in the first 5 years?
What is lack of capital, poor management, or weak market demand?
What does “risk vs. reward” mean for entrepreneurs?
Higher risks can lead to higher potential rewards, but also greater chance of loss.
What is compound interest?
Earning interest on both the initial money and previous interest earned.
What does “ethics in management” mean?
Making fair, honest, and responsible decisions.
What is the difference between a cover letter and a résumé?
A résumé lists skills/experience; a cover letter explains why you’re a good fit.
What does “business operations” refer to?
The day-to-day activities that keep a business running smoothly.
What’s the difference between a sole proprietorship and a corporation?
Sole proprietorship = one owner, personal liability; corporation = legal entity, limited liability.
What is the 50/30/20 budgeting rule?
50% needs, 30% wants, 20% savings/debt repayment.
What are the people at the top level of management called?
Executives