Emotional Intelligence
Describe the nature of ethics
Ethics is based on well-founded standards of right and wrong that prescribe what humans ought to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues.
Discuss the role of administrative law
ensuring accountability for administrative agencies. By providing for judicial review of agency actions, this body of law curbs the power of the executive branch and provides transparency to the public
Determine the nature of organizational goal
to serve the organization's mission and affect decision making.
Demonstrate financial analysis applications
the evaluation of past financial performance, the projection of future financial performance, the assessment of credit risk, and the screening of potential equity investments.
Describe the concept of insurance
Insurance is a way to manage your risk. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you. If you have no insurance and an accident happens, you may be responsible for all related costs.
Explain the nature of effective communications
Effective communication is about getting your message across. Specifically, it involves capturing your audience's attention, ensuring your audience understands the idea you are trying to convey, and encouraging your audience to do something with that information, such as remember it, apply it, or provide feedback.
Discuss the nature of debtor-creditor relationships
Debtor-creditor relationships are created in one of two ways: voluntarily or involuntarily. Voluntarily. Most of our debtor-creditor relationships arise from voluntary interactions. Examples include loans of all types, credit lines and the use of credit cards
Demonstrate appropriate creativity
Appropriate creativity is a useful skill when you need to come up with a unique and effective strategy.
- ideas must have value / be appropriate to the cognitive demands of the situation
- be innovative / try new and different approaches
- write down brainstorm ideas
- communicate with others / get feedback
Explain the nature and scope of the financial-information management function
provides a business or client with realistic and objective numbers that project financial status and condition, for example, interpreting a financial statement may give a company a promising outline of their common procedures. Good financial information management defines a quality company.
Discuss the role of ethics in finance
Ethical practices instill a public trust in the fairness of financial markets and transactions, allowing them to function efficiently. Ethical practices by finance and investment professionals benefit all market participants and stakeholders and lead to increased investor confidence in global capital markets.
Describe the nature of emotional intelligence
The nature of emotional intelligence as envisaged by Goleman can be summarized as; It is the ability to control others' emotions including groups, an individual and closed one. It is a process of knowing what feels good or bad and how to get from bad to good.
Identify the basic torts relating to business enterprises
Common business torts include breach of fiduciary duty, fraud and misrepresentation, tortious interference, and conversion. In each, some basic business principle, such as truthfulness, has been violated. When this ripens into an open dispute, with damages at stake, a lawsuit can arise and the courts become involved
Explain possible advancement patterns for jobs.
Associates can be promoted to managers who can be promoted to senior managers who can be promoted to vice presidents who can be promoted to C-level positions.
Explain the role of ethics in financial-information management
Explain forms of financial exchange
Credits = business or individual can purchase goods and services in exchange for a promise to pay later. Can make major purchases, though it is often used for more common, less expensive items. Issued a credit card from a bank to make such purchases. Debit is a variation of credit. Debit cards authorize a seller to withdraw funds directly from the consumer's bank account at the time of sale.
A cash sale is any transaction where customer pays with cash or a check.
Other forms of retail sales transactions include layaway, on-approval, and cash-on- delivery (COD).
Layaway = removing merchandise from stock and keeping it in a separate storage area until the customer pays.
On-approval sale = agreement permits a customer to take merchandise home for further consideration before paying.
COD sale = transaction occurs when a customer pays for goods when delivered.
Identify desirable personality traits important to business
characteristics of successful businesspeople, including persistence, creativity, responsibility, confidence, and enthusiasm. A businessperson should be inquisitive, goal-oriented, independent, a risk taker, and action oriented. Essential skills for running a business include the following: communication, math, problem solving, technology, decision making, organizing, teamwork, social, and basic business skills.
Describe the nature of customs regulations
Customs Laws control the import of goods into the United States and the duties (or import taxes) paid on such goods. The United States Customs and Border Protection Agency is the regulatory agency primarily tasked with overseeing American customs laws.
Utilize resources that can contribute to professional development
- make good use of resources = increase your success
- attending seminars
- participating in leadership development conferences
- internet resources (ex LinkedIn Learning Webinars)
Discuss non-traditional uses for financial information
Sustainability reporting is the disclosure and communication of environmental, social, and governance (ESG) goals—as well as a company's progress towards them.
Activity-based costing (ABC) is a method of assigning overhead and indirect costs—such as salaries and utilities—to products and services. The ABC system of cost accounting is based on activities, which are considered any event, unit of work, or task with a specific goal
Six Sigma is a process that makes use of statistics and data analysis to analyze and reduce errors or defects.
Explain the use of technology in accounting
Accounting technology offers accountants the ability to share data and documents with clients and staff in real time. By enabling remote work and online collaboration with clients, accountants can save time, enhance the client experience, and boost staff engagement.
Explain the nature of stress management
Stress management is defined as the tools, strategies, or techniques that reduce stress and reduce the negative impacts stress has on your mental or physical well-being. A variety of techniques can be used to manage stress. These include mental, emotional, and behavioral strategies.
Explain types of business ownership
A sole proprietorship is easy to form and gives you complete control of your business. You're automatically considered to be a sole proprietorship if you do business activities but don't register as any other kind of business.
Partnerships are the simplest structure for two or more people to own a business together. There are two common kinds of partnerships: limited partnerships (LP) and limited liability partnerships (LLP).
Limited partnerships have only one general partner with unlimited liability, and all other partners have limited liability. The partners with limited liability also tend to have limited control over the company, which is documented in a partnership agreement.
Limited liability partnerships are similar to limited partnerships, but give limited liability to every owner. An LLP protects each partner from debts against the partnership, they won't be responsible for the actions of other partners.
A corporation, sometimes called a C corp, is a legal entity that's separate from its owners. Corporations can make a profit, be taxed, and can be held legally liable.
Corporations offer the strongest protection to its owners from personal liability, but the cost to form a corporation is higher than other structures. Corporations also require more extensive record-keeping, operational processes, and reporting.
Identify tentative occupational interest.
When determining what career you want to go into, it is critical that you identify your occupational interests and explore career possibilities.
Explore possibilities:
- take a career interest assessment / career exploration course to define interest
- meet with a Career Advisor to create a plan
Develop a Plan:
- develop tentative career goals and make a strategic plan to achieve those goals
- attend Job & Internship Fairs (to find out more about prospective careers)
Describe techniques used to analyze customer financial information
Three of the most important techniques are horizontal analysis, vertical analysis, and ratio analysis. Horizontal analysis compares data horizontally, by analyzing values of line items across two or more years.
Vertical analysis is the process of reading down a single column in a financial statement.
Horizontal analysis is used to identify trends over time, Vertical analysis is used to determine how individual line items in a statement relate to another item in the report.
Ratio analysis is the process of analyzing the information in a financial report as it relates to another piece of information in the same report.
Explain types of investments
Investments are generally bucketed into three major categories: stocks, bonds and cash equivalents.
Stocks: investment in a specific company. When you purchase a stock, you’re buying a share — a small piece — of that company’s earnings and assets.
Bond: a loan made to a company or government. When you purchase a bond, you’re allowing the bond issuer to borrow your money and pay you back with interest.
Cash equivalents: U.S. government Treasury bills, bank certificates of deposit, bankers' acceptances, corporate commercial paper, and other money market instruments. Financial instruments often have a short maturity, highly liquid market, and low risk