mttc 98 review (nov
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MTTC Preparation
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MTTC # 98
Next test date is January 13, 2007Regular registration deadline is December 1, 2006http://www.mttc.nesinc.com/
Additional test dates: April 14 & July 7, 2007Register by: March 2 and May 25, 2007 respectively
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Preparation Resources
MTTC study guides http://www.mttc.nesinc.com/MI_viewSG_opener.asp
Mail order through MTTC registration bulletin
EMU Business Content Guidelines / Standards Matrix http://www.emich.edu/coe/program_update/bus_ed/m
atrix.html
Peers, Textbooks, Internet, Spark Charts
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Test Organization
Areas include: Business 25% Management 25% Marketing 25% Technology 25%
Test is not organized by area
October was the first time the test was offered 100 questions – but not all are counted for your score
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Business
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Accounting Cycle
1. Analyze Transactions
2. Journalize
3. Post
4. Prepare Work Sheet5. Prepare Financial Statements
6. Journalize Adjusting & Closing Entries
7. Post Adjusting & Closing Entries
8. Prepare Post-Closing Trial Balance
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Accounting Equation
Assets=Liabilities + Owner’s Equity
______Debit_____________Credit_______
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T-accounts are your friends
Assets
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T-accounts are your friends
Liabilities
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T-accounts are your friends
Owner’s Equity
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Cash vs. Accrual
Cash – Income is recognized as cash is received and expenses are recognized as cash is paid
Accrual – Income is recognized as it is earned and expenses are recognized as they are incurred.
Matching concept – Income and expenses are recognized in the same period
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Analyze transactions & journalize
Source documents InvoicesCheck registerBills and more
JournalsCash receipts, Accounts payable, Accounts
receivable, Purchases, etc.
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Posting
General ledger Symbolized using T-accounts
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Judy's Car Wash
Worksheet
August 31, 2006 1 2 3 4 5 6 7 8
TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET
ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
1 Cash 8600.00 8600.00 1
2 Accounts Receivable 500.00 500.00 2
3 Supplies 1100.00 (a) 500.00 600.00 3
4 Prepaid Insurance 340.00 (b) 220.00 120.00 4
5 Accounts Payable 1040.00 1040.00 5
6 Judy Spreen, Capital 7860.00 7860.00 6
7 Judy Spreen, Drawing 1600.00 1600.00 7
8 Income Summary 8
9 Sales 5600.00 5600.00 9
10 Advertising Expense 500.00 500.00 10
11 Insurance Expense (b) 220.00 220.00 11
12 Miscellaneous Expense 260.00 260.00 12
13 Supplies Expense (a) 500.00 500.00 13
14 Utilities Expense 1600.00 1600.00 14
15 14500.00 14500.00 720.00 720 3,080.00 5,600.00 11,420.00 8,900.00 15
16 2,520.00 2,520.00 16
17 5,600.00 5,600.00 11,420.00 11,420.00 17
18 18
19 19
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Financial Statements
Balance Sheet Income Statement Statement of Cash Flows
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Balance Sheet
Assets Current Assets Fixed Assets Other Assets (long-term)
Liabilities Current Liabilities Long-term Liabilities
Owner’s, Stockholders’, Partner Equity
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Income Statement
Revenue Cost of Goods Sold Gross Profit Expenses Net Operating Income Non-operating income expense Net income/loss
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Adjusting & Closing entries
Adjusting entries Prepared from Worksheet To accomplish matching principle
Closing entries Close temporary accounts
Revenue (and other income stmt accts w/credit Expenses (and other income stmt debits Income summary Drawing account (sole proprietors and partners)
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Math to solve business problems
Decimals Fractions Percents Ratios Proportions Algebra
See math textbook
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Statistical calculations
Mean= Average
Median= Middle
Mode= Most often
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Personal Finance-objectives
Personal finance planDebt management Investment optionsCreditConsumerism
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Personal finance-objectives
How to manage economic risks Using a rational decision-making process
CitizensWorkersConsumers
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C. Apply principles of law to business situations Understanding the role of government in
regulating business The structure of the court system Classifications of procedural law Classifications of substantive law
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U.S. Supreme Court
U.S. Court of Appeals (11 Territorial Circuits
and DC Circuit)
U.S. Court of Appeals (Federal Circuit)
Fed. AdminAgencies
U.S. DistrictCourts
(96 districts)
U.S. TaxCourt*
U.S. PTO
U.S. CourtOf
Internat.Trade*
U.S. ClaimsCourt*
U.SBankruptcy
Courts*
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Substantive vs. Procedural Law
Substantive (Policy) Procedural (Method of Enforcement)
Administrative LawAgencyBailmentsCommercial PaperConstitutional LawContractsCorporation LawCriminal LawInsurancePartnershipsPersonal PropertyReal PropertySalesTaxationTortsTrusts and Wills
Administrative ProcedureAppellate ProcedureCivil ProcedureCriminal ProcedureEvidence
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C. Apply principles of law to business situations Relationships: contract, sales, consumer, employment,
and agency laws Understanding laws related to commercial paper,
insurance, secured transactions, and bankruptcy Understanding laws regarding personal property, real
property, and intellectual property Analyzing the relationship between ethics and the law Applying U.S. and other law to national and international
markets
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E. Apply principles of business communication Communicate effectively on both personal
and professional levels Identifying the concepts, strategies, and
systems needed to interact effectively with others
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E. Apply principles of business communication Applying appropriate social
communication skills in personal and professional situations, including cover letters and resumes in a global environment
Using appropriate technology to enhance the effectiveness of communications
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E. Apply principles of business communication Demonstrating appropriate leadership,
supervisory, customer service, and ethical standards to communicate effectively with business constituents
Demonstrating communication strategies necessary for effective international business relations.
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Management
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Management
A. Understand types, structures & functions of business management Includes demonstrating leadership,
communication, planning, controlling, organizing, problem-solving, and self management skills
Demonstrating an understanding of professional ethics and social responsibility in business
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Management
B. Understand HRM, labor relations, and the role of corporate, group, and interpersonal behavior in business mgmt.
Applying human resource principles, systems, and contingency approaches to actual management scenarios
Recognizing human resource practices to legally and effectively manage a diverse workforce
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B. Understand HRM, labor relations, and the role of corporate, group, and interpersonal behavior in business mgmt.
Apply social theory (e.g. group dynamics, work groups, roles within teams, conflict resolution methods) to the workplace
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Economics
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Opportunity Cost
Whatever must be given up to obtain some item
“There’s no such thing as a free lunch”Links scarcity, choice, and cost
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Production Possibilities Curve (PPC)
Maximum combination of two outputs that an economy can produce given available resources and technology.
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Law of Increasing Opportunity Costs
Opportunity costs increase as the production of one output expands.
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Shifting the Production Possibility Curve
Shift in PPC occurs with a change in:Physical CapitalHuman CapitalNatural ResourcesTechnology
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Supply, Demand & Equilibrium
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Law of Demand
Inverse relationship between price and quantity buyers are willing to purchase
Change in Quantity Demanded
Source: fashiontribes.com
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Change in Demand
Change in quantity demanded at each possible price
Source: fashiontribes.com
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Law of Supply
Direct relationship between price and quantity
Change in Quantity Supplied
Source: www.sparknotes.com
Quantity of Jeans
Pric
e of
Je
ans
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Change in Supply
Source: www.sparknotes.com
Change in quantity supplied at each possible price
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Equilibrium
Source: www.sparknotes.com
Market condition that occurs when quantity demanded = quantity supplied
SURPLUS
SHORTAGE
Invisible Hand Theory
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Monetary Policy
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Federal Reserve SystemMonetary Policy
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Key U.S. Economic Measures
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Gross Domestic Product (GDP) The market value of all final goods and services
produced in a nation during a given period of time, usually a year.
Expenditure ApproachGDP = C + I + G + (X-M)
Consumption Gross Private Domestic Investment Government Consumption Expenditures and Gross
Investment Net Imports (Exports – Imports)
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GDP
Income Approach = Compensation of employees + Rents + Profits + Net Interest + Non income adjustments
Income Approach = Expenditure Approach
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GDP Nominal GDP = production of goods &
services valued at current prices
Real GDP = production of goods & services valued at constant prices
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Types of Unemployment Seasonal Frictional
Structural Cyclical
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Unemployment
Rate = (# of unemployed / labor force) x 100
Labor force = total number of workers including both the employed and unemployed
Not in the labor force Retirees Homemakers Full-time student
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Employment
Full employment does NOT mean 0%
GDP Gap = Cost of Cyclical Unemployment Potential real GDP – Actual real GDP
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Inflation Based on % change of Consumer Price Index
Inflation = increase in average price level of goods and services Demand-Pull = increase due to excess of total spending Cost Push = increase due to cost of production.
Deflation = decrease in average price level of goods and services
Nominal & Real Interest Rates
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Rational Expectations
Theory= people use all information they have when forecasting future, including government policies
Applicable for inflation and unemployment tradeoff
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Economic Systems, Competition & Risk
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Economic Systems
Capitalism – private ownership of resources and markets and decentralized decision making
Socialism – government ownership of resources and centralized decision-making
Communism – all factors of production owned by workers and people share in production according to their needs
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Competition
Competitive Market = many buyers and sellers with little impact on market price
Other types of Markets:Monopoly Oligopoly Monopolistically Competitive
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Risk
Most people are risk adverse Insurance
Diversification Idiosyncratic risk is eliminatedAggregate risk is not
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International Trade & Global Economy
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International Strategy
Increased Market Size
ROI
Economies of Scale
Advantage in Location
Multidomestic
Global
Transnational
Exporting
Licensing
Strategic Alliance
Acquisition
New Subsidiary
Opportunity Strategy Entry
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Risks
PoliticalGovernment regulation, legal authorities
EconomicCurrency fluctuations, trade barriers, trade
agreements (i.e. NAFTA)
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Marketing
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Fundamental Concepts
The marketing concept is the idea that companies should determine the needs of their customers and meet them better than the competition.
What do customers want? Can we develop it while they still want it? How can we keep customers satisfied?
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Effective Interaction with Others
Focus on positive interaction with clients
Positive interaction with other employees also important
TWO HEADS ARE BETTER THAN ONE!
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Economics and Marketing
Supply and demand affects production Market Equilibrium
S
Price
QuantityD
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Career Exploration and Development Types of Careers in Marketing
SalesMarket ResearchAdvertising & PRRetailingProduct Management
www.careers-in-marketing.com
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Finances and Decision Making
How are decisions made based on finances?Do we have enough money?Do we have extra money?What can we cut?What can we add?What price should we charge for our
product/service?
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Marketing Research
WHY HAVE MARKETING RESEARCH (benefits, etc.)?
WHAT CAN WE LEARN FROM MARKETING RESEARCH (consumer, competitor, etc.)?
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Pricing and Maximizing Return
Price and ROI
Company Profit
Don’t Overcharge Customers
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Product Mix and Market Opportunities
Target Market
Marketing Research
SWOT Analysis
New Product?
New Model?
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Concepts and Strategies Needed to Communicate Information Business Letters, E-mail, Memos, etc. Marketing/Introduction Letters Advertising Grammar, Spelling, Structure,
Professionalism Face-to-face: Don’t forget to listen!
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Technology and Marketing
Internet E-mail Web page banners Customer service Web page Travel/Laptops
Organization One-Note, etc.
Data Input Tablet PC Voice Input
Movie Maker
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The owner of a hat shop pays $22.75 for a hat that sold for a retail price of $32.50. What approximate percent of the retail price is the markup on this hat
a. 43%
b. 33%
c. 30%
d. 10%
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A consumer electronic company is redesigning the controls on its handheld radios. The company has built several prototypes and would like to obtain consumer feedback before proceeding. Which of the following market research activities would best meet the company’s needs
A. test marketing the prototypes in selected areasB. convening focus groups to critique the
prototypesC. conducting direct-mail surveys using pictures
of the prototypesD. analyzing consumer-response data to previous
design changes
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Compared with other print media advertising, magazine advertising is generally characterized by:
A. high geographic specificity
B. short lead times
C. low audience
D. high pass-along rates
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A razor blade manufacturer has decided to enter the market for pocket calculators. Which of the following will most likely be a result of the company’s decision
A. a deeper product mix with higher inventory costs
B. a wider product mix and high capital investment requirements
C. a narrower product mix and less competitionD. a shallower product mix and greater
vulnerability to environmental changes
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In retail sales situation, it is most effective for a salesperson to offer to demonstrate a product:
A. immediately after attracting the customer’s attention to the product.
B. when the customer’s interest appears to be waning.
C. as soon as the customer has indicated an interest in it.
D. when the customer declines the salesperson’s offer to be of service.
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Which of the following should be the first consideration of managers seeking to develop an employee training program
A. Securing a training facility
B. Establishing behavioral objectives
C. Hiring experienced instructors
D. Identifying training needs
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An increase in the price of a particular product generally results in:
A. a decrease in producer profit
B. an increase in consumer demand
C. a decrease in productions costs
D. an increase in product supply
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Technology
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Networking
Hubs Routers Cables
Different cables for different networks
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Types of networks
Ring Topology
Star Topology
Bus Topology
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Hybrid Networks
Star bus
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Hybrid Networks
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OSI 7 Layer Model
Open Systems Interconnection Different layers of the network and what is required of each
Physical (Layer 1) Data Link Network Transport Session Presentation Application (Layer 7)
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Found on wikipedia.orgsearch for OSI 7 Layer Model
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Local Area Network (LAN)
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Local Area Network (LAN)
Covers local areasHome, office, group of buildings
Uses switched IEEE 802.3 Ethernet running at 10, 100 or 1,000 Mbit/s or on Wi-Fi technology
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Wide Area Networks (WAN)
Covers broad geographical area Connect LANs together so users and
computers in one location can communicate to users and computers in another location
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Metropolitan Area Network (MAN)
Large computer networks spanning a city Use wireless infrastructure or optical fiber
connections
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Ethernet
Large and diverse family of frame-based computer networking technologies for local area networks (lan)
Standard IEEE 802.3Star topology, twisted pair wiring
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Ethernet Network Interface Card
Supports coaxial based 10Base2
Supports twisted pair-based 10Based-T
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Twisted Pair 10Base-T Cable
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BPA Updates
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Save the Date
December 4th (Monday)Student Teacher PortfoliosSill Hall - Time: 3 – 4:30 pm, Room: 138 or 141
December 13th (Wednesday)Student Teacher Panel: Next BPA meetingSill Hall – Time: 7:30 pm, Room 138