Introduction to Finance - Standard - Level 3

Badge holder demonstrated understanding and skills in areas that include business law, customer relations, economics, financial analysis, operations, professional development, compliance, financial-information management, and selling.

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Instructional Area: Business Law (BL)

Standard: Understands business's responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions

Performance Element: Apply knowledge of business ownership to establish and continue business operations.

Performance Indicators:
BL:003 Explain types of business ownership (CS) LAP-BL-001

Instructional Area: Customer Relations (CR)

Standard: Understands the techniques and strategies used to foster positive, ongoing relationships with customers

Performance Element: Foster positive relationships with customers to enhance company image.

Performance Indicators:
CR:004 Demonstrate a customer-service mindset (CS) LAP-CR-004
CR:005 Reinforce service orientation through communication (CS)
CR:006 Respond to customer inquiries (CS)
CR:019 Adapt communication to the cultural and social differences among clients (CS)
CR:007 Interpret business policies to customers/clients (CS)

Performance Element: Resolve conflicts with/for customers to encourage repeat business.

Performance Indicators:
CR:009 Handle difficult customers (CS) LAP-CR-009
CR:010 Handle customer/client complaints (CS) LAP-CR-010

Performance Element: Reinforce company’s image to exhibit the company’s brand promise.

Performance Indicators:
CR:001 Identify company’s brand promise (CS) LAP-CR-006
CR:002 Determine ways of reinforcing the company’s image through employee performance (CS)

Performance Element: Understand characteristics, motivations, and behaviors of clients in finance to facilitate client interaction.

Performance Indicators:
CR:012 Explain the responsibilities of finance professionals in providing client services (CS)

Performance Element: Understand the nature of customer relationship management to show its contributions to a company.

Performance Indicators:
CR:016 Discuss the nature of customer relationship management (CS) LAP-CR-016

Instructional Area: Economics (EC)

Standard: Understands the economic principles and concepts fundamental to business operations

Performance Element: Understand the nature of business to show its contributions to society.

Performance Indicators:
EC:103 Explain the organizational design of businesses (SP) LAP-EC-023
EC:104 Discuss the global environment in which businesses operate (SP) LAP-EC-104
EC:105 Describe factors that affect the business environment (SP) LAP-EC-105
EC:106 Explain the nature of business ethics (SP) LAP-EC-106
EC:107 Explain how organizations adapt to today’s markets (SP) LAP-EC-107

Performance Element: Acquire knowledge of the impact of government on business activities to make informed economic decisions.

Performance Indicators:
EC:008 Determine the relationship between government and business (CS) LAP-EC-016
EC:072 Describe the nature of taxes (SP)

Performance Element: Analyze cost/profit relationships to guide business decision-making.

Performance Indicators:
EC:013 Explain the concept of productivity (CS) LAP-EC-018

Instructional Area: Financial Analysis (FI)

Standard: Understands tools, strategies, and systems used to maintain, monitor, control, and plan the use of financial resources

Performance Element: Acquire a foundational knowledge of accounting to understand its nature and scope.

Performance Indicators:
FI:085 Explain the concept of accounting (CS) LAP-FI-005 —Review if Business and Marketing Essentials course used Combined FI:353 and FI:351 Explain legal and ethical considerations for accounting (SP)

Performance Element: Acquire a foundational knowledge of finance to understand its nature and scope.

Performance Indicators:
FI:354 Explain the role of finance in business (CS) LAP-FI-007 —Review if Business and Marketing Essentials course used Combined (FI:356) and (FI:355) Explain legal and ethical considerations for finance (SP)

Performance Element: Understand financial markets to recognize their importance in business.

Performance Indicators:
FI:336 Describe the nature of financial institutions (CS)
FI:337 Explain types of financial markets (e.g., money market, capital market, insurance market, commodities markets, etc.) (SP)
FI:573 Discuss the nature of convergence/consolidation in the finance industry (SP)
FI:574 Describe the relationship between economic conditions and financial markets (SP)
FI:575 Explain the nature and scope of financial globalization (SP)

Performance Element: Utilize sources of securities information to make informed financial decisions.

Performance Indicators:
FI:274 Describe sources of securities information (CS) LAP-QS-036 —Review if Personal Finance course used

Instructional Area: Operations (OP)

Standard: Understands the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continued business functioning

Performance Element: Adhere to health and safety regulations to support a safe work environment.

Performance Indicators:
OP:004 Describe health and safety regulations in business (PQ)
OP:005 Report noncompliance with business health and safety regulations (PQ)

Performance Element: Implement safety procedures to minimize loss.

Performance Indicators:
OP:006 Follow instructions for use of equipment, tools, and machinery (PQ)
OP:007 Follow safety precautions (PQ)
OP:008 Maintain a safe work environment (CS)
OP:009 Explain procedures for handling accidents (CS)
OP:010 Handle and report emergency situations (CS)

Performance Element: Implement security policies/procedures to minimize chance for loss.

Performance Indicators:
OP:013 Explain routine security precautions (CS)
OP:152 Follow established security procedures/policies (CS)
OP:153 Protect company information and intangibles (CS)

Performance Element: Implement purchasing activities to obtain business supplies, equipment and services.

Performance Indicators:
OP:015 Explain the nature and scope of purchasing (CS) LAP-OP-002

Performance Element: Understand production’s role and function in business to recognize its need in an organization.

Performance Indicators:
OP:017 Explain the concept of production (CS) LAP-OP-017

Instructional Area: Professional Development (PD)

Standard: Understands concepts, tools, and strategies used to explore, obtain, and develop in a business career

Performance Element: Explore careers in finance to enhance potential for career success.

Performance Indicators:
PD:152 Discuss career opportunities in the finance industry (CS) LAP-PD-020

Performance Element: Utilize career-advancement activities to enhance professional development.

Performance Indicators:
PD:082 Discuss licensure and certification available to finance professionals (SP)
PD:153 Discuss opportunities for building professional relationships in finance (SP)

Performance Element: Acquire knowledge of retail/business banking processes and services to facilitate workplace activities.

Performance Indicators:
PD:204 Describe the nature of retail/business banking processes (CS)
PD:154 Describe types of retail/business banking products and services (CS)

Performance Element: Acquire knowledge of the insurance industry to obtain a foundation for employment in insurance.

PerformancePerformance Indicators:
PD:157 Describe the nature of the insurance industry (CS)

Performance Element: Acquire knowledge of the securities and investments industry to understand the environment in which its services are offered.

Performance Indicators:
PD:236 Describe how securities are traded (SP) LAP-QS-047
PD:238 Explain causes of stock price fluctuations (SP) LAP-QS-040

Instructional Area: Compliance (CC)

Standard: Understands business's responsibility to know, comply with, and enforce laws and regulations that affect financial business operations and transactions

Performance Element: Acquire a foundational knowledge of compliance to understand its nature and scope.

Performance Indicators:
CC:003 Discuss the nature and scope of compliance in the finance industry (SP)

Instructional Area: Financial-Information Management (FM)

Standard: Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate financial information to assist business decision-making

Performance Element: Acquire foundational knowledge of financial-information management to understand its scope and function.

Performance Indicators:
FM:002 Explain the nature and scope of the financial-information management function (SP)
FM:003 Explain the role of ethics in financial-information management (SP)

Instructional Area: Selling (SE)

Standard: Understands the concepts and actions needed to determine client needs and wants and respond through planned, personalized communication that influences purchase decisions and enhances future business opportunities

Performance Element: Acquire product knowledge to communicate product benefits and to ensure appropriateness of product for the customer.

Performance Indicators:
SE:405 Explain the nature of liability insurance (SP)
SE:406 Describe components of automobile insurance coverage (SP)
SE:407 Discuss components of homeowners/renters insurance (SP)
SE:412 Discuss the nature of health insurance coverage (SP)
SE:419 Discuss the nature of life insurance (SP)
SE:421 Explain the nature of stocks (SP) LAP-QS-034 —Review if Personal Finance course used
SE:428 Explain the nature of bonds (SP) LAP-QS-033 —Review if Personal Finance course used
SE:429 Describe the nature of mutual funds (SP) LAP-QS-035 —Review if Personal Finance course used