DSST Introduction to Business study plan

Define scarcity, opportunity cost, and the factors of production, and explain in writing how each shapes a business decision.

Distinguish market, command, and mixed economies and predict how each allocates resources in a given scenario.

Explain the business cycle phases and identify which phase a described economic situation represents.

Compare sole proprietorships, partnerships, corporations, and LLCs on liability, taxation, continuity, and capital access.

Trace the steps of forming a corporation, including articles of incorporation and bylaws.

Interpret balance-of-trade and balance-of-payments figures and explain what a deficit implies for a nation's currency and firms.

Compare exporting, licensing, joint ventures, and foreign direct investment on risk and control.

Explain how tariffs, quotas, embargoes, and subsidies change prices and competitive position.

Describe the roles of the WTO, IMF, and World Bank in trade disputes and stabilization.

Identify major government regulations affecting business (antitrust, consumer protection, environmental, labor) and the agencies that enforce them.

Outline the sections of a business plan and draft the executive summary and market analysis for a sample venture.

Distinguish franchising structures (product distribution, business format) and evaluate franchise disclosure documents.

Compare debt and equity financing sources available to small businesses, including SBA-backed loans.

List the four management functions (planning, organizing, leading, controlling) and apply each to a described situation.

Compare classical, behavioral, and contingency approaches to management and match each to workplace scenarios.

Trace the HR cycle from job analysis and recruiting through selection, onboarding, and retention.

Explain the legal constraints on hiring and firing under equal employment opportunity, ADA, and FLSA rules.

Describe compensation structures, benefits, and performance appraisal methods.

Compare job shop, batch, mass, and continuous production processes and select the right one for a described product.

Explain inventory control methods (EOQ, JIT, ABC analysis) and quality approaches (TQM, Six Sigma) and their trade-offs.

Apply the marketing mix (product, price, promotion, place) to a described product and justify each choice.

Segment a market using demographic, geographic, psychographic, and behavioral bases and select a target segment.

Distinguish the stages of the product life cycle and recommend a strategy for each stage.

Compare pricing strategies (skimming, penetration, cost-plus, value-based) and identify when each fits.

Evaluate promotional channels (advertising, personal selling, sales promotion, public relations, digital) on reach and cost.

Read and interpret the four primary financial statements and compute key ratios (current, debt-to-equity, gross margin, return on equity).

Explain the time value of money and compute present and future value for a simple investment decision.

Distinguish short-term from long-term financing sources and explain working capital management.

Identify pure versus speculative risk and the four risk-handling techniques (avoidance, reduction, retention, transfer).

Explain insurable interest, indemnity, coinsurance, and the purpose of life, health, property, and liability insurance.

Distinguish data, information, and knowledge and explain how information systems support each management level.

Compare transaction processing, management information, decision support, and executive support systems and match each to a decision type.

Explain the components of a management information system (hardware, software, data, people, processes, networks).

Describe database concepts (records, fields, primary keys) and how data warehouses support reporting.

Identify security and privacy risks in business systems and the controls that mitigate them.

Complete two full-length timed practice exams and record a score for each domain.

Re-study the three lowest-scoring domains and rewrite notes into one-page summaries.

Build a 60-term glossary covering the most testable definitions across all twelve domains.

Practice 40 scenario-based questions and justify each answer in one sentence.