INTRODUCTION TO BUSINESS concepts

Introduction to Business Concepts allows members to demonstrate their knowledge of foundational business principles through an objective test. This event introduces members to key business functions such as management, marketing, finance, and operations, encouraging a broad understanding of how businesses operate.

Event Overview

Division: High School (9th & 10th graders only)
Event Type: Individual
Event Category: Objective Test, 100-multiple choice questions (breakdown of question by competencies below)
Objective Test Time: 50 minutes
Career Cluster Framework Connection: Management & Entrepreneurship
NACE Competency Alignment: Career & Self-Development, Communication, Critical Thinking

Items Competitor Must Provide: Sharpened pencil, Photo Identification, Conference-provided nametag, Attire that meets the Florida FBLA Dress Code

Objective Test Competencies

· Fundamental Economic Concepts

· Nature of Business

· Economic Systems

· Cost/Profit Relationships

· Owning a Business

· Types of Business Activities

· Career Planning

· Job-Search Skills
Test questions are based on the knowledge areas and objectives outlined for this event. Detailed objectives can be found in the study guide included in these guidelines.

District

Check with your District leadership for District-specific competition information.

State

Eligibility

·         FBLA membership dues are paid by 11:59 pm Eastern Time on December 1 (or earlier date specified by District Director) of the current program year.
·         Members may compete in an event at the State Leadership Conference (SLC) more than once if they have not previously placed in the top 10 of that event at the National Leadership Conference (NLC). If a member places in the top 10 of an event at the NLC, they are no longer eligible to compete in that event.
·         Members must be registered for the SLC and pay the state conference registration fee in order to participate in competitive events.
·         Members must stay within the official FBLA housing block of the official FBLA hotel to be eligible to compete.
·         Each district may be represented by participant(s) based on the Florida FBLA scaled quota system found on the Florida FBLA website.
·         Each member can only compete in one individual/team event and one chapter event (Community Service Project, Local Chapter Annual Business Report).
·         Identification at Check-in: Competitors must present valid photo identification (physical or digital) that matches the name on their conference name badge. Acceptable forms include a driver’s license, passport, state-issued ID, or school ID.
·         If competitors are late for an objective test, they may be either disqualified or permitted to begin late with no extension of the time as scheduled.
·         Participants must adhere to the Florida FBLA dress code established by the Florida Board of Directors or they will not be permitted to participate in the competitive event.

Recognition

·         The number of competitors will determine the number of winners. The maximum number of winners for each competitive event is 5.

Event Administration

·         This event is an objective test administered at the SLC.
·         No reference or study materials may be brought to the testing site.
·         No calculators may be brought into the testing site. 

Scoring

·         Ties are broken by comparing the correct number of answers to the last 10 questions on the test. If a tie remains, answers to the last 20 questions on the test will be reviewed to determine the winner. If a tie remains, the competitor who completed the test in a shorter amount of time will place higher.
·         Results announced at the State Leadership Conference are considered official and will not be changed after the conclusion of the State Leadership Conference.

Americans with Disabilities Act (ADA)

·         FBLA complies with the Americans with Disabilities Act (ADA) by providing reasonable accommodations for competitors. Accommodation requests must be submitted through the conference registration system by the official registration deadline. All requests will be reviewed, and additional documentation may be required to determine eligibility and appropriate support.

Penalty Points

·         Competitors may be disqualified if they violate the Competitive Event Guidelines or the Honor Code.

·         Five points are deducted if competitors do not follow the Dress Code or are late to the testing site.

Electronic Devices

·         Unless approved as part of a documented accommodation, all cell phones, smartwatches, electronic devices, and headphones must be turned off and stored away before the competition begins. Visible devices during the event will be considered a violation of the FBLA Honor Code.

National

If you are competing on the National level, be sure to see the National guidelines at https://www.fbla.org/divisions/fbla/fbla-competitive-events/

Study Guide: Competencies and Tasks

This study guide shows the skills and knowledge you’ll be tested on for this event. Objectives followed by a two-letter, three-digit code in parentheses are based on the National Business Administration Standards from MBA Research and Curriculum Center. Some objectives also reference MBA Research's Learning Activity Packages (LAPs)—resources with readings, activities, and assessments to help you learn. For more information, visit MBAResearch.org/FBLA.

Fundamental Economic Concepts (10 test items)

1. Distinguish between economic goods and services (EC:002, LAP-EC-902) (CS)

2. Explain the concept of economic resources (EC:003, LAP-EC-903) (CS)

3. Describe the concepts of economics and economic activities (EC:001, LAP-EC-901) (CS)

4. Explain the principles of supply and demand (EC:005, LAP-EC-905) (CS)

Nature of Business (20 test items)

1. Explain the role of business in society (EC:070, LAP-EC-070) (CS)

2. Describe types of business models (EC:138) (SP)

3. Explain the organizational design of businesses (EC:103, LAP-EC-103) (SP)

4. Discuss the global environment in which businesses operate (EC:104, LAP-EC-104) (SP)

5. Describe factors that affect the business environment (EC:105, LAP-EC-105) (SP)

6. Explain the nature of business ethics (EC:106, LAP-EC-106) (SP)

7. Explain how organizations adapt to today's markets (EC:107, LAP-EC-107) (SP)

8. Determine the relationship between government and business (EC:008, LAP-EC-016) (CS)

Economic Systems (15 test items)

1. Explain the types of economic systems (EC:007, LAP-EC-907) (CS)

2. Identify the impact of small business/entrepreneurship on market economies (EC:065) (CS)

3. Explain the concept of private enterprise (EC:009, LAP-EC-909) (CS)

4. Identify factors affecting a business's profit (EC:010, LAP-EC-910) (CS)

5. Explain the concept of competition (EC:012, LAP-EC-912) (CS)

Cost/Profit Relationships (5 test items)

1. Explain the concept of productivity (EC:013, LAP-EC-913) (CS)

2. Analyze impact of specialization/division of labor on productivity (EC:014, LAP-EC-914) (SP)

Owning a Business (5 test items)

1. Explain types of business ownership (BL:003, LAP-BL-003) (CS)

2. Describe the nature of entrepreneurship (EN:039) (SP)

Types of Business Activities (25 test items)

1. Describe types of business activities (EC:071, LAP-EC-071) (CS)

2. Explain the nature of positive customer relations (CR:003, LAP-CR-003) (CS)

3. Explain the concept of accounting (FI:085, LAP-FI-085) (CS)

4. Explain the role of finance in business (FI:354, LAP-FI-354) (CS)

5. Discuss the nature of human resources management (HR:410, LAP-HR-410) (CS)

6. Explain marketing and its importance in a global economy (MK:001, LAP-MK-901) (CS)

7. Discuss the nature of information management (NF:110, LAP-NF-110) (CS)

8. Explain the nature of operations (OP:189, LAP-OP-189) (CS)

9. Explain the concept of production (OP:017, LAP-OP-017) (CS)

10. Explain the concept of management (SM:001, LAP-SM-001) (CS)

Career Planning (10 test items)

1. Assess personal interests and skills needed for success in business (PD:013) (PQ)

2. Analyze employer expectations in the business environment (PD:020) (PQ)

3. Explain employment opportunities in business (PD:025, LAP-PD-025) (CS)

4. Job-Search Skills (10 test items)

5. Complete a job application (PD:027) (PQ)

6. Interview for a job (PD:028) (PQ)

7. Write a cover letter (PD:030) (CS)

8. Prepare a resume (PD:031) (CS)