Download Finance Career Cluster Performance Indicators Explained

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capable of running entire companies or divisions. They are skilled in a large number of areas
and are responsible for the final success of the business or division.
Source: Farese, L. S., Kimbrell, G. & Wolosyk, C. A. (2009). Marketing Essentials.
Woodland Hills, CA: Glencoe/McGraw-Hill.
Discuss legal considerations in the finance industry.
Financial services businesses are required to protect the privacy of the consumer information
they collect. They must give consumers privacy notices that explain the company’s
information-sharing practices. Customers of a financial services business have the right to
limit the sharing of their personal information. Additionally, information security is an
important consideration in the finance industry, as companies are required to keep customer
information secure.
Source: Dlabay, L. R. & Burrow, J. L. (2008). Business Finance. Mason, OH: Thompson
South-Western.
Discuss the effect of tax laws and regulations on financial transactions.
Sales tax is a percentage of the purchase price of an item that is collected by local and/or state
governments. A specific type of sales tax collected by state and federal government is called
an excise tax, which is collected for regulated goods and services such as gasoline and air
travel. Income tax, collected on wages, is deducted directly from the gross income you
receive.
Real estate property tax is collected from individuals and businesses based on the value of
land and buildings. Estate and inheritance taxes are collected on the value of property at the
time of a person’s death. Gift tax is one that is collected on money or property valued at
more than $11,000, given by one person to another in one year. Investment income and
dividends is also subject to a tax called capital gains.
Sources:
Kapoor, J. R., Dlabay, L. R., & Hughes, R. J. (2007). Personal Finance. Woodland Hills, CA:
Glencoe/McGraw-Hill.
Discuss the nature and scope of compliance in the finance industry.
Compliance with laws, rules, and regulations is often handled by a firm’s compliance
department or manager. The compliance department exists to support, advise, and train
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