Skip to content
Certification Guides

Praxis Business Education Content Knowledge (5101) Secrets Study Guide (2020)

Achieve certification success with Praxis Business Education Content Knowledge (5101) Secrets Study Guide (2020) , a structured guide designed to simplify complex topics and enhance your understanding.

Preview 16 of 185 pages

See the first 16 pages exactly as they appear in the document.

  1. Page 1
    Read page 1 as text

    Mometrix SECRETS Study Guide Your Key to Exam Success ective, Ar rdable Help from the World’s #1 Test Preparation Company Mometrix

  2. Page 2
  3. Page 3
    Read page 3 as text

    Mometrix TEST PREPARATION Praxis Business Education Content Knowledge (5101) Secrets Study Guide Exam Review and Practice Test for the Praxis Subject Assessments

  4. Page 4
    Read page 4 as text

    Copyright © 2020 by Mometrix Media LLC All rights reserved. This product, or parts thereof, may not be reproduced, stored in a retrieval system, or transmitted in any form or by any means—electronic, mechanical, photocopy, recording, scanning, or other—except for brief quotations in critical reviews or articles, without the prior written permission of the publisher. Written and edited by Mometrix Test Prep Printed in the United States of America This paper meets the requirements of ANSI/NISO Z39.48-1992 (Permanence of Paper). Mometrix offers volume discount pricing to institutions. For more information or a price quote, please contact our sales department at sales@mometrix.com or 888-248-1219. Mometrix Media LLC is not affiliated with or endorsed by any official testing organization. All organizational and test names are trademarks of their respective owners. Paperback ISBN 13: 978-1-5167-3876-2 ISBN 10: 1-5167-3876-4

  5. Page 5
    Read page 5 as text

    DEAR FUTURE EXAM SUCCESS STORY First of all, THANK YOU for purchasing Mometrix study materials! Second, congratulations! You are one of the few determined test-takers who are committed to doing whatever it takes to excel on your exam. You have come to the right place. We developed these study materials with one goal in mind: to deliver you the information you need in a format that's concise and easy to use. In addition to optimizing your guide for the content of the test, we've outlined our recommended steps for breaking down the preparation process into small, attainable goals so you can make sure you stay on track. We've also analyzed the entire test-taking process, identifying the most common pitfalls and showing how you can overcome them and be ready for any curveball the test throws you. Standardized testing is one of the biggest obstacles on your road to success, which only increases the importance of doing well in the high-pressure, high-stakes environment of test day. Your results on this test could have a significant impact on your future, and this guide provides the information and practical advice to help you achieve your full potential on test day. Your success is our success We would love to hear from you! If you would like to share the story of your exam success or if you have any questions or comments in regard to our products, please contact us at 800-673-8175 or support@mometrix.com. Thanks again for your business and we wish you continued success! Sincerely, The Mometrix Test Preparation Team Need more nelp? Capel put ouifiapiants

  6. Page 6
    Read page 6 as text

    —.

  7. Page 7
    Read page 7 as text

    TABLE OF CONTENTS INTRODUCTION 1 SECRET KEY #1 - PLAN BIG, STUDY SMALL 2 SECRET KEY #2 - MAKE YOUR STUDYING COUNT 3 SECRET KEY #3 - PRACTICE THE RIGHT WAY 4 SECRET KEY #4 - PACE YOURSELF 6 SECRET KEY #5 ~ HAVE A PLAN FOR GUESSING 7 TEST-TAKING STRATEGIES 10 ACCOUNTING AND FINANCE 15 PERSONAL FINANCE 15 CONSUMER ECONOMICS 23 BUSINESS ACCOUNTING 50 COMPUTATION AND QUANTITATIVE ANALYSIS 57 COMMUNICATION AND CAREER DEVELOPMENT. 61 BUSINESS COMMUNICATION 61 ECONOMICS 67 MICROECONOMICS 67 ENTREPRENEURSHIP. 78 ENTREPRENEURSHIP AND BUSINESS PLAN DEVELOPMENT 78 E-COMMERCE 83 INFORMATION TECHNOLOGY 89 INFORMATION PROCESSING AND COMPUTER TECHNOLOGY APPLICATIONS 89 LAW AND INTERNATIONAL BUSINESS 100 BUSINESS LAW AND ETHICS 100 INTERNATIONAL BUSINESS, MARKETING, AND TRADE 105 MARKETING AND MANAGEMENT, 112 ORGANIZATIONAL MANAGEMENT 112 HUMAN RESOURCE MANAGEMENT, 119 MARKETING 125 PROFESSIONAL BUSINESS EDUCATION 132 CAREER DEVELOPMENT AND PROFESSIONALISM 132 PRAXIS PRACTICE TEST 139 ANSWER KEY AND EXPLANATIONS, 157 HOW TO OVERCOME TEST ANXIETY 168 CAUSES OF TEST ANXIETY 168 ELEMENTS OF TEST ANXIETY 169 EFFECTS OF TEST ANXIETY 169 iii

  8. Page 8
    Read page 8 as text

    PHYSICAL STEPS FOR BEATING TEST ANXIETY MENTAL STEPS FOR BEATING TEST ANXIETY STUDY STRATEGY TEST TIPS IMPORTANT QUALIFICATION THANK YOU ADDITIONAL BONUS MATERIAL iv 170 171 172 174 175 176 177

  9. Page 9
    Read page 9 as text

    Introduction Thank you for purchasing this resource! You have made the choice to prepare yourself for a test that could have a huge impact on your future, and this guide is designed to help you be fully ready for test day. Obviously, it's important to have a solid understanding of the test material, but you also need to be prepared for the unique environment and stressors of the test, so that you can perform to the best of your abilities. For this purpose, the first section that appears in this guide is the Secret Keys. We've devoted countless hours to meticulously researching what works and what doesn’t, and we've boiled down our findings to the five most impactful steps you can take to improve your performance on the test. We start at the beginning with study planning and move through the preparation process, all the way to the testing strategies that will help you get the most out of what you know when you're finally sitting in front of the test. We recommend that you start preparing for your test as far in advance as possible. However, if you've bought this guide as a last-minute study resource and only have a few days before your test, we recommend that you skip over the first two Secret Keys since they address a long-term study plan. If you struggle with test anxiety, we strongly encourage you to check out our recommendations for how you can overcome it. Test anxiety is a formidable foe, but it can be beaten, and we want to make sure you have the tools you need to defeat it. 1 Copyright © Mometrix Media You have been licensed one copy of this document for personal use only. Any other reproduction or redistribution is strictly prohibited. All rights reserved.

  10. Page 10
    Read page 10 as text

    Secret Key #1 — Plan Big, Study Small There’s a lot riding on your performance. If you want to ace this test, you're going to need to keep your skills sharp and the material fresh in your mind. You need a plan that lets you review everything you need to know while still fitting in your schedule. We'll break this strategy down into three categories. Information Organization Start with the information you already have: the official test outline. From this, you can make a complete list of all the concepts you need to cover before the test. Organize these concepts into groups that can be studied together, and create a list of any related vocabulary you need to learn so brush want bulary list handy once you you actually can start up studying on any since difficult you may terms. need You'll to add to to it keep along this the way. voca Time Management Once you have your set of study concepts, decide how to spread them out over the time you have left before the test. Break your study plan into small, clear goals so you have a manageable task for each day and know exactly what you're doing. Then just focus on one small step at time. When you manage your time this way, you don’t need to spend hours at a time studying. a Studying a small block of content for a short period each day helps you retain information better and avoid stressing over how much you have left to do. You can relax knowing that you have a plan to cover everything in time. In order for this strategy to be effective though, you have to start studying early and stick to your schedule. Avoid the exhaustion and futility that comes from last-minute cramming! Study Environment The environment you study in has a big impact on your learning. Studying in a coffee shop, while probably more enjoyable, is not likely to be as fruitful as studying in a quiet room. It’s important to keep distractions to a minimum. You're only planning to study for a short block of time, so make the most of it. Don’t pause to check your phone or get up to find a snack. It’s also important to avoid multitasking. Research has consistently shown that multitasking will make your studying dramatically less effective. Your study area should also be comfortable and well-lit so you don’t have the distraction of straining your eyes or sitting on an uncomfortable chair. The time of day you study is also important. You want to be rested and alert. Don’t wait until just before bedtime. Study when you'll be most likely to comprehend and remember. Even better, if you know what time of day your test will be, set that time aside for study. That way your brain will be used to working on that subject at that specific time and you'll have a better chance of recalling information. Finally, it can be helpful to team up with others who are studying for the same test. Your actual studying should be done in as isolated an environment as possible, but the work of organizing the information and setting up the study plan can be divided up. In between study sessions, you can discuss with your teammates the concepts that you're all studying and quiz each other on the details. Just be sure that your teammates are as serious about the test as you are. If you find that your study time is being replaced with social time, you might need to find a new team. 2 Copyright © Mometrix Media. You have been licensed one copy of this document for personal use only. Any other reproduction or redistribution is strictly prohibited. Al rights reserved.

  11. Page 11
    Read page 11 as text

    Secret Key #2 — Make Your Studying Count You're devoting a lot off. of time and effort to preparing for this test, so you want to be absolutely certain it will pay This means doing more than just reading the content and hoping you can remember it on test day. It's important to make every minute of study count. There are two main areas you can focus on to make your studying count: Retention It doesn’t matter how much time you study if you can’t remember the material. You need to make sure you are retaining the concepts. To check your retention of the information you're learning, try recalling it at later times with minimal prompting. Try carrying around flashcards and glance at one or two from time to time or ask a friend who's also studying for the test to quiz you. To enhance your retention, look for ways to put the information into practice so that you can apply it rather than simply recalling it. If you're using the information in practical ways, it will be much easier to remember. Similarly, it helps to solidify a concept in your mind if you're not only reading it to yourself but also explaining it to someone else. Ask a friend to let you teach them about a concept you're a little shaky on (or speak aloud to an imaginary audience if necessary). As you try to summarize, define, give examples, and answer your friend’s questions, you'll understand the concepts better and they will stay with you longer. Finally, step back for a big picture view and ask yourself how each piece of information fits with the whole subject. When you link the different concepts together and see them working together as a whole, it’s easier to remember the individual components. Finally, practice showing your work on any multi-step problems, even if you're just studying. Writing out each step you take to solve a problem will help solidify the process in your mind, and you'll be more likely to remember it during the test. Modality Modality simply refers to the means or method by which you study. Choosing a study modality that fits your own individual learning style is crucial. No two people learn best in exactly the same way, so it’s important to know your strengths and use them to your advantage. For example, if you learn best by visualization, focus on visualizing a concept in your mind and draw an image or a diagram. Try color-coding your notes, illustrating them, or creating symbols that will trigger your mind to recall a learned concept. If you learn best by hearing or discussing information, find a study partner who learns the same way or read aloud to yourself. Think about how to put the information in your own words. Imagine that you are giving a lecture on the topic and record yourself so you can listen to it later. For any learning style, flashcards can be helpful. Organize the information so you can take advantage of spare moments to review. Underline key words or phrases. Use different colors for different categories. Mnemonic devices (such as creating a short list in which every item starts with the same letter) can also help with retention. Find what works best for you and use it to store the information in your mind most effectively and easily. 3 Copyright © Mometrix Media, You have been licensed one copy of this document for personal use only, Any other reproduction or redistribution Is strictly prohibited. All rights reserved.

  12. Page 12
    Read page 12 as text

    Secret Key #3 — Practice the Right Way Your success on test day depends not only on how many hours you put into preparing, but also on whether you prepared the right way. It's good to check along the way to see if your studying paying off. One of the most effective ways to do this is by taking practice tests to evaluate your is progress. Practice tests are useful because they show exactly where you need to improve. Every time you take a practice test, pay special attention to these three groups of questions: ¢ The questions you got wrong ¢ The questions you had to guess on, even if you guessed right o The questions you found difficult or slow to work through This will show you exactly what your weak areas are, and where you need to devote more study time. Ask yourself why each of these questions gave you trouble. Was it because you didn’t understand the material? Was it because you didn’t remember the vocabulary? Do you need more repetitions on this type of question to build speed and confidence? Dig into those questions and figure out how you can strengthen your weak areas as you go back to review the material. Additionally, many practice tests have a section explaining the answer choices. It can be tempting to read the explanation and think that you now have a good understanding of the concept. However, an explanation likely only covers part of the question's broader context. Even if the explanation makes sense, go back and investigate every concept related to the question until you're positive you have a thorough understanding. As you go along, keep in mind that the practice test is just that: practice. Memorizing these questions and answers will not be very helpful on the actual test because it is unlikely to have any of the same exact questions. If you only know the right answers to the sample questions, you won't be prepared for the real thing. Study the concepts until you understand them fully, and then you'll be able to answer any question that shows up on the test. It's important to wait on the practice tests until you're ready. If you take a test on your first day of study, you may be overwhelmed by the amount of material covered and how much you need to learn. Work up to it gradually. On test day, you'll need to be prepared for answering questions, managing your time, and using the test-taking strategies you've learned. It’s a lot to balance, like a mental marathon that will have a big impact on your future. Like training for a marathon, you'll need to start slowly and work your way up. When test day arrives, you'll be ready. Start with the strategies you've read in the first two Secret Keys—plan your course and study in the way that works best for you. If you have time, consider using multiple study resources to get different approaches to the same concepts. It can be helpful to see difficult concepts from more than one angle. Then find a good source for practice tests. Many times, the test website will suggest potential study resources or provide sample tests. 4 Copyright © Mometrix Media. You have been licensed one copy of this document for personal use only. Any other reproduction or redistribution Is strictly prohibited. All fights reserved.

  13. Page 13
    Read page 13 as text

    Practice Test Strategy If you're able to find at least three practice tests, we recommend this strategy: Untimed and Open-Book Practice Take the first test with no time constraints and with your notes and study guide handy. Take your time and focus on applying the strategies you've learned. Timed and Open-Book Practice Take the second practice test open-book as well, but set a timer and practice pacing yourself to finish in time. Timed and Closed-Book Practice Take any other practice tests as if it were test day. Set a timer and put away your study materials. Sit at a table or desk in a quiet room, imagine yourself at the testing center, and answer questions as quickly and accurately as possible. Keep repeating timed and closed-book tests on a regular basis until you run out of practice tests or it's time for the actual test. Your mind will be ready for the schedule and stress of test day, and you'll be able to focus on recalling the material you've learned. 5 Copyright © Mometrix Media. You have been licensed one copy of this document for personal use only. Any other reproduction or redistribution ls strictly prohibited. All rights reserved.

  14. Page 14
    Read page 14 as text

    Secret Key #4 — Pace Yourself Once you're fully prepared for the material on the test, your biggest challenge on test day will be managing your time. Just knowing that the clock is ticking can make you panic even if you have plenty of time left. Work on pacing yourself so you can build confidence against the time constraints of the exam. Pacing is a difficult skill to master, especially in a high-pressure environment, so practice is vital. Set time expectations for your pace based on how much time is available. For example, if a section has 60 questions and the time limit is 30 minutes, you know you have to average 30 seconds or less per question in order to answer them all. Although 30 seconds is the hard limit, set 25 seconds per question as your goal, so you reserve extra time to spend on harder questions. When you budget extra time for the harder questions, you no longer have any reason to stress when those questions take longer to answer. Don't let this time expectation distract you from working through the test at a calm, steady pace, but keep it in mind so you don’t spend too much time on any one question. Recognize that taking extra time on one question you don’t understand may keep you from answering two that you do understand later in the test. If your time limit for a question is up and you're still not sure of the answer, mark it and move on, and come back to it later if the time and the test format allow. If the testing format doesn’t allow you to return to earlier questions, just make an educated guess; then put it out of your mind and move on. On the easier questions, be careful not to rush. It may seem wise to hurry through them so you have more time for the challenging ones, but it’s not worth missing one if you know the concept and just didn’t take the time to read the question fully. Work efficiently but make sure you understand the question and have looked at all of the answer choices, since more than one may seem right at first. Even if you're paying attention to the time, you may find yourself a little behind at some point. You should speed up to get back on track, but do so wisely. Don’t panic; just take a few seconds less on each question until you're caught up. Don’t guess without thinking, but do look through the answer choices and eliminate any you know are wrong. If you can get down to two choices, it is often worthwhile to guess from those. Once you've chosen an answer, move on and don’t dwell on any that you skipped or had to hurry through. If a question was taking too long, chances are it was one of the harder ones, so you weren't as likely to get it right anyway. On the other hand, if you find yourself getting ahead of schedule, it may be beneficial to slow down a little. The more quickly you work, the more likely you are to make a careless mistake that will affect your score. You've budgeted time for each question, so don’t be afraid to spend that time. Practice an efficient but careful pace to get the most out of the time you have. 6 Copyright © Mometrix Media. You have been licensed one copy of this document for personal use only. Any other reproduction or redistribution is strictly prohibited. All Fights reserved.

  15. Page 15
    Read page 15 as text

    Secret Key #5 — Have a Plan for Guessing When you're taking the test, you may find yourself stuck on a question. Some of the answer choices seem better than others, but you don't see the one answer choice that is obviously correct. What do you do? The scenario described above is very common, yet most test takers have not effectively prepared for it. Developing and practicing a plan for guessing may be one of the single most effective uses of your time as you get ready for the exam. In developing your plan for guessing, there are three questions to address: * When should you start the guessing process? e How should you narrow down the choices? e Which answer should you choose? When to Start the Guessing Process Unless your plan for guessing is to select C every time (which, despite its merits, is not what we recommend), you need to leave yourself enough time to apply your answer elimination strategies. Since you have a limited amount of time for each question, that means that if you're going to give yourself the best shot at guessing correctly, you have to decide quickly whether or not you will guess. Of course, the best-case scenario is that you don’t have to guess at all, so first, see if you can answer the question based on your knowledge of the subject and basic reasoning skills. Focus on the key words in the question and try to jog your memory of related topics. Give yourself a chance to bring the knowledge to mind, but once you realize that you don't have (or you can’t access) the knowledge you need to answer the question, it's time to start the guessing process. It’s almost always better to start the guessing process too early than too late. It only takes a few seconds to remember something and answer the question from knowledge. Carefully eliminating wrong answer choices takes longer. Plus, going through the process of eliminating answer choices can actually help jog your memory. Summary: Start the guessing process as soon as you decide that you can’t answer the question based on your knowledge. 7 Copyright © Mometrix Media. You have been licensed one capy of this document for personal use only. Any other reproduction or redistribution Is strictly probibted. Al rights reserved.

  16. Page 16
    Read page 16 as text

    How to Narrow Down the Choices The next chapter in this book (Test-Taking Strategies) includes a wide range of strategies for how to approach questions and how to look for answer choices to eliminate. You will definitely want to read those carefully, practice them, and figure out which ones work best for you. Here though, we're going to address a mindset rather than a particular strategy. Your chances of guessing an answer correctly depend on how many options you are choosing from. How many choices you have How likely you are to guess correctly 5 K] 5 i ! 20% ’ fa J fil] dr EY 4 25% 3 - 133% : i 2 50% 1 fw00% 0 TTT You can see from this chart just how valuable it is to be able to eliminate incorrect answers and make an educated guess, but there are two things that many test takers do that cause them to miss out on the benefits of guessing: e Accidentally eliminating the correct answer e Selecting an answer based on an impression We'll look at the first one here, and the second one in the next section. To avoid accidentally eliminating the correct answer, we recommend a thought exercise called the $5 challenge. In this challenge, you only eliminate an answer choice from contention if you are willing to bet $5 on it being wrong. Why $57 Five dollars is a small but not insignificant amount of money. It’s an amount you could afford to lose but wouldn't want to throw away. And while losing $5 once might not hurt too much, doing it twenty times will set you back $100. In the same way, each small decision you make—eliminating a choice here, guessing on a question there—won’t by itself impact your score very much, but when you put them all together, they can make a big difference. By holding each answer choice elimination decision to a higher standard, you can reduce the risk of accidentally eliminating the correct answer. The $5 challenge can also be applied in a positive sense: If you are willing to bet $5 that an answer choice is correct, go ahead and mark it as correct. Summary: Only eliminate an answer choice if you are willing to bet $5 that it is wrong. 8 Copy+ight © Mometrix Media, Tou have been licensed one copy of this document for persanal use only. Any other reproduction or Tedistribution ts strictly prohibited. AL rights reserved.

169 more pages in the full document

Unlock it once and it stays in your library, ready to chat with or turn into flashcards.

Unlock the full document

More Graduate Record Examination study materials

See all

Study this document with CramX

Once it is in your library, every tool can work from it.