What Are the Principles of Business, Marketing, and Finance TEKS?

If you're new to teaching the Principles of Business, Marketing, and Finance course in Texas, you might be unsure about some of the requirements you have to meet. After all, each class has associated Texas Essential Knowledge and Skills (TEKS) statements that your students must learn to be prepared for their future careers.

As a developer of business education curriculum, Texas teachers often ask us about the Principles of Business, Marketing, and Finance course. So what exactly is the purpose of this class, and what are the TEKS you must meet when you teach it?

In this article, you’ll learn what the Principles of Business, Marketing, and Finance course is and the specific TEKS you’ll need to cover. By the end of the article, you should better understand this course and what you can do to help your students learn and grow.

What Is the Principles of Business, Marketing, and Finance Course?

Principles of Business, Marketing, and Finance is an introductory course in the business management and administration career cluster. 

The course provides learners with a basic overview of several related subjects, from economic and private enterprise systems to effective marketing and sound financial management.

Overall, the goal of the course is to help students better understand the technology and methodology of business to help them be more prepared for specific careers of interest. Students who successfully complete the course demonstrate capabilities in several areas and may already be able to identify possible areas of specialization.

What Are the Principles of Business, Marketing, and Finance TEKS Requirements?

Now that you have a basic understanding of the purpose of the Principles of Business, Marketing, and Finance course, our next step is to discuss the Texas Essential Knowledge and Skills (TEKS) associated with it.

Each of the Principles of Business, Marketing, and Finance TEKS is composed of two sections:

• Knowledge statements refer to the overarching concepts students must learn.
• Skills statements are the specific objectives students are expected to meet when taking the class.

Furthermore, the Principles of Business, Marketing, and Finance TEKS are organized into 14 knowledge statements:

1. The student demonstrates professional standards/employability skills required by business and industry.
2. The student describes the characteristics of business.
3. The student defines ethics in business.
4. The student differentiates between the types of economic systems with emphasis on the private enterprise system and the U.S. economy.
5. The student relates to the impact of international business on the U.S. economy.
6. The student identifies the role and impact of government, the legal system, and organized labor in business.
7. The student classifies types of businesses that market goods and services.
8. The student analyzes cost and profit relationships in finance.
9. The student understands the fundamental principles of money.
10. The student demonstrates an understanding of personal financial management.
11. The student explains the importance of marketing as well as the functions of marketing.
12. The student understands the scope of market identification.
13. The student understands the importance of an effective marketing mix.
14. The student identifies career opportunities within the Business Management and Administration career cluster, the Finance career cluster, and the Marketing career cluster and formulates a career plan.

In the following sections, you’ll learn more about these knowledge statements and the specific skills statements that compose them.

TEKS Requirement 1: Professional Standards and Employability Skills

The first TEKS standard requires students to learn essential career readiness skills that will make them prepared and marketable in today’s workplace.

To satisfy this requirement, students must specifically be able to:

1. Communicate effectively with others using oral and written skills.
2. Demonstrate collaboration skills through teamwork.
3. Demonstrate professionalism by conducting oneself in a manner appropriate for the profession and workplace.
4. Demonstrate a positive, productive work ethic by performing assigned tasks as directed.
5. Comply with all applicable rules, laws, and regulations.
6. Demonstrate time-management skills by prioritizing tasks, following schedules, and tending to goal-relevant activities in a way that uses time wisely and optimizes efficiency and results.

Although these skills are more general, they are fundamental to behaviors expected in the business world in many ways.

TEKS Requirement 2: Characteristics of Business

This knowledge statement ensures learners recognize the core characteristics and principles that support a functional business.

To meet this requirement, students need to be able to:

1. Explain the principles of supply and demand.
2. Differentiate between goods and services.
3. Identify the types of business.
4. Compare the different forms of ownership.
5. Examine the organizational structure and functions of business.
6. Interpret the nature of balance sheets and income statements.
7. Identify business cycles.

These are transferable business concepts that play a part in how every business operates. Students can take the knowledge they’ve learned here and apply it to nearly any business they may find themselves working in.

TEKS Requirement 3: Ethics in Business

This requirement demands that students have an appropriate appreciation of ethical principles as they apply to the business world.

Under this knowledge statement, students must demonstrate a working knowledge of business ethics:

1. Distinguish between ethical and unethical business practices.
2. Contrast ethical, moral, and legal choices that relate to the decision-making process in business situations.

Ethical behavior should be a core value of every business and employee. Understanding moral obligations and limitations early are essential for students to have honest, fulfilling professional careers.

TEKS Requirement 4: Economic Systems

This TEKS statement instructs students to learn about the multiple types of economic systems operating today, with a special emphasis on the private enterprise system and the U.S. economy.

To that end, each student is expected to:

1. Compare and contrast the types of economic systems, including traditional, centrally planned, market, and mixed economies.
2. Summarize the characteristics of the private enterprise system.
3. Identify factors affecting business profits, revenues, and expenses.

Although students will most likely be working within the private enterprise system and subject to the U.S. economy, this TEKS requirement ensures students also recognize other economies and forms of commerce.

TEKS Requirement 5: International Business

The fifth TEKS statement focuses on international business and how it impacts the American economy.

To satisfy this standard, students should be able to:

1. Explain the role of business in a global society.
2. Compare domestic and world trade.
3. Explain the impact of imports and exports on the U.S. economy.

Learning the basics of international business ensures students are ready to work in an increasingly interdependent business world.

TEKS Requirement 6: Government, the Legal System, and Organized Labor

The U.S. Government, the American legal system, and organized labor groups operating in the United States all influence where and how business is conducted.

This TEKS requirement recognizes this and ensures learners can:

1. Differentiate among the roles of government in business.
2. Describe types of activities performed by governments in business.
3. Ascertain the role of the legal system in business.
4. Explain the role of organized labor in society.

Learning about the role of the U.S. government, the legal system, and organized labor gives students a necessary appreciation of business regulations they’ll face in the future.

TEKS Requirement 7: Types of Businesses

For this knowledge statement, students begin to look at the marketing of goods and services, classifying the types of businesses by what they are selling.

To accomplish this, students are expected to fulfill these specific skills statements:

1. Explain the importance of different marketing strategies for goods versus services.
2. Define business and industry terms such as producers, raw-goods producers, manufacturers, builders, trade industries, retailers, wholesalers, and service businesses.
3. Identify types of retailers.
4. Explain the role of retailers in a private enterprise system.
5. Identify examples of wholesalers.
6. Describe the role of wholesalers in a private enterprise system.

Before diving into marketing, students need to know the differences between each type of business. This TEKS requirement helps students recognize the characteristics of each.

TEKS Requirement 8: Cost and Profit Relationships

For this knowledge statement, learners discover a critical aspect of finance: cost and profit relationships.

Specifically, students need to be able to:

1. Explain the concept of productivity.
2. Analyze the impact of specialization and division of labor on productivity.
3. Explain the concept of organized labor and business.

This TEKS requirement helps students gain transferable skills relevant to finance, particularly as it applies to the value of labor.

TEKS Requirement 9: Principles of Money

For this requirement, students gain awareness of the fundamental principles of money.

In particular, each student is expected to:

1. Evaluate forms of financial exchange, including cash, credit, debit, and electronic funds transfer.
2. Identify types of currency, including paper money, coins, banknotes, government bonds, and treasury notes.
3. List functions of money such as medium of exchange, unit of measure, and store of value.
4. Summarize the purposes and importance of credit.
5. Explain legal responsibilities associated with financial exchanges.

Competency in dealing with money will help students both in their careers and in their personal lives. These standards cover all the basics students need to recognize how money relates to business.

TEKS Requirement 10: Personal Financial Management

Personal financial management is a crucial but often overlooked aspect of business education. However, this TEKS statement ensures students learn personal finance as part of their Principles of Business, Marketing, and Finance course.

Students will learn how to:

1. Explain the importance of providing accurate information.
2. Calculate gross and net pay.
3. Simulate opening and maintaining various types of bank accounts.
4. Reconcile bank statements.
5. Compare the advantages and disadvantages of different types of banking services.
6. Examine investment growth by developing a personal investment plan.
7. Prepare an individual income tax return.

In meeting these TEKS, students become prepared to take responsibility for their own financial wellbeing.

TEKS Requirement 11: Importance and Functions of Marketing

For this standard, students discover the fundamentals of marketing and its role in business.

Students need to show an understanding of marketing, including:

1. Define marketing.
2. Understand how marketing is related to other functions of business.
3. Explain the marketing concept.
4. Describe marketing functions and related activities.

Effective marketing is a part of every business’ operations. These skills ensure students know the basics of marketing and how it affects commerce.

TEKS Requirement 12: Market Identification

As a continuation of the previous knowledge statement, this requirement focuses more narrowly on the scope of market identification.

Specifically, learners are asked to:

1. Explain the concept of market and market identification.
2. Identify market segments.
3. Explain the difference in market segmentation and mass marketing.
4. Define and explain the importance of target markets.
5. Identify a target market for a product or service using market segmentation.

Market identification and segmentation are two essential aspects of the overall marketing field. These standards ensure students comprehend the basics and will be able to work cross-functionally with marketers in their future roles.

TEKS Requirement 13: Effective Marketing Mix

This TEKS requirement represents the next step in learners’ understanding of marketing, introducing them to the qualities of a compelling marketing mix.

To meet this goal, students are expected to:

1. Explain the concept of marketing strategies.
2. Define each component of the marketing mix.
3. Identify examples of an effective marketing mix.
4. Create an effective marketing mix for a product or service.
5. Explain the role of participation as a key element of marketing.

After learning this material, students will be ready to create basic marketing plans of their own.

TEKS Requirement 14: Business, Finance, and Marketing Career Opportunities

The final TEKS requirement for Principles of Business, Marketing, and Finance prepares students for potential career opportunities in each of these fields.

After learning about careers in Business and Administration, Marketing, and Finance, students will take these next steps toward future career choices:

1. Analyze individual goals and interests.
2. Determine individual talents, abilities, and skills.
3. Develop an individual career plan.

The Principles of Business, Marketing, and Finance course is the first step towards employment opportunities in a broad range of fields. This standard ensures students think about the areas in which they are most skilled to tailor their career interests better.

Need Help Meeting Your TEKS Requirements?

If you’re new to teaching a course, meeting your TEKS requirements can be challenging. Between instructing your students, meeting their individual needs, and taking time for planning and grading, covering a course like Principles of Business, Marketing, and Finance can be a lot to handle.

Thankfully, there are specific knowledge and skills statements you can follow to ensure you meet your standards and your students receive the information they need.

However, you might still have questions about how you can meet these standards in your day-to-day instruction.

One way to meet your TEKS while saving time on tasks like planning and grading is to use the comprehensive business education curriculum from iCEV. The iCEV curriculum aligns with the Principles of Business, Marketing, and Finance TEKS, so you can be confident that you’ll meet your standards.