DECA Entrepreneurship Exam Questions and Answers Already Passed

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DECA Entrepreneurship Exam Questions and Answers Already Passed Sovereign Community ✔✔A legal concept stating that the courts in a country represent the country's laws, and their decisions cann... ot be reversed by the decision of courts in other countries. Legal concept that affects foreign countries Eminent Domain ✔✔the right of a government or its agent to take away private property for public use, with payment of compensation. Absolute privilege ✔✔An absolute defense to an otherwise defamatory statement because of the venue or context in which the statement was made. Social Responsibility ✔✔An organization or individual has an obligation to act for the benefit of society at large. Infringement ✔✔The action of breaking the terms of a law, agreement, etc. Defamation ✔✔A statement that injures a third party's reputation. National Labor Relations Act ✔✔to protect the rights of employees and employers, to encourage collective bargaining, and to lessen certain private sector labor and management practices Vocational Rehabilitation Act ✔✔Was put in place to correct the problem of discrimination against people with disabilities in the United States. Fair Labour Standards Act ✔✔A law that creates the right to a minimum wage, and "time-and-ahalf" overtime pay when people work over forty hours a week. Americans with Disabilities Act ✔✔A civil rights law that prohibits discrimination based on disability. Does not allow employers to ask employees about potential medical history. Consolidation ✔✔joining of two or more companies to form a new company General Partnership ✔✔designed to combine capital, experience, and the abilities of two or more people Limited Partnership ✔✔permits a partner to invest in a business but have limited liability and responsibility Open Corporation ✔✔sells millions of shares of stock to many stockholders Intermediaries ✔✔Put buyers and sellers together without taking ownership of the product, service or property. They act as go-betweens. Wholesalers ✔✔an intermediary who helps to move goods between producers and retailers by buying goods from producers and selling them to retailers Industrial user ✔✔A business that buys materials, services, or goods which it will use to make other goods indirect agent ✔✔intermediaries who assist in the sale and/or promotion of goods and services but do not take title to them acquisition ✔✔Taking ownership of another business. Frequently used in conjunction with the word merger, as in mergers and acquisitions or M&As. Strategic planning ✔✔is long-range planning (three to five years) for the company as a whole Tactical planning ✔✔is short-range planning (one year) of specific actions the business will take . Systematic planning ✔✔involves using a set of procedures to plan activities Environmental planning ✔✔focuses on establishing goals and activities that affect the natural environment. SWOT Analysis ✔✔describes the business (or business owner's) strengths, weaknesses, opportunities, and threats business plan ✔✔is a detailed document that serves as a blueprint or guide for developing the business. promotional plan ✔✔is the framework for the business's promotional activities corporate philosophy ✔✔is often documented and provides details about the business's core values and its mission. Outsourcing ✔✔is acquiring assistance from individual consultants or outside organizations to obtain goods and services to perform primary business activities. cash flow statements ✔✔Businesspeople prepare ___________ to estimate when, where, and how much money will flow into and out of a business during a certain period of time collateral ✔✔security for repayment of a loan Financial accounting ✔✔focuses on capturing, maintaining, preparing, and reporting financial information to external audiences. Examples of this include preparing tax data for the government and developing the annual report for the business's stakeholders. annual report ✔✔usually contains information about the business's long-term investment goals. equity financing ✔✔stocks are sold to shareholders and those shareholders own a stake in the company multiply the net profit margin (14.39%) by the asset turnover rate (1.0455) by the equity multiplier (2.0621) to obtain 31.02% ✔✔how to calculate ROE (return on equity) Vertical analysis ✔✔is often used to show the relationship of each component to the total within a single financial statement net sales ✔✔is the base amount used for vertical analysis of items on the income statement market ✔✔consists of customers or potential customers who have unfulfilled desires and are financially able and willing to satisfy those desires economic system ✔✔is the organized way in which a nation handles its economic decisions and solves its economic problems corporate chain ✔✔consists of a number of similar stores owned and managed by a corporate organization cooperative ✔✔is a business that is owned and operated by its customers. Customer profiles ✔✔are used by companies to create a clear picture of their target market for use in decision making. data mining ✔✔is the process of searching computer databases for patterns of information and correlations or relationships among information. demographics ✔✔are the physical and social characteristics (e.g., age, gender, education) of a population or market segment variance ✔✔is a measure of how data points differ from the mean geometric mean or central tendency ✔✔is used in business to show average rates of growth Logistics ✔✔refers to managing the flow of goods and services from production to consumption variable expenses ✔✔Operating costs that fluctuate with changes in production are called material flow, information flow, and money flow ✔✔The three types of flows in supply chain management are distribution ✔✔The function of business that involves the moving, storing, locating, and/or transferring ownership of goods and services is accountable, responsible, consulted, and informed ✔✔ARCI stands for Paradigm innovation ✔✔occurs when there is a significant change or shift in thinking product, place, price, promotion ✔✔marketing mix (4 P's) invoice ✔✔a bill transit media ✔✔is a form of out-of-home advertising that businesses place in various modes and locations of mass transportation rebate ✔✔is a sales-promotion technique in which a business returns part of the price that a customer pays for a good or service Sweepstakes ✔✔involve a game of chance in which a customer wins a prize middle/mid-level ✔✔management that would determine what needed to be done in order to enter the new market executive/top-level ✔✔management is responsible for strategic planning, including making the decisions about entering a new market Supervisory/first level ✔✔management who work directly with the employees carrying out the directions of top and mid-level management dashboards ✔✔are technology applications that allow management to view and evaluate a process or activity as it occurs human resource management ✔✔staffing, employee compensation and benefits, and defining/designing work. operations management ✔✔refers to the administration of business practices to create the highest level of efficiency possible within an organization yield ✔✔give way to arguments, demands, or pressure. interest from an investment point of sale ✔✔the place at which goods are retailed. pilferage ✔✔a thief who steals without using violence meet unlimited human wants ✔✔Economics is the study of how to CPI (consumer price index) ✔✔measures changes in the price level of market basket of consumer goods and services purchased by households stipend ✔✔a fixed regular sum paid as a salary or allowance inelastic ✔✔(of demand or supply) insensitive to changes in price or income. scarcity ✔✔the state of in short supply; shortage letters of inquiry ✔✔is a letter written to request information and/or ascertain its authenticity Transfer payments ✔✔are monies paid by the government in which no goods or services are received in exchange. information management ✔✔management is the process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business planning and decision making. 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