DECA Business Administration Core Exam Questions and Answers Rated A

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DECA Business Administration Core Exam Questions and Answers Rated A Franchise ✔✔a contractual agreement between a parent company and a franchisee to distribute goods and services Corporation ... ✔✔a form of business ownership that is owned by stockholders who have purchased units or shares of the company Elastic Demand ✔✔demand that changes according to changes in price Inelastic Demand ✔✔demand that is not affected by changes in price. Unitary Demand ✔✔when sales remain the same because changes in supply and demand are equal Tort ✔✔a private wrongdoing that potentially harms another person or entity Doctrine of Sovereign Immunity ✔✔the universally accepted principle that each nation has the right to manage its own government and develop its own laws. Job Enlargement ✔✔combining different tasks into one position Job Rotation ✔✔moving from one job to another job within an organization Specialization by Trade ✔✔the type of work that a person performs in order to earn a living, such as engineering, public-relations, or accounting. Frictional Unemployment ✔✔occurs because there are always workers who are in transition Structural Unemployment ✔✔when the demand for certain types of workers declines and is often due to technology advancements and the need for new skills Cyclical Employment ✔✔result of changes in the economic and business cycles Wage Garnishments ✔✔court-ordered initiatives that involve taking income taken from an employee's salary and submitting it to another person or organization Embezzlement ✔✔theft of valuables that have been entrusted to another's care Securities Fraud ✔✔the use of misleading sales tactics to persuade investors to purchase securities Espionage ✔✔revealing confidential information without the source or owner's permission and is often associated with spying Variety-seeking Buying Behavior ✔✔involves the purchase of routine items Brand-insistence Buying Behavior ✔✔buyer will not buy anything other than a specific brand or product Automation ✔✔involves the use of machines to carry out production tasks Ergonomics ✔✔the study of the use of equipment or technology and its effects on workers' physical well-being Innovation ✔✔taking action to make the idea, item, or process available for consumers to use Business-format Franchise ✔✔involves a close,continuous, working relationship between the franchisor and the franchisee Customer Complaints ✔✔related to the business's policies and procedures Consumer Products ✔✔economic goods and services that are purchased and used by the ultimate consumer Capital Products ✔✔purchased by businesses for use in their operations Communist Command Economy ✔✔capital for business investment is provided by the government, which obtains it by taking the profits of businesses it owns and by levying taxes Traditional Economy ✔✔people produce only what they must have in order to exist Market Economy (Free Enterprise) ✔✔means of production and distribution are owned and controlled by individuals and businesses Operating Expenses ✔✔costs of running the business Gross Domestic Product ✔✔final market value of the total output of all goods and services produced within a country's geographic boundaries during a year's time Federal Reserve Banks ✔✔used by local banks to protect their banking functions; do not provide protection for local property Tact ✔✔the ability to express your ideas and opinions so that they do not hurt or offend others Cultural Imperialism ✔✔cultural aspects referring to the creation and maintenance of unequal relationships between civilizations favoring the more powerful civilization. Nationalization ✔✔something whose ownership is taken over by the government Credit ✔✔the arrangement in which businesses and individuals can purchase now and pay later. Defamation ✔✔a tort that involves harm to an individual's or business's reputation Monetary Gift ✔✔given without expectations of repayment Punitive Damages ✔✔damages intended to reform or deter the defendant and others from engaging in conduct similar to that which formed the basis of the lawsuit Contraction ✔✔businesses are affected by external factors; businesses often experience lower sales and profits Business Cycle ✔✔the periods of expansion and contraction in economic conditions Expansion ✔✔when the economy is strong and growing; businesses tend to make profits, expand operations, and hire more employees Transitional Economic System ✔✔when a country's economic system is moving from one type of economic system to another type of economic system Secondary Dimensions of Diversity ✔✔differences that may change at various points throughout one's lifetime Primary Dimensions of Diversity ✔✔inborn differences that cannot be changed and affect a person's entire life Debit Card ✔✔funds are electronically transferred from the cardholder's checking or savings account to the seller's account Corporate Bonds ✔✔bonds issued by corporations to fund operating expenses Brokerage Bills ✔✔a fee charged by an agent, or agent's company to facilitate transactions between buyers and sellers Gross Pay ✔✔total income earned for the pay period before income taxes and other deductions are subtracted from the wages Net Pay ✔✔the amount of money that the worker receives after the taxes and other deductions have been subtracted from his/her wages Overtime Income ✔✔the amount of money that an hourly worker earns for working more hours than s/he is normally scheduled to work General Endorsement ✔✔allows the endorser to cash the check or deposit it into the account of his/her choice Capital Gains ✔✔taxes on earnings from the appreciation of an investment Rebate ✔✔a part of the price that a customer pays for a good or service, which is usually offered by the product's manufacturer Stop Words ✔✔commonly used words that do not always add meaning to the primary search terms Logistics ✔✔the function of operations that manages the flow of goods and services from production to consumption Malware ✔✔an illegal computer program that is used to disrupt computer processes, destroy computer programs, and access confidential business information Shareware ✔✔type of computer program in which computer users can sign up for the software on a trial basis. After the trial expires, the computer user can purchase and register the program, if desired Position Innovation ✔✔when an existing product is repositioned Process Innovation ✔✔changing the way that a product is produced or delivered Distributed Innovation ✔✔a decentralized model used for problem solving Conceptual Skills ✔✔ability to see the "big picture" and think about how things will work together Moderate Input ✔✔decision maker asks for some help before deciding Payroll Records ✔✔information about money paid to employees in a given period Web Ring ✔✔a series of linked web pages that share a common theme. Channel Management ✔✔responsible for identifying, selecting, monitoring, and evaluating sales channels Channels of Distribution ✔✔sales channels Product/Service Management ✔✔obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities Promotion ✔✔communicate information about goods, services, images, and/or ideas to achieve a desired outcome Rolling Budget ✔✔continuous budget Zero-Based Budgeting ✔✔requires managers to demonstrate the need for every expense instead of relying on figures from a previous period Working Capital ✔✔the difference between a business's current assets and current liabilities Capital Investment Decisions ✔✔which projects the business will invest in, how the investment(s) will be financed, and whether or not to pay dividends to the company's shareholders Capital Structure ✔✔mix of debt and equity financing used to finance investments and projects Market Risk ✔✔risk of financial loss due to the decreased value of an investment Market Risk Management ✔✔using financial instruments to manage exposure to market risk Accrual Accounting Method ✔✔journalize income and expenditures at the time they occur even if no money changes hands at that time Cash Accounting Method ✔✔record income and expenditures at the time the money changes hands Managerial Accounting ✔✔reporting financial data to internal users Tax Accounting ✔✔recording transactions for tax purposes Churning ✔✔broker may encourage you to make excessive trades just to collect the commission fees from each one Skimming ✔✔price strategy that involves setting prices higher than those of the competition Bundling ✔✔marketing strategy that involves offering several products for sale as one combined product Flighting Strategy ✔✔media timing strategy that concentrates advertising during peak sales periods followed by periods of no advertising Transfer Payments ✔✔monies paid by the government in which no goods or services are received in exchange Floating Exchange-Rate System ✔✔value of a nation's currency fluctuates Law of Economies of Scale ✔✔economic concept that the average cost of production decreases as a business expands Picketing ✔✔form of protest that involves positioning union members (pickets) near a business's entrance during a conflict or strike Injunction ✔✔court order that forbids people from carrying out certain activities Lockout ✔✔management refuses to allow union members to work Direct Distribution ✔✔channel of distribution in which goods and services move directly from the producer to the consumer or industrial user Indirect Distribution ✔✔channel of distribution in which goods and services move from the producer to the channel members and then to consumers or industrial users Slack Resources ✔✔resources that go above and beyond what is needed to run the business Competitive Aggression ✔✔striving to win scarce customer dollars Organizational Learning ✔✔strategy that seeks to strengthen an organization by bringing employees together as well as by empowering them as individuals Operations Management ✔✔process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning Information Management ✔✔process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making Touch Points ✔✔all of the opportunities that a company has to connect with its customers and reinforce its brand value Brand Promise ✔✔company's agreement, spoken or unspoken, with customers that it will consistently meet their expectations and deliver on its brand characteristics and values Statute ✔✔a law Procedural Due Process ✔✔individuals and businesses who are sued or charged with a crime have the opportunity to present evidence on their behalf before a court can impose a penalty Substantive Due Process ✔✔ensure that the government does not take away our fundamental rights The Takings Clause ✔✔requires the U.S. government to pay a fair price for any private property that it takes for public use Sovereign Immunity ✔✔protects a federal government from lawsuits brought against it in foreign courts Appropriation ✔✔involves a business or person who uses—without permission—another person's name, likeness, and other unique characteristics for the benefit or gain of the user Wrongful Interference ✔✔predatory behavior undertaken by a business to draw either customers or employees away from a competitor Conversion ✔✔personal property is taken from the owner and given to someone else to use Limited Liability ✔✔their losses are limited to the amount of money that they have invested in the business Unlimited Liability ✔✔business owners are personally liable for debts incurred by the business Chronological Résumé ✔✔lists an applicant's education and experience in order according to date, beginning with the most recent Functional Résumé ✔✔emphasizes major accomplishments according to importance rather than date Generalized Résumé ✔✔broad, general information rather than specific information Targeted Résumé ✔✔provide specific information about the applicant's qualifications Entrepreneurs ✔✔individuals who expand their businesses in the form of products, personnel, and target markets Extension ✔✔total cost of each quantity of products the buyer is purchasing Amount Due ✔✔all extended prices, tax, and delivery charges Pilferage ✔✔theft of small sums of money or inexpensive items Lending Investment ✔✔lender allows a borrower to use his/her money during a period of time for a specified fee or rate of interest Work Team ✔✔group of employees which is responsible for carrying out an entire work process Quality Circle ✔✔problem-solving group Project Team ✔✔team of employees from different parts of the company who are assigned to work together on a specific project Ethnocentrism ✔✔belief that your own culture is naturally better than other cultures Cultural Sensitivity ✔✔willingness to adjust your opinions and behaviors so that you value different people and ideas Aptitude ✔✔possessing the skill or ability to do something Price Fixing ✔✔eliminates competition Price Indexing ✔✔method of measuring inflation Price discrimination ✔✔when businesses charge customers different prices for similar amounts and types of goods Economics ✔✔study of how people satisfy unlimited, competing, economic wants with limited resources [Show More]

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