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DECA 2023-2024 > 2024-2025 vocab > Flashcards

2024-2025 vocab Flashcards

1
Q

cost-benefit analysis

A

cost-benefit analysis (CBA) is an approach used to assess the advantages and disadvantages associated with a decision/project/policy

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2
Q

stakeholder expectations

A

criteria that must be met for the stakeholders to consider your project successful

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3
Q

organizational risk assessment

A

formal process for identifying, evaluating, controlling risks

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4
Q

labor productivity

A

rate of how much ‘output’ you can achieve with the amount of labor it took to achieve that output

how to minimize labor and maximize output, therefore maximizing labor productivity?

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5
Q

marketing mix

A

the “tools” of a company’s marketing toolbox…

product, price, place, promotion

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6
Q

push & pull strategies

A

push system initiates production in anticipation of future demand

pull system initiates production as a reaction to present demand

“pushing into” new demand vs. “pulling yourself” to meet the current demand

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7
Q

negotiation strategies

A

goal of a negotiation strategy is to get as close to your goal as possible; maximizing value

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8
Q

operating expenses

A

expenses incurring through normal business operations (e.g. rent, utilities, maintenance, salaries, insurance, etc.)

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9
Q

expense control

A

managing business expenses through key factors including cost of labor, cost of materials, etc.

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10
Q

SWOT analysis

A

strengths, weaknesses, opportunities, and threats

– used to evaluate a business or organization

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11
Q

risk assessment

A

system to evaluate potential risks in the workplace and addressing those concerns

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12
Q

continuation planning

A

system that helps business plan, respond, and prepare for emergencies or threats

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13
Q

payroll benefits and expenses

A

benefits provided to employees on top of their salary (health insurance, retirement plans, paid time off, etc.)

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14
Q

goals and objectives

A

self-explanatory

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15
Q

types of business ownerships

A

sole proprietorship: someone owns an unincorporated business by themselves

partnership: two or more people

corporation: prospective shareholders exchange money, property, or both, for the corporation’s capital stock, recognized as its own legal entity

S corporation: corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes

limited liability company (LLC): corporation that offers limited liability protection and pass-through taxation (owners are not personally responsible for the finances)

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16
Q

target market

A

specific group of consumers that the product or service is marketed to

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17
Q

rank-order technique

A

ask participants to rank products and brands based on personal preferences

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18
Q

product line

A

collection of related products sold under a single brand to meet similar customer needs

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19
Q

corrective action

A

process to take action against undesirable situations and eliminate causes of non-conformities

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20
Q

distribution channel

A

network of businesses, intermediaries, and individuals facilitating the journey of a good from the manufacturer to the consumer

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21
Q

contingency plan

A

a plan designed to account for a future event or situation

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22
Q

open order

A

an order from the market that has yet to be filled until the specific requirements are met

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23
Q

sales contract

A

a contract between the seller and buyer that details the terms of the exchange

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24
Q

human resources

A

the department of a company that manages employee experience

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25
Q

consumer goods

A

tangible products that consumers purchase for individual use

26
Q

industrial goods

A

goods that companies purchase to produce their own products or services

27
Q

economies of sale

A
28
Q

pay rates

A

how much you pay employees

29
Q

net profit

A

a company’s total earnings after subtracting all expenses

30
Q

corporate governance

A

rules that govern how a company runs

31
Q

variable costs (VC)

A

costs that fluctuate as production does

32
Q

long run

A

– all costs are variable (all factors of production are variable)
– presented over a long period of time

33
Q

short run

A

– some costs are fixed and others are variable
– short-term (over a short period of time)

34
Q

fixed costs (FC)

A

costs that remain fixed (not influenced by production)

35
Q

income taxes

A

tax levied by the govt on income (esp. personal income)

36
Q

marginal cost

A

the additional cost of buying one more unit

37
Q

diseconomies of scale

A

an additional unit of output increases the marginal cost

38
Q

economies of scale

A

cost advantages that enterprises obtain when their production becomes efficient

39
Q

consumer goods

A

products or services that meet a consumer’s need or human want

40
Q

journals

A

publication around a business

41
Q

compensation statements

A

document detailing the whole value of the compensation an employee receives in exchange for their work

42
Q

profit-and-loss statements (P&L)

A

summarizes revenue, costs, profits/losses, expenses
– information about a businesses ability

43
Q

descriptive

A

What happening in my business

44
Q

predictive analytics

A

What is likely to happen?

45
Q

prescriptive analytics

A

What do I need to do?

46
Q

diagnostic analytics

A

What’s happening in my business?

47
Q

the selling process

A

the interaction between a salesperson and their potential customer

48
Q

data mining

A

the process of searching and analyzing a large batch of raw data in order to identify patterns

49
Q

accounting information

A

the financial statements generated through the process of book-keeping and accounting

50
Q

debt financing

A

a company raises money by selling debt instruments to investors
– ex. J.P. Morgan and his bank monopoly

51
Q

equity financing

A

process of raising capital by selling shares to investors

52
Q

cross functional internal work teams

A

teams that work across departments to complete a project

53
Q

production internal work teams

A

permanent work groups that produce and handle tangible products

54
Q

homogenous work teams

A

teams of similar characteristics and specialities that work on similar tasks (e.g. two middle aged teams work on marketing two products for millennials idk)

55
Q

independent matrix work teams

A

employees report to multiple leaders, including a project manager and their department head

56
Q

equity

A

money returned to company investors after all debts are paid and assets are sold

57
Q

assets

A

a resource you own or a lease that helps run your business

57
Q

liabilities

A

legal debts a party owes to its third party creditors (ex. bank loans, wages, taxes owed, etc.)

58
Q

customer retention

A

how many customers stay with your business for the long term

59
Q

competitive analysis

A

process of identifying your competitors and researching different marketing strats

60
Q

accounts-receivable document

A

amount of money your customers owe for goods and services purchased in the past

DECA 2023-2024 (3 decks)

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