DECA Exam Flashcards
Corporation
A corporation is a legal entity that is separate and distinct from its owners. Under the law, corporations possess many of the same rights and responsibilities as individuals. Also can sell stock to shareholders and others to raise capital.
Partnership
A partnership is the relationship between two or more people to do trade or business. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business.
Sole Proprietorship
A sole proprietorship is a non-registered, unincorporated business run solely by one individual proprietor with no distinction between the business and the owner.
Franchise
A franchise is a type of license that grants a franchisee access to a franchisor’s proprietary business knowledge, processes, and trademarks, thus allowing the franchisee to sell a product or service under the franchisor’s business name.
Full disclosure law
As a general rule in a business transaction , for example, in a real estate transaction, full disclosure refers to the obligation which requires both parties to disclose the whole truth regarding any significant aspect of a business transaction. Provides information to investors.
Tax deductible gift
Something that has reduced tax or tax is negated. Example: Charitable donation.
Preventative Internal Control
Internal controls can be either preventative or detective. Preventive controls are proactive in that they attempt to deter or prevent undesirable events from occurring.
Detective internal control
Detective controls provide evidence that an error or irregularity has occurred. These controls may also be referred to as mitigating controls. They help to reduce risk associated with a failure to implement preventive controls.
Data reconciliation
Data reconciliation is a term used to describe a set of tools and technologies that verify the accuracy and consistency of data – either during a data migration from one system to another, or in business-as-usual (BAU) scenarios such as a routine check of production data, order data, or customer contact details.
Variance analysis
Variance analysis is a method used in financial and managerial accounting to identify and explain the differences between planned or budgeted figures and actual performance. For example, a company may predict a set amount of sales for the next year and compare its predicted amount to the actual amount of sales revenue it receives.
Virtual auditors
A virtual auditor is a type of compliance technology that uses multiple reasoning processes to help businesses identify errors that affect their compliance with government regulations.
Using this technology provides a business with the ability to fix problems quickly and reduce risks
associated with noncompliance.
Cyber Mapping
Cyber mapping in finance/business refers to the process of visualizing and analyzing the cyber ecosystem of an organization, often to understand the interconnectedness, risks, and opportunities associated with its digital operations. It combines insights from cybersecurity, business processes, and financial data to create a detailed representation of an organization’s digital footprint and its vulnerabilities.
Domain Computing
Domain computing is a versatile approach that organizes and manages computing resources effectively by creating logical separations. It is widely used across industries to enhance performance, security, and operational efficiency.
Domain computing is like dividing your work or resources into separate “areas” or “sections” so everything is easier to manage and more secure. Each section (called a “domain”) has its own purpose, tools, and rules, but they can still talk to each other when needed.
Salutation
Formal: Dear Ms. XXX,
Informal: Hello, John
Comes before body of an email/letter
Outline note taking
The outline format of note-taking involves organizing the content in levels. Under each heading
or subheading, the note taker writes short descriptive phrases or key points that relate to the heading or
subheading.
Sentence note taking
The sentence method of note-taking involves writing each new thought, topic, or point on a
separate line. A disadvantage to using the sentence method is that the content is not always connected
to or organized in relation to a previous topic, point, or category of information.
Map note taking
Mapping is a visual
method of note-taking that involves writing the main topic in a shape (e.g., circle or rectangle) and writing
supporting ideas around the shape.
Shorthand note taking
Shorthand is a note-taking method that involves the use of symbols
and abbreviations to represent words.
Appendices
An appendix comes at the end (after the reference list) of a report, research project, or dissertation and contains any additional information such as raw data or interview transcripts.
Sales Force Automation
Many companies use sales force automation (SFA) technology to support,
coordinate, and increase the productivity of their sales professionals. SFA technology, which is a type of
customer relationship management software, can help automate many aspects of the sales process,
such as tracking leads, prospects, and customers. Other SFA technology features include contact
management, sales forecasting, and sales report generation.
Campaign Management Software
Campaign management software is used
by marketers to develop, execute, and track the effectiveness of promotional campaigns to targeted
groups of potential or established customers.
Personalization Technology
Businesses often use personalization technology to target
certain products to certain customers based on the customer’s purchase history.
Matching Engine Technology
Matching engine technology works in a similar manner. Based on a particular customer’s needs or preferences, matching
engine technology determines the product offering that would best appeal to that customer.
Excise Tax
Excise taxes are taxes imposed on certain goods, services, and activities. (To specific items. Sales tax is to all items.)
