Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

ENGLISH FLASH CARDS > (DECA FLASHCARDS) > Flashcards

(DECA FLASHCARDS)

1
Q

Describe methods used to protect intellectual property.

A

Patents - applies to designs, inventions, etc.

Trademarks - applies to words, phrases, symbols/logos, etc.

Trade secrets - applies to private information, practices, techniques, etc., that are not publicly known

Copyright - the right to copy or reproduce a product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Describe legal issues affecting businesses.

A

Wrong Termination Lawsuits - the former employee sues if (s)he believes (s)he was unjustly fired

Harassment/Discrimination Cases - employee/customer was harassed or treated inferiorly due to demographic differences

Immigration Audits - requirement of businesses to file Form 1-9 in order to verify employee eligibility

IP Issues - disputes over ownership of trademarkes, copyrights, and/or patents

Dissatisfied Customer s - consumers feel misled or deceived

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Identify the basic torts relating to business enterprises.

A

A business tort is a civic wrong committed against an organization that results in harm to its assets.

Types of Torts:

Intentional Torts - occurs when an individual/entity purposefully engages in conduct that harms another party.

Negligence - occurs when an individual/entity is careless and fails to provide a duty owed to another person. These torts are unintentional, but still result in harm.

Strict Liability - occurs in cases where responsibility for an injury can be imposed on the wrongdoer without proof of negligence or direct fault.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Describe the nature of legally binding contracts.

A

A contract is an agreement between two or more parties to do, or refrain from doing, a certain action.

Components of a contract:

Offer - one party must make a clearly stated offer to another party

Acceptance - the offer must be accepted by the other party/parties

Consideration - something of value must be promised in echange for a specific action or non-action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Explain the nature of human resources regulations.

A

Human resources regulations exist to provide a safeguard for employees so that they are getting the rights and treatment that they deserve.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Explain the nature of workplace regulations (including OSHA, ADA).

A

The nature of workplace regulations are to provide consistency to the structure and guidelines of a company, and to make sure that both the company and its employees are protected against lawsuits.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Explain types of business ownership.

A

Sole proprietorship - business is owned/run by one individual who receives all profits and is responsible for all loss or debt

Partnership - business is owned/run by two or more parties who agree to divide the profits, contribute resources, and share liability

Corporation - business is owned/run by multiple shareholders and often sells shares on the stock market. Allows for limited liability.

Limited Liability Company (LLC) - business is owned/run by multiple members (not shareholders) that are not personally liable for the company’s losses or debts. Considered a hybrid between corporations and sole proprietorships.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Select form of business ownership.

A

-

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Explain the nature of tax regulations on business.

A

The nature of tax regulations, or treasury regulations, on businesses are to pick up where the tax laws leave off.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Explain the nature of businesses’ reporting requirements.

A

Businesses’ reporting requirements are meant to make sure that investors and regulators can evaluate a company’s financial performance and business operations. Additionally, access to these reports are necessary for company transparency.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Develop strategies for legal/government compliance.

A

Establish, evaluate, study, authorize, train, involve, ensure.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Prepare complex written reports.

A

-

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Write proposals.

A

-

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Explain management’s role in customer relations.

A

Lead and motivate the team to ensure they’re giving the best customer service possible, handle complaints and queries, and sort security issues.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Identify the company’s brand promise.

A

Determine the company’s goals and make educated business decisions by planning a strategic direction, marketing to the right people, and attracting the right employees.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Identify the impact of small business/entrepreneurship on market economies.

A

Statistics have consistently shown that the creation of new businesses drives economic prosperity. It increases the competition of emerging sectors and inspires innovation. Small businesses are critical for economic growth and innovative capacity in many regions. Additionally, they add to job creation, economic growth, and poverty reduction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Explain the concept of private enterprise.

A

Private enterprises are businesses carried on for profit and not owned by government. The system discourages public ownership of business. This is the same as a free enterprise.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Describe legal issues affecting businesses.

A

Wrong Termination Lawsuits - the former employee sues if (s)he believes (s)he was unjustly fired

Harassment/Discrimination Cases - employee/customer was harassed or treated inferiorly due to demographic differences

Immigration Audits - requirement of businesses to file Form 1-9 in order to verify employee eligibility

IP Issues - disputes over ownership of trademarkes, copyrights, and/or patents

Dissatisfied Customer s - consumers feel misled or deceived

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Identify the basic torts relating to business enterprises.

A

A business tort is a civic wrong committed against an organization that results in harm to its assets.

Types of Torts:

Intentional Torts - occurs when an individual/entity purposefully engages in conduct that harms another party.

Negligence - occurs when an individual/entity is careless and fails to provide a duty owed to another person. These torts are unintentional, but still result in harm.

Strict Liability - occurs in cases where responsibility for an injury can be imposed on the wrongdoer without proof of negligence or direct fault.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Describe the nature of legally binding contracts.

A

A contract is an agreement between two or more parties to do, or refrain from doing, a certain action.

Components of a contract:

Offer - one party must make a clearly stated offer to another party

Acceptance - the offer must be accepted by the other party/parties

Consideration - something of value must be promised in echange for a specific action or non-action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Explain the nature of human resources regulations.

A

Human resources regulations exist to provide a safeguard for employees so that they are getting the rights and treatment that they deserve.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Explain the nature of workplace regulations (including OSHA, ADA).

A

The nature of workplace regulations are to provide consistency to the structure and guidelines of a company, and to make sure that both the company and its employees are protected against lawsuits.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Explain types of business ownership.

A

Sole proprietorship - business is owned/run by one individual who receives all profits and is responsible for all loss or debt

Partnership - business is owned/run by two or more parties who agree to divide the profits, contribute resources, and share liability

Corporation - business is owned/run by multiple shareholders and often sells shares on the stock market. Allows for limited liability.

Limited Liability Company (LLC) - business is owned/run by multiple members (not shareholders) that are not personally liable for the company’s losses or debts. Considered a hybrid between corporations and sole proprietorships.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Identify factors affecting a business’ profit.

A

Sales Changes - changes in sales costs are affected by certain external factors (economic health, market stability, natural factors, etc.) and certain internal factors (marketing efforts, pricing, and available payment options)

Material Price Changes - changes in material pricing are often affected by certain external factors (political unrest, natural disasters, global supply issues)

Labor Price Changes - changes in labor pricing are often affected by factors such as insurance changes and the effectiveness of a company’s human resource management.

Inventory Method Changes - inventory methods include FIFO (First-In, First-Out), LIFO (Last-In, Last-Out) and average cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Determine factors affecting business risk.

A

Internal Factors - pricing, employees, vendors, technological factors, physical equipment malfunctions, etc.

External Factors - economy, natural causes, political factors, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Explain the concept of competition.

A

Competition is the rivalry between companies selling similar products and services. It motivates companies to increase sales volume by utilizing the four components of marketing mix (price, product, promotion, place).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Determine the relationship between government and business.

A

In a planned economy or market economy, the government controls the shaping of business activities in the country. Most countries allow for a large degree of private businesses while maintaining a strict regulation of certain aspects of the economy through legislative laws. Today’s relationship between government and business is mainly a mixed economy (combines private and public enterprise).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Describe the nature of taxes.

A

taxes benefit the society and are used as instuments for attaining certain social objectives. Governments use taxes to either speed or slow economic growth.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Describe the concept of economies of scale.

A

Economies of scale refer to reduced costs per unit that arise from increased total output of a product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Exhibit cultural sensitivity.

A

-

31
Q

Leverage personality types in business situations.

A

Introverts - prefer to have time to think about their ideas, and generally need solitude and time to recharge after socializing. They can run out of energy quickly when put in group situations for too long.

Extroverts - prefer to generate ideas in a group setting and feel most energized during back and forth communication. They easily become bored when they cannot actively participate in a conversation.

32
Q

Adapt management style to the personality type of others.

A

Identify the strengths and weaknesses, as wel as needs and wants, of each personality type in business.

33
Q

“Sell” ideas to others.

A

Use persuasive language, good arguments, and focus on closing the deal.

34
Q

Persuade others.

A

Use persuasive language, pay attention to what the individual wants or needs, be personal.

35
Q

Demonstrate negotiation skills.

A

L shrihan no friends weird voice cracking ass

36
Q

Encourage team building.

A

Use the 9 C’s:

  • Clear expectations
  • Context
  • Commitment
  • Control
  • Collaboration
  • Communication
  • Consequences
  • Coordination
  • Culture change
37
Q

Explain the concept of leadership.

A

A good leader aims to establish goals, values, and concepts that make up the organization’s personality or how the organization is observes by both outsiders and insiders.

Types of Leadership:

Authoritarian - strictly professional, direct supervision

Paternalistic - father figure, more personal

Democratic - social equality

Laissez Faire - workers have all the power

Transactional - system of rewards and punishments

Transformational - leads change and initiative

38
Q

Determine personal vision.

A

Personal vision is determined through goals.

39
Q

Demonstrate adaptability.

A

Adaptability is the ability to change with market or industry trends, and adjust goals and visions off of market predictions.

40
Q

Develop an acheivement orientation.

A

Acheivement orientation refers to how an individual interprets or reacts to tasks, resulting in different patterns of cognition, effect, and behavior. It refers to an individual’s ability to set measurable self-improvement goals.

41
Q

Enlist others in working towards a shared vision.

A

Set the goal and then establish steps to work towards it. Be sure to communicate and motivate your team.

42
Q

Act as a role model to fulfill the organization’s standards/values.

A

-

43
Q

Recognize/reward others for their efforts and contributions.

A

Make it personal and magnify recognition, and provide opportunities for people to be rewarded. Facilitate peer-to-peer recognition and motivate through financial incentives.

44
Q

Determine stakeholder expectations.

A

Identify the stakeholders and the preferred mode of communication, and make sure you have accurately mapped expectations so that they are engaged throughout the process. Classify the level of communication for each stakeholder and identify which stakeholders will be advocates. Engage the stakeholders in decision making processes, and make sure that the manner in which the project is accomplished is positive even if problems arise.

45
Q

Establish strategic relationships with others.

A

A strategic relationship is a relationship between two commercial enterprises, usually formalized by one or more business contracts. They usually fall short of a legal partnership entity, agency, or corporate affiliate relationship.

46
Q

Share best practices with key individuals and groups.

A

Best practices are practices determined to be effective and practicable for business operations.

47
Q

Leverage business relationships.

A

Keep selling to clients, talk on a regular basis, send them messages, ask for introductions, and take initiative.

48
Q

Describe the nature of entrepreneurship.

A

Entrepreneurship is the development of a business from the ground up. This includes coming up with the idea and the process of turning it into a profitable business.

49
Q

Discuss entrepreneurial discovery processes.

A

The process for entrepreneurial discovery is a learning process. It is a vision about opportunities in existing or emerging sectors, and the process of bringing that idea into reality.

50
Q

Determine opportunities for venture creation.

A

Understand the opportunity space around an idea, and find an idea in an attractive and fast growing opportunity space.

51
Q

Assess opportunities for venture creation.

A

SWOT Analysis - a compilation of your company’s strengths, weaknesses, opportunities, and threats

Ansoff Matrix - a grid used to analyze and plan strategies (market penetration, product development, market development, diversification) for a business based on new and existing products/markets, as well as the risk factors associated with them

Pricing Matrix - when businesses define their costs, features, and what differentiates them from their competition, which (if done well) can motivate a new customer to purchase

Boston Matrix - a model that helps businesses analyze their portfolio of products using the basis of their relative market shares and growth rates to help with long-term strategic planning

52
Q

Generate venture ideas.

A

u problem amigo

53
Q

Determine feasibility of venture ideas.

A

TMMD Analysis:

Time - evaluate the time it will take to successfully set up a working business

Money - evaluate the costs, set a budget range, and plan accordingly

Market - evaluate the state of the market, the success of the competition, and any opportunities that could lead to profit

Determination - determine if the venture is worth the risk

54
Q

Describe entrepreneurial planning considerations.

A

Identify a real opportunity, create a plan to address that opportunity, determine the feasibility of the idea, forecast the future of the business, find funding, market the idea

55
Q

Explain tools used by entrepreneurs for venture planning.

A

PEST Analysis - helps entrepreneurs make better business decisions and improving efficiency by studying various factors (political, economic, social, technological) that might influence the business

SWOT Analysis - helps raise the organization’s awareness of all the risks and factors involved in the making of their business by analyzing their strengths, weaknesses, opportunities, and threats

McKinsey 7s Framework - used to determine a business’ organizational effectiveness by analyzing the business’ strategy, structure, system, style, shared values, staff and skills

56
Q

Assess start-up requirements.

A

Select a Legal Structure - sole proprietorship, partnership, corporation, LLC

Obtain a Federal Employer Identification Number - apply for a FEIN from the IRS based on the legal structure of the business

Open a Company Bank Account - select a bank and open a company bank account

Lease or Buy an Office, Warehouse, or Retail Space - depending on the type of business, arrange for an office space to be leased

Obtain Licenses and Permits - depending on the industry, a business may need a federal permit, state license, sales tax permit, or business license

Hire Employees - if a business intends to hire employees, they must register with the appropriate state agencies

Set Up an Accounting and Record Keeping System - learn about the taxes the company is responsible for paying and keep a strict record-keeping system (company documents are generally required to be kept for three years)

57
Q

Assess risks associated with venture.

A

Market Timing Risk - determine whether it is the right time to start such a business

Market Adoption Risk - determine whether there are currently strong competitors in the business, and evaluate any major barriers to entry

Market Size Risk - if the company is successful, consider whether the exit scenario is large enough to provide the types of returns for the business’ fund needs

Execution Risk - evaluate whether the business has what it takes to fully execute the business plan and acheive the goal

Technology Risk - if the company has to develop new technology that may not reach fruition, evaluate the risk of the development taking longer than expected

Business Model Risk - determine whether the business has a clear business model, and whether the unit economics work out

Platform Risk - determine how strong the relationship between the startup and the platform, and whether their product plans are complementary

Venture Leadership Risk - determine whether the company is receptive to feedback, and if the management team is fit for leadership

Financial Risk - determine the amount of money required for the company to acheive its goals, and whether the financial risk is manageable given the current environment and company trajectory

Legal Risk - determine whether the business has a high likelihood of lawsuit for patent/copyright infringement

58
Q

Describe external resources useful to entrepreneurs during concept development.

A

Indirect Research - looking at trends of similar products, reviews, success by past comparison

Direct Research - speaking to/questioning markets for their experiences in the past (correlate to case)

59
Q

Assess the need to use external resources for concept development.

A

asses why ur mum so fat ha got em

60
Q

Describe strategies to protect intellectual property.

A

Externally:

Patents - protects designs, inventions, etc.

Trademarks - protects distinguishing logos or designs

Trade Secrets - protects formulas, algoritms, processes, etc.

Copyrights - protects the original works and the right to reproduce or copy such products

Internally:

Non-disclosure Agreements - contract between one or more parties that states that neither will disclose confidential information

Confidential Information - educate all tem members and employees on confidential information

Attourney - hire an attourney in case of legal conflict

61
Q

Use components of a business plan to define venture idea.

A

-product/service team
- management team
- marketing plan
- operational plan
- organizational plan
- financial plan
- industry/market analysis
- growth plan

62
Q

Describe processes used to acquire adequate financial resources for venture creation/start-up.

A

Networking, finding public sector contract possibilities, writing RFP’s or requests for proposals, eliciting bids and accepting/networking with potential investors.

63
Q

Select sources to finance venture creation/start-up.

A

Personal Investment - entrepreneur invests cash or personal assets as collateral to secure financing

Personal Connections - entrepreneurs rely on “love money,” or capital borrowed from friends and family (usually family and friends don’t mind waiting to be repaid until profits start rolling in, but it can be challenging to mix business with personal relationships)

Debt Financing - lenders offer various types of debt financing, including term loans and lines of credit

Outside Equity Financing - businesses with high growth potential may be able to secure start-up money from angel investors, business incubators or venture capital funds, usually in exchange for an equity position in the company

Grants and Subsidies - some companies may be eligible for government grands and subsidies to help with start-up costs

64
Q

Explain factors to consider in determining a venture’s human-resources needs.

A

explain why jermiah so fat fat fuck has a gym beside him

65
Q

Explain considerations in making the decision to hire staff.

A

Review the Positions - determine the requirements and eligibilities

Look for workers with related skills and experience, strong work mindset, teamwork-oriented, strong communication skills, etc.

66
Q

Describe considerations in selecting capital resources.

A

Capital resources can be defined as resources that can be used for production (tools, machines, factories, etc.).

Consider a resource’s productivity, affordability, ease of access, and sustainability in the selection process.

67
Q

Identify capital resources needed for the venture.

A

identify ur dad ha

68
Q

Assess the costs/benefits associated with resources.

A

…

69
Q

Use external resources to supplement entrepreneur’s expertise.

A

Find people who can fill in for the entrepreneur’s lack in expertise (e.g production facilities, manufacturers)

70
Q

Explain the complexity of business operations.

A

Business operations refer to the condition of having several interdependent and interconnected stakeholders, information technology systems, and organizational structures.

(e.g stakeholders, infrastructures, tech, etc.)

71
Q

Evaluate risk-taking opportunities.

A

Risk assessment is the process of identifying every risk of loss associated with a new project or business venture, and then comparing each potential loss against the potential benefit/profit of the whole project.

72
Q

Explain the need for business systems and procedures.

A

Implementing a business system helps improve performance, meet customer expectations, produce consistent results, and engage and educate employees. A systematic approach also allows your organization to receive constant information on areas that need to be improved.

73
Q

Describe the use of operating procedures.

A

ENGLISH FLASH CARDS (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions