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DECA > DECA Principles Flashcards (Business of Admin Core Exam) > Flashcards

DECA Principles Flashcards (Business of Admin Core Exam)

1
Q

What is a franchise?

A

A contractual agreement between a parent company and a franchisee to distribute goods and services.

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2
Q

What is a corporation?

A

A form of business ownership that is owned by stockholders who have purchased units or shares of the company.

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3
Q

What is elastic demand?

A

Demand that changes according to changes in price.

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4
Q

What is inelastic demand?

A

Demand that is not affected by changes in price.

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5
Q

What is unitary demand?

A

When sales remain the same because changes in supply and demand are equal.

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6
Q

What is a tort?

A

A private wrongdoing that potentially harms another person or entity.

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7
Q

What is the Doctrine of Sovereign Immunity?

A

The universally accepted principle that each nation has the right to manage its own government and develop its own laws.

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8
Q

What is job enlargement?

A

Combining different tasks into one position.

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9
Q

What is job rotation?

A

Moving from one job to another job within an organization.

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10
Q

What is specialization by trade?

A

The type of work that a person performs in order to earn a living, such as engineering, public-relations, or accounting.

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11
Q

What is frictional unemployment?

A

Occurs because there are always workers who are in transition.

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12
Q

What is structural unemployment?

A

When the demand for certain types of workers declines and is often due to technology advancements and the need for new skills.

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13
Q

What is cyclical employment?

A

Result of changes in the economic and business cycles.

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14
Q

What are wage garnishments?

A

Court-ordered initiatives that involve taking income from an employee’s salary and submitting it to another person or organization.

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15
Q

What is embezzlement?

A

The theft of valuables that have been entrusted to another’s care.

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16
Q

What is securities fraud?

A

The use of misleading sales tactics to persuade investors to purchase securities.

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17
Q

What is espionage?

A

Revealing confidential information without the source or owner’s permission and is often associated with spying.

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18
Q

What is variety-seeking buying behavior?

A

Involves the purchase of routine items.

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19
Q

What is brand-insistence buying behavior?

A

A buyer will not buy anything other than a specific brand or product.

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20
Q

What is automation?

A

Involves the use of machines to carry out production tasks.

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21
Q

What is ergonomics?

A

The study of the use of equipment or technology and its effects on workers’ physical well-being.

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22
Q

What is innovation?

A

Taking action to make the idea, item, or process available for consumers to use.

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23
Q

What is a business-format franchise?

A

Involves a close, continuous, working relationship between the franchisor and the franchisee.

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24
Q

What are consumer products?

A

Economic goods and services that are purchased and used by the ultimate consumer.

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25
Q

What are capital products?

A

Purchased by businesses for use in their operations.

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26
Q

What is a communist command economy?

A

Capital for business investment is provided by the government, which obtains it by taking the profits of businesses it owns and by levying taxes.

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27
Q

What is a traditional economy?

A

People produce only what they must have in order to exist.

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28
Q

What is a market economy?

A

Means of production and distribution are owned and controlled by individuals and businesses.

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29
Q

What are operating expenses?

A

Costs of running the business.

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30
Q

What is Gross Domestic Product (GDP)?

A

Final market value of the total output of all goods and services produced within a country’s geographic boundaries during a year’s time.

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31
Q

What are Federal Reserve Banks?

A

Used by local banks to protect their banking functions; do not provide protection for local property.

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32
Q

What is tact?

A

The ability to express your ideas and opinions so that they do not hurt or offend others.

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33
Q

What is cultural imperialism?

A

Cultural aspects referring to the creation and maintenance of unequal relationships between civilizations favoring the more powerful civilization.

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34
Q

What is nationalization?

A

Something whose ownership is taken over by the government.

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35
Q

What is credit?

A

The arrangement in which businesses and individuals can purchase now and pay later.

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36
Q

What is defamation?

A

A tort that involves harm to an individual’s or business’s reputation.

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37
Q

What are punitive damages?

A

Damages intended to reform or deter the defendant and others from engaging in conduct similar to that which formed the basis of the lawsuit.

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38
Q

What is contraction in business?

A

Businesses are affected by external factors; businesses often experience lower sales and profits.

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39
Q

What is the business cycle?

A

The periods of expansion and contraction in economic conditions.

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40
Q

What is expansion in economic terms?

A

When the economy is strong and growing; businesses tend to make profits, expand operations, and hire more employees.

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41
Q

What is a transitional economic system?

A

When a country’s economic system is moving from one type of economic system to another type of economic system.

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42
Q

What are secondary dimensions of diversity?

A

Differences that may change at various points throughout one’s lifetime.

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43
Q

What are primary dimensions of diversity?

A

Inborn differences that cannot be changed and affect a person’s entire life.

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44
Q

What is a debit card?

A

Funds are electronically transferred from the cardholder’s checking or savings account to the seller’s account.

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45
Q

What are corporate bonds?

A

Bonds issued by corporations to fund operating expenses.

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46
Q

What are brokerage bills?

A

A fee charged by an agent, or agent’s company to facilitate transactions between buyers and sellers.

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47
Q

What is gross pay?

A

Total income earned for the pay period before income taxes and other deductions are subtracted from the wages.

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48
Q

What is net pay?

A

The amount of money that the worker receives after the taxes and other deductions have been subtracted from his/her wages.

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49
Q

What is overtime income?

A

The amount of money that an hourly worker earns for working more hours than s/he is normally scheduled to work.

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50
Q

What is general endorsement?

A

Allows the endorser to cash the check or deposit it into the account of his/her choice.

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51
Q

What are capital gains?

A

Taxes on earnings from the appreciation of an investment.

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52
Q

What is a rebate?

A

A part of the price that a customer pays for a good or service, which is usually offered by the product’s manufacturer.

53
Q

What are stop words?

A

Commonly used words that do not always add meaning to the primary search terms.

54
Q

What is logistics?

A

The function of operations that manages the flow of goods and services from production to consumption.

55
Q

What is malware?

A

An illegal computer program that is used to disrupt computer processes, destroy computer programs, and access confidential business information.

56
Q

What is shareware?

A

A type of computer program in which computer users can sign up for the software on a trial basis.

57
Q

What is position innovation?

A

When an existing product is repositioned.

58
Q

What is process innovation?

A

Changing the way that a product is produced or delivered.

59
Q

What is distributed innovation?

A

A decentralized model used for problem solving.

60
Q

What are conceptual skills?

A

Ability to see the ‘big picture’ and think about how things will work together.

61
Q

What is moderate input?

A

Decision maker asks for some help before deciding.

62
Q

What are payroll records?

A

Information about money paid to employees in a given period.

63
Q

What is a web ring?

A

A series of linked web pages that share a common theme.

64
Q

What is channel management?

A

Responsible for identifying, selecting, monitoring, and evaluating sales channels.

65
Q

What is product/service management?

A

Obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.

66
Q

What is promotion?

A

Communicate information about goods, services, images, and/or ideas to achieve a desired outcome.

67
Q

What is a rolling budget?

A

A continuous budget.

68
Q

What is zero-based budgeting?

A

Requires managers to demonstrate the need for every expense instead of relying on figures from a previous period.

69
Q

What is working capital?

A

The difference between a business’s current assets and current liabilities.

70
Q

What are capital investment decisions?

A

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.

71
Q

What is capital structure?

A

Mix of debt and equity financing used to finance investments and projects.

72
Q

What is market risk?

A

Risk of financial loss due to the decreased value of an investment.

73
Q

What is market risk management?

A

Using financial instruments to manage exposure to market risk.

74
Q

What is accrual accounting method?

A

Journalize income and expenditures at the time they occur even if no money changes hands at that time.

75
Q

What is cash accounting method?

A

Record income and expenditures at the time the money changes hands.

76
Q

What is managerial accounting?

A

Reporting financial data to internal users.

77
Q

What is tax accounting?

A

Recording transactions for tax purposes.

78
Q

What is churning?

A

Broker may encourage you to make excessive trades just to collect the commission fees from each one.

79
Q

What is skimming?

A

Price strategy that involves setting prices higher than those of the competition.

80
Q

What is bundling?

A

Marketing strategy that involves offering several products for sale as one combined product.

81
Q

What is a flighting strategy?

A

Media timing strategy that concentrates advertising during peak sales periods followed by periods of no advertising.

82
Q

What are transfer payments?

A

Monies paid by the government in which no goods or services are received in exchange.

83
Q

What is a floating exchange-rate system?

A

Value of a nation’s currency fluctuates.

84
Q

What is the law of economies of scale?

A

Economic concept that the average cost of production decreases as a business expands.

85
Q

What is picketing?

A

Form of protest that involves positioning union members (pickets) near a business’s entrance during a conflict or strike.

86
Q

What is an injunction?

A

Court order that forbids people from carrying out certain activities.

87
Q

What is a lockout?

A

Management refuses to allow union members to work.

88
Q

What is direct distribution?

A

Channel of distribution in which goods and services move directly from the producer to the consumer or industrial user.

89
Q

What is indirect distribution?

A

Channel of distribution in which goods and services move from the producer to the channel members and then to consumers or industrial users.

90
Q

What are slack resources?

A

Resources that go above and beyond what is needed to run the business.

91
Q

What is competitive aggression?

A

Striving to win scarce customer dollars.

92
Q

What is organizational learning?

A

Strategy that seeks to strengthen an organization by bringing employees together as well as by empowering them as individuals.

93
Q

What is operations management?

A

Process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning.

94
Q

What is information management?

A

Process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making.

95
Q

What are touch points?

A

All of the opportunities that a company has to connect with its customers and reinforce its brand value.

96
Q

What is a brand promise?

A

Company’s agreement, spoken or unspoken, with customers that it will consistently meet their expectations and deliver on its brand characteristics and values.

97
Q

What is a statute?

A

A law.

98
Q

What is procedural due process?

A

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.

99
Q

What is substantive due process?

A

Ensure that the government does not take away our fundamental rights.

100
Q

What is the Takings Clause?

A

Requires the U.S. government to pay a fair price for any private property that it takes for public use.

101
Q

What is sovereign immunity?

A

Protects a federal government from lawsuits brought against it in foreign courts.

102
Q

What is appropriation?

A

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.

103
Q

What is wrongful interference?

A

Predatory behavior undertaken by a business to draw either customers or employees away from a competitor.

104
Q

What is conversion?

A

Personal property is taken from the owner and given to someone else to use.

105
Q

What is limited liability?

A

Their losses are limited to the amount of money that they have invested in the business.

106
Q

What is unlimited liability?

A

Business owners are personally liable for debts incurred by the business.

107
Q

What is a chronological résumé?

A

Lists an applicant’s education and experience in order according to date, beginning with the most recent.

108
Q

What is a functional résumé?

A

Emphasizes major accomplishments according to importance rather than date.

109
Q

What is a generalized résumé?

A

Broad, general information rather than specific information.

110
Q

What is a targeted résumé?

A

Provides specific information about the applicant’s qualifications.

111
Q

Who are entrepreneurs?

A

Individuals who expand their businesses in the form of products, personnel, and target markets.

112
Q

What is extension in pricing?

A

Total cost of each quantity of products the buyer is purchasing.

113
Q

What is amount due?

A

All extended prices, tax, and delivery charges.

114
Q

What is pilferage?

A

Theft of small sums of money or inexpensive items.

115
Q

What is lending investment?

A

Lender allows a borrower to use his/her money during a period of time for a specified fee or rate of interest.

116
Q

What is a work team?

A

Group of employees which is responsible for carrying out an entire work process.

117
Q

What is a quality circle?

A

Problem-solving group.

118
Q

What is a project team?

A

Team of employees from different parts of the company who are assigned to work together on a specific project.

119
Q

What is ethnocentrism?

A

Belief that your own culture is naturally better than other cultures.

120
Q

What is cultural sensitivity?

A

Willingness to adjust your opinions and behaviors so that you value different people and ideas.

121
Q

What is aptitude?

A

Possessing the skill or ability to do something.

122
Q

What is price fixing?

A

Eliminates competition.

123
Q

What is price indexing?

A

Method of measuring inflation.

124
Q

What is price discrimination?

A

When businesses charge customers different prices for similar amounts and types of goods.

125
Q

What is economics?

A

Study of how people satisfy unlimited, competing, economic wants with limited resources.

126
Q

What is a channel of distribution?

A

sales channels

127
Q

What is a monetary gift?

A

A gift given without the expectation of repayment

128
Q

What are customer complaints mainly related to?

A

Complaints are related to the business’s policies and procedures

DECA (2 decks)

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