Deca Study Flashcards
Judiciary
the part of a country’s government that is responsible for its legal system and which consists of all the judges in the country’s courts of law:
Tort
Also known as an economic tort, a business tort refers to a wrongful action taken against a business intending to cause it harm. These specific types of torts may result in lost profits, negatively affected reputation, loss of competitive advantage, and loss of market share, among other issues.
Intermediaries
Intermediaries are individuals or companies that behave as middlemen between parties for investment deals, business deals, negotiations, insurances, etc. They are commonly known as consultants or brokers and are specialised in a specific area.
Industrial Users
Industrial users means and includes establishments engaged in manufacturing activities involving the mechanical or chemical transformation of materials or substance into products.
Touch Point
A touchpoint is any time a potential customer or customer comes in contact with your brand–before, during, or after they purchase something from you.
Economies of scale
Economies of scale are cost advantages reaped by companies when production becomes efficient. Companies can achieve economies of scale by increasing production and lowering costs.
Balance of payment
The difference between all the money entering and exiting a country over a defined period, such as a quarter or a year
Income statement (sometimes called P&L (profit-and-loss)// earnings statement)
a document that shows a company’s revenue, profits and expenses over a certain period of time
Cultural sensitivity
the willingness to acknowledge cultural differences without making value judgments about these differences. Culturally aware business organizations operate with the understanding that not every employee, vendor, or customer will share the same culture.
Expenditure
action of spending funds / amount of money spent
Facilitator
A facilitator helps a group of people in a business to reach an outcome or decision for which everyone will take responsibility and be fully committed. A facilitator helps by providing a structure to a process enabling cooperative decision-making.
inbound
the method of growing your organization by building meaningful, lasting relationships with consumers, prospects, and customers. It’s about valuing and empowering these people to reach their goals at any stage in their journey with you.
Call Report
The Call report collects basic financial data of commercial banks in the form of a balance sheet, an income statement, and supporting schedules
Feasibility
It is the state or degree of something being easily or conveniently done, in this case, in business. The Cambridge dictionary says it is the possibility that can be made, done, or achieved, or is reasonable.
Assets
a resource that hold value either leased or owned by a company or business that aids to grow or it; can be phsyical such as real estate and vehicles or intangible materials such as patents
Balance sheet
a statement that shows the assets, liabilities and the capital of a business at specific point of time, detailing balance of income and spendings from preceding periods
Current Assets
cash or other assets that are expected to be converted into cash within a year
Checking account / transaction account
an account that allows for the withdrawal or deposit of money at a financial institute like a bank
Equity financing
selling a portion of a company equity’s in return for capital
debt financing
when a business borrows money to be paid back later, with interest
break-even point
the point when a company’s profits are equal to its costs
jury of executive opinions
a way to forecast future trends based off the opinions from a certain set of experts
preventive maintenance
type of maintenance that is not reactive; prevent equipment failure and efforts to reduce the chance of accidents when dealing with equipment; a type of precaution to avoid accidents and helps focus on improiving a business rather than fixing something that is broken
corrective actions
fix an existing problem or nonconformance; to correct and resolve employee performance problems in order to retain the employee as a productive staff member.
termination-at-will
termination by the Company of Employee’s employment by the Company other than (i) Termination for Cause, (ii) Termination by Reason of Disability (iii) Termination by reason of Employee’s Death, and (iv) Voluntary Termination.
open door management
when a manager or higher officla is willing to listen to others’ thoughts and opinions ; indicates to employees that a supervisor or manager is open to an employee’s questions, complaints, suggestions, and challenges.
Termination for cause
employee’s actions in the workplace, interactions with their coworkers, interaction with their manager, or ways in which they treat a customer or vendor are so egregious that they require employment termination—sometimes immediately
termination by reason of disability
firing an employee because of their disability
Termination by reason of Employee’s Death
Employee’s employment shall terminate automatically upon his death.
Voluntary Termination
when an employee decides to leave their job voluuntarily or decides to end a contract early
market segmentation
segmenting the market according to groups of consumers depending on what each group prefers
niche marketing
a higly targeted form of advertisement
forecast sales
a projection of what sales will look like in the future or a prediction which deals will move through the sales cycles
Fad
a product that has little use but is characterized to have quick rise in sales and popularity followed by a quick decline in sales and popularity; usually a product that has little use or not so favored by customers
SWOT analysis
a self analysis techinque used by business to see their (S) - strenghts, (W) weaknesses, (O) - opportunities, and (T) threats ; S and W are internal while O and T are usualy external; helps a business to use to take action against competition and plan projects
supply chain management
the flow of goods and services; the process of raw materials being made into final products
corporate governance
Corporate governance is the system of rules, practices, and processes by which a firm is directed and controlled. Corporate governance essentially involves balancing the interests of a company’s many stakeholders, such as shareholders, senior management executives, customers, suppliers, financiers, the government, and the community.
enterprise risk management
the methods and processes used by organizations to manage risks and seize opportunities related to the achievements of their objectives
product mix
The product mix breadth of a business refers to the all of the products being sold by a particular brand or company. It could include five items or 500 items in a variety of product lines, but encompasses any and every product produced, manufactured, and distributed by the company.
product breadth
how many different products a store is offering for sale
acreage
an area of land
franchisee
franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system.
franchisor
a franchisor, **who establishes the brand’s trademark or trade name and a business system, **
franchise
a franchise is the right or licence granted by a company (franchisor) to an individual (franchisee) to** market and/or trade products and services in a specific area or territory.**
sole propertiership
A sole proprietor is someone who owns an unincorporated business by himself or herself.
It is a business model where an individual is an owner as well as the operator of the business.
trade unions
A trade union is an organisation made up of members (a membership-based organisation) and its membership must be made up mainly of workers. One of a trade union’s main aims is to protect and advance the interests of its members in the workplace. Most trade unions are independent of any employer.
partnership
A partnership is a form of business where **two or more people share ownership, as well as the responsibility for managing the company **and the income or losses the business generates.
channels of distrubution
A distribution channel is a** path that a product or service could take on its way to market.**
non-corporations
noncorporate business comprises sole proprietorships and partnerships, “other” private business, and government enterprises.
corporations
A corporation is a business entity that is owned by its shareholder(s), who elect a board of directors to oversee the organization’s activities. The corporation is liable for the actions and finances of the business – the shareholders are not.
local chamber of commerce
the further the interests of the local businesses in an area; helps with networking and lobbying local representatives to to charitable works for the betterment of the community.
current liabilities
Money that a business has to pay off in the short term; usually within one year or in one operating cycle (the time it taks to convert inventory to cash)
accounts receivable
the money that needs to be received from external parties into a business
promissory notes
a written agreement between a borrower and lender stating that the borrower will return the entire money that was borrowed plus interest
Liquidity
the availablity of the liquid or cash assets of a business
cost/benefit analysis
a measure of what the benefits are and the costs of implementing something in the workplace
horizontal analysis
an analysis of financial statements from various other periods; usually used to analyze historical trends
vertical analysis
used for analysis of financial statments within one period; usually used for single reporting periods
trend analysis
a statistical measurement of of a variable historically and its trends; no specific time frame
ratio analysis
aka equity analysis; main purpose is to gain an insight into a company’s liquidity, operational efficinecy, and profitability y studying a company’s financial statements such as the balance sheet and income statement
marketing research
a blend of consumer behavior and economic trends to confirm and improve your business idea; crucial to understand the consumer base of the company; reduces potential risks and avoid unnecessary costs
durable goods
goods not for immediate consumption and able to be kept for a period of time.
click-through rates
the rate at which consumers click through product pages online
fixed costs
costs that must be paid for in order to run a business regardless of the production output
variable costs
costs that can be altered based on the amount of money brought in by the production output by a business
price line
a marketing strategy; Take Coca-Cola for example – its product lineup includes a variety of beverages like Fanta, Sprite, Tropicana, etc. And even within these product lines, there are products set at different prices because they vary by their ingredients or quantity or taste. This segregation within the product line is price lining
equilibrium price
when the supply and demand are at a balance
exchange price
AKA exchange rate which one currency will be exchanged for another currency
formula to calculate market share
total sales of the company/ total sales in the industry of the company (numbers from a fiscal year)
