DECA VOCAB Flashcards
Credit Union
non profit deposit-taking institution owned by members or customers
Forecasting
forecasting is the attempt to predict future outcomes based on past events and management insight
Endorsing
In business or legal matters, an endorsement refers to a signature or an equivalent stamp that authorizes payment or a transfer of funds, or other financial transaction
Opportunity Cost
the forgone benefit that would have been derived from an option other than the one that was chosen
Cash Flow
the movement of money in and out of a company
Accounts Recievable
the money a company’s customers owe for goods or services they have received but not yet paid for
Accounts Payable
the money a company owes its suppliers for goods and services that have been provided and for which the supplier has submitted an invoice
Return of Capital
A Situation where you receive back money that was previously invested
Enterprise
a legal entity possessing the right to conduct business on its own
Corporation
a legal entity that is separate and distinct from its owners
Brick and Mortar
a traditional street-side business that offers products and services to its customers face-to-face in an office or store that the business owns or rents
Sole Proprietorship
an unincorporated business that has just one owner who pays personal income tax on profits earned from the business
Partnership
a legal arrangement that allows two or more people to share responsibility for a business, they share the profits, work, responsibility and losses
Pay Stub
a document that’s given to an employee each payday. It shows their total amount earned, less deductions for things like tax
Net Pay
the pay the employee will get after deductions
Gross Pay
total pay before deductions
Bookkeeping
the process of keeping track of a business’s financial transactions
Whistleblower
is the activity of a person, often an employee, revealing information about activity within a private or public organization that is deemed illegal, immoral, illicit, unsafe or fraudulent
Aptitude
natural talents to do something
Noncompliance
failure to act in accordance with a wish or command (ex. noncompliance to a policy)
Tax Deductions
an amount that you can deduct from your taxable income to lower the amount of taxes that you owe
Dividends
payments a company makes to share profits with its stockholders
Point-of-Sale
a place where a customer executes the payment for goods or services and where sales taxes may become payable (where a customer makes the transaction)
Pilferage
the action of stealing things of little value
Stocks
a share in the ownership of a company
Bonds
A bond is a fixed-income instrument that represents a loan made by an investor to a borrower (typically corporate or governmental)
Memo
used to communicate something of immediate importance to people within a business or organization
Plaintiff
a person who brings a case against another in a court of law
Defendant
an individual, company, or institution sued or accused in a court of law
Invoice
a time-stamped commercial document that itemizes and records a transaction between a buyer and a seller
Assets
things you can sell for money
Monopoly
a single seller or producer that excludes competition from providing the same product, single firm controlling market
Oligopoly
a type of market structure that exists within an economy, small number of firms that control market
Perfect Competition
there are many buyers and sellers, and prices reflect supply and demand
Economic System
a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country
Market Economy / Free Enterprise System
an economic system in which individuals and businesses are free to produce, sell, and buy goods and services in a competitive market. In a free enterprise system, prices are determined by the interplay of supply and demand, and resources are allocated through the price mechanism. (limited government intervention)
Supply
amount of a good or service that is available for sale in the market
Demand
the desire or need for a good or service
Traditional Economy
a system that relies on customs, history, and time-honored believes. rural and tied to farming system where everyone is close-knit and has a pronounced role (ex. i have egg you have egg, let’s trade)
Command Economy
the government determines what is produced, how it is produced, and how it is distributed. Private enterprise does not exist in a command economy. The government employs all workers and unilaterally determines their wages and job duties and product pricing
Market Economy (Free Economy)
a type of economic system where supply and demand regulate the economy, rather than government intervention. A true free market economy is an economy in which all resources are owned by individuals
Mixed Economy
a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims
Capitalism
an economic and political system in which a country’s trade and industry are controlled by private owners for profit
Democratic
based on the idea that everyone should have equal rights and should be involved in making important decisions
Laissez-Faire
The driving principle behind laissez-faire, a French term that translates to “leave alone” (literally, “let you do”), is that the less the government is involved in the economy, the better off business will be, and by extension, society as a whole.
Capital
The money used to grow, build and run a business. Can also be referred to as net worth
Elevator pitch
A thirty second brief introduction
Savings account
Not much a risk, money is accessible at all times and little interest is earned
Sales skimming
Removal of cash before it is deposited or logged, it is illegal as you may have to pay less tax from your sales
Money laundering
Illegal process of making large amounts of money from criminal activity
Operating expense
An expense through the cost of doing business
Owners equity
The portion of a company’s assets that can owner can claim
Private enterprise system
Economic system that is based on the principle of companies being owned privately, rather than the government
Touch Points
Touch points are possible opportunities for interacting with customers and prospects, whether using call centres, salespeople, direct contact in shops or shows, company websites, or e-mail
Company Image
the public image and perception of a business or brand
Zero based budget
unlike traditional budgets where you can use your old budget as a base for your next one. in zero based budgets, you start from scratch
Low context culture
high value on using verbal communication and saying what you mean
Branding
the process of creating a distinct identity for a business in the minds of your target audience and the general population
Relationship Buying
Relational buyers are primarily looking for a trusted advisor, and will commit once they have the confidence that they’re making the right choice
Unions
sometimes help businesses save time by hiring employees
Derivative
something created or formed from the base of something else
ex. a new cookbook that was created from the base of the old one
Budget Credit Account
a customer account with a retailer that allows the customer to make regular monthly payments to cover past and future purchases
Revolving Credit Account
A revolving account is a type of credit account that provides a borrower with a maximum limit and allows for varying credit availability. Revolving accounts do not have a specified maturity date and can remain open as long as a borrower remains in good standing with the creditor. How much you owe and whether you owe interest each month depends on how quickly you pay off what you’ve charged
ex. credit card
Installment Credit Account
These usually have fixed payments and a designated end date
ex. car or mortgage
Incentive
Incentive refers to something that motivates someone to do something. In the context of executive compensation, it is usually a financial reward given to executives to encourage them to work harder and achieve specific goals.
Letter of inquiry
the purpose of the letter of inquiry is to generate interest and a desire to hear more in a full proposal
Seniority
Seniority is the extended continuous service with a company or organization. This means that people who have worked at a company the longest have the highest level of seniority.
