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deca > mcq terminology > Flashcards

mcq terminology Flashcards

history kid does business like an econ kid (and doesn't fail) 😀

1
Q

Franchise

A

Someone opens a location of a brand

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2
Q

Sole Proprietorship

A

Owner has full control and runs the entire business (also unlimited liability)

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3
Q

Corporation

A

Legal entity owned by shareholders (owners not liable for debts

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4
Q

Partnership

A

Two or more people own a business and share liabilities, profits, and losses

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5
Q

Liability

A

basically debts

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6
Q

channel

A

how goods/services get from a company to a customer (ex. retailers, wholesalers, or direct online sales)

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7
Q

tort (against a business)

A

They did something wrong and it causes the company harm/a loss. The injured business may seek compensation via legal action (ex. fraud, defamation, IP infringement).

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8
Q

Wholesalers

A

purchase products in large quantities from manufacturers and sell them to retailers (or people I guess if you’re costco)

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9
Q

vertical and horizontal channel integration

A

strategies to control different parts of the supply chain or presence in a market

vertical: company controls more stages of a supply chain (like a clothing company owns manufacturer and retailers rather than just retailers) can control quality and quantity better + distribution

horizontal: merges/buys out a company (increases presence in market without controlling supply chain)

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10
Q

supply chain

A

starts at production ends when it reaches the customer

supplier (raw materials) -> manufacturer -> distributer/wholesaler -> retailer -> customer

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11
Q

variable vs fixed expenses

A

variable: factors like material cost can increase/decrease prices (I think an example could be gas)
fixed: paid regularly, price does not change (like if you pay off your car)

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12
Q

sugging

A

pretend to conduct research but in reality try to build a database or sell things

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13
Q

sovereign/crown/state immunity

A

you can’t sue them because they cannot commit a legal wrong

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14
Q

slotting fee

A

fee paid to retailer by supplier to have their products placed on shelves

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15
Q

(project) projection report

A

estimate of expenses, materials, and timeline

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16
Q

formal inquiry

A

complaint found valid/complaint undergoing investigation of validity

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17
Q

pressure selling

A

interaction in which the seller pressures the customer to make a purchase (what it sounds like bro)

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18
Q

opportunity cost

A

loss of potential gain from other options - NOT how much it costs in a monetary sense

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19
Q

limited-line vs specialty business

A

Limited-line businesses focus on the quality of their very narrowed-down assortment of products and a wider assortment in this line. Specialty stores carry a limited variety of products comparatively.

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20
Q

copyright vs patent vs trademark vs license

A

copyright: protects artistic work (28 years apparently but in Canada it’s lifetime + 70 years), can be renewed
patent: protects invention/process (20 years Canada) and these can be licensed, not renewable
trademark: name/symbol on a product
license: permission to own or do something

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21
Q

gdp

A

monetary value of everything made and sold in a country (per annum I believe)

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22
Q

collectivism

A

group > you

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23
Q

employee turnover

A

people leaving company during time period

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24
Q

commercial money

A

business transactions (cash, bank deposits, electronic payment)

25
Q

fiat money

A

legal tender (bills, coins)

26
Q

commodity money

A

worth of material (gold coins)

27
Q

fiduciary money

A

government approved, has no value (checks, banknotes)

28
Q

store of value

A

stable value (can increase but will not depreciate), such as money saved and not spent

29
Q

restrictive endorsement

A

signs the back of a check and restricts who it may be used by and which account it goes into

30
Q

general endorsement

A

person may decide which account to deposit the amount in

31
Q

sales invoice

A

accounting document sent to purchaser provided by provider

32
Q

marginal utility

A

more of an item gives additional happiness

33
Q

situational analysis

A

analysis of the situation of the business

34
Q

statement of work (sow)

A

legally binding contract between a company and external worker outlining a project

35
Q

project charter

A

basically a clear outline of why and what’s happening

36
Q

Pareto principle

A

Pareto 80/20 rule

20% of work is important = 80% of results

80% of work is less important = 20% of results

outlines prioritizing factors based on their impact

37
Q

Arbitration

A

Third party steps in to resolve a matter (arbitrator)

38
Q

Attrition

A

Natural reductions in numbers due to deaths, retirements, etc.

39
Q

Stock-turn

A

how often a company’s inventory to be sold and restocked over a period of time

40
Q

capital investment

A

money invested for a company’s long term growth

41
Q

protected brands

A

national (manufacturer)/private/generic brands

42
Q

stratified random sampling

A

divided into clear groups

43
Q

cluster sampling

A

divided into random clusters

44
Q

target pricing

A

method to determine price for a product based on market prices

45
Q

Oligopoly

A

limited competition, few businesses (cannot prevent competitors from wielding significant influence as result)

46
Q

Promotional mix

A

using a mix of marketing tools to promote products or services

47
Q

agent

A

may act on one’s behalf

48
Q

central tendancy

A

summarizing data with a value that represents the middle distribution

49
Q

product life cycle

A

development, introduction, growth, maturity, and decline

50
Q

central bank

A

provides banking services for commercial banks and the government, issues currency and implements policies

51
Q

commercial bank

A

offers services to the public and businesses

52
Q

cooperative bank

A

owned and used by its members, focuses on financial needs rather than profit

53
Q

Regional Rural Banks

A

In India, specifically for people who live in rural communities and work in agriculture

54
Q

exploratory research

A

explore a poorly-defined problem in order to define it

55
Q

casual research

A

answers a “what if” question through experiments and such (usually costly)

56
Q

tangible vs intangible output

A

intangible are not physical, physical and digital products are tangible

57
Q

enterprise

A

business/company

58
Q

environmental scan

A

scan things inside and outside a business (beginning with people inside and their responsibilities)

deca (2 decks)

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