DECA Business Administration Core Exam

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

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

demand that changes according to changes in price

demand that is not affected by changes in price.

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

a private wrongdoing that potentially harms another person or entity

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

combining different tasks into one position

moving from one job to another job within an organization

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

occurs because there are always workers who are in transition

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

result of changes in the economic and business cycles

court-ordered initiatives that involve taking income taken from an employee's salary and submitting it to another person or organization

theft of valuables that have been entrusted to another's care

the use of misleading sales tactics to persuade investors to purchase securities

revealing confidential information without the source or owner's permission and is often associated with spying

involves the purchase of routine items

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

involves the use of machines to carry out production tasks

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

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

involves a close,continuous, working relationship between the franchisor and the franchisee

related to the business's policies and procedures

economic goods and services that are purchased and used by the ultimate consumer

purchased by businesses for use in their operations

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

people produce only what they must have in order to exist

means of production and distribution are owned and controlled by individuals and businesses

costs of running the business

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

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

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

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

something whose ownership is taken over by the government

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

a tort that involves harm to an individual's or business's reputation

given without expectations of repayment

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

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

the periods of expansion and contraction in economic conditions

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

when a country's economic system is moving from one type of economic system to another type of economic system

differences that may change at various points throughout one's lifetime

inborn differences that cannot be changed and affect a person's entire life

funds are electronically transferred from the cardholder's checking or savings account to the seller's account

bonds issued by corporations to fund operating expenses

a fee charged by an agent, or agent's company to facilitate transactions between buyers and sellers

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

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

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

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

taxes on earnings from the appreciation of an investment

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

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

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

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

type of computer program in which computer users can sign up for the software on a trial basis. After the trial expires, the computer user can purchase and register the program, if desired

when an existing product is repositioned

changing the way that a product is produced or delivered

a decentralized model used for problem solving

ability to see the "big picture" and think about how things will work together

decision maker asks for some help before deciding

information about money paid to employees in a given period

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

responsible for identifying, selecting, monitoring, and evaluating sales channels

sales channels

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

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

continuous budget

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

the difference between a business's current assets and current liabilities

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

mix of debt and equity financing used to finance investments and projects

risk of financial loss due to the decreased value of an investment

using financial instruments to manage exposure to market risk

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

record income and expenditures at the time the money changes hands

reporting financial data to internal users

recording transactions for tax purposes

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

price strategy that involves setting prices higher than those of the competition

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

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

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

value of a nation's currency fluctuates

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

form of protest that involves positioning union members (pickets) near a business's entrance during a conflict or strike

court order that forbids people from carrying out certain activities

management refuses to allow union members to work

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

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

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

striving to win scarce customer dollars

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

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

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

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

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

a law