DECA Exam Prep

Savings Account

A bank account that earns interest on the deposited funds and is typically used for short-term savings.

Home Equity Loan

A type of loan where the borrower uses the equity of their home as collateral.

Income Tax

A tax levied by the government on individuals' and businesses' earnings.

Index Fund

A type of mutual fund or ETF designed to replicate the performance of a specific index, such as the S&P 500.

IRA

A retirement savings account that provides tax advantages for retirement savings.

Installment Loan

A loan that is repaid over time with a set number of scheduled payments.

Interest Rate

The amount charged by lenders to borrowers for the use of assets, expressed as a percentage of the principal.

Investment Portfolio

A collection of financial investments like stocks, bonds, and other assets held by an individual or institution.

Life Insurance

A contract where an insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.

Loan Origination Fee

A fee charged by a lender to process and approve a new loan, typically a percentage of the loan amount.

Margin Account

A brokerage account that allows an investor to borrow money from the broker to purchase securities.

Market Value

The estimated amount for which an asset would trade in a competitive auction setting.

Minimum Payment

The smallest amount a borrower is required to pay on a credit card balance to keep the account in good standing.

Mortgage

A loan secured by real estate property, typically used to purchase the property.

Money Market Account

A type of savings account that typically offers higher interest rates in exchange for higher minimum balance requirements.

Career Advancement

The progression and growth opportunities available to employees within an organization.

HR Policies

Formal guidelines and rules that govern various aspects of employee management and workplace conduct.

Onboarding

The process of integrating new employees into an organization.

Employee Orientation

The initial phase of onboarding where new employees are introduced to the organization's culture and values.

Team Building

Activities and exercises designed to enhance social relations and improve teamwork.

Professional Skills

Abilities and competencies that employees need to perform their job roles effectively.

Employee Assessment

Evaluating an employee's performance, skills, and competencies.

Talent Acquisition

Identifying, attracting, and hiring skilled individuals to meet organizational needs.

HR Strategy

The plan an organization uses to manage its human resources in alignment with business goals.

Employee Performance

How well an employee executes their job duties and contributes to organizational goals.

Workforce Diversity

Inclusion of individuals from various backgrounds and demographics within an organization.

Employee Wellness Programs

Initiatives designed to support the physical, mental, and emotional well-being of employees.

Organizational Culture

The shared values, beliefs, and practices that shape behavior within an organization.

Employee Productivity

The efficiency and effectiveness with which employees complete their tasks.

1977 Foreign Corrupt Practices Act

A U.S. law that prohibits companies from bribing foreign government officials.

Acculturation

The process by which individuals adopt the cultural traits of another group.

Additions to Existing Product

Introducing new products that complement or extend an existing product line.

Adjusting for Discrepancy of Assortment

A process where intermediaries adjust product offerings to match consumer demand.

Administered VMS (Vertical Marketing System)

A supply chain system coordinated by the most dominant company.

Affinity Audience

Consumers sharing common interests targeted by marketers.

Affinity Credit Cards

Credit cards issued in partnership with an organization to benefit a cause.

AIDA Model

A marketing model outlining steps in a consumer purchasing decision.

Aided Awareness

Brand recognition prompted by specific brand names.

Aided Recall

A research technique where consumers are given cues to recall a brand.

All-you-can-afford approach

A budgeting strategy allocating all available funds to promotions after costs.

Artificial Time Constraints

Creating urgency by imposing time limits on offers.

Affirmation

Validating someone's feelings or experiences.

Ambiguity

The ability to remain calm in uncertain situations.

Appreciative Inquiry

An approach focusing on identifying and building upon strengths.

Authenticity

Being genuine and true to oneself in interactions.

Body Language

Non-verbal signals conveyed through gestures and expressions.

Boundary Setting

Establishing clear guidelines for acceptable behavior in relationships.

Candor

Being open and honest in communication.

Clarity

Communication that is easily understood.

Collaboration

Working together to achieve shared goals.

Compassion

Empathizing with others and responding with kindness.

Composure

Maintaining calmness and professionalism under stress.

Conflict Management

Resolving disagreements constructively.

Constructive Criticism

Feedback aimed at improvement rather than blame.

Cooperation

Working harmoniously towards a common goal.

Credibility

Being trusted and respected based on competence and honesty.

Appellate Court

A court that reviews decisions made by lower courts.

Amicus Curiae

Someone who offers information relevant to a case without being a party.

Escrow

A financial arrangement where a third party holds funds until conditions are met.

Ex Parte

Actions taken by one party without the other party's presence.

Exclusive License

A license granting one party sole rights to a property.

Executor

A person appointed to manage and distribute a deceased person's estate.

Express Authority

Explicit power given to an agent by a principal.

Implied Authority

Power an agent has to perform necessary acts.

Fair Use Doctrine

Allows limited use of copyrighted material without permission.

Foreign Corporation

A company incorporated in one jurisdiction but doing business in another.

For Profit Corporation

A business organization formed to make money for shareholders.

Not for Profit Corporation

An organization formed for purposes other than making a profit.

Hostile Takeover

An acquisition of one company by another against the target's wishes.

Implied Warranty

An unwritten guarantee that a product meets quality standards.

Express Warranty

A specific written guarantee about product quality or performance.

Implied Contract

An agreement created by the actions or circumstances of the parties involved.

Express Contract

A contract where the terms are clearly stated.

In Pari Delicto

A legal doctrine meaning 'in equal fault' that prevents recovery for wrongdoings.

Injunction Bond

A sum of money posted to cover potential damages from a wrongfully granted injunction.

Intangible Asset

A non-physical asset with value, such as intellectual property.

Inter Alia

Latin term meaning 'among other things' used in legal documents.

Mutual Fund

An investment vehicle pooling money to buy a diversified portfolio managed by professionals.

Overdraft

When a withdrawal exceeds the available bank account balance.

Overdraft Protection

A service by banks to cover overdrafts from linked accounts.

Payday Loan

A short-term, high-interest loan due on the borrower's next payday.

Pension Plan

A retirement plan requiring employer contributions for employees' future benefit.

Portfolio Diversification

Spreading investments across different asset classes to reduce risk.

Personal Loan

An unsecured loan for personal use, typically repaid in installments.

Power of Attorney

A legal document granting one person authority to act on behalf of another.

Preapproval

A lender's preliminary evaluation to determine if a borrower qualifies for a loan.

Principal

The original sum of money borrowed or invested, excluding interest.

Private Mortgage Insurance (PMI)

Insurance required when a down payment on a mortgage is less than 20%.

Profit and Loss Statement

A financial report summarizing revenues and expenses over a period.

Rebalancing

Realigning asset weightings in a portfolio to maintain risk and return.

Refinancing

Replacing an existing loan with a new one, usually with better terms.

Cultural Sensitivity

Awareness of and respect for cultural differences in communication.

Decisiveness

The ability to make prompt and firm decisions.

Diplomacy

Skillfully handling communication to maintain goodwill.

Emotional Expression

Conveying feelings through verbal and non-verbal cues.

Emotional Regulation

Managing and controlling one's emotions in various situations.

Emotional Resilience

The ability to adapt after setbacks or stress.

Engagement

Actively participating and showing interest in communication.

Flexibility

Willingness and ability to adapt to changing circumstances.

Humility

A modest view of one's own importance and achievements.