DECA

What is a brand touchpoint?

Any interaction a customer has with a brand, such as an ad, website, package, or customer-service conversation.

What is the private enterprise system?

An economic system where individuals and businesses privately own resources and make many business decisions.

What is the profit motive?

The desire to earn more revenue than the costs of operating a business.

What is competitive bidding?

A process where potential suppliers submit offers so a buyer can compare prices and terms.

Why is eye contact useful in a persuasive presentation?

It helps show confidence, engage the audience, and build trust.

What are entrepreneurial traits?

Characteristics such as initiative, persistence, creativity, willingness to take calculated risks, and a strong work ethic.

What is the purpose of accounting?

To record, organize, summarize, and communicate financial information for decision-making.

What are raw materials?

Basic materials used to make a product.

What is cost of goods sold (COGS)?

The direct cost of producing or purchasing the goods a business sells.

What is delegation?

Assigning tasks and responsibility to another person while the manager remains accountable for the overall result.

How can diversity help a business?

Different experiences and perspectives can improve creativity, problem-solving, and innovation.

What is logistics?

Planning and managing the movement and storage of goods, services, and related information.

What can happen when a business uses an unethical shortcut?

It may face legal consequences, lose customer trust, and damage its reputation.

What is job analysis?

Studying a job's duties and required skills before writing a job description or hiring.

What is an employee performance evaluation?

A review of an employee's work, skills, conduct, and progress toward expectations.

How can a small business benefit its local community?

It can provide jobs, serve local needs, and contribute taxes and spending to the area.

What is production?

The process of converting inputs, such as materials and labour, into goods or services.

What are operating costs?

Costs of running a business, such as rent, utilities, wages, and supplies.

How can promotion increase short-term sales?

It can encourage customers to buy soon through advertising, special offers, or sales events.

What is negligence?

Failing to use reasonable care, potentially causing harm or loss.

Why might a bank ask to see financial records before lending money?

To assess the business's financial health and ability to repay the loan.

What is economic risk?

The possibility that economic changes, such as inflation or a recession, will negatively affect a business.

Why does a business check references?

To verify information and learn about an applicant's past performance or reliability.

What is a win-win negotiation?

A negotiation in which both sides reach an outcome that meets important needs for each side.

What is reverse brainstorming?

Starting by asking how to cause or worsen a problem, then reversing the ideas to find solutions.

Why should a manager document an employee complaint?

To keep an accurate record of what was reported and how it was handled.

How can technology help international trade?

It can improve communication, online sales, tracking, payments, and coordination across countries.

What does a bank balance sheet help a lender assess?

The business's assets, liabilities, and overall financial position.

What is one disadvantage of a sole proprietorship?

The owner generally has unlimited personal liability for business debts.

What is a channel of distribution?

The route a product takes from producer to the final customer.

What is a social trend?

A change in people's attitudes, lifestyles, preferences, or behaviour over time.

Why does a business conduct market research?

To understand customers, competitors, industry conditions, and market opportunities.

How is net cash flow commonly calculated in a simple operating question?

Cash received minus cash paid out over the same period.

What is the target market section of a business plan?

A description of the customers the business intends to serve.

What is equity financing?

Raising money by selling an ownership interest in the business, such as shares.

What are accounts receivable?

Money customers owe a business for goods or services already provided.

How can sharing best practices help employees?

It spreads effective methods and supports learning and collaboration.

What is a feasibility study?

An assessment of whether a business idea is practical and likely to work before major investment.

What is a secured loan?

A loan backed by collateral that the lender may claim if the borrower defaults.

How do you calculate a percentage of startup costs?

Divide the specific cost by total startup costs, then multiply by 100.

Why should a business evaluate its objectives and business plan?

To check whether goals are being met and whether plans need adjustment.

What is Six Sigma used for?

Improving quality by reducing defects and variation in processes.

What is a premium?

The amount paid for an insurance policy.

What kind of visual is useful for presenting numerical facts?

A chart, graph, or other clear visual representation of data.

What are dividends?

Payments a corporation may distribute to shareholders from its earnings or reserves.

How can efficient operations improve competitiveness?

They can reduce costs, improve quality, and help the business serve customers better.

What should a business consider first when identifying technology needs?

Which software and systems are needed to help the business operate efficiently.

What is a harvest strategy?

A plan to maximize short-term cash flow or profit from a product before reducing or ending investment in it.

What is budgeting?

Planning expected income and spending and allocating money to meet business goals.

What is a conflict of interest?

A situation where personal interests could improperly influence a person's professional decision.

What are economies of scale?

Lower average costs that can result when a business produces or purchases in larger quantities.

What are emotional risks of entrepreneurship?

Stress, uncertainty, and possible strain on family or personal relationships.

Why do budgeting procedures vary by business?

Different businesses have different costs, revenue patterns, goals, and operating needs.

What does a facilitator do in a group discussion?

Guides the process so participants can share ideas and work toward a useful outcome.

Why should a business monitor progress?

To identify problems early, measure results, and make adjustments toward goals.

Why consult industry experts?

They can provide specialized knowledge, experience, and insight into industry conditions.

How can buying used equipment help a startup?

It may reduce the initial cost of capital equipment.

What should a manager ask before hiring an assistant?

Whether the workload requires a full-time or part-time employee and what duties need coverage.

What does market analysis examine?

Customers, demographics, buying patterns, competitors, and market conditions.

What are internal control mechanisms?

Policies and procedures that protect assets, improve accuracy, and reduce errors or fraud.

What is supply chain management?

Coordinating sourcing, production, inventory, and delivery from suppliers to customers.

What is a market?

People or organizations with a need or want, the ability to buy, and willingness to purchase.

What are corporate bylaws?

Internal rules that explain how a corporation is governed and operated.

What are regulatory factors?

Laws, rules, and standards that can affect how a business operates or designs processes.

What is expertise gained through experience?

Practical knowledge and skill developed by doing or observing work over time.

What is direct advertising?

Advertising sent directly to selected potential customers, such as email, mail, or targeted messages.

What does product quality mean?

How well a product meets requirements and customer expectations; it contributes to perceived value.

What is an agent in a distribution channel?

An intermediary who represents a producer or seller and helps arrange transactions, often without owning the goods.

What is business process improvement?

Changing a process to improve results such as speed, cost, quality, or customer satisfaction.

What is SWOT analysis?

A tool that identifies strengths, weaknesses, opportunities, and threats.

How can marketing information help manage risk?

It helps a business understand customers and competitors, anticipate changes, and make better-informed decisions.

What is a rebate?

A partial refund given to a customer after a purchase, usually after submitting a claim or proof of purchase.

What is internal secondary data?

Information already collected and stored within the business, such as sales or customer records.

Why might a company send reminders about its product or brand?

To keep the brand in customers' minds and encourage future purchases.

How can supply chain management create a competitive advantage?

It can improve delivery reliability, reduce costs, and help products reach customers when needed.

What is public relations (PR)?

Managing communication and relationships between an organization and its publics to build understanding and reputation.

How can a company demonstrate social responsibility?

By acting ethically, considering stakeholders, supporting communities, and reducing negative impacts.

What does ultimate consumption mean?

Products or services being used by final consumers for personal needs or wants.

What is a PR communication channel?

A way to communicate with the public, such as news media, a company website, or social media.

How can industry standards affect pricing?

They can influence required quality, production methods, compliance costs, and therefore prices.

What is a product mix?

All the product lines and individual goods or services a company offers.

What is often the first step in change management?

Communicating the need for change and explaining why it matters.

How do price decisions affect a business?

They influence customer demand, sales revenue, market position, and profitability.

What is standardization in business processes?

Using consistent methods and procedures to improve reliability and reduce variation.

What is enterprise risk management?

A coordinated approach to identifying, assessing, responding to, and monitoring risks across a business.

What is channel management?

Selecting, coordinating, and evaluating the intermediaries and routes used to get products to customers.

What is good corporate governance?

Clear rules, accountability, oversight, and controls that help a company operate responsibly and transparently.

Why might a business use a low introductory price?

To encourage trial, attract customers, and gain market share.

What happens during the maturity stage of a product life cycle?

Sales growth slows; promotion may emphasize differences and remind customers why the product is valuable.

What is market segmentation?

Dividing a broad market into smaller groups with similar needs, traits, or buying behaviours.

How should a business evaluate distribution channel members?

By checking factors such as cost, reliability, coverage, service, and customer satisfaction.

How can a business manage physical risks such as tornadoes?

Prepare emergency procedures, evacuation plans, training, and appropriate safety measures.

What is a brand promise?

The experience or value a brand commits to delivering consistently, based on its core values.

What is ratio analysis?

Using financial ratios to evaluate areas such as liquidity, profitability, and operating efficiency.

What is a product-oriented marketing objective?

An objective focused on the product itself, such as improving quality, features, or design.

How can brainstorming with employees help market research?

Employees may share customer questions, preferences, and observations that help the business understand its target market.

What is debt financing?

Borrowing money that must be repaid, usually with interest.

What should labour supply and demand planning aim to do?

Ensure enough qualified employees are available to meet expected customer demand.

What is competitive analysis?

Studying competitors' strengths, weaknesses, products, pricing, and market positions.

How do you calculate gross profit?

Sales revenue minus cost of goods sold.