Deca PMK Test

Foreclosure

Taking housing for repayment of debt

Forebearance

Agreeing to take a break from loan payments due to financial burden

Reposession

Generally taking things away for repayment of debt. (car, housing,

Debt Consolidation

Combining multiple loans into one

Chain of Command

How power is distributed in a workplace

Organization chart

Shows levels of power

2nd Diversity

Diversity that can be changed throughout life, ex. interests and hobbies

Assets

Accounts Receivable, Cash, Inventory, and Equipment

Excise tax

A set amount of tax for a specific thing, ex. $.50 for glasses

Sales tax

A percentage that varies by state

Estate tax

On inheritance above 13 million

Capital Gains

Realized gains, you profited already

Unrealized gains

Money not yet profited, ex. Unsold stock

Productivity

Outputs (Goods and services produced) / Inputs (Recourses needed to make those things)

Defined Benefit Plan

Employer pays for everything, but if you leave you lose everything

Defined Contribution Plan

Employers matches what you invest, you keep it wherever you go

Pension

A company pays you a salary after you retire, ex. $1,000 / month

Objectively

Not being biased, often using facts to support your claim

Subjectively

Taking a biased approach, often times without data

Memo

A document that summarized communication, most common through email

Insurance tax penalties

In addition to increased costs of health care, lots of place impose tax penalties for people who don't have insurance

Workers compensation

Insurance purchased by employers that help employees who are hurt onthe job

Paradigm Innovation

A fundemental process based shift in something

Aptitude

A natural skill or talent that appears thorughout one's life

Complementary close

a formal closing for communication

Revolving Credit

a credit account that sets a limit to the total amount of money an has interest

Discretionary Income

The money a person has to spend on wants after their needs are met

Fiduciary Wealth

Assets provided to someone in the best interest of the owner, e.g. money to an investment banker

Full-service Brokers

Charge the highest commission and provide in house research and full investment guidance

Discount Broker

Often self directed, provides no advice/research

Online Broker

Brokers that are often free like fidelity that are primarily digital

ETF (Exchange Trading Fund)

A fund that contains multiple assists Ex. Bonds and Stocks

Capital Budgeting

The process of evaluation future projects in terms of cash flow efficiency

Working capital management

A company’s balance of assets and liabilities (working capital)

Capital Structure

A mix of debt and equity a business uses

Venture Capital

Where venture capitalists (investors) invest capital (assets), often not their own, into a high-risk, high-reward startup

Onboarding

HR management tasks that are preformed when a new employee enters the company, Ex. Arranging direct deposit for a new employee

Data Integrity

The completeness/wholeness of data’sata

Angel Investor

High net worth individuals investing their personal assets into startups

Ambiguity

Where something is partially complete, requires optimism

Indifference

A lack of interest in something

Pessimistic

Where a person expects the worst possible outcome

Annual Percentage Rate (APR)

interest paid on a portion of the bill that is not required

Overdraft fee

A fee if a check contains more money than is in their checking account

Credit Union

Nonprofit union owned by own investors

Logistics

Managing the production to consumption of goods

OSHA

a federal government agency (Occupational safety and health administration) that manages operations.

Traditional economy

Where subsistence is practiced/only producing what they need

Tactful

Showing sensitivity, respect, and courtesy

Installment Credit

Used for big ticket items with a down payment

Layaway

Paying over a period of time for merchandise held by store until customer pays in full

Deductible

The amount of money a person who is insured has to pay out of pocket

Monies

A formal term for money sources used in finance and accounting

Product management

managing the manufacturing of a product and picking what to produce in accordance with trends

Meta Tag

An HTML code that displays information about web pages

ASCII

A system that converts text into binary numbers, allowing for efficient processing by computers

Data Mining

Analyzing databases for patterns of info to make decisions

Payroll fraud

Where payrolls are manipulated, including falsifying timesheets

Types of innovation

Product, Process, Positioning, Paradigm

Laissez faire

A hands-off leadership style that takes little responsibility on behalf of the group

Worker’s compensation

Insurance that protects workers who are injured on the job

Trite

Boring or unoriginal

Full-Block Formatting

Where there are no paragraph indents and all paragraphs and lines are aligned with the left margin. Single spacing of lines and double spacing of paragraphs

Affirmation

Positive statements about present or desired strengths

Systematic Behavior

Conducting activities in an organized and methodical manner

Limited decisions

Decisions that are not made frequently and involves some degree of consideration

Extensive decisions

Decisions that carry a lot of risk and have a long-term impact

Quality Circle

A team of employees with similar roles who meet regularly to discuss issues and solve problems

Fair Credit Reporting Act

Gives borrowers the right to inspect the files of their credit history

Truth In Lending act

Makes it so that credit systems are easy to compare and provide guidelines that institutions must use in extending credit

Equal Credit Opportunity Act

Prevents discrimination when applying for credit

Lien

A legal claim to an item that protects the seller if the buyer does not complete their payments

Excise Tax

Specific targeted taxes that use a flat rate

Sales Tax

Based on the percentage and varies by state and item type

Balancing Accounts

Comparing the entries in a checkbook with the bank statement, otherwise known as reconciling

Balance

The total amount of money you owe to a creditor/lender

Accural Method

Where you record expenses at the time it is incurred

COD

Cash-on-Delivery, where payment is given at the time of the delivery of a good/service

Web Host

Wix, GoDaddy, they provide the infrastructure for a website

Stakeholder

The name for people impacted by a business or a project

Centralized Buying

Where one department makes the buying decisions

Wholesale

Buying goods and selling to retailers

Retail

Delivering a good/service to the ultimate customer

Time Value of Money

The increase of an amount of money as a result of interest or dividends earned

Probate

The process of managing a will

Living trust

A legal arrangement that can serve as an alternative to a will, transfers assets to a trustee

Word processing software

Used to create a variety of business-related documents including reports, memos, contracts, business plans, letters, and tables.

Log Files

Files that provide information about the activities of the website visitors

Speculative Risks

Risks that result in loss, gain, or neutrality (Ex. Investments)

Pure risks

A risk that yields either loss or no loss (Ex. Natural Disaster)

Robinson Patman Act

Prohibits price discrimination, amended the Clayton act

Clayton Act

Prevents specific business actions that might restrict competition

Sherman Antitrust act

Prevents monopolies from forming and prohibits price fixing

Receptive

Being open minded

Email/letter structure

Positive, Negative, Positive

Restrictive endorsement

Endorsing a check to a specific person so that the check can only be deposited to that person

Marketing Concept

Fulfilling customers’ wants and needs as well as company goals

Copayment (Copay)

A fixed out-of-pocket amount paid by an insured person for a covered service at the time of service.

Deductible

The amount you must pay for healthcare before your insurance plan begins to pay.

Premium

The monthly fee paid to an insurance company to keep a policy active.