DECA HTDM Commonly missed

Manifesting 85++

General Partnership

a business arrangement by which two or more individuals agree to share responsibilities, assets, profits, and financial and legal liabilities of a jointly-owned business. In this, partners agree to be personally responsible for potentially unlimited liability.

Economic versus non economic want

Economic: Desires for items that can only be obtained by spending money ( movies), -Noneconomic Desires for things that can be obtained without spending money (sunshine)

GDP

includes goods and services produced for sale in the market and also includes some nonmarket production, such as defense or education services provided by the government.

Likert

a rating scale used to measure opinions, attitudes, or behaviors. It consists of a statement or a question, followed by a series of five or seven answer statements. Respondents choose the option that best corresponds with how they feel about the statement or question

overhead costs

what it costs to run the business, including rent, insurance, and utilities

loss leader pricing

a marketing approach where a product is intentionally sold at a loss or minimal profit to attract customers

Search Engine Optimization (SEO)

is the process used to optimize a website's technical configuration, content relevance and link popularity so its pages can become easily findable, more relevant and popular towards user search queries, and as a consequence, search engines rank them better.

net profit

gross profit minus other company expense (not including product costs. Evaluates the company’s overall profitability

gross profit

the profit a business makes after subtracting all the costs of creating the product. Calculates the profit of the product only

Title

legal rights enjoyed by a person under law to possess and own a property

Lien

a right to keep possession of property belonging to another person until a debt owed by that person is discharged.

principal

the original amount of money lent

universal life insurance

a type of permanent life insurance that offers the flexibility to change your death benefit and adjust your monthly premiums

Random Access Memory (RAM)

is your computer or laptop's short-term memory

Standard Purchase Order

created when the details of the required goods or services are known. This one is also an one-time order that has the complete set of specifications such as price and quantity with clearly defined payment and delivery timelines as well as location.

Planned Purchase Order

long-term agreement committing to buy items or services from a single source.

Blanket Purchase Order

a long-term contract between a supplier and an organization that states the supplier will provide goods or services at a set price over a specific time period.

Contract Purchase Order

used to create an agreement and terms of supply between a purchaser and vendor as the basis for an ongoing commercial relationship.

Internal Audit

evaluate a company's internal controls, including its corporate governance and accounting processes

R & D project

Research and development is the generation of new knowledge. In a business context, it is an activity that companies undertake in order to develop new products, processes or services, or improve those that already exist.

Drop shipment

 to ship (goods) from a manufacturer or wholesaler directly to a customer instead of to the retailer who took the order.

Price Penetration

is a pricing strategy where the price of a product is initially set low to rapidly reach a wide fraction of the market and initiate word of mouth

Certificate of Deposit

A certificate of deposit is a time deposit sold by banks. CDs typically differ from savings accounts in that the CD has a specific, fixed term before money can be withdrawn without penalty and generally higher interest rates

Savings Account

A savings account is a bank account at a retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn.

fiat (money)

The term "fiat" is a Latin word that is often translated as "it shall be" or "let it be done." Thus fiat currencies only have value because the government maintains that value; there is no utility to fiat money in itself. Money based on trust, not value like silver or gold

descriptive statistics

a summary statistic that describes or summarizes data, examples include mean, mode

Pareto Chart

is a very powerful tool for showing the relative importance of problems. It contains both bars and lines, where individual values are represented in descending order by bars, and the cumulative total of the sample is represented by the curved line

enterprise management

Enterprise management is a term used for modern examples of ERP that allow businesses to manage vital day-to-day processes such as inventory management, accounting, human resources and customer relationship management 

trade deficit

the amount by which the cost of a country's imports exceeds the value of its exports.

balance sheet

includes 1) the assets, which are probable future economic benefits owned or controlled by the entity; (2) the liabilities, which are probable future sacrifices of economic benefits; and (3) the owners' equity

cash flow statement

a financial statement that shows how cash entered and exited a company during an accounting period

amortization

an accounting technique used to periodically lower the book value of a loan or an intangible asset over a set period of time

depreciation

a reduction in the value of an asset with the passage of time, due in particular to wear and tear.

corporation

a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

buyer’s market

an environment that favors buyers over sellers

underground economy

includes not only illegal activities but also unreported income from the production of legal goods and services, either from monetary or barter transactions.

fee-only financial advisor

advisors who operate on a fee-only basis to create budgets, plan retirement, pay down debt and set goals to reach other financial milestones.

free cash flow

the cash a company generates after taking into consideration cash outflows that support its operations and maintain its capital assets

Ability to pay

determining factor in the relationship between a creditor and debtor

Rebate

post sales discount. Companies give cash back to customers who reach a certain purchasing threshold

quality circle

a group of employees who perform a similar task at work and regularly meet in the workplace to detect and analyse workplace problems and devise solutions to these

harvesting

final step in business life cycle, where you decide how to exit the business

descriptive statistics

this type of analysis organizes information into its simplest form and summarizes it for decision making purposes. includes averages, frequency and percentages

open order

order for staple goods that is placed with one of several available vendors who can meet the business’s immediate requirements

standing order

order that involves sending specfic products at set intervals

drop shipment

direct shipment that bypasses delivery to the intermediary

Interpretative laws

Administrative agencies typically have the authority to issue three different types of rules: interpretative rules, procedural rules, and legislative rules. This rule explains the meaning or intent of existing laws or regulation

full service broker

offers investing advice in exchange for a fee or commission. can help you with consultations, good for new investors.

income statement

EBITDA: includes

• earnings

• tax

• interest

cash flow statement

includes cash flow from

operations, investing, financing.

EBITDA includes:

• depreciation

• amortization

secondary promotion

promotes a specific brand of product

primary promotion

promotes a entire class of goods like automobiles

scalar principle

states that a company's chain of command should have a clearly defined line of authority that connects all employees in the organization

Company Lead

a contact already determined to be a prospective customer, whereas other companies consider it to be any sales contact.

public service promotion

Inform customers about noncontroversial issues that are in the public's best interest

Patronage

promotions are designed to promote a firm's prestige or its features