DECA PMK

sole proprietorship

a form of business ownership with a single owner who usually actively manages the company

inquiry

a request for information

touch point

point of contact between a business and its costumers

speculative risks

risks that may result in a loss, no change, or a gain

pure risk

a risk that carries the possibility of loss or no loss

Robinson-Patman Act

prohibits price discrimination and states that all businesses purchasing similar amounts and types of products should be charged the same price

whats the governments main source of revenue?

taxes

initiative

the willingness to act without having to be told to do so

Contingency plan

alternate course of action

net pay

Amount of income left after taxes and deductions have been taken out.

gross pay

the total amount of an employee's earnings before deductions are taken out

credit union

nonprofit financial cooperative set up to provide savings and credit services to its members, who are also the owners of the credit union

rate of return

the percentage of increase in the value of your savings from earned interest

inflation

A general and progressive increase in prices

assets

resources owned by a business

liability

An amount owed by a business

equity

Assets a company already owns and can use to finance a new venture

repossession

Taking away property due to failure to make loan or credit payments

foreclosure

The seizure of property from borrowers who are unable to repay their loans

truth in lending act

requires businesses to provide credit customers with all the information that applies to their accounts and send customers regularly updated statements showing the status of their accounts

where is an endorsement signes

on the back of the check

Customer relationship management

variety of computer software helps businesses streamline their business processes and increase their efficiency levels

information system

a set of hardware, software, data, people, and procedures that work together to produce information

operating system

the software that supports a computer's basic functions, such as scheduling tasks, executing applications, and controlling peripherals.

logistics

managing the flow of goods and services from production to consumption

centralized purchasing system

a way of organizing purchasing in which responsibility and authority are held in one department