DECA CLUSTER EXAM

what i dont know :)

Perpetual inventory

record of inventory info. that is continuously updated. may be manual or online

Inventory shrinkage

a loss of inventory due to shoplifting, employee theft, brekage, misplacement or poor recordkeeping

Physical inventory

process of counting each item that is available for use.

Brand Promise

A brands (unspoken or spoken) agreement with its customers that it will consistenly meet their expectations. Permanant

Tagline

companies slogan- often changes

mission statement

brief summary of what a business owner wants to be doing

Vision

comapny’s future desires

Ambiguity

Being ok with more than one interpretation

One way a business can show its social responsibiltiy is blank its profits

Maximzing its profits, more profit=more growth

Businesses obtain feedback through…

Email inquiry field

What business affects HR management

Globalization

Grapevine

An oral communication method in which info. is passed around the company but not formally announced or verified

When reconciling your bank statement, how should you handle outstanding checks recorded in your checkbook?

Subtract them from your statement balance

Functional conflict

occurs when people disagree about somehting tangible or concrete

Internal conflict

Conflict with one’s self

Secondary conflict

disagreeing thought or ideas that are seperate from but realted to the primary or major disagreement or area of concern

Leadership style: Autocratic

dictatorial leadership style where th eleader relies on their personal authority within the organization to ensure that closely supervised employees do exacty aas they are told to achieve requreid results

Leadership style: laissez-faire

hands-off leadership style where the leader assumes little or no responsibility and allows employees to determine their own work behavior

Leadership style: Democratic

team input, (hospitallity usually favors this)

Procedure

the step- by- step process that an employee follow when performing a specific task

Net pay

The amount of money that is given to an employee after all types of deductions and taxes are taken out

Gross Pay

the amount of money that is paid without deductions

Revolving credit account

credit accounts that limit the total amount of money that a customer may charge an account. (customers must make a minimum monthly payment)

Installment credit

A type of credit account set up to handle a total amount of credit that the borrower pays in regular installments till fully paid off. (expensive purchases)

service credit

credit used for utilites, like water bill

Budget credit

form of short-term credit often set up for 60-90 day periods with a payment due every 30 days

Excise Tax

specific targeted taxes that are applied to specific goods and services

how can companies reduce the risk of security breaches caused by inattentive employees

encourage employees to use strong passwords on all devices

Market Price

Actual price at a particular moment

Price lining

practice of selling goods and services at a limited number of predetermined price points or levels

Equilibrium price

quantity of a good that buyers want to buy is equal to the quantity that sellers are williing to sell at a certain price

Prestige pricing

deliberately putting an artificially high price on a good or service to suggest high quality and status

The cash conversion cycle should be

as short as possible, so financial mangers have more free cash to work with

Integration

how a software uses different features, ex. google drive allowing for easy swith between slides, docs, sheets.

Obsolescence

risks to production

Positive customer realations

requires businesses to be proactive

Consolidated corporation

not a real term

what demonstrates intitivative ont he part of an employee who has no customers at the moment

doing routine housekeeping

Herd mentality

people are influenced by others

Groupthink

bad group decisions because the group’s members fear expressing opinions or suggesting ideas that may disagree with

What type of letter should a business include when sending copies of a contract to a vendor?

transmital, it lets the recipient know exactly what is in the package and what needs to be done

The next step after actively listening to a problem/complaint from a customer?

thank the customer for brining the problem to your attention

The chain of command helps employees understand

where they stand in the hierarchy and how their organization operates

Benefits of using a digital calender:

allows emplyees to manage their time

Qualified employees who behave unethically on the job may harm themselves by being:

passed over for promotions