DECA2

What is the upper limit to the amount that can be charged for a specific good or service?

Price Ceiling

What do you call a good or service that is necessary for the well-being of a person or an organization?

Need

Who are the people in an organization that make decisions and interpret policies?

Management

What term refers to an amount of money charged for the use of borrowed money or credit?

Interest

What term encompasses planning, designing, selling, promoting, and servicing of products?

Marketing

What type of business is owned by the stockholders?

Corporation

When students participate in skill development activities while working as an employee, what type of training are they receiving?

On-The-Job or Co-op Training

What do you call the costs or fees including interest involved in a credit transaction?

Finance Charges

In reference to computers, what do the letters CPU stand for?

Central Processing Unit

What economic system allows the means for production and distribution to be privately owned?

Capitalism/Free Enterprise

What is the term for a statement attached to a product that provides information about its contents?

Label

Pilferage is another name for what?

Employee theft

What is called when there is an actual count of the merchandise in stock?

Physical inventory

What type of selling involves a salesperson meeting customers face to face and persuading them to buy?

Personal Selling

Who is the person to whom a check is written?

Payee

What type of business is owned by two or more people who share the profits and losses?

Partnership

What do you call hours worked over the regular 40-hour work week?

Overtime

What is the name of the diagram that shows the positions, responsibilities, and reporting lines of personnel in a business?

Organization Chart

What term means 'let the buyer beware'?

Caveat Emptor

Who buys the merchandise that a retail store carries in stock for its customers?

Buyer

What do you call a monthly report issued by a bank showing deposits made, checks written, and other information?

Bank Statement

What organization is supported by businesses to improve local business practices?

Better Business Bureau

When an individual or business has debts greater than their assets and cannot pay, they are in a state of what?

Bankruptcy

What is the report that tells the financial status of a business?

Balance Sheet

What system of recording shows a retailer the goods he has on hand, the items sold, and their value?

Inventory Control

What do you call the arrangement of advertisement copy and art on a printed page?

Layout

An advertisement showing and describing several related items is called what?

Group Advertisement

What do you call a store owned and managed by a manufacturer primarily to sell its products?

Manufacturer Owned Chain

What type of retail system allows a supplier to give a retailer the right to use the company's name?

Franchising

What is an exchange of information between two or more people called?

Communication

What type of research measures the effectiveness of an advertisement after it has appeared?

Post testing

What type of research measures the effectiveness of an advertisement before it is printed or aired?

Pretesting

What legal permission is required by many communities to operate or run a business?

Business License

What is a used item that a customer gives as partial payment for a new item?

Trade-in

What are the advantages of a product not immediately obvious to the customer called?

Hidden benefits

What is the geographic area from which a store draws its customers?

Trading area

What type of sale does a retailer use to remove leftover items from the selling floor?

Clearance sale

38. Q: A system by which assortments of similar merchandise are offered at the same prices, for example, $100, $150, $200 suits?

Price lines

39. Q: An item that is actually sold, on purpose, for less than its cost to the store, is being used as a?

Loss leader

40. Q: A projection in dollars of sales goals for a department, a merchandise line, or an entire store is called what?

A: Merchandise plan or sales budget

 What has a store done when it has more goods in stock and on order than the demand requires for a given period?

Over bought

Goods that are the basic stock in a store and should always be kept on hand are called?

Staple merchandise

Products that carry the label of the retailer who sells them rather than the manufacturer's brand name are called what?

Private brands

A written record completed by the salesperson that shows a customer's request for

merchandise that is not found in stock is called?

 Want slip/rain check

You have limited liability when you invest in this type of business?

Corporation

The opposite of exports is?

Imports

When goods and services are purchased from the U.S. by foreign buyers it is called?

Exports

Name the person who buys or does business with a particular store?

Customer

When would you call a person who assumes the responsibility and the risk for starting and operating a business?

Entrepreneur

What word expresses the continuous striving of businesses to gain larger shares of their

respective markets?

Competition