Comprehensive DECA Hospitality & Business Concepts

Vocabulary flashcards covering major terms and concepts from Business Law, Communication, Customer Relations, Economics, Emotional Intelligence, Entrepreneurship, Finance, HR, Information Management, Operations, and Hospitality/Tourism topics to aid comprehensive exam review.

Spirit and Intent of the Law

Following both the written rules and the underlying ethical standards behind them.

Sources of U.S. Law

Constitutional, statutory, case (common), and administrative law.

U.S. Judicial System

A dual system of federal and state courts that interpret laws and resolve disputes.

Patent

Legal protection for inventions that grants exclusive rights to the inventor.

Copyright

Protection for original creative works such as books, music, or software.

Trademark

A word, symbol, or design that identifies and distinguishes a brand.

Trade Secret

Confidential business information that provides a competitive edge.

Negligence

Failure to exercise reasonable care, resulting in harm to another.

Defamation

False statements that harm a person’s or business’s reputation.

Fraud

Intentional deception to secure unfair or unlawful gain.

Legally Binding Contract

Agreement with offer, acceptance, consideration, capacity, and legality.

Legal Procedure

Steps in a lawsuit, including complaint, discovery, trial, and appeal.

Debtor-Creditor Relationship

Agreement in which one party owes money and another is entitled to payment.

Agency Relationship

When an agent acts on behalf of a principal under fiduciary duties.

Environmental Law

Regulations that limit business impact on air, water, and land.

Administrative Law

Rules and decisions made by government agencies such as OSHA or FDA.

Sole Proprietorship

Business owned and controlled by one person with unlimited liability.

Partnership

Business owned by two or more people who share profits and liabilities.

Corporation

Separate legal entity owned by shareholders with limited liability.

Limited Liability Company (LLC)

Hybrid structure offering liability protection and pass-through taxation.

Import/Export Law

Regulations governing international trade, tariffs, and customs.

Customs Regulations

Rules controlling goods entering or leaving a country.

Hotel Management Contract

Agreement in which a third party operates a hotel for the owner.

ADA Compliance

Meeting Americans with Disabilities Act standards for accessibility.

Letter of Agreement

Less-formal written understanding that may lack full contract enforceability.

Guest Rights

Legal entitlements to privacy, safety, and nondiscrimination in lodging.

Active Listening

Focusing fully, responding appropriately, and showing engagement.

Effective Verbal Communication

Clear, concise, polite speech tailored to the audience.

Nonverbal Cues

Body language, facial expressions, and tone that convey meaning.

Executive Summary

Brief overview of a longer report for quick decision-maker review.

Customer Relationship Management (CRM)

Using data and technology to manage and improve customer interactions.

Guest Recovery

Actions taken to regain loyalty after a service failure.

Moment of Truth

Any interaction where a customer forms an impression of a business.

Economic Goods

Tangible products that satisfy consumer wants.

Economic Services

Intangible actions offered for sale, such as lodging stays.

Four Economic Resources

Land, labor, capital, and entrepreneurship.

Utility

Value added by form, time, place, or possession.

Supply and Demand

Principle describing quantity offered versus quantity desired in a market.

Market Economic System

Economy where decisions are driven by supply, demand, and price signals.

Mixed Economic System

Blend of market freedom and government intervention.

Private Enterprise

Business ownership by individuals with minimal government control.

Productivity

Output produced per unit of input.

GDP (Gross Domestic Product)

Total market value of all final goods and services produced in a country.

Inflation

General rise in price levels that erodes purchasing power.

Globalization

Increasing interconnectedness of markets and businesses worldwide.

Exchange Rate

Price of one nation’s currency in terms of another.

Foreign Corrupt Practices Act (FCPA)

U.S. law prohibiting bribery of foreign officials.

Emotional Intelligence (EQ)

Ability to recognize and manage your own and others’ emotions.

Self-Esteem

Personal sense of self-worth and value.

Fiduciary Duty

Obligation to act in another party’s best interest.

Honesty and Integrity

Consistently telling the truth and adhering to moral principles.

Ethical Dilemma

Situation where choosing right action is difficult due to conflicting values.

Stress Management

Techniques to control physical and emotional tension.

Consensus-Building

Process of finding agreement acceptable to all group members.

Leadership

Ability to influence and guide individuals toward goals.

Entrepreneurial Discovery

Identifying unmet market needs and turning them into opportunities.

Feasibility Analysis

Study of whether a venture is realistic and profitable.

Opportunity Cost

Value of the next best alternative foregone when a choice is made.

Business Plan

Formal document outlining a venture’s goals and strategies.

SWOT Analysis

Assessment of strengths, weaknesses, opportunities, and threats.

Risk–Return Relationship

Higher potential returns usually accompany higher risks.

Budget

Projected plan for income and expenses over a period.

Cash Flow Statement

Report showing cash inflows and outflows in a business.

Balance Sheet

Snapshot of assets, liabilities, and equity at a specific time.

Income Statement

Report detailing revenues, expenses, and profit or loss.

Depreciation

Systematic reduction of an asset’s recorded value over time.

Human Resources Management (HRM)

Function that recruits, trains, and manages employees.

Orientation

Introduction process that familiarizes new hires with the company.

Compensation

Total pay and benefits provided to an employee.

Labor Union

Organization that negotiates wages and conditions for workers.

Information Management

Collecting, storing, protecting, and using data effectively.

Data Mining

Analyzing large datasets to discover patterns and insights.

Operations

Daily activities that produce goods or deliver services.

OSHA

Occupational Safety and Health Administration; sets workplace safety rules.

Project Management

Planning and controlling resources to achieve specific objectives.

Purchasing

Acquiring goods and services needed for business operations.

Supply Chain

Network that moves products from suppliers to customers.

Quality Control

Processes that ensure products meet defined standards.

Customer Service Mindset

Focus on satisfying and exceeding customer expectations.

Brand Promise

Consistent value a company commits to deliver to customers.

Key Performance Indicator (KPI)

Metric used to evaluate success in reaching targets.

Enterprise Risk Management (ERM)

Holistic approach to identifying and mitigating organizational risks.

Product Mix

Entire range of products or services a company offers.

Product Bundling

Packaging multiple services together for a single price.

Corporate Branding

Unified image and messaging of an entire organization.

Market Segmentation

Dividing a market into distinct groups with common needs.

Promotional Mix

Blend of advertising, sales promotion, personal selling, PR, and direct marketing.

Property Fact Book

Comprehensive reference detailing a hotel’s features for sales use.

Continuous Improvement

Ongoing effort to enhance products, services, or processes.

kaizen (japanese word for constant improvement)

Channel Management

Overseeing distribution paths through which bookings are made.

Online Travel Agency (OTA)

Third-party website that sells hotel rooms for a commission.

Merchant Model

OTA buys rooms wholesale and resells at marked-up rates.

Key Account Management

Focused relationship development with top-value clients.

Upselling

Encouraging customers to purchase a higher-priced option or add-on.

Letter of Agreement/Block Contract

Document specifying terms for group room blocks or events.

Channel Commission

Percentage of sale paid to a distribution partner like an OTA.

Global Distribution System (GDS)

Network travel agents use to book airline and hotel inventory.

Concierge Services

Personal assistance provided to guests for reservations and information.

Momentary Capacity

Maximum number of guests or events a property can handle at a time.

Bid Process

Procedure for soliciting and choosing vendor proposals.