DECA Business Administration Core Study Guide

Vocabulary practice flashcards covering key concepts, legal principles, business structures, financial terms, and management strategies from the DECA Business Administration Core study guide.

Constitutional law

The law based on the U.S. Constitution and state constitutions, recognized as the highest law of the land.

Stare decisis

A common law principle of following precedent, meaning 'let the decision stand.'

Tort

A civil wrong that causes injury or harm.

Libel

An intentional tort consisting of written defamation that causes deliberate harm.

Consideration

Something of value exchanged by both sides required to form a valid contract.

Sole proprietorship

A business structure with 1 owner who has unlimited liability, keeps all profit, and is taxed on a personal return.

Corporation (C corp)

A separate legal entity owned by shareholders with limited liability, characterized by double taxation and ease of raising money by selling stock.

Customer relationship management (CRM)

Strategies and software used to track customer data, build relationships, and increase loyalty.

Scarcity

The basic economic problem involving limited resources versus unlimited wants.

Opportunity cost

The value of the next-best alternative given up when making a choice.

Gross Domestic Product (GDP)

The total value of final goods and services produced within a country in a period, calculated as $C + I + G + (X - M)$.

Fiscal policy

Economic policy conducted through government taxing and spending.

Monetary policy

The Federal Reserve controlling the money supply and interest rates using tools such as the discount rate, reserve requirements, and open market operations.

Emotional intelligence

The ability to recognize, understand, and manage your own emotions and to recognize and influence the emotions of others.

Balance sheet

A financial statement that shows assets, liabilities, and owner's equity at a single point in time.

Income statement

A financial statement that shows revenues, expenses, and net income over a period of time.

Job specification

A document listing the qualifications (education, skills, experience) a person needs for a job.

360-degree feedback

A performance appraisal method that gathers evaluation input from supervisors, peers, subordinates, and self.

Management information system (MIS)

A computer system that provides managers with the reports they need to make decisions.

Just-in-time (JIT)

An inventory method where materials are received only when needed, reducing storage costs.

SMART goals

A goal-setting framework where goals are Specific, Measurable, Achievable, Relevant, and Time-bound.

SWOT analysis

A strategic tool evaluating internal Strengths and Weaknesses alongside external Opportunities and Threats.

Corporate social responsibility (CSR)

Acting in ways that benefit society, the environment, and stakeholders rather than solely shareholders.

Rule of 72

A formula to estimate doubling time for an investment: $\text{Years to double} = 72 \div \text{interest rate}$.

Intrapreneur

An employee who acts like an entrepreneur within a larger company.