DECA Test Study Guide

First Step of Pursing a Legal Case for a Illegal Use of a Trademark

File a complaint with the court about the illegal use of the trademark.

When following directions, it is important to…

Understand the difference between outcomes and tasks. This is because you need to understand what the final goal is (outcome) and then decide which tasks are necessary to achieve it.

Dear shouldn't be used to…

Address an entire department.

When it comes to professional writing standards…

Business typically have one preferred writing style for their entire company. These styles do not need to be expertly recommended either.

Businesses are legally required to

Create a privacy plan, which outlines how data is collected, used, shared, and protected, often acting as a roadmap for operationalizing privacy requirements.

Installations

These are classified as high-cost, long-lasting items, that are used to produce other goods and services.

Equipment

Industrial good used in the operation of a business, but not in the actual production of a good or service.

Possession Utility

Value is created by making it easy for consumers to own or use a product; the product is more useful because ownership is easier.

Form Utility

Value is created by changing the form or appearance of a product. In other words, the product is more useful because of what it has been made into.

Place Utility

Value is created by making a product available where consumers want it; the product is more useful because it's in the right location.

Time Utility

Value is created by making a product available when consumers want it. The product is more useful because it's available at the right time.

Changes in primary business activities cause…

Changes in other business activities, as primary activities are interlinked.

Controlling Risk

A business does this by acknowledging that a risk exists and taking measures to protect itself.

Best Tool for Knowledge Management

Intranet, It serves as an
organization's "internal Internet" and allows the sharing of knowledge through email, documents,
databases, etc.

Intentionality Ethics

To make sure that knowledge management practices are ethical, organizations need to be careful about the intention behind knowledge sharing. They should not be exploiting someone's knowledge and then firing them as an example.

Decision Support System

A type of computer program that draws on gathered knowledge to help managers improve their decision-making and problem-solving skills. Is super helpful in improving business activities.

Before Knowledge is shared or reused…

It must be found (recognized).

Most important population trend that affects businesses

Migration trends are important to businesses because businesses
need to know where their customers are located.

The first step of project planning

Identify stakeholder (who's involved)

MRO goods

MRO goods are maintenance, repair, and operating supplies. Not supplies used the final production of goods and services.

Trade discount / cash discount calculation

(% discount)/(time to pay) net (time to pay the full amount if no discount is taken).

Benefit of production to consumers

One of the benefits of production is that it creates form utility—usefulness created by altering or changing the form or shape of a good to make it more useful to the consumer or user.

General Management

The process of planning, organizing, leading, and controlling an organization's resources to achieve overall business objectives. Can be within one department or area of a company.

How does a chain of command help a business

It increases efficiency, as it helps provide order and structure for
businesses, this create order and structure which helps the business operate efficiently.

What does the acronym SMART stand for and what does it mean

The acronym for specific, measurable, achievable, realistic and time-bound,
which are the characteristics of effective goals.

What does adding too much detail to the work breakdown structure do

It can cause the manager to micromanage the project and not allow the employees to work efficiently, and also takes away time for the managers actual responsibilities.

Which quality management framework uses martial arts terms to describe people needed for it to be used

Six Sigma

What risk can cloud computing avoid

Return on investment risk, Cloud computing keeps businesses from having to invest in computer
hardware, such as servers, and software, thereby avoiding return on investment risk.

Analyzing budget variances helps a business do what

This helps a business determine whether it is meeting its financial goals and identify areas where corrective action, such as reducing expenses or increasing sales, may be needed. This lets them see where they are overall doing well or poorly.

Scheme

Tells the browser how to access the resource
Common ones:
http - standard web
https - secure (encrypted)
ftp - file transfer

Subdomain

Helps organize sections of a website
Examples:
www
mail
shop
blog

Domain Name

The website's name
Owned by an organization or business
example in https://www.example.com:8080/products/shoes?color=blue#reviews

Path

Shows the location of a resource on the server and often represents folders or pages.
/products/shoes in https://www.example.com:8080/products/shoes?color=blue#reviews

Query String

Sends data to the server, Starts with ?, and Uses key-value pairs.
?color=blue in https://www.example.com:8080/products/shoes?color=blue#reviews

Port

Specifies a communication endpoint and usually hidden because browsers assume defaults

• 80 for HTTP
• 443 for HTTPS
  https://www.example.com:8080/products/shoes?color=blue#reviews (8080 in this example)

Key components of starting a website

Web host and domain name

What is environmental scanning mainly used for

A main reason that this is important is so that businesses can be aware of potential threats and opportunities.

Weighted Point Rating System

This involves assigning a numerical rating to evaluate various performance categories.

Cost-based rating system

This rating system focuses on product and delivery costs.

Lead Time

This is the amount of time it takes to complete a
process. In the example, the business wants the vendor to process and ship its orders within 24 hours,
rather than 48 hours, which indicates that the business wants better lead time from the vendor.

Big Q

A focus on ingraining quality into every aspect of the organization to exceed expectations.

Little Q

A focus on conforming to specifications.

What is the first step in streamlining work processes

Define an individual work process, in other words, figure out what you are trying to streamline.

What is a way to be proactive in quality control

Creating a quality assurance checklist.

Radio frequency identification (RFID) Tech is better than barcodes in supply chain management because…

it can be read quicker than barcodes.

What are the components of an effective digital inventory

This records what information is on what media, where the information is located, and how it is accessed.

Aptitude

A natural talent or skill

What type of management is quality control

Operations management

Professional organizations

These organizations are usually concerned with expanding the knowledge of the profession (education or academic endeavors) and maintaining high professional standards to ensure excellent performance.

Trade Associations

These associations seek ways to increase the profitability of all members' businesses. For example, a local merchants' association might sponsor a Christmas parade to stimulate business for all merchants in the area.

"Crashing" a project

Adding more resources to a project to shorten its duration.

An important function of organizing management is

Defining employee's roles

Litigation

The process of taking a legal dispute to court to be resolved by a judge or jury.

Litigation begins when…

When the plaintiff files a complaint

Procedure

Step by step process that an employee follows to perform a specific task.

How should executive summaries be formatted

They should be in the same sequential order as the report.

Rebate

A partial refund returned to a customer or business after a purchase is made. (Delayed discount).

Process improvement

This occurs when a business's managers figure out how to increase efficiency.

Tort

A private wrongdoing against a person or business.

Is a coworker taking advantage of others unfair treatment that should be intervened with

yes (coworker)

Variances

The difference between what was expected (forecasted) and what actually happened.

Accounts Payable

Amounts to be paid to vendors in the future for goods or services already acquired. (Accounts receivable are the opposite)

Cash flow calculation

Free cash flow = Operating cash flow - capital expenditures

Embezzlement

Crime involving someone who is trusted to manage or handle money or property and steals it for personal use.

What can a business failing to manage information cause

It can cause the business to be unprepared for issues.

Quality of Income

More operating cash flow, means higher quality income.

Operating Cash Flow (OCF)

Operating cash flow is the actual cash a business generates from its normal day-to-day operations. Like sales and paying expenses (wages etc.)

It does NOT include:

• Buying or selling long-term assets (that’s investing activities)

• Borrowing money or issuing stock (that’s financing activities)

SEC

The Securities and Exchange Commission (SEC) oversees securities exchanges, securities brokers and dealers, investment advisors, and mutual funds in an effort to promote fair dealing, the disclosure of important market information, and to prevent fraud.

Project-Management Software

The primary use of this software is to plan, organize, and track projects so teams can complete work efficiently, on time, and within budget.

Deliverables

The specific outputs, products, or results that a project intends to produce and deliver to its stakeholders. They are crucial to project management.

Test Environment Software

A project-management software application that duplicates the project database and enables project managers to evaluate potential changes to the project plan and assess "what if" scenarios.

Burglary

The unlawful entry into a building or structure with the intent to commit a crime.

Robbery

Involves an attempt to steal something while using force, or armed with a weapon.

Pilferage

The action of stealing things of little value.

Fraud

Intentional deception to deprive a victim of a legal right or to gain from a victim unlawfully or unfairly. Typically deception.

Statement of work (SOW)

A Statement of Work (SOW) is a formal document that clearly defines what work will be done and how in a project.

Defines things like:

• What tasks will be completed

• How the work will be performed

• When it will be finished (timeline)

• Who is responsible

• How much it will cost

• What counts as “done” (deliverables and standards)

Critical Path Analysis

This is a project management technique used to find the longest sequence of tasks that must be completed on time for a project to finish by its deadline.

The tasks on the critical path:

• Have zero slack (no extra time)

• Cannot be delayed without delaying the entire project

Six Sigma Quality Management Framework

Six Sigma is a data-driven quality management framework used to reduce defects and errors in business processes. This uses martial arts terminology!

The goal of Six Sigma is to improve quality by:

• Identifying causes of defects

• Reducing variation in processes

• Improving consistency and efficiency

Six Sigma follows five steps, known as DMAIC:

1. Define – Identify the problem and customer needs

2. Measure – Collect data on current performance

3. Analyze – Find the root cause of defects

4. Improve – Fix the process

5. Control – Maintain the improvements over time

Risk Retention Group (RRG)

An insurance company owned by its members to insure similar risks. Under U.S. law, RRGs are limited to liability insurance only.

Liability Insurance

Liability insurance protects a person or business if they are legally responsible for harming someone else or their property.

It covers claims involving:

• Injury to others (bodily injury)

• Damage to someone else’s property

• Negligence (failure to act responsibly)

Expropriation

The governmental seizure of property or a change to existing private property rights, usually for public benefit.

Arbitration

In this process, a neutral third party (the arbitrator) listens to both sides and makes a decision. Because it is binding, the decision is legally enforceable, just like a court ruling. In fact, it can replace a trial.

Agent

A person authorized to act on behalf of a principal (client) in business dealings.

Principle

A person or business that is the client of an agent to act who acts on their behalf in business or legal matters.

Jurisdiction

The authority or power of a court or government agency to make legal decisions over a person, place, or issue. AKA ~ Who has the right to decide the case.

Regulation

A specific guideline created by a government agency to enforce a law. AKA ~ How the law is carried out. It provides detailed instructions and standards that must be followed. Ex. The speed limit on this road is 45 mph.

Law

A rule enacted by a legislative body that people and businesses must follow. AKA ~ The overarching rule. Ex. Drivers must drive safely.

What is important to remember when writing e-mail correspondence to customers and coworkers?

That emails are often seen by people other than the recipients. So the emails should be:

• Professional

• Clear

• Businesslike

• Appropriate for anyone who might read them

Structure of a Business Letter

A standard business letter follows this order:

1. Dateline – the date

2. Inside address – recipient’s name and address

3. Salutation – the greeting

4. Body – the message

5. Complimentary close – “Sincerely,”

6. Signature line – sender’s name and title

Touchpoints

All points of contact between a business and its customers.

Vision

A mental picture of the desired future that guides decisions and actions. Goals are steps in achieving a vision.

Tolerating Ambiguity

The ability to remain effective and comfortable in uncertain or unclear situations.

What process comes first when deciding to start a new business?

Accounting is considered first because it provides the financial information needed to plan and evaluate a new business.

Confidentiallity

The ethical practice of protecting private business information from unauthorized disclosure.

Key indicators:

• Mergers

• Financial data

• Internal plans

• Budgets

• “Manager told her…”

Objectivity / independence

Maintaining this requires being unbiased and free from conflicts of interest when making business or accounting decisions.

This is because an accountant (or business professional) must:

• Make decisions based on facts, not personal relationships

• Avoid situations that could influence (or appear to influence) judgment

• Remain neutral and fair

Transparency and Full Disclosure

This means providing all relevant information needed to understand financial statements clearly.

Freeware

Software available at no cost to consumers.

Shareware

Sample software. It gives consumers an opportunity to try software free of charge before purchasing it. Because it is merely a sample, the shareware is likely to be limited in functionality or time.

Spyware

Malicious software installed on computers to gather users' personal information.

Groupware

Specialized software that allows users to work on documents together, share files, and communicate quickly and easily.