deca prep

What is a characteristic that applies only to economic services?

A. useful

B. physical

C. scarce

D. intangible

D. intangible

The north ridge diner is always swamped during the weekends. what could the restaurant do to keep customers from becoming impatient while they wait?

A. Alert guests that their tables are ready via text message

B. check reviews to see how customers feel about the wait time

C. determine which aspect of restaurant operations is slow

D. give a discount to guests who wait over 30 mins

A. Alert guests that their tables are ready via text message

BTA enterprises used overly aggressive advertising tactics to discredit the MZT Company, its primary competitor. As a result, the MZT Company's sales and stock values have plummeted over the past few months. This situation is an example of:

A. a criminal offense

B. misappropriation

C. an intentional tort

D. negligence

C. an intentional tort

Shantrell is developing an organized chain of command for her growing business. One important consideration in building her chain of command is making sure that the plan shows a clearly defined line of authority that connects all of her employees. In other words, Shantrell needs to keep the ____ in mind as she develops her chain of command.

A. division of labor

B. unity of command

C. scalar principle

D. matrix structure

C. scalar principle

Hotels benefit from selling gift certificates to guests because these gift certificates 

A. can extend the customer base of the hotel

B. provide an experience, not just a product

C. are redeemable at any time by the recipient

D. are a small production investment for the hotel

A. can extend the customer base of the hotel

When upselling to customers, it is important to 

A. suggest the better quality, higher priced item

B. recommend at least three additional items

C. mention that you work on commission

D. help customers make good buying decisions

D. help customers make good buying decisions

the automaker Honda has launched an advertising campaign to promote its newest Civic model. Honda is using ___ product promotion to build awareness of the Civic's newest features

A. patronage

B. institutional

C. primary

D. secondary

D. secondary

Businesses benefit when bundling products because this strategy

A. represents value and savings

B. reduces the overall price

C. increases sales revenue

D. establishes brand loyalty

C. increases sales revenue

Which of the following types of careers typically requires a high school diploma and a bachelors degree in hospitality and tourism:

A. entry-level hotel employee

B. hotel front desk manager

C. hotel manager

D. hospitality management professor

C. hotel manager

Which of the following are two examples of threats to data security:

A. identity theft and encryption fraud

B. malware attacks and identity theft

C. encryption fraud and antivirus scams

D. antivirus scams and malware attacks

D. antivirus scams and malware attacks

Riley is a 28-year-old young professional who enjoys experiencing new cultures. Instead of traveling with family or friends, she prefers to make solo trips. Traveling alone allows her to truly enjoy her experience without the distraction of others. The growing popularity of solo travel is a(n) ____ hospitality and tourism industry.

A. guest trend

B. technological change

C. economic trend

D. regulatory shift

A. guest trend

Ahmed wants to determine his company's earnings before interest, taxes, depreciation, and amortization (EBIDA). Some of the intormation that he needs in order to calculate EBIIDA is tound on the income statement, but other necessary intormation appears on the cash flow statement. What intormation does Ahmed need to gather from his company's cash flow statement?

A. Earnings and depreciation

B. Depreciation and amortization

C. Amortization and tax

D. Tax and interest

B. Depreciation and amortization

which of the following is most likely a reason why a manager might want to get external feedback about his/her business:

A. to meet new employees and identify their strengths

B. to learn about customers' interactions with the business

C. to improve the payroll process

D. to increase employee productivity

B. to learn about customers' interactions with the business

during an economic recession, tourists are most likely to

A. spend less and take shorter trips locally

B. spend more and travel to reduce stress

C. stop traveling entirely

D. invest in travel bonds

A. spend less and take shorter trips locally

which of the following laws would impact the greatest number of businesses within the state of Nebraska:

A. Nebraska minimum wage increase

B. Nebraska sales tax rate increase

C. federal law requiring that all employers provide paid vacation time

D. federal law requiring that all interns be paid the average industry standard

B. Nebraska sales tax rate increase

Marco is working with a new client, Adam, and wants to make sure their partnership starts off right. before dicussing business, Marco decides to initiate some small talk. which of the following topics would best help Marco build rapport with Adam:

A. marcos accomplishments

B. the upcoming election

C. personal questions about adam

D. this week's rainy weather

D. this week's rainy weather

which of the following statements about the cornell note-taking system is true:

A. the cornell note-taking process requires extensive preparation prior to writing down any notes

B. an important step in the cornell note-taking process involves writing a summary of each page of notes

C. note takers using the cornell note-taking process should use long sentences when writing the main ideas

D. the cornell note-taking process involves dividing each page of notes into two sections: a title and the main ideas

B. an important step in the cornell note-taking process involves writing a summary of each page of notes

which of the following is an example of a positive nonverbal communication

A. standing straight with your hands on your hips

B. maintaining eye contact at all times

C. standing straight with your arms by your sides

D. sitting with your arms crossed

C. standing straight with your arms by your sides

backward integration

a growth strategy by which companies acquire business supplying them with products or services 

e.g. restaurant chain purchasing a bakery

aural

the dimension of atmosphere relating to volume and pitch 

augmented products

additional consumer services and benefits built around the core and actual products

gophers

designed for distributing, searching, and retrieving documents over the internet

requisition

written request to obtain supplies/ingredients

amplified word-of-mouth

marketeers purposely encourage their customers to share information about business with others in community

reference group

group you aren't part of but would like to be

descriptive analytics

organizes information into its simplest form and summarizes it for decision-making purposes (determining averages, frequency, percentages)

stages of entrepreneurial process

1. discovery - identifying problems

2. concept development - refining idea, business plan/model development

3. resourcing - funding/employees

4. actualization - implementing business plan/launching operations

5. harvesting

undervaluing stocks

market price is lower than what the stock is actually worth

even pricing

pricing at a whole rounded number

change management plan

document that outlines how to transition an organization from its current state to a desired future state d

dispatching

issuing orders for production to start

conversion process

process of turning inputs into usable products (not resource transformation)

association learning

discovering that customers who engage in one activity also engage in a similar activity

company leads

potential customers who have shown interest in a product or service

mro goods

• maintenance, repair, and operations goods

• not goods sold to customers but keep bsuiness running

authorization

checking whether the user has the authorization to start the transaction (to prevent fraud)

groupthink

when a group makes irrational decisions due to a desire to conform

accumulated interest

total interest earned on an investment or owed on a debt over a specific period

transaction fees

costs incurred when businesses process customer payments

tort vs misappropriation vs negligence 

tort - broad category encompassing all civil wrongs

negligence - type of tort based on carelessness or failure to exercise reasonable care

misappropriation - type of intentional tort involving the unauthorized use of anothers property, name, or trade secrets for ones own benefit

common law

law created by court decisions rather than written legislation 

types of media

print - physical, printed aterials

broadcast - transmits information immediately to a large audience via airwaves, cable, or satellite

digital - content available over internet 

out-of-home - advertising or info placed in public spaces 

black hat seo strategy

practices that subvert search engine guidelines with the goal of gaining higher ranks (text that is only visible to search engines goes against guidelines)

loss leader pricing

sell popular product below cost to attract customers with the aim of boosting overall profitability

legal recourse

the right to take action in court

psychological pricing

psychological tactics to influence buying decisions 

price lining

product categorized by overall value to customers 

price skimming

company sets high initial price and lowers over time 

penetration pricing

business newly entering market offer low price

manufacturing inventory

raw materials, work in progress, and finished goods managed to balance supply demand and production costs 

aggregate inventory

total value or quantity of all stock keeping units across all locations at a specific time

just in time inventory

materials are recieved from supplies as they are needed for production

• minimizes storage costs and waste

buffer inventory 

extra inventory held beyond expected demand to mitigate sudden demand spikes

universal life insurance

permanent life insurance that offers flexible premiums

• higher risk if cash value cannot cover policy costs

disability insurance

replaces a portion of your income if illness or injury prevents you from working 

term life insurance 

life insurance that lasts for a set amount of time

long term care insurance

covers services for chronic illnesses or disabilities (not usually covered by medicare)

title, lien, principal (in regards to interest)

title - legal ownership of property

lien - right to keep possession of property belonging to another person until debt is paid 

principal - amount you borrowed and have to pay back 

goal vs vision

goal - specific, measurable, time-bound

vision - long-term, overarching, inspirational

net vs gross profit

net - after taxes

gross - before taxes

economic vs non economic wants

economic - requires money to satisfy

noneconomic - doesn't require money to satisfy

downwards communication

flow of information from upper management down to lower-level employees

upwards communication

flow of information from lower-level employees to higher-level management 

verbal communication

use of spoken or written words to share information 

lateral communication 

exchange of information at the same organizational level 

formal communication

official structured exchange of information following predefined channels and hierarchies 

patent vs copyright vs trademark

patent - protect functional inventions or processes

copyright - protect original creative works

trademark - protect brand identity

expropriation

government-forced seizure of private property or assets for public use

strategic

high-level long-term objectives that align organization mission with long-term visiion

Specific

Measurable

Achievable

Relevant

Time-bound

tactical goals 

specific, short-term goals that bridge gap between high-level strategy and daily operations

achieved within 1-3 years 

product goals 

long-term objective that describes future state of product and guides product development 

cultural goals

shape organization workplace environment, values, and behaviors 

asset depreciation

systematic reduction in the recorded cost of a tangible asset over its useful life 

quantitative reasoning 

ability to analyze, model, and interpret real-world situations using numerical data 

rule induction

machine learnign method that extracts formal if-then rules from data to identify patterns and predict outcomes 

random access memory

volatile

• high-speed, short-term memory that temporarily stores active data and applicaitons for access by the cpu

hard disk drive

non-volatile (stays stored even after powered off)

stores digital content like operating systems, applications, and files

central processing unit

responsible for executing instructures, managing data flow btw components, performing operations 

web hosting service

rents out secure server space to store website files, making them accessible to vistors on the internet 

cash control procedures

segregating duties, limiting access to cash, conducting daily reconciliations

certificates of deposit

safe, low-risk savings account

• pays fixed interest rate for specific term

• early withdrawal triggers penalties 

collectibles

high-growth industry driven by demand for rare items 

holding company

parent corporation that owns controllign shares of other companies (known as subsidiaries) without engaging in day-to-day operations

retirement fund

401k

designed to build long-term savings for life after work 

retail bank

provides financial services directly to indvidiual consumers and small business rather than large corporations

(corporate bank services focus on larger institutions)

municipal bonds

debt securities issued by state and local governments to fund public projects (schools, highways)

• investors lend money

corporate bonds

debt sercurities issed by companies to raise capital for operations

• investors lend money to coporation -> pays regular interest 

banknotes

specific paper currency issued by central bank or authorized bank

legal tender

any currency declared by law to be valid for settling debts 

real gdp

adjusts for inflation

nominal gdp

current prices

doesnt adjust for inflation

GDP

• total market value of all final goods and services produced within a country in a given period

• consumption + government spending+ investment + net exports 

depreciating exchange rates

• supply of currency increases

• demand falls

• high inflation rates

• economic instability

• trade deficit 

appreciating exchange rates

• demand for currency increases

• lower inflation 

• strong GDP

• growth/low unemployment

• trade surplus

modem

connects home network to internet service provider 

stocks vs bonds

stocks - ownership in company aimed at high growth -> higher potential returns (more risky)

bonds - loans made to entities (companies/governments) for fixed income -> stability and regular interest (safer)

mutual funds

investment vehicles that pool money from many investors to purchase a diversified portfolio of stocks, bonds, or other securities managed by professionals

• gain money through dividends/interests on securities or capital gains from selling securities at a profit

examples: equity funds, fixed-income funds 

contributed capital

total cash or assets investors/owners provide to a company in exchange for stock

• part of shareholders equity

credit vs debit cards

credit cards - borrow money up to a limit that is repayed later

debit cards - deduct funds directly from checking account 

economic systems

provide an organized framework for societies to manage scarcity