DECA Entrepreneurship Exam Key

Tort

The type of law that addresses issues that interfere with a firm's right to do business

Send a request to the other party asking for cancellation

The way to attempt to cancel a contract without facing legal action

Corporation

The form of business ownership that must obtain a charter from the state it operates in

Business experience

A personal factor that affects the choice of a form of business ownership

They must be properly managed

A condition that must exist for channels to be effective

Intermediaries

The factor that only indirect channels of distribution use

Market factors

The focus of a business when they are considering the number of potential customers in various geographic regions

To analyze marketing trends

A reason why a supervisor may prepare a formal business report

Touchpoint

A news story on TV about a certain company or brand

Businesses developing new products

A benefit of competition between businesses for consumers

Acting as a referee

One of the government's original roles in business

Economies of sale

An economic concept that influences the cost of the production process

Cultural sensitivity

A marketing technique: changing parts in a game that is marketed in other countries so the game conforms to local customs and preferences

Do your homework

A technique used to be ready to answer questions and give proof

A goal is concrete and measurable

The way a goal differs from a vision

Resist

The action an employee comfortable with the workplace may take when workplace changes are made

Read about trends impacting the hospital industry

How a business owner offering data management services for medical records in hospitals identify what hospital administrators will expect from her service

Finding a shared vision

The technique a person could use to build a relationship with an influential member of a business community

Developing a selling a new wood cutting device

A business that represents an innovative entrepreneurial endeavor

Can withstand ups and downs

A trait of a good entrepreneur

Online businesses can easily become involved in international trade

A fact about international trade

Satisfy an unmet demand

Something a small business owner or entrepreneur can do in the free enterprise economic system

Facilitator

The person who guides the group discussion when generating product ideas

Funding

Sources of the financial section of a feasibility study

Operation budget

A financial tool that entrepreneurs use to plan, monitor, and manage their ventures' income and expenses

Lacks knowledge or experience in the field

The time an entrepreneur is most likely to discuss the concept for a new business with an industry expert

The company is often unable to meet its deadlines

A sign that the company may need to hire more employees

Proximity

The benefit of moving a company's headquarters to another city closer to the raw materials needed for manufacturing

Standard

The way tasks are performed and put in place by developed operating systems to run small businesses

Poor communication

A factor that reduces employee productivity and has a negative effect on the success of new small businesses

Economic conditions

An external factor monitored by businesses to continue adapting to changes in the business environment to stay competitive

Income statement

The factor the profit of a business can be determined from

Checking account

An example of a current asset

A company strives to fix its method of international communication

An example of business process thinking

Short-term loans

Credit that business owners obtain to purchase seasonal goods for resale

You have control over how your money is spent

A benefit of debt financing when starting a business

Marginal revenue

Dividing the change in total revenue by the marginal product

It is a quick and easy method to use

An advantage of the jury of executive opinion method of sales forecasting

Horizontal analysis

A financial analysis methods that compares the same items on a company's financial statement for two or more periods

Orientation

An onboarding activity

Employment history

Something that job applications provide

The board of directors

The primary stakeholder influencing corporate governance

To ensure employees understand the material

The main purpose of encouraging feedback during an employee training session

Corrective

The approach to managing people to discourage further violations of company rules after infractions have already occured

Providing salespeople with additional training

A way marketers can use data to follow up on any problems or issues with a product

Place

Marketing research that affects the business's marketing mix by providing information about various locations

Marketing-information management

A marketing function: somebody is asked their opinion on different brands of the same product

Adjusts its marketing strategies

An appropriate action for a business to take when competitors introduce similar products to the marketplace

To divide into well-defined groups of consumers

An overall purpose of market segmentation

An athletic footwear company creating a shoe line for children who play soccer

An example of niche marketing

Other operational activities

A reason why it is important to accurately forecast sales for the marketing plan

Online tracking methods

A controversial way for an organization to collect and use data on consumer purchasing habits

To obtain systems that perform required functions

The reason businesses establish specifications for selecting hardware systems

To identify patterns

The primary purpose of data mining

To prove the business's net worth to acquire a bank loan

A reason why a small business might share its financial records

Inventory report

The type of business record that will help a firm determine the status of its supplies

Obtaining resources

An operations activity in business

Safety issues

Workplace hazards such as electrical hazards, slipping, tripping, and violence

To obtain a delivery date

The reason businesses may purchase

Standardized

A production process: three-way lightbulbs are made with all the same size base