Deca Business and Marketing Concepts: State Association Questions

What is the upper limit to the amount that can be charged for a specific good or service?

Price Ceiling

What is a good or service that is necessary for the well being of a person or an organization?

Need

Who are the people in an organization that make decisions and interpret policies?

Management

What is the amount of money charged for the use of borrowed money or credit?

Interest

What term means planning, designing, selling, promoting, and servicing of products?

Marketing

What type of business is owned by the stockholders?

Corporation

What type of training do students receive when they participate in skill development activities while working as an employee?

On-The-Job or Co-op Training

What do you call the costs or fees including interest that are involved in a credit transaction?

Finance Charges

In reference to computers, what do the letters CPU stand for?

Central Processing Unit

Which economic system allows the means for production and distribution to be privately owned?

Capitalism/Free Enterprise

What do you call a statement that is attached to a product giving information about its contents?

Label

What is another name for pilferage?

Employee theft

What is an actual count of the merchandise in stock called?

Physical inventory

What type of selling involves a salesperson meeting customers face to face and persuading them to buy?

Personal Selling

What is the person to whom a check is written called?

Payee

What type of business do two or more people own when they share the profits and losses?

Partnership

What do you call hours worked over the regular 40 hour work week?

Overtime

What is the diagram that shows the positions, responsibilities, and reporting lines of personnel in a business?

Organization Chart

What is the term that means 'let the buyer beware'?

Caveat Emptor

Who buys the merchandise that a retail store carries in stock for the customers?

Buyer

What is a monthly report issued by a bank showing deposits made, checks written, and other information?

Bank Statement

What organization is supported by businesses and aims to improve local business practices?

Better Business Bureau

What state is an individual or business in when debts are greater than their assets and cannot be paid?

Bankruptcy

What report tells the financial status of a business?

Balance Sheet

What system records the goods a retailer has on hand, the items sold, and their value?

Inventory Control

What is the arrangement of advertisement copy and art on the printed page called?

Layout

What is an advertisement that shows and describes several related items called?

Group Advertisement

What type of store is owned and managed by a manufacturer primarily to sell its products?

Manufacturer Owned Chain

What retail system allows a supplier to give a retailer the right to use the company's name in a specified location?

Franchising

What is an exchange of information between two or more people called?

Communication

What type of research measures the effectiveness of an advertisement after it has appeared?

Post testing

What type of research measures the effectiveness of an advertisement before it is printed or broadcasted?

Pretesting

What is the legal or official permission required to operate a business called?

Business License

What is a used item that a customer gives to a retailer as partial payment for a new item called?

Trade-in

What are the advantages of a product that are not immediately obvious to the customer called?

Hidden benefits

What is the geographic area from which a store draws its customers?

Trading area

What type of sale does a retailer use to remove leftover items from the selling floor?

Clearance sale

What system offers assortments of similar merchandise at the same prices?

Price lines

What is an item sold for less than its cost to the store called?

Loss leader

What is a projection in dollars of sales goals for a department or store called?

Merchandise plan or sales budget

What has a store done when it has more goods in stock than the demand requires?

Over bought

What are goods that are the basic stock in a store called?

Staple merchandise

What are products that carry the retailer's label rather than the manufacturer's brand called?

Private brands

What is a written record by a salesperson showing a customer's request for merchandise not in stock called?

Want slip/rain check

What type of business gives you limited liability when you invest?

Corporation

What is the opposite of exports?

Imports

What is it called when goods and services are purchased from the U.S. by foreign buyers?

Exports

What do you call the person who buys or does business with a particular store?

Customer

What do you call a person who assumes the responsibility and risk for starting and operating a business?

Entrepreneur

What word expresses the continuous striving of businesses to gain larger shares of their markets?

Competition

What is it called when the customer has only a limited amount of dollars to spend?

Buying power

What type of cost results from money spent to produce a product?

Production (cost)

What is a rivalry between two or more businesses to obtain customers called?

Competition

What is the process of moving, handling, and storing items from the producer to the consumer?

Distribution

What type of utility is created when taking control of a product?

Possession utility

What type of utility involves making goods and services available at the needed location?

Place utility

What utility involves altering the form or shape of a product to make it more useful?

Form utility

What do we call activities that do not relate to the exchange of products of monetary value?

Non-economic activities

What resource is provided by nature?

Natural

What are the first three words in making a motion?

I move that . . .

What is it called when you add or delete words pertaining to a motion?

Amendments

What is the group called when the chairperson refers members to certain assignments?

Committee

Which parliamentary term is used to postpone a motion?

Table

What does it mean to lay a motion on the table?

To send it to committee

What is a quorum?

Number of members needed to conduct business

How do you close a meeting?

Motion to adjourn

Name four of the five divisions of DECA.

High school, alumni, collegiate, Delta Epsilon Chi, Professional

What is a chapter in DECA?

A local DECA unit

What is a chapter?

A local DECA unit

What is the Merit Awards Program?

An individualized learning and recognition program

What do the four points of the DECA Diamond stand for?

Vocational understanding, social intelligence, civic consciousness, leadership development

What is the national magazine published by DECA?

New Dimensions

Do any foreign countries belong to DECA?

Yes

Where is the National DECA center located?

Reston, Virginia

What does the gift in the middle of the DECA diamond stand for?

A job well done

What is one who manages called?

Manager

What is a union security agreement that does not require employees to join the union or pay dues called?

Open shop

What is it called when persons rely on each other to accomplish something?

Interdependency

What type of good is a house defined as?

Durable

What is the transfer of money for a service rendered an example of?

Exchange

What are agreements between two or more people stating that one party is to do something provided by another party called?

Contractual agreements

What is a union strategy where employees stay on the job but refuse to work?

Sit-down strike

When a producer sells to an intermediary, what is the intermediary called?

Wholesaler

What is the measurement of the quality and quantity of the goods/services that people own and use?

Standard of living

What part of the marketing process involves determining what goods or services will be produced and sold?

Planning

What does a product or service that satisfies a customer's wants and needs have?

Utility

What are risks that may result in a loss, no change, or a gain known as?

Non-insurable risks

What is marketing considered in relation to producers and consumers?

The connecting link or bridge

What are the four roles of marketing?

Plan, price, promote, and distribute (place)

Who benefits from the exchanges that occur as a result of marketing?

Consumer (producers)

What is a court order forbidding someone from carrying out an act called?

Injunction

What term means the sponsorship of advertisements by two or more businesses?

Cooperative advertising

Name two incidental motions.

Point of order, appeal, suspend, spec. orders, withdraw, division

How many states in the United States are affiliated with National DECA?

Fifty

Who is the National Executive Director of DECA?

Dr. Edward Davis

What type of customer disagrees, questions, or looks for error in almost everything?

Argumentative customer

What is a rivalry between two or more businesses called?

Competition

What do you call the basic principles by which you live?

Ethics

What term means the practice of cheating, misleading, or misrepresenting?

Deceit

What type of behavior involves the use of words (oral and written)?

Verbal behavior