DECA Study From Google Doc

Six Sigma

A quality management method focused on reducing defects and variation.

Business cycle

The economy's alternating periods of expansion and contraction.

Standing-order

A purchasing method where orders are placed repeatedly at set intervals.

Competitive-bid

A purchasing method requiring suppliers to compete on price for a contract.

Blank-check

A purchasing method providing an open order up to a pre-approved limit.

Multi-table query

A database search retrieving and combining data from two or more tables.

Compliance technology

Software tools used to ensure adherence to laws and regulations.

Customer relationship management (CRM) system

Software for managing a company's interactions with customers.

Enterprise risk management

A strategic framework for managing risks across an entire organization.

Managerial accounting

Providing financial information to internal managers for decision-making.

Variance analysis

Examining differences between planned and actual financial results.

Lean

A production practice focused on minimizing waste without sacrificing productivity.

PE ratio (price-earnings)

Stock price divided by earnings per share, measuring valuation.

Earnings per share

A company's net income divided by outstanding shares of common stock.

Estate tax

A tax levied on the estate of a deceased person.

Excise tax

A tax charged on specific goods like gasoline, tobacco, or alcohol.

Capital gains tax

A tax on the profit realized from selling an asset.

Income tax

A government tax levied on personal or corporate earnings.

Financial information management

The governance and processing of financial data within a firm.

Calculating time value of money

Determining how money's value changes over time due to interest.

Continuous compounding formula

Formula calculating interest compounded constantly: A = P·e^(rt).

Enterprise resource planning (ERP)

Software integrating all core business processes into one system.

Incrementalism

Making policy or budget decisions through small, gradual adjustments.

Relevant/differential cost analysis

Comparing costs and benefits unique to a specific decision.

Consolidation

Combining financial statements of multiple subsidiaries into a parent company.

Cost accounting

Tracking, recording, and analyzing manufacturing or operational costs.

What is the dividend yield percentage equation

(Annual dividend per share/Current Stock Price)X 100%

Accounting cycle

The collective process of identifying, recording, and summarizing financial events.

Accounting equation

Assets = Liabilities + Owner's Equity.

Quality inspection

Checking finished products for defects after production.

Quality assurance

Preventing defects by focusing on processes throughout production.

Activity-based costing (ABC)

Assigning overhead costs to products based on activities required to make them.

Capital good

A durable good used by businesses to produce other goods or services.

LCM (lower of cost or market)

An inventory valuation method using the lower historical cost or market value.