DECA FINANCE GRIND
Compliance -> monitor communications
S corporation -> type of business ownership limits personal liability and lower rate of
Taxation
Need for cultural intelligence due to globalization
Globalization also creates increased competition
Government regulation is financed by taxes and borrowing
Divisional organizational structure is divided by territory.
Ordering supplies from a company oversees -> gov with check for prohibited materials
Full-disclosure laws and regulations -> provide info to investors so they can make informed decisions
Tax deferred income -> investments or funds that aren’t taxed until used such as in an ira, tax exemption is money that is not taxed like charitable donations
Collective letter -> persuasive message
Predatory lending is when lenders pressure a consumer into signing loan agreements that aren't in the consumer's best interest. A viatical investment scam is when companies convince investors to buy interests in the death benefits provided for in life insurance policies of terminally ill patients. Boiler rooms are high-pressure sales tactics (cold calls, fast talking, etc.) used in an effort to persuade investors to purchase securities.
A Ponzi scheme is an investment scam that lures in new investors by promising high rates of return with little to no risk.
Corporation: sell stock, cover business expenses
Owned by shareholders
Franchise: right or license granted by a company to market things in territories
Partnership:
Sole proprietor:
Segregation of duties:
prevent unwanted events (noncompliance) from occurring (the def of preventative controls)
Data reconciliations : a set of tools and technologies that verify the accuracy and consistency of data – either during a data migration from one system to another, or in business-as-usual (BAU) scenarios such as a routine check of production data, order data, or customer contact details
As businesses have become more comfortable with the use of electronic information, their willingness to accept electronic documents as legally binding contracts has also increased.
d. A data steward is, in essence, responsible for ensuring the integrity of an organization's data. To ensure those data's integrity, data stewards must make sure that data are used ethically and honestly—and only by those individuals authorized to do so.
Variance analyses :The comparison of predicted and actual outcomes
Virtual auditors: A virtual auditor is a type of compliance technology that uses multiple reasoning processes to help businesses identify errors that affect their compliance with government regulations. Using this technology provides a business with the ability to fix problems quickly and reduce risks associated with noncompliance. Businesses do not use cyber mapping, domain computing, or simulation browsers to inspect financial transactions and ensure that they are in compliance with government regulations.
Cyber mapping: analyzing all points of hackers
. Mapping is a visual
method of note-taking that involves writing the main topic in a shape (e.g., circle or rectangle) and writing
supporting ideas around the shape.
Campaign management - tracking pre-existing customers
Sales force Automation -> get new peeps
Enrichment : adding interest and satisfaction to a job task. Making decisions, setting work pace, and supervising fellow employees could all be ways of adding interest and satisfaction to a job. Job rotation refers to exposing employees to more than one job task.
Satisfaction : refers to an employee's contentment with his/her job tasks. Job enlargement refers to combining specific job tasks in an effort to create exposure to more than just one work area. All four of these are ways in which companies combat job boredom, decreased morale, or other negatives in the workplace.
Sales tax: customer
Income tax: business people
Sales budget: sets the financial pace for a business by estimating what amount of expenses and income can be expected from the sale of the business's goods and services. Sales budgets are extremely important because they estimate the major source of income, which helps a business determine if it will be profitable.
Convergence: occurs when financial providers from different financial sectors (e.g., banking services and insurance) merge.
Consolidation: takes place when financial providers within the same institutional category merge.
Development: An entrepreneur determines the amount of capital needed to launch a business during the development stage of the entrepreneurial process.
Discovery: stage involves exploring potential business opportunities for feasibility and profitability.
Actualization: the actual launching and running of the business, cannot occur until capital has been obtained.
Harvesting: the final step when the entrepreneur determines how to exit the business.