Core DECA

DECA Business Administration Core Exam

1. Franchise: a contractual agreement between a
parent company and a franchisee to distribute goods and services
2. Corporation: a form of business ownership that is owned by stockholders who have purchased units or shares of the company
3. Elastic Demand: demand that changes according to changes in price
4. Inelastic Demand: demand that is not affected by changes in price.
5. Unitary Demand: when sales remain the
same because changes in supply and demand are equal
6. Tort: a private wrongdoing that potentially harms another person or entity
7. Doctrine of Sovereign Immunity: the universally accepted principle that each nation has the right to manage its own government and develop
its own laws.
8. Job Enlargement: combining different tasks into one position
9. Job Rotation: moving from one job to another job within an organization
10. Specialization by Trade: the type of work that a person performs in order to earn a living, such as engineering, public-relations, or accounting.
11. Frictional Unemployment: occurs because there are always workers who are in transition
12. Structural Unemployment: when the demand for certain types of workers declines and is often due to technology advancements and the need for new skills 13. Cyclical Employment: result of changes in the economic and business cycles 14. Wage Garnishments: court-ordered initiatives that involve taking income taken from an employee's salary and submitting it to another person or organization
15. Embezzlement: theft of valuables that have been entrusted to another's care 16. Securities Fraud: the use of misleading sales tactics to persuade investors to purchase securities
17. Espionage: revealing confidential information without the source or owner's permission and is often associated with spying
18. Variety-seeking Buying Behavior: involves the purchase of routine items
19. Brand-insistence Buying Behavior: buyer will not buy anything other than a specific
brand or product
20. Automation: involves the use of machines to carry out production tasks
21. Ergonomics: the study of the use of equipment or technology and
its effects on workers' physical well-being
22. Innovation: taking action to make the idea, item, or process available for con- sumers to use
23. Business-format Franchise: involves a close,continuous, working relationship between the franchisor and the franchisee

1 /6

DECA Business Administration Core Exam

Study online at https://quizlet.com/_22nhar

24. Customer Complaints: related to the business's policies and procedures
25. Consumer Products: economic goods and services that are purchased and used by the ultimate consumer
26. Capital Products: purchased by businesses for use in their operations
27. Communist Command Economy: capital for business investment is provided by the government, which obtains it by taking the profits of businesses it owns and by levying taxes
28. Traditional Economy: people produce only what they must have in order to exist 29. Market Economy (Free Enterprise): means of production and distribution are owned and controlled by individuals and businesses
30. Operating Expenses: costs of running the business
31. Gross Domestic Product: final market value of the total output of all goods and services produced within a country's geographic boundaries during a year's time 32. Federal Reserve Banks: used by local banks to protect their banking functions; do not provide protection for local property
33. Tact: the ability to express your ideas and opinions so that they do not hurt or offend others
34. Cultural Imperialism: cultural aspects referring to the creation and mainte- nance of unequal relationships between civilizations favoring the more powerful civilization.
35. Nationalization: something whose ownership is taken over by the government 36. Credit: the arrangement in which businesses and individuals can purchase now and pay later.
37. Defamation: a tort that involves harm to an individual's or business's reputation 38. Monetary Gift: given without expectations of repayment
39. Punitive Damages: damages intended to reform or deter the defendant and others from engaging in conduct similar to that which formed the basis of the lawsuit 40. Contraction: businesses are affected by external factors; businesses often ex- perience lower sales and profits
41. Business Cycle: the periods of expansion and contraction in economic condi- tions
42. Expansion: when the economy is strong and growing; businesses tend to make profits, expand operations, and
hire more employees
43. Transitional Economic System: when a country's economic system is moving from one type of economic system to another type of economic system
44. Secondary Dimensions of Diversity: differences that may change at various points throughout one's lifetime

2 /6

DECA Business Administration Core Exam

Study online at https://quizlet.com/_22nhar

45. Primary Dimensions of Diversity: inborn differences that cannot be changed and affect a person's entire life
46. Debit Card: funds are electronically transferred from the cardholder's checking or savings account to the seller's account

47. Corporate Bonds: bonds issued by corporations to fund operating expenses 48. Brokerage Bills: a fee charged by an agent, or agent's company to facilitate transactions between buyers and sellers
49. Gross Pay: total income earned for the pay period before income taxes and other deductions are subtracted from the wages

50. Net Pay: the amount of money that the worker receives after
the taxes and other deductions have been subtracted from his/her wages
51. Overtime Income: the amount of money that an hourly worker earns for working more hours than s/he is normally
scheduled to work
52. General Endorsement: allows the endorser to cash the check or deposit it into the account of his/her choice
53. Capital Gains: taxes on earnings from the appreciation of an
investment
54. Rebate: a part of the price that a customer pays for a good or service, which is usually offered by the product's
manufacturer
55. Stop Words: commonly used words that do not always add meaning to the primary search terms
56. Logistics: the function of operations that manages the flow of goods and ser- vices from production to consumption
57. Malware: an illegal computer program that is used to disrupt computer process- es, destroy computer programs, and access confidential business information
58. Shareware: type of computer program in which computer users can sign up for the software on a trial basis. After the
trial expires, the computer user can purchase and register the program, if desired 59. Position Innovation: when an existing product is repositioned
60. Process Innovation: changing the way that a product is produced or delivered 61. Distributed Innovation: a decentralized model used for problem solving
62. Conceptual Skills: ability to see the "big picture" and think about how things will work together
63. Moderate Input: decision maker asks for some help before deciding
64. Payroll Records: information about money paid to employees in a given period 65. Web Ring: a series of linked web pages that share a common theme.

3 /6

DECA Business Administration Core Exam

Study online at https://quizlet.com/_22nhar

66. Channel Management: responsible for identifying, selecting, monitoring, and evaluating sales channels
67. Channels of Distribution: sales channels
68. Product/Service Management: obtaining, developing, maintaining, and im- proving a product or service mix in response to market opportunities

69. Promotion: communicate information about goods, services, images, and/or ideas to achieve a desired outcome
70. Rolling Budget: continuous budget
71. Zero-Based Budgeting: requires managers to demonstrate the need for every expense instead of relying on figures from a previous period

72. Working Capital: the difference between a business's current assets and cur- rent liabilities
73. Capital Investment Decisions: which projects the business will invest in, how the investment(s) will be financed, and whether or not to pay dividends to the company's shareholders

74. Capital Structure: mix of debt and equity financing used to finance investments and projects
75. Market Risk: risk of financial loss due to the decreased
value of an investment

76. Market Risk Management: using financial instruments to manage exposure to market risk
77. Accrual Accounting Method: journalize income and expenditures at the time they occur even if no money changes hands at that time

78. Cash Accounting Method: record income and expenditures at the time the money changes hands
79. Managerial Accounting: reporting financial data to internal users
80. Tax Accounting: recording transactions for tax purposes

81. Churning: broker may encourage you to make excessive trades just to collect the commission fees from each one
82. Skimming: price strategy that involves setting prices higher than those of the competition

83. Bundling: marketing strategy that involves offering several products for sale as one combined product
84. Flighting Strategy: media timing strategy that concentrates advertising during peak sales periods followed by periods of no advertising

85. Transfer Payments: monies paid by the government in which no goods or services are received in exchange
86. Floating Exchange-Rate System: value of a nation's currency fluctuates

4 /6

DECA Business Administration Core Exam

Study online at https://quizlet.com/_22nhar

87. Law of Economies of Scale: economic concept that the average cost of pro- duction decreases as a business expands
88. Picketing: form of protest that involves positioning union members (pickets) near a business's entrance during a conflict or strike

89. Injunction: court order that forbids people from carrying out certain activities 90. Lockout: management refuses to allow union members to work
91. Direct Distribution: channel of distribution in which goods and services move directly from the producer to the consumer or industrial user

92. Indirect Distribution: channel of distribution in which goods and services move from the producer to the channel members and then to consumers or industrial users 93. Slack Resources: resources that go above and beyond what is needed to run the business

94. Competitive Aggression: striving to win scarce customer dollars
95. Organizational Learning: strategy that seeks to strengthen an organization by bringing employees together as well as by empowering them as individuals
96. Operations Management: process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning
97. Information Management: process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision
making
98. Touch Points: all of the opportunities that a company has to connect with its customers and reinforce its brand value
99. Brand Promise: company's agreement, spoken or unspoken, with customers that it will consistently meet their expectations and deliver on its brand characteristics and values
100. Statute: a law
101. Procedural Due Process: individuals and businesses who are sued or charged with a crime have the opportunity to present evidence on their behalf before a court can impose a penalty
102. Substantive Due Process: ensure that the government does not take away our fundamental rights
103. The Takings Clause: requires the U.S. government to pay a fair
price for any private property that it takes for public use
104. Sovereign Immunity: protects a federal government from lawsuits brought against it in foreign courts
105. Appropriation: involves a business or person who uses—without permis- sion—another person's name, likeness, and other unique characteristics for the benefit or gain of the user

5 /6

DECA Business Administration Core Exam

Study online at https://quizlet.com/_22nhar

106. Wrongful Interference: predatory behavior undertaken by a business to draw either customers or employees away from a competitor
107. Conversion: personal property is taken from the owner and given to someone else to use

108. Limited Liability: their losses are limited to the amount of money that they have invested in the business
109. Unlimited Liability: business owners are personally liable for debts incurred by the business

110. Chronological Résumé: lists an applicant's education and experience in order according to date, beginning with the most recent
111. Functional Résumé: emphasizes major accomplishments according to impor- tance rather than date

112. Generalized Résumé: broad, general information rather than specific informa- tion
113. Targeted Résumé: provide specific information about the applicant's qualifica- tions

114. Entrepreneurs: individuals who expand their businesses in the form of prod- ucts, personnel, and target markets
115. Extension: total cost of each quantity of products the buyer is purchasing 116. Amount Due: all extended prices, tax, and delivery charges

117. Pilferage: theft of small sums of money or inexpensive items
118. Lending Investment: lender allows a borrower to use his/her money during a period of time for a specified fee or rate of interest
119. Work Team: group of employees which is responsible for carrying out an entire work process
120. Quality Circle: problem-solving group
121. Project Team: team of employees from different parts of the company who are assigned to work together on a specific project
122. Ethnocentrism: belief that your own culture is naturally better than other cultures
123. Cultural Sensitivity: willingness to adjust your opinions and behaviors so that you value different people and ideas
124. Aptitude: possessing the skill or ability to do something
125. Price Fixing: eliminates competition
126. Price Indexing: method of measuring inflation
127. Price discrimination: when businesses charge customers different prices for similar amounts and types of goods
128. Economics: study of how people satisfy unlimited, competing,
economic wants with limited resources