1
Q
a contractual agreement between a
parent company and a franchisee to distribute goods and services
A
Franchise
2
Q
A
3
Q
What is a Franchise?
A
a contractual agreement between a parent company and a franchisee to distribute goods and services
This agreement allows the franchisee to operate a business under the franchisor’s brand.
4
Q
Define Corporation.
A
a form of business ownership that is owned by stockholders who have purchased units or shares of the company
Corporations are distinct legal entities separate from their owners.
5
Q
What is Elastic Demand?
A
demand that changes according to changes in price
Consumers are sensitive to price changes in elastic demand.
6
Q
What does Inelastic Demand mean?
A
demand that is not affected by changes in price
Consumers will continue to purchase the product regardless of price changes.
7
Q
What is Unitary Demand?
A
when sales remain the same because changes in supply and demand are equal
This indicates a balanced market condition.
8
Q
Define the Doctrine of Sovereign Immunity.
A
the universally accepted principle that each nation has the right to manage its own government and develop its own laws
This principle protects governments from being sued without their consent.
9
Q
What is Job Enlargement?
A
combining different tasks into one position
This approach can enhance job satisfaction and productivity.
10
Q
What does Job Rotation involve?
A
moving from one job to another job within an organization
This strategy helps in skill development and reduces monotony.
11
Q
Define Specialization by Trade.
A
the type of work that a person performs in order to earn a living, such as engineering, public-relations, or accounting
Specialization can lead to increased efficiency and expertise.
12
Q
What is Frictional Unemployment?
A
occurs because there are always workers who are in transition
This type of unemployment is often temporary.
13
Q
Define Structural Unemployment.
A
when the demand for certain types of workers declines and is often due to technology advancements and the need for new skills
This can lead to long-term unemployment for affected workers.
14
Q
What is Cyclical Employment?
A
result of changes in the economic and business cycles
This type of unemployment rises during economic downturns.
15
Q
What are Wage Garnishments?
A
court-ordered initiatives that involve taking income taken from an employee’s salary and submitting it to another person or organization
This is often used to pay debts or child support.
16
Q
Define Embezzlement.
A
theft of valuables that have been entrusted to another’s care
This is a form of financial fraud.
17
Q
What is Securities Fraud?
A
the use of misleading sales tactics to persuade investors to purchase securities
This can involve insider trading or false information.
18
Q
What does Espionage refer to?
A
revealing confidential information without the source or owner’s permission and is often associated with spying
This can occur in both corporate and national contexts.
19
Q
What is Variety-seeking Buying Behavior?
A
involves the purchase of routine items
Consumers may switch brands for the sake of variety.
20
Q
Define Brand-insistence Buying Behavior.
A
buyer will not buy anything other than a specific brand or product
This indicates strong brand loyalty.
21
Q
What is Automation?
A
involves the use of machines to carry out production tasks
This can lead to increased efficiency and reduced labor costs.
22
Q
What is a Tort?
A
a private wrongdoing that potentially harms another person or entity
Tort law allows individuals to seek compensation for damages.
23
Q
Define Ergonomics.
A
the study of the use of equipment or technology and its effects on workers’ physical well-being
This field aims to improve workplace safety and efficiency.
24
Q
What is Innovation?
A
taking action to make the idea, item, or process available for consumers to use
Innovation is crucial for business growth and competitiveness.
25
What is a **Business-format Franchise**?
involves a close, continuous, working relationship between the franchisor and the franchisee
## Footnote
This type of franchise often includes training and support.
26
What are **Customer Complaints**?
related to the business's policies and procedures
## Footnote
Addressing complaints is essential for customer satisfaction.
27
Define **Consumer Products**.
economic goods and services that are purchased and used by the ultimate consumer
## Footnote
These products are intended for personal use.
28
What are **Capital Products**?
purchased by businesses for use in their operations
## Footnote
These include machinery, equipment, and tools.
29
What is a **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
## Footnote
This system centralizes economic control.
30
Define **Traditional Economy**.
people produce only what they must have in order to exist
## Footnote
This type of economy relies on subsistence farming and barter.
31
What is a **Market Economy (Free Enterprise)**?
means of production and distribution are owned and controlled by individuals and businesses
## Footnote
This system promotes competition and consumer choice.
32
What are **Operating Expenses**?
costs of running the business
## Footnote
These include rent, utilities, and salaries.
33
What is **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
## Footnote
GDP is a key indicator of economic health.
34
What are **Federal Reserve Banks**?
used by local banks to protect their banking functions; do not provide protection for local property
## Footnote
They play a crucial role in the U.S. monetary system.
35
Define **Tact**.
the ability to express your ideas and opinions so that they do not hurt or offend others
## Footnote
Tact is important in professional communication.
36
What is **Cultural Imperialism**?
cultural aspects referring to the creation and maintenance of unequal relationships between civilizations favoring the more powerful civilization
## Footnote
This concept often relates to globalization.
37
What is **Nationalization**?
something whose ownership is taken over by the government
## Footnote
This can occur in various industries, such as healthcare or transportation.
38
Define **Credit**.
the arrangement in which businesses and individuals can purchase now and pay later
## Footnote
Credit is essential for consumer spending and business investment.
39
What is **Defamation**?
a tort that involves harm to an individual's or business's reputation
## Footnote
This can occur through slander or libel.
40
What is a **Monetary Gift**?
given without expectations of repayment
## Footnote
This can include cash gifts or donations.
41
What are **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
## Footnote
These damages go beyond compensatory damages.
42
What is **Contraction**?
businesses are affected by external factors; businesses often experience lower sales and profits
## Footnote
This is a phase in the business cycle.
43
Define **Business Cycle**.
the periods of expansion and contraction in economic conditions
## Footnote
Understanding the business cycle helps in economic forecasting.
44
What is **Expansion**?
when the economy is strong and growing; businesses tend to make profits, expand operations, and hire more employees
## Footnote
This phase is characterized by increased consumer spending.
45
What is a **Transitional Economic System**?
when a country's economic system is moving from one type of economic system to another type of economic system
## Footnote
This often involves shifts from command to market economies.
46
What are **Secondary Dimensions of Diversity**?
differences that may change at various points throughout one's lifetime
## Footnote
These can include education, marital status, and income.
47
Define **Primary Dimensions of Diversity**.
inborn differences that cannot be changed and affect a person's entire life
## Footnote
These include race, gender, and age.
48
What is a **Debit Card**?
funds are electronically transferred from the cardholder's checking or savings account to the seller's account
## Footnote
Debit cards are used for direct payment.
49
What are **Corporate Bonds**?
bonds issued by corporations to fund operating expenses
## Footnote
Investors receive interest payments in return.
50
What are **Brokerage Bills**?
a fee charged by an agent, or agent's company to facilitate transactions between buyers and sellers
## Footnote
This fee compensates brokers for their services.
51
Define **Gross Pay**.
total income earned for the pay period before income taxes and other deductions are subtracted from the wages
## Footnote
This is the amount before deductions.
52
What is **Net Pay**?
the amount of money that the worker receives after the taxes and other deductions have been subtracted from his/her wages
## Footnote
This is the take-home pay.
53
What is **Overtime Income**?
the amount of money that an hourly worker earns for working more hours than s/he is normally scheduled to work
## Footnote
Overtime pay is typically higher than regular pay.
54
What is a **General Endorsement**?
allows the endorser to cash the check or deposit it into the account of his/her choice
## Footnote
This type of endorsement does not restrict the check's use.
55
What are **Capital Gains**?
taxes on earnings from the appreciation of an investment
## Footnote
These gains are realized when the asset is sold.
56
What is a **Rebate**?
a part of the price that a customer pays for a good or service, which is usually offered by the product's manufacturer
## Footnote
Rebates encourage purchases and customer loyalty.
57
What are **Stop Words**?
commonly used words that do not always add meaning to the primary search terms
## Footnote
These words are often filtered out in search queries.
58
Define **Logistics**.
the function of operations that manages the flow of goods and services from production to consumption
## Footnote
Effective logistics is crucial for supply chain management.
59
What is **Malware**?
an illegal computer program that is used to disrupt computer processes, destroy computer programs, and access confidential business information
## Footnote
Malware can take various forms, including viruses and ransomware.
60
What is **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
## Footnote
This model allows users to evaluate software before buying.
61
What is **Position Innovation**?
when an existing product is repositioned
## Footnote
This can involve changing the target market or usage context.
62
Define **Process Innovation**.
changing the way that a product is produced or delivered
## Footnote
This can lead to cost savings and improved efficiency.
63
What is **Distributed Innovation**?
a decentralized model used for problem solving
## Footnote
This approach encourages collaboration and input from various sources.
64
What are **Conceptual Skills**?
ability to see the 'big picture' and think about how things will work together
## Footnote
These skills are essential for effective leadership.
65
What is **Moderate Input**?
decision maker asks for some help before deciding
## Footnote
This approach balances autonomy with collaboration.
66
What are **Payroll Records**?
information about money paid to employees in a given period
## Footnote
These records are essential for financial reporting and compliance.
67
What is a **Web Ring**?
a series of linked web pages that share a common theme
## Footnote
Web rings facilitate navigation among related sites.
68
What is **Channel Management**?
responsible for identifying, selecting, monitoring, and evaluating sales channels
## Footnote
Effective channel management optimizes distribution strategies.
69
What are **Channels of Distribution**?
sales channels
## Footnote
These channels determine how products reach consumers.
70
What is **Product/Service Management**?
obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
## Footnote
This process is crucial for meeting customer needs.
71
What is **Promotion**?
communicate information about goods, services, images, and/or ideas to achieve a desired outcome
## Footnote
Promotion is a key element of the marketing mix.
72
What is a **Rolling Budget**?
continuous budget
## Footnote
This type of budget is regularly updated to reflect changing conditions.
73
What is **Zero-Based Budgeting**?
requires managers to demonstrate the need for every expense instead of relying on figures from a previous period
## Footnote
This approach ensures that all expenses are justified.
74
What is **Working Capital**?
the difference between a business's current assets and current liabilities
## Footnote
This measure indicates a company's short-term financial health.
75
What are **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
## Footnote
These decisions are critical for long-term growth.
76
What is **Capital Structure**?
mix of debt and equity financing used to finance investments and projects
## Footnote
A balanced capital structure minimizes financial risk.
77
What is **Market Risk**?
risk of financial loss due to the decreased value of an investment
## Footnote
Market risk can arise from economic downturns or market volatility.
78
What is **Market Risk Management**?
using financial instruments to manage exposure to market risk
## Footnote
This includes strategies like hedging.
79
What is the **Accrual Accounting Method**?
journalize income and expenditures at the time they occur even if no money changes hands at that time
## Footnote
This method provides a more accurate financial picture.
80
What is the **Cash Accounting Method**?
record income and expenditures at the time the money changes hands
## Footnote
This method is simpler but may not reflect true financial performance.
81
What is **Managerial Accounting**?
reporting financial data to internal users
## Footnote
This information aids in decision-making within the organization.
82
What is **Tax Accounting**?
recording transactions for tax purposes
## Footnote
This ensures compliance with tax regulations.
83
What is **Churning**?
broker may encourage you to make excessive trades just to collect the commission fees from each one
## Footnote
This practice is unethical and can harm investors.
84
What is **Skimming**?
price strategy that involves setting prices higher than those of the competition
## Footnote
This strategy can attract premium customers.
85
What is **Bundling**?
marketing strategy that involves offering several products for sale as one combined product
## Footnote
Bundling can increase perceived value for consumers.
86
What is a **Flighting Strategy**?
media timing strategy that concentrates advertising during peak sales periods followed by periods of no advertising
## Footnote
This approach maximizes advertising impact.
87
What are **Transfer Payments**?
monies paid by the government in which no goods or services are received in exchange
## Footnote
Examples include social security and unemployment benefits.
88
What is a **Floating Exchange-Rate System**?
value of a nation's currency fluctuates
## Footnote
This system is influenced by market forces.
89
What is the **Law of Economies of Scale**?
economic concept that the average cost of production decreases as a business expands
## Footnote
This principle encourages businesses to grow.
90
What is **Picketing**?
form of protest that involves positioning union members (pickets) near a business's entrance during a conflict or strike
## Footnote
Picketing aims to draw public attention to labor disputes.
91
What is an **Injunction**?
court order that forbids people from carrying out certain activities
## Footnote
Injunctions can be used to prevent harm or maintain the status quo.
92
What is a **Lockout**?
management refuses to allow union members to work
## Footnote
This is often used as a tactic during labor disputes.
93
What is **Direct Distribution**?
channel of distribution in which goods and services move directly from the producer to the consumer or industrial user
## Footnote
This method eliminates intermediaries.
94
What is **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
## Footnote
This method involves intermediaries.
95
What are **Slack Resources**?
resources that go above and beyond what is needed to run the business
## Footnote
These resources can be utilized for growth or innovation.
96
What is **Competitive Aggression**?
striving to win scarce customer dollars
## Footnote
This involves aggressive marketing and pricing strategies.
97
What is **Organizational Learning**?
strategy that seeks to strengthen an organization by bringing employees together as well as by empowering them as individuals
## Footnote
This approach fosters a culture of continuous improvement.
98
What is **Operations Management**?
process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning
## Footnote
This is essential for maintaining efficiency and productivity.
99
What is **Information Management**?
process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making
## Footnote
Effective information management supports strategic planning.
100
What are **Touch Points**?
all of the opportunities that a company has to connect with its customers and reinforce its brand value
## Footnote
Touch points can occur at various stages of the customer journey.
101
What is a **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
## Footnote
A strong brand promise builds customer loyalty.
102
What is a **Statute**?
a law
## Footnote
Statutes are enacted by legislative bodies.
103
What is **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
## Footnote
This ensures fairness in legal proceedings.
104
What is **Substantive Due Process**?
ensure that the government does not take away our fundamental rights
## Footnote
This protects individual liberties.
105
What is **The Takings Clause**?
requires the U.S. government to pay a fair price for any private property that it takes for public use
## Footnote
This clause is part of the Fifth Amendment.
106
What is **Sovereign Immunity**?
protects a federal government from lawsuits brought against it in foreign courts
## Footnote
This principle limits legal accountability.
107
What is **Appropriation**?
involves a business or person who uses—without permission—another person's name, likeness, and other unique characteristics for the benefit or gain of the user
## Footnote
This can lead to legal disputes over intellectual property.
108
What is **Wrongful Interference**?
predatory behavior undertaken by a business to draw either customers or employees away from a competitor
## Footnote
This practice is often illegal and unethical.
109
What is **Conversion**?
personal property is taken from the owner and given to someone else to use
## Footnote
This is a form of theft in legal terms.
DECA Business Admin
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