DECA Business Administration Core MC > Multiple choice > Flashcards

Multiple choice Flashcards

(113 cards)

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1
Q

Operational planning

A

Very detailed, short-term planning. Concerns the day-to-day operations of the business. Time frame is daily, weekly, or monthly.

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2
Q

Tactical planning

A

Short-to-medium term planning. It turns strategic goals into actionable steps. Time frame is around one year.

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3
Q

Strategic planning

A

Long-term planning focused on the overall goals of the buisness. Time frame is usually 3-5 years.

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4
Q

Systematic planning

A

A business using a step-by-step process to plan (i.e. wanting to launch a new product, first conducting research, then setting sales target, next allocating budget, etc.)

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5
Q

Eminent Domain

A

Governments taking away private land for public use, but usually paying the owner fair compensation.

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6
Q

Absolute privilege

A

Legal protection that allows certain individuals to make statements without the risk of being sued for defamation (i.e. legislators, witness testimonies, judges).

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7
Q

Cooperative (co-op)

A

Company owned and operated by its customers (i.e. credit union).

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8
Q

Types of flow within a business

A

Material flow: Physical movement of raw materials or goods through a supply chain

Cash flow: Flow of cash in and out of a business

Information flow: Transfer of data and communication.

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9
Q

Paradigm innovation

A

Changes the underlying structure of a product or business, changing the way people think about a product or industry (i.e. Netflix, AirBnB).

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10
Q

Levels of management

A

Top-level management: CEOs, presidents, board of directors, executives who decide long-term and overall strategy

Mid-level management: Department heads, branch managers, division managers who carry out strategies set by top-level managers and oversee low-level managers

Bottom-level management: Supervisors, team leaders who directly manage employees.

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11
Q

Pilferage

A

Small-scale theft by employees inside the company.

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12
Q

Systems selling/solution selling (usually b2b)

A

A packaged solution with all components.

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13
Q

Institutional market

A

Market for non-profit organizations (i.e. schools, hospitals, prisons).

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14
Q

Government market

A

Market to carry out public responsibilities (i.e. office supplies, military jets).

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15
Q

Disparagement

A

Making false/misleading/damaging statements about a competitor’s business.

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16
Q

Defamation

A

targets a person.

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17
Q

Personnel record

A

Collection of documents/files on an employee, kept by the employer.

Includes name, address, contact info, SIN, job applications, resume, pay history, salary, tax forms, retirement plans, performance evaluations, disciplinary actions, promotions, training, certifications, termination letters/notices.

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18
Q

Quantifying strategy

A

Method of determining/measuring amounts or quantities. Ex: Linking performance measures to financial outcomes (i.e. strategy: grow presence in North America. quantified: capture 8% market share by 2027).

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19
Q

Dual taxation

A

Corporations are taxed on net profit (after subtracting salaries, COGS, operating expenses) and then shareholders are taxed on their dividends.

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20
Q

Excise tax

A

Excise tax applied to gasoline, alcohol, tobacco, luxury vehicles, airline tickets.

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21
Q

Exclusive distribution

A

A supplier/manufacturer only lets one distributor sell in a specific area, often used for specialty products, luxury, or high-end electronics.

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22
Q

Intensive distribution

A

Opposite of exclusive distribution, wants to get products in as many channels as possible.

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23
Q

Business purchasing system

A

Benefits include cost control, efficiency, inventory management, improved supplier relationships, and ensures purchasing is aligned with goals.

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24
Q

Business continuity plan

A

How a company will continue operating during and after an unexpected disruption (i.e. natural disaster, cyberattack, pandemic, supply chain failure).

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25
Sensitivity analysis
Budgeting/forecasting tool used to see how a change in one variable (i.e. hiring an extra sales representative) impacts another variable (i.e. sales revenue/profits).
26
Two sales forecasting approaches?
Top-down: Starting with a broad forecast (overall market size, industry trends, historical data) and then breaking it down (segments, products, regions). Bottom-up: Starting with lowest operational level (individual products, stores, regions) and goes upward to create a company-wide forecast.
27
BUSINESS PROCESS THINKING!!!!
Looking at it as a set of interconnected processes rather than isolated tasks Views businesses as a set of processes rather than a collection of departments that each perform a function Ex: Traditional view is that seperate departments handle sales, warehouses, and shipping Business process view: Customer places order, payment processing, warehouse fullfillment, shipping, delivery confirmation Ex: Traditional view is that research & development, design, production, and marketing act seperately Business process view: Market research, prototype development, production, launch and marketing.
28
Ad hoc
Created for a specific purpose (an ad hoc committee formed to handle a one-time issue).
29
Fidicuiary
Commitment to act in the best interests of another person/organization (board members have a fiduciary responsibility to shareholders).
30
Segregation of duties
Divides responsibilities between board members so that no one person has excessive power, authority, or responsibility. Internal control mechanism.
31
Entreprise Risk Management (ERM)
Identifying and managing risks across the entire enterprise, can be financial, operational, strategic, compliance, reputational.
32
Brand ambassador
Person hired by a company to represent/promote its brand image, products, or services. (i.e. customer service or retail store employee).
33
Time and space media
Time media: TV and radio (pay for how long your message is broadcast/displayed). Space media: Newspapers, magazines, billboards, website banner ads (pay for size of the ad and space it occupies).
34
Channel management
Getting the right product to the right place at the right time, involving distribution channels, inventory, logistics.
35
Duty of care
Legal and ethical obligation requiring people not to harm each other.
36
Concurrent engineering
Quality control method in which product design and development happen simultaneously, allowing potential problems/flaws to be caught earlier in the process.
37
Trade association
Group of businesses in the same industry, to promote the interests of the group members (advocacy, lobbying, industry standards).
38
Arbitration
Two parties in conflict agree to have a third party (the arbitrator) make a decision to settle their dispute (i.e. Better Business Bureau).
39
Supply chain network
More complex than a linear supply chain involving physical flow, information flow, financial flow, and reverse/return flow.
40
Workload analysis
Assesses current and future human resources needs.
41
Workforce analysis
Assesses the human resources that are available to meet these workload needs.
42
ARCI
ARCI is for clarifying roles and responsibilities Accountable: One person who is ultimately responsible Responsible: People who do the work to complete the task Consulted: People who provide input Informed: People who need to be kept updated.
43
Types of carbon emissions (scope 1, scope 2, scope 3)
Scope 1: direct emissions (i.e. trucks for a transport company) Scope 2: indirect emissions from energy used by the company (i.e. air conditioning for an office building) Scope 3 (also the largest scope for emissions): created by a value chain (i.e. from transporting products, producing goods).
44
Omnichannel
A seamless experience between online platforms and physical stores/products.
45
TAM! SAM! SOM!
TAM: Total addressable market (i.e. entire market for your product) SAM: Servicable available market (i.e. size of your segment/target) SOM: Servicable obtainable market (i.e. how much of the segment you can win).
46
Porter's five forces (five effects on profitability)
Suppliers, buyers, substitutes, potential entrants. In the middle: competitors.
47
Horizontal analysis
Aka trend analysis - Compares data from different periods of time - Percent change formula.
48
Vertical analysis
Aka common size analysis - Each item in a financial statement is expressed as a percentage of the base figure - Income statement: Item / total sales - Balance sheet: Item / total assets.
49
M.O.S.T
Missions, objectives, strategy, tactic.
50
Knowledge management
Creating, storing, capturing, and using knowledge. Both explicit (documented) and tacit (experience-based) knowledge.
51
Semi-variable expenses
An operating cost with a fixed compenent and a variable component (i.e. utility bill with a fixed monthly base charge, plus an extra variable charge based on actual usage).
52
Work breakdown structure (WBS)
Breaking down a project into smaller, more manageable components.
53
Conversion process
The process of turning inputs (resources) into outputs (finished goods).
54
Captive insurance company
Created and owned by a business or group of businesses, to insure it's own risks (instead of a third-party commercial insurance company).
55
Concession strategy
Making compromises or tradeoffs during negotations or business deals.
56
Quality assurance
Making sure that products meet standards and are reliable. Prevents defects before the product is made, unlike quality control, which finds defects in finished products.
57
Statement of work (SOW)
A formal document that deifnes scope, objectives, deliverables, timeline, and responsibilities for a project.
58
Compliance audit
Makes sure a business is following government regulations.
59
Master-servant relationship
Legal concept where the employer has the right to control an employee's actions, thus holding the employer legally responsible for the employee's actions.
60
Data-cleansing process
Correcting or removing incomplete/inaccurate data from a database.
61
Shopping goods
Products that the consumer usually compares with other products and stores, to get the best quality, price, and/or service.
62
Pure and speculative risk
Pure risk: Risk that carries a downside, or no change (i.e. house fire) Speculative risk: Risk that carries a downside, no change, or gain (i.e. investing in stocks).
63
Subsidiary
A company controlled by another company, known as the "parent company" or "holding company".
64
Quality circle
A small group of employees who come together on a regular basis to solve work problems.
65
Parts of a formal business report
Title page Report name, your name, recipient's name, organization, date Letter of transmittal Letter to the person who will read the report Why they're receiving it and what's inside Executive summary For busy executives Purpose, key findings, recommendations Body of the report Findings, analysis, discussion, evidence Writer's recommendations Author gives conclusions and suggestions based on report.
66
Parts of a formal business letter
Sender information (return address) Name, address, phone number, email Date Inside address (recipient's information) Name, job title, company name, address Salutation Body of letter Closing Signature Enclosures (if any).
67
Nationalization
The transfer of a private company to state ownership/control. When a government takes control of private businesses or industries.
68
Cultural imperialism
One powerful culture (often Western) imposes it's values, beliefs, and practices on another less dominant culture.
69
Types of decisions (limited, extensive, routine)
Routine decisions Limited decisions (need some/moderate amounts of thought) Extensive decisions (need a lot of thought).
70
Money market account
Between a savings and chequing account Bank takes your money and invests in low-risk short-term securities Earn higher interest, but can only take out money occasionally.
71
Functional conflict
Conflict that helps a business rather than harming it (i.e. disagreement on how to best solve a problem).
72
What do co-signers of a loan do
Co-signers of a loan are required to pay off the whole balance if the borrower defaults.
73
Mission and vision statement
Mission statement: What you are doing in the present Vision statement: What you plan to do in the future.
74
Collectibles
Items that are part of a collection (i.e. small trinkets, pokemon cards, paintings).
75
Grapevine
Informal network between employees, spreading information through rumours, gossip, and conversation.
76
Four types of utility
Form utility: Turning raw materials into a finished good that is useful to consumers Possession utility: When transferring ownership of a product from sellers to buyers (i.e. credit cards, financing) Time utility: Providing products at the right time Place utility: Making products available where customers need/want them.
77
Form utility
Turning raw materials into a finished good that is useful to consumers.
78
Posession utility
When transferring ownership of a product from sellers to buyers (i.e. credit cards, financing).
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Time utility
Providing products at the right time.
80
Place utility
Making products available where customers need/want them.
81
Operational risk
From day-to-day operations from people, systems, or processes (i.e. human error, production problems, leadership problems).
82
Strategic risk
From poor business decisions or failure to adapt to market changes, concerning the overall business environment.
83
Sarbanes-Oxley Act (SOX)
Improve accuracy/transparency in financial reporting.
84
Sherman Anti-trust Act
Promote fair competition and prevent monopolies.
85
Clayton Antitrust Act
Strengthened Sherman Act, banned price discrimination, exclusive contracts, and anticompetitive mergers.
86
Robinson-Patman Act
Amendment to Clayton Act, prohibits unfair price discrimination between buyers.
87
Celler-Kefauver Antimerger Act
Amendment to Clayton Act, prevents mergers or acquisitions that reduce competition.
88
Landrum-Griffin Act
Protect union member's rights.
89
Taft-Hartley Act
Balance power between labour unions and employers.
90
Fair Labour Standards Act (FLSA)
Sets standards for minimum wage, overtime pay, youth employment.
91
Equal Pay Act (EPA)
Men and women receive equal pay, prevents discrimination.
92
Civil Rights Act
Prohibits employment discrimination based on race, color, religion, sex, nationality.
93
Americans with Disabilities Act (ADA)
Prohibits employment or public accommodation discrimination for disabled people.
94
Family and Medical Leave Act (FMLA)
Allows employees to take unpaid leave for family or medicinal reasons.
95
Occupational Safety and Health Act (OSHA)
Ensures safe and healthy working conditions.
96
Consumer Protection Act/Federal Trade Commission Act (FTC)
Prevents unfair/deceptive business practices.
97
Clean Air Act (CAA)
Regulates air pollution and emission standards.
98
Clean Water Act (CWA)
Controls water pollution and discharge into waterways.
99
Food, Drug, and Cosmetic Act (FDCA)
Ensures safety and labeling of food, drugs, and cosmetics.
100
Truth in Lending Act (TILA)
Requires clear disclosure of credit and loan terms.
101
Consumer Product Safety Act (CPSA)
Created Consumer Product Safety Commission (US agency) for product safety standards.
102
Magnuson-Moss Warranty Act
Regulates warranties to prevent deceptive practices.
103
Securities Act
Requires companies to provide accurate info when selling securities.
104
Securities Exchange Act
Created the SEC to regulate stock markets and prevent fraud.
105
National Labor Relations Act (NLRA)
Protects employees' right to unionize and bargain collectively.
106
Types of products/goods
- Convenience good: Inexpensive, widely available, have many substitutes, frequently bought (i.e. soft drinks, gum, milk, bread, fast food, toilet paper) - Shopping good: Customers carefully compare price, quality, features with other products before buying (i.e. clothes, furniture, electronics, appliances, vacation packages) - Specialty good: Unique items, no acceptable substitutes, and customers make a special effort to obtain (i.e. luxury brands: Rolex, Chanel, Porsche) - Unsought good: Consumers don’t usually think about buying it until a need arises (i.e. insurance, fire extinguishers, emergency car repairs) - Industrial good: Purchased by businesses (i.e. machinery, office computers, raw materials)
107
Convenience good
Inexpensive, widely available, have many substitutes, frequently bought (i.e. soft drinks, gum, milk, bread, fast food, toilet paper)
108
Shopping good
Customers carefully compare price, quality, features with other products before buying (i.e. clothes, furniture, electronics, appliances, vacation packages)
109
Specialty good
Unique items, no acceptable substitutes, and customers make a special effort to obtain (i.e. luxury brands: Rolex, Chanel, Porsche)
110
Unsought good
Consumers don’t usually think about buying it until a need arises (i.e. insurance, fire extinguishers, emergency car repairs)
111
Fringe benefits
Extra benefits provided by the company (i.e. free lunches, company car, health insurance, paid time off)
112
Extension (for buying)
Total cost for each quantity of an item that a buyer is buying
113
Centralized
Controlled by a single authority, or at the top level of management
DECA Business Administration Core MC
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