DECA MARKETING STANDARD EXAMS ANSWERS
AND QUESTIONS SET A+
✔✔Quality Control - ✔✔Ensuring that products met predetermined standards for
excellence; also part of operations
✔✔Purchasing - ✔✔Acquiring necessary goods and services; part of operations
✔✔Inventory Management - ✔✔Supervising inventory levels to make sure there is an
appropriate balance; part of operations
✔✔Competition - ✔✔Rivalry between two or more business to attract scarce (limited)
customer dollars
✔✔Profit Motive - ✔✔Desire to make profit, which moves people to invest in business
✔✔Inflation - ✔✔Rapid rise in prices usually occurring when demand exceeds supply
✔✔Excise Tax - ✔✔A special government tax on certain items, such as gasoline,
certain businesses, cars, etc.
✔✔Subsidy - ✔✔Government financial help given to a business
✔✔Bonds - ✔✔A piece of paper (real or virtual) that says the governing body or
corporation will borrow your money at a particular interest rate for a particular period of
time; Interest-bearing certificates issued by government that promise to pay bond
owners a certain sum at a specified time
✔✔Discount - ✔✔the amount by which the price of something is reduced
✔✔Union Stewards - ✔✔Union members elected by their peers to handle any
grievances or problems members might have with management
,✔✔Union President - ✔✔Responsibilities include leading the union as a whole rather
than assisting individuals
✔✔Mediator - ✔✔Involved in union negotiations, clarifying issues, and making
suggestions concerning the contract
✔✔Arbitrator - ✔✔Assists with (union) negotiations; In binding arbitration, this person's
decisions regarding the contract are final and cannot be changed
✔✔Empathy - ✔✔The ability to put yourself in another person's place
✔✔Self-Understanding - ✔✔Comprehending one's personal needs interests, values,
and motives and recognizing their effects on one's behavior
✔✔Productivity - ✔✔The amount and value of goods and services produced (outputs)
from set amounts of resources (inputs)
✔✔Consensus - ✔✔Decision-making outcome that requires the substantial agreement
of each group member
✔✔Minority Rule - ✔✔Few people in the group make the decision
✔✔Vision - ✔✔A desire for the future that is achieved over time with determination and
hard work
✔✔Store of Value - ✔✔When money is saved rather than spent
✔✔Medium of Exchange - ✔✔When money is used to obtain goods and services
✔✔Bartering - ✔✔Trading one good or service for another good or service
✔✔Measure of Value - ✔✔When money functions as this, the individual holding the
money assesses what s/he is willing to pay for a good or service
✔✔Commercial Bank - ✔✔Provides a variety of financial services to individuals and
business. Besides providing savings accounts and other saving options, banks also
make loans and offer credit cards. Many large banks have trust departments and help
individuals plan for retirement. It may be possible to obtain all necessary financial
services from that institution
✔✔Taxation Department - ✔✔Collects various types of taxes
✔✔High Interest Rates - ✔✔A business condition that can create economic risks
, ✔✔Accounting - ✔✔The process of keeping and interpreting financial records
✔✔Liability - ✔✔Financial obligations a business has
✔✔Liquid Asset - ✔✔Cash or any asset that can quickly be converted into cash
✔✔Accounts Receivable - ✔✔Money owed to the business for purchases made by
customers
✔✔Dividends - ✔✔Sums of money paid to investors or stockholders as earnings on
investments
✔✔Cash Conversion Cycle - ✔✔The ratio that reflects the number of days between a
company paying for raw materials and receiving cash from selling the products made
from those raw materials
✔✔Profit Margin - ✔✔The amount of money that a business earns on sales after
expenses; expressed as a ratio
✔✔Human Resources Management - ✔✔The process of planning, staffing, leading, and
organizing the employees of a business
✔✔Distribution Channels - ✔✔Paths, or routes, that goods or services take from the
producer to the ultimate consumer or industrial user
✔✔Marketing Research - ✔✔The systematic gathering, recording, and analyzing of data
about a specific issue, situation, or concern
✔✔Variable - ✔✔Any factor that is subject to change
✔✔Case Study - ✔✔An in-depth analysis of a person, group, or event
✔✔Experiment - ✔✔A marketing research method that tests cause and effect by testing
marketing new products or comparing test groups with control groups
✔✔Hypothesis - ✔✔Proposed explanation for something
✔✔Semantic-Differential Rating Scales - ✔✔Measure attitude
✔✔Volume-Tracking Scanner - ✔✔A method of collecting information about customers'
buying habits and inventory status because the scanning system can track large
volumes of goods
AND QUESTIONS SET A+
✔✔Quality Control - ✔✔Ensuring that products met predetermined standards for
excellence; also part of operations
✔✔Purchasing - ✔✔Acquiring necessary goods and services; part of operations
✔✔Inventory Management - ✔✔Supervising inventory levels to make sure there is an
appropriate balance; part of operations
✔✔Competition - ✔✔Rivalry between two or more business to attract scarce (limited)
customer dollars
✔✔Profit Motive - ✔✔Desire to make profit, which moves people to invest in business
✔✔Inflation - ✔✔Rapid rise in prices usually occurring when demand exceeds supply
✔✔Excise Tax - ✔✔A special government tax on certain items, such as gasoline,
certain businesses, cars, etc.
✔✔Subsidy - ✔✔Government financial help given to a business
✔✔Bonds - ✔✔A piece of paper (real or virtual) that says the governing body or
corporation will borrow your money at a particular interest rate for a particular period of
time; Interest-bearing certificates issued by government that promise to pay bond
owners a certain sum at a specified time
✔✔Discount - ✔✔the amount by which the price of something is reduced
✔✔Union Stewards - ✔✔Union members elected by their peers to handle any
grievances or problems members might have with management
,✔✔Union President - ✔✔Responsibilities include leading the union as a whole rather
than assisting individuals
✔✔Mediator - ✔✔Involved in union negotiations, clarifying issues, and making
suggestions concerning the contract
✔✔Arbitrator - ✔✔Assists with (union) negotiations; In binding arbitration, this person's
decisions regarding the contract are final and cannot be changed
✔✔Empathy - ✔✔The ability to put yourself in another person's place
✔✔Self-Understanding - ✔✔Comprehending one's personal needs interests, values,
and motives and recognizing their effects on one's behavior
✔✔Productivity - ✔✔The amount and value of goods and services produced (outputs)
from set amounts of resources (inputs)
✔✔Consensus - ✔✔Decision-making outcome that requires the substantial agreement
of each group member
✔✔Minority Rule - ✔✔Few people in the group make the decision
✔✔Vision - ✔✔A desire for the future that is achieved over time with determination and
hard work
✔✔Store of Value - ✔✔When money is saved rather than spent
✔✔Medium of Exchange - ✔✔When money is used to obtain goods and services
✔✔Bartering - ✔✔Trading one good or service for another good or service
✔✔Measure of Value - ✔✔When money functions as this, the individual holding the
money assesses what s/he is willing to pay for a good or service
✔✔Commercial Bank - ✔✔Provides a variety of financial services to individuals and
business. Besides providing savings accounts and other saving options, banks also
make loans and offer credit cards. Many large banks have trust departments and help
individuals plan for retirement. It may be possible to obtain all necessary financial
services from that institution
✔✔Taxation Department - ✔✔Collects various types of taxes
✔✔High Interest Rates - ✔✔A business condition that can create economic risks
, ✔✔Accounting - ✔✔The process of keeping and interpreting financial records
✔✔Liability - ✔✔Financial obligations a business has
✔✔Liquid Asset - ✔✔Cash or any asset that can quickly be converted into cash
✔✔Accounts Receivable - ✔✔Money owed to the business for purchases made by
customers
✔✔Dividends - ✔✔Sums of money paid to investors or stockholders as earnings on
investments
✔✔Cash Conversion Cycle - ✔✔The ratio that reflects the number of days between a
company paying for raw materials and receiving cash from selling the products made
from those raw materials
✔✔Profit Margin - ✔✔The amount of money that a business earns on sales after
expenses; expressed as a ratio
✔✔Human Resources Management - ✔✔The process of planning, staffing, leading, and
organizing the employees of a business
✔✔Distribution Channels - ✔✔Paths, or routes, that goods or services take from the
producer to the ultimate consumer or industrial user
✔✔Marketing Research - ✔✔The systematic gathering, recording, and analyzing of data
about a specific issue, situation, or concern
✔✔Variable - ✔✔Any factor that is subject to change
✔✔Case Study - ✔✔An in-depth analysis of a person, group, or event
✔✔Experiment - ✔✔A marketing research method that tests cause and effect by testing
marketing new products or comparing test groups with control groups
✔✔Hypothesis - ✔✔Proposed explanation for something
✔✔Semantic-Differential Rating Scales - ✔✔Measure attitude
✔✔Volume-Tracking Scanner - ✔✔A method of collecting information about customers'
buying habits and inventory status because the scanning system can track large
volumes of goods
