DECA Business Administration Core Exam| 128 QUESTIONS| WITH COMPLETE SOLUTIONS

Franchise Correct Answer: a contractual agreement between a parent company and a franchisee to distribute goods and services Corporation Correct Answer: a form of business ownership that is owned by stockholders who have purchased units or shares of the company Elastic Demand Correct Answer: demand that changes according to changes in price Inelastic Demand Correct Answer: demand that is not affected by changes in price. Unitary Demand Correct Answer: when sales remain the same because changes in supply and demand are equal Tort Correct Answer: a private wrongdoing that potentially harms another person or entity Doctrine of Sovereign Immunity Correct Answer: the universally accepted principle that each nation has the right to manage its own government and develop its own laws. Job Enlargement Correct Answer: combining different tasks into one position Job Rotation Correct Answer: moving from one job to another job within an organization Specialization by Trade Correct Answer: the type of work that a person performs in order to earn a living, such as engineering, public-relations, or accounting. Frictional Unemployment Correct Answer: occurs because there are always workers who are in transition Structural Unemployment Correct Answer: when the demand for certain types of workers declines and is often due to technology advancements and the need for new skills Cyclical Employment Correct Answer: result of changes in the economic and business cycles Wage Garnishments Correct Answer: court-ordered initiatives that involve taking income taken from an employee's salary and submitting it to another person or organization Embezzlement Correct Answer: theft of valuables that have been entrusted to another's care