DECA Business Administration Core Exam 2023 Actual
Test with complete solution
Franchise
a contractual agreement between a
parent company and a franchisee to distribute goods and services
Corporation
a form of business ownership that is owned by stockholders who
have purchased units or shares of the company
Elastic Demand
demand that changes according to changes in price
Inelastic Demand
demand that is not affected by changes in price.
Unitary Demand
when sales remain the
same because changes in supply and demand are equal
Tort
a private wrongdoing that potentially harms another person or entity
Doctrine of Sovereign Immunity
the universally accepted principle that each nation has the right to manage its own
government and develop
its own laws.
Job Enlargement
combining different tasks into one position
Job Rotation
moving from one job to another job within an organization
Specialization by Trade
the type of work that a person performs in order to earn a living, such as engineering,
public-relations, or accounting.
Frictional Unemployment
occurs because there are always workers who are in transition
Structural Unemployment
when the demand for certain types of workers declines and is often due to technology
advancements and the need for new skills
Cyclical Employment
result of changes in the economic and business cycles
Wage Garnishments
court-ordered initiatives that involve taking income taken from an employee's salary and
submitting it to another person or organization
Embezzlement
theft of valuables that have been entrusted to another's care
Securities Fraud
the use of misleading sales tactics to persuade investors to purchase securities
Espionage
, revealing confidential information without the source or owner's permission and is often
associated with spying
Variety-seeking Buying Behavior
involves the purchase of routine items
Brand-insistence Buying Behavior
buyer will not buy anything other than a specific
brand or product
Automation
involves the use of machines to carry out production tasks
Ergonomics
the study of the use of equipment or technology and
its effects on workers' physical well-being
Innovation
taking action to make the idea, item, or process available for consumers to use
Business-format Franchise
involves a close,continuous, working relationship between the franchisor and the
franchisee
Customer Complaints
related to the business's policies and procedures
Consumer Products
economic goods and services that are purchased and used by the ultimate consumer
Capital Products
purchased by businesses for use in their operations
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
Traditional Economy
people produce only what they must have in order to exist
Market Economy (Free Enterprise)
means of production and distribution are owned and controlled by individuals and
businesses
Operating Expenses
costs of running the business
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
Federal Reserve Banks
used by local banks to protect their banking functions; do not provide protection for local
property
Tact
the ability to express your ideas and opinions so that they do not hurt or offend others
Cultural Imperialism
cultural aspects referring to the creation and maintenance of unequal relationships
between civilizations favoring the more powerful civilization.
Nationalization
Test with complete solution
Franchise
a contractual agreement between a
parent company and a franchisee to distribute goods and services
Corporation
a form of business ownership that is owned by stockholders who
have purchased units or shares of the company
Elastic Demand
demand that changes according to changes in price
Inelastic Demand
demand that is not affected by changes in price.
Unitary Demand
when sales remain the
same because changes in supply and demand are equal
Tort
a private wrongdoing that potentially harms another person or entity
Doctrine of Sovereign Immunity
the universally accepted principle that each nation has the right to manage its own
government and develop
its own laws.
Job Enlargement
combining different tasks into one position
Job Rotation
moving from one job to another job within an organization
Specialization by Trade
the type of work that a person performs in order to earn a living, such as engineering,
public-relations, or accounting.
Frictional Unemployment
occurs because there are always workers who are in transition
Structural Unemployment
when the demand for certain types of workers declines and is often due to technology
advancements and the need for new skills
Cyclical Employment
result of changes in the economic and business cycles
Wage Garnishments
court-ordered initiatives that involve taking income taken from an employee's salary and
submitting it to another person or organization
Embezzlement
theft of valuables that have been entrusted to another's care
Securities Fraud
the use of misleading sales tactics to persuade investors to purchase securities
Espionage
, revealing confidential information without the source or owner's permission and is often
associated with spying
Variety-seeking Buying Behavior
involves the purchase of routine items
Brand-insistence Buying Behavior
buyer will not buy anything other than a specific
brand or product
Automation
involves the use of machines to carry out production tasks
Ergonomics
the study of the use of equipment or technology and
its effects on workers' physical well-being
Innovation
taking action to make the idea, item, or process available for consumers to use
Business-format Franchise
involves a close,continuous, working relationship between the franchisor and the
franchisee
Customer Complaints
related to the business's policies and procedures
Consumer Products
economic goods and services that are purchased and used by the ultimate consumer
Capital Products
purchased by businesses for use in their operations
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
Traditional Economy
people produce only what they must have in order to exist
Market Economy (Free Enterprise)
means of production and distribution are owned and controlled by individuals and
businesses
Operating Expenses
costs of running the business
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
Federal Reserve Banks
used by local banks to protect their banking functions; do not provide protection for local
property
Tact
the ability to express your ideas and opinions so that they do not hurt or offend others
Cultural Imperialism
cultural aspects referring to the creation and maintenance of unequal relationships
between civilizations favoring the more powerful civilization.
Nationalization
