DECA Business Administration Core Exam with 100% correct answers

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