DECA Finance Cluster Exam Terms
Answered Correctly!!!
equipment CORRECT ANSWERS tangible property (other than land or buildings) used
in the operations of a business
acreage CORRECT ANSWERS an area of land, typically when used for agricultural
purposes, but not necessarily measured in acres
trademark CORRECT ANSWERS a symbol, design, or word used by a business to
identify a good or service and is registered with the government to prevent its use by
others; an example of intangible business property
duty of care CORRECT ANSWERS basic principle that expects all individuals and
businesses to exhibit socially responsible behavior by using caution to prevent harm
and by watching out for one another; violated when a tort is filed
tort CORRECT ANSWERS a private wrongdoing that potentially harms another person
or entity; a business may be liable for this if it or one of its employees breaches the duty
of care
doctrine of sovereign immunity CORRECT ANSWERS universally accepted principle
that each nation has the right to manage its own government and develop its own laws
punitive damages CORRECT ANSWERS damages exceeding simple compensation
and awarded to punish the defendant; can be ordered by court to be paid by one party
to another party
micro-cap stock CORRECT ANSWERS stock of public companies in the United States
which have a market capitalization of roughly $50 - $300 million; contrasted with nano-
cap stocks, used to designate those companies with market capitalization of less than
$50 million
market capitalization CORRECT ANSWERS the value of a company that is traded on
the stock market, calculated by multiplying the total number of shares by the present
share price
pump and dump CORRECT ANSWERS investment scam that takes place mostly online
and typically involving scammers who buy a small stock and then hype it up to other
investors, causing its price to rise. The scammers sell when the price is high, leaving
the victims to deal with the rapid price decrease afterwards
pyramid scheme CORRECT ANSWERS an illegal form of multi-level marketing in which
emphasis is placed on collecting initial fees from as many people as possible
,Ponzi scheme CORRECT ANSWERS an investment scam that lures in new investors
by promising high rates of return with little or no risk
phishing CORRECT ANSWERS an online identity-theft scam that fools its victims into
believing they are submitting sensitive, personal information to a legitimate website
Individual Retirement Account (IRA) CORRECT ANSWERS a traditional retirement
account allowing individuals to direct pretax income towards retirement investments that
can grow tax-deferred; no gains are taxed until it is withdrawn
Roth Individual Retirement Account CORRECT ANSWERS an individual retirement
account allowing a person to set aside after-tax income up to a specified amount each
year; both earnings on the account and withdrawals after age 59.5 are tax-free
governance, risk, and compliance (GRC) software CORRECT ANSWERS software
allowing publicly-held companies to integrate and manage information technology
operations that are subject to regulation; combines applications that manage the core
functions of the software into a single integrated package
serves the four functions of (a) identifying and measuring corporate risk, (b) monitors
the risk-management system, (c) checks to see that employees are adhering to
company-wide policies, and (d) ensures compliance with reporting requirements
enforced by federal and state government agencies and other regulatory commissions
transmittal CORRECT ANSWERS a letter accompanying important business papers,
such as contracts, that lets the recipient know exactly what should be contained in the
package and if the recipient needs to take any action; should be used when sending
copies of a contract to a vendor
acknowledgment CORRECT ANSWERS a letter acknowledging the receipt of business
papers
claim CORRECT ANSWERS a letter requesting a solution to a problem
grapevine CORRECT ANSWERS an oral communication method in which information
is passed through the company but not formally announced or verified; often used by
coworkers to discuss company issues and pass on information between departments
touch points CORRECT ANSWERS all opportunities that businesses have to connect
with customers and reinforce their brand value
marketing CORRECT ANSWERS a primary business activity that involves creating,
communicating, and delivering value to customers and managing customer
relationships in ways that benefit the organization and its stakeholders
, risk management CORRECT ANSWERS the business activity that involves the
planning, controlling, preventing, and procedures involved in limiting business losses
matrix organizational structure CORRECT ANSWERS an organizational structure that
combines both the functional and divisional structures; includes traditional departments
but is also broken down by division
systems thinking CORRECT ANSWERS an organizational learning concept that
focuses on the big picture rather than seeing smaller, individual parts
tentative agreement CORRECT ANSWERS the stage at which union and management
have agreed on the terms of a contract but still need union members to approve or
reject the contract
low inflation CORRECT ANSWERS the condition often resulting from high
unemployment; since the neutral form of this condition describes a rise in prices, prices
are unlikely to rise when more are unemployed, given that disposable incomes are
smaller
listening CORRECT ANSWERS the primary function of coaching
Prompt Payment Act CORRECT ANSWERS federal law provision ensuring that the
federal government makes timely payments; bills are to be paid within 30 days after
receipt and acceptance of materials and/or services
commercial bank CORRECT ANSWERS a bank that offers services to the general
public and to companies; example of a deposit-taking institution
credit union CORRECT ANSWERS a member-owned, nonprofit money cooperative
whose members can borrow from pooled deposits at low interest rates; example of a
deposit-taking institution
savings and loan association CORRECT ANSWERS an institution that accepts savings
at interest and lends money to savers chiefly for home mortgage loans; may offer
checking accounts and other services; example of a deposit-taking institution
mutual savings bank CORRECT ANSWERS an institution chartered by a central or
regional government, without capital stock, that is owned by its members who subscribe
to a common fund; profits after deductions are shared between the members; example
of a deposit-taking institution
brokerage CORRECT ANSWERS a company that buys or sells goods or assets for
clients; a firm that charges a fee or commission for executing buy and sell orders
submitted by an investor
Answered Correctly!!!
equipment CORRECT ANSWERS tangible property (other than land or buildings) used
in the operations of a business
acreage CORRECT ANSWERS an area of land, typically when used for agricultural
purposes, but not necessarily measured in acres
trademark CORRECT ANSWERS a symbol, design, or word used by a business to
identify a good or service and is registered with the government to prevent its use by
others; an example of intangible business property
duty of care CORRECT ANSWERS basic principle that expects all individuals and
businesses to exhibit socially responsible behavior by using caution to prevent harm
and by watching out for one another; violated when a tort is filed
tort CORRECT ANSWERS a private wrongdoing that potentially harms another person
or entity; a business may be liable for this if it or one of its employees breaches the duty
of care
doctrine of sovereign immunity CORRECT ANSWERS universally accepted principle
that each nation has the right to manage its own government and develop its own laws
punitive damages CORRECT ANSWERS damages exceeding simple compensation
and awarded to punish the defendant; can be ordered by court to be paid by one party
to another party
micro-cap stock CORRECT ANSWERS stock of public companies in the United States
which have a market capitalization of roughly $50 - $300 million; contrasted with nano-
cap stocks, used to designate those companies with market capitalization of less than
$50 million
market capitalization CORRECT ANSWERS the value of a company that is traded on
the stock market, calculated by multiplying the total number of shares by the present
share price
pump and dump CORRECT ANSWERS investment scam that takes place mostly online
and typically involving scammers who buy a small stock and then hype it up to other
investors, causing its price to rise. The scammers sell when the price is high, leaving
the victims to deal with the rapid price decrease afterwards
pyramid scheme CORRECT ANSWERS an illegal form of multi-level marketing in which
emphasis is placed on collecting initial fees from as many people as possible
,Ponzi scheme CORRECT ANSWERS an investment scam that lures in new investors
by promising high rates of return with little or no risk
phishing CORRECT ANSWERS an online identity-theft scam that fools its victims into
believing they are submitting sensitive, personal information to a legitimate website
Individual Retirement Account (IRA) CORRECT ANSWERS a traditional retirement
account allowing individuals to direct pretax income towards retirement investments that
can grow tax-deferred; no gains are taxed until it is withdrawn
Roth Individual Retirement Account CORRECT ANSWERS an individual retirement
account allowing a person to set aside after-tax income up to a specified amount each
year; both earnings on the account and withdrawals after age 59.5 are tax-free
governance, risk, and compliance (GRC) software CORRECT ANSWERS software
allowing publicly-held companies to integrate and manage information technology
operations that are subject to regulation; combines applications that manage the core
functions of the software into a single integrated package
serves the four functions of (a) identifying and measuring corporate risk, (b) monitors
the risk-management system, (c) checks to see that employees are adhering to
company-wide policies, and (d) ensures compliance with reporting requirements
enforced by federal and state government agencies and other regulatory commissions
transmittal CORRECT ANSWERS a letter accompanying important business papers,
such as contracts, that lets the recipient know exactly what should be contained in the
package and if the recipient needs to take any action; should be used when sending
copies of a contract to a vendor
acknowledgment CORRECT ANSWERS a letter acknowledging the receipt of business
papers
claim CORRECT ANSWERS a letter requesting a solution to a problem
grapevine CORRECT ANSWERS an oral communication method in which information
is passed through the company but not formally announced or verified; often used by
coworkers to discuss company issues and pass on information between departments
touch points CORRECT ANSWERS all opportunities that businesses have to connect
with customers and reinforce their brand value
marketing CORRECT ANSWERS a primary business activity that involves creating,
communicating, and delivering value to customers and managing customer
relationships in ways that benefit the organization and its stakeholders
, risk management CORRECT ANSWERS the business activity that involves the
planning, controlling, preventing, and procedures involved in limiting business losses
matrix organizational structure CORRECT ANSWERS an organizational structure that
combines both the functional and divisional structures; includes traditional departments
but is also broken down by division
systems thinking CORRECT ANSWERS an organizational learning concept that
focuses on the big picture rather than seeing smaller, individual parts
tentative agreement CORRECT ANSWERS the stage at which union and management
have agreed on the terms of a contract but still need union members to approve or
reject the contract
low inflation CORRECT ANSWERS the condition often resulting from high
unemployment; since the neutral form of this condition describes a rise in prices, prices
are unlikely to rise when more are unemployed, given that disposable incomes are
smaller
listening CORRECT ANSWERS the primary function of coaching
Prompt Payment Act CORRECT ANSWERS federal law provision ensuring that the
federal government makes timely payments; bills are to be paid within 30 days after
receipt and acceptance of materials and/or services
commercial bank CORRECT ANSWERS a bank that offers services to the general
public and to companies; example of a deposit-taking institution
credit union CORRECT ANSWERS a member-owned, nonprofit money cooperative
whose members can borrow from pooled deposits at low interest rates; example of a
deposit-taking institution
savings and loan association CORRECT ANSWERS an institution that accepts savings
at interest and lends money to savers chiefly for home mortgage loans; may offer
checking accounts and other services; example of a deposit-taking institution
mutual savings bank CORRECT ANSWERS an institution chartered by a central or
regional government, without capital stock, that is owned by its members who subscribe
to a common fund; profits after deductions are shared between the members; example
of a deposit-taking institution
brokerage CORRECT ANSWERS a company that buys or sells goods or assets for
clients; a firm that charges a fee or commission for executing buy and sell orders
submitted by an investor
