Deca Entrepreneurship Exam

DECA ENTREPRENEURSHIP EXAM
QUESTIONS AND CORRECT ANSWERS




Sovereign Community - answersA legal concept stating that the courts in a country represent the
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country's laws, and their decisions cannot be reversed by the decision of courts in other
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countries.
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Legal concept that affects foreign countries
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Eminent Domain - answersthe right of a government or its agent to take away private property for
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public use, with payment of compensation.
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Absolute privilege - answersAn absolute defense to an otherwise defamatory statement because
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of the venue or context in which the statement was made.
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Social Responsibility - answersAn organization or individual has an obligation to act for the
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benefit of society at large.
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Infringement - answersThe action of breaking the terms of a law, agreement, etc.
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Defamation - answersA statement that injures a third party's reputation.
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, National Labor Relations Act - answersto protect the rights of employees and employers, to
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encourage collective bargaining, and to lessen certain private sector labor and management
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practices
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Vocational Rehabilitation Act - answersWas put in place to correct the problem of discrimination
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against people with disabilities in the United States.
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Fair Labour Standards Act - answersA law that creates the right to a minimum wage, and "time-
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and-a-half" overtime pay when people work over forty hours a week.
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Americans with Disabilities Act - answersA civil rights law that prohibits discrimination based on
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disability.
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Does not allow employers to ask employees about potential medical history.
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Consolidation - answersjoining of two or more companies to form a new company
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General Partnership - answersdesigned to combine capital, experience,
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and the abilities of two or more people
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Limited Partnership - answerspermits a partner to invest in a business but have limited
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liability and responsibility
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Open Corporation - answerssells millions of shares of stock to many
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stockholders



Intermediaries - answersPut buyers and sellers together without taking ownership of the
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product, service or property. They act as go-betweens.
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