DECA ICDC Master Exam Questions And Answers With Verified Solutions 2025
A legally enforceable agreement, an accepted offer, important to note intention capacity and mutuality -
✔✔Binding Contract
a business that can be owned and controlled by an individual, a company or a limited liability
partnership, NOT separate legal entity from the owner - ✔✔sole proprietorship
duty, breach of duty, causation, and injury - ✔✔elements of tort law
unwanted junk mail in large quantities - ✔✔spam
change in price changes the demand - ✔✔elastic demand
change in price does NOT change the demand - ✔✔inelastic demand
supply of goods matches the demand - ✔✔equilibr
umbrella federation with many local and national unions underneath it - ✔✔union federation
private consumption, domestic investment (not stocks), net exports, and government spending -
✔✔four part of GDP
A measure of the rate of employee losses and gains during a given period, high turnover = high
employee losses - ✔✔employee turnover
a group of employees that meets regularly to consider ways of resolving problems and improving
production in their organization - ✔✔quality circle
, a group of people appointed for a SPECIFIC function, typically consisting of members of a larger group -
✔✔committee
a type of credit that allows you to use services, such as utilities, cable and cell phones, now and pay for
them later - ✔✔service credit
a credit line that remains available even as you pay the balance, such as credit cards, has credit limit -
✔✔revolving credit
loans secured by a specific collateral, such as a car - ✔✔secured loan
loans not secured by collateral but the debtor is seen as trustworthy by the creditor - ✔✔unsecured
loan
low risk, low reward investments, with interest - ✔✔lending investment
a fixed sum of money paid to someone each year, typically for the rest of their life, many times in the
form of a retirement savings or in a will - ✔✔annuity investment
stocks, real estate, gold, all investments that the buyer hopes will increase in value over time -
✔✔ownership investment
elements within the business that can be controlled by the business itself, such as finances and
employees - ✔✔business's internal environment
possible events that can affect the execution of a business's plan, like introducing a new product. This
can be good or bad - but its a risk a business takes. many times affecting the reputation of a business. -
✔✔strategic hazard risks
official ban of imports and exports with a certain country, many times due to the action unacceptable
actions of a country - ✔✔embargoed countries
A legally enforceable agreement, an accepted offer, important to note intention capacity and mutuality -
✔✔Binding Contract
a business that can be owned and controlled by an individual, a company or a limited liability
partnership, NOT separate legal entity from the owner - ✔✔sole proprietorship
duty, breach of duty, causation, and injury - ✔✔elements of tort law
unwanted junk mail in large quantities - ✔✔spam
change in price changes the demand - ✔✔elastic demand
change in price does NOT change the demand - ✔✔inelastic demand
supply of goods matches the demand - ✔✔equilibr
umbrella federation with many local and national unions underneath it - ✔✔union federation
private consumption, domestic investment (not stocks), net exports, and government spending -
✔✔four part of GDP
A measure of the rate of employee losses and gains during a given period, high turnover = high
employee losses - ✔✔employee turnover
a group of employees that meets regularly to consider ways of resolving problems and improving
production in their organization - ✔✔quality circle
, a group of people appointed for a SPECIFIC function, typically consisting of members of a larger group -
✔✔committee
a type of credit that allows you to use services, such as utilities, cable and cell phones, now and pay for
them later - ✔✔service credit
a credit line that remains available even as you pay the balance, such as credit cards, has credit limit -
✔✔revolving credit
loans secured by a specific collateral, such as a car - ✔✔secured loan
loans not secured by collateral but the debtor is seen as trustworthy by the creditor - ✔✔unsecured
loan
low risk, low reward investments, with interest - ✔✔lending investment
a fixed sum of money paid to someone each year, typically for the rest of their life, many times in the
form of a retirement savings or in a will - ✔✔annuity investment
stocks, real estate, gold, all investments that the buyer hopes will increase in value over time -
✔✔ownership investment
elements within the business that can be controlled by the business itself, such as finances and
employees - ✔✔business's internal environment
possible events that can affect the execution of a business's plan, like introducing a new product. This
can be good or bad - but its a risk a business takes. many times affecting the reputation of a business. -
✔✔strategic hazard risks
official ban of imports and exports with a certain country, many times due to the action unacceptable
actions of a country - ✔✔embargoed countries
