DECA ICDC PMK Exam Questions And Answers With Verified Solutions 2025
a type of purchase order in which buyers place the order with the supplier that can best meet the needs
or criteria (e.g., price) for a particular item - ✔✔open order
a private wrongdoing against a person or business - ✔✔tort
a purchasing arrangement in which an intermediary agrees to pay the supplier of goods after the goods
are sold - ✔✔consignment
the usefulness created when ownership of a product is transferred from the seller to the user -
✔✔possession utility
a function of relative prices that determines who gets the goods and services produced - ✔✔rationing
when an unexpected event, such as a fire or natural disaster, limits commodities - can lead to cost-push
inflation, not demand-pull inflation - ✔✔supply shock
the nation's currency value is fixed to the value of something else, usually another country's currency, a
way to stabilize currency and make trade between the two countries simpler and smoother, used by
small or emerging economies - ✔✔pegged currency system
the currency exchange rate is determined by the unimpeded interaction of supply and demand in the
foreign exchange market with no government intervention - ✔✔free-floating currency system
when money is used to express the value or worth of something - ✔✔unit of measure
offer short-term credit - used by furniture or appliance retailers, do not charge interest if the
user makes payments on time - ✔✔budget credit accounts
a type of purchase order in which buyers place the order with the supplier that can best meet the needs
or criteria (e.g., price) for a particular item - ✔✔open order
a private wrongdoing against a person or business - ✔✔tort
a purchasing arrangement in which an intermediary agrees to pay the supplier of goods after the goods
are sold - ✔✔consignment
the usefulness created when ownership of a product is transferred from the seller to the user -
✔✔possession utility
a function of relative prices that determines who gets the goods and services produced - ✔✔rationing
when an unexpected event, such as a fire or natural disaster, limits commodities - can lead to cost-push
inflation, not demand-pull inflation - ✔✔supply shock
the nation's currency value is fixed to the value of something else, usually another country's currency, a
way to stabilize currency and make trade between the two countries simpler and smoother, used by
small or emerging economies - ✔✔pegged currency system
the currency exchange rate is determined by the unimpeded interaction of supply and demand in the
foreign exchange market with no government intervention - ✔✔free-floating currency system
when money is used to express the value or worth of something - ✔✔unit of measure
offer short-term credit - used by furniture or appliance retailers, do not charge interest if the
user makes payments on time - ✔✔budget credit accounts
