DECA ICDC Entrepreneurship Exam Questions And Answers With Verified
Solutions 2025
mental capacity to understand contract agreement and understand consequences of actions -
✔✔capacity
charged on certain goods by state/local governments. After collecting tax, pays government. - ✔✔sales
tax
selling product from small vendor to large store, makes goods as available as possible - ✔✔intensive
marketing
selling products through one or two distributors - ✔✔selective marketing
appeals to a smaller group of people - ✔✔exclusive marketing
providing services that consistently meet expectations of customers - ✔✔brand promise
brief statement of what a business owner wants the company to be like - ✔✔mission statement
increase in production, decrease in cost of goods, increase in output. Monopolies most likely to
experiences - ✔✔economies of scale
start up business owner obtains money w/o debt (personal savings, family/friends) - ✔✔private equity
all functions necessary to keep a business running - ✔✔business operations
organizes workflow by geographic location - ✔✔territory
financial statement that captures a businesses financial condition at a point in time. - ✔✔balance sheets
,1. assets ( value of anything the business owns), 2.liabilities/debts the business owes, 3. the owners
equity (anything the owner has invested into the business) - ✔✔What are the contents of a balance
sheet?
difference between net sales and cost of goods sold - ✔✔margin
summarizes where the money came from and where it went to. lists all revenues and expenses over a
certain period of time, usually over a year. - ✔✔income statement
sums up all of the cash that enters and leaves an organization, usually included in the income statement
- ✔✔cash-flow report
provides financial info for inside organizational use - ✔✔Manegerial Accounting
property pledged by a borrower to protect interests of a lender - ✔✔collateral
forecasting technique used for individual products, accurate because sales personnel have knowledge of
products, and inexpensive. - ✔✔sales force composite
% of total sale paid to the individual making the sale, included in sales persons salaries. -
✔✔commissions
shows relationship of each component within a financial statement. - ✔✔vertical analysis
comparison of the same items on a company's financial statement in one or two periods - ✔✔horizontal
analysis
studies all aspects of a company to understand the value of a company (intrinsic value) -
✔✔fundamental analysis
, decreased cost of selection, decreases costs of hiring and training staff, decreases poor employee
morale, and emplyee turnover - ✔✔careful selection of employees leads to
companies gain info that helps minimize losses through providing a product that customers may not like
- ✔✔Benefits of marketing research
gathering, accessing, evaluating info for making good marketing decisions. - ✔✔marketing information
management
marketing fuction that communicates info about goods, services, ideas to achieve an outcome. -
✔✔Promotion
strengths, weaknesses, opportunities, threats - ✔✔SWOT analysis
total production over a given period - ✔✔outputs
different from month to month, payroll and supplies - ✔✔variable expenses
remain the same for a long time, mortgage or rent - ✔✔fixed expenses
debt owed short term or long term - ✔✔liability
1. planning 2. production 3. inventory 4.capacity 5. distribution - ✔✔stages of supply chain
sales - ✔✔company budgets are based on
falsifying financial records, affects governance structures. - ✔✔accounting fraud
few sellers, industry leaders determine the price. - ✔✔oligopolistic market
Solutions 2025
mental capacity to understand contract agreement and understand consequences of actions -
✔✔capacity
charged on certain goods by state/local governments. After collecting tax, pays government. - ✔✔sales
tax
selling product from small vendor to large store, makes goods as available as possible - ✔✔intensive
marketing
selling products through one or two distributors - ✔✔selective marketing
appeals to a smaller group of people - ✔✔exclusive marketing
providing services that consistently meet expectations of customers - ✔✔brand promise
brief statement of what a business owner wants the company to be like - ✔✔mission statement
increase in production, decrease in cost of goods, increase in output. Monopolies most likely to
experiences - ✔✔economies of scale
start up business owner obtains money w/o debt (personal savings, family/friends) - ✔✔private equity
all functions necessary to keep a business running - ✔✔business operations
organizes workflow by geographic location - ✔✔territory
financial statement that captures a businesses financial condition at a point in time. - ✔✔balance sheets
,1. assets ( value of anything the business owns), 2.liabilities/debts the business owes, 3. the owners
equity (anything the owner has invested into the business) - ✔✔What are the contents of a balance
sheet?
difference between net sales and cost of goods sold - ✔✔margin
summarizes where the money came from and where it went to. lists all revenues and expenses over a
certain period of time, usually over a year. - ✔✔income statement
sums up all of the cash that enters and leaves an organization, usually included in the income statement
- ✔✔cash-flow report
provides financial info for inside organizational use - ✔✔Manegerial Accounting
property pledged by a borrower to protect interests of a lender - ✔✔collateral
forecasting technique used for individual products, accurate because sales personnel have knowledge of
products, and inexpensive. - ✔✔sales force composite
% of total sale paid to the individual making the sale, included in sales persons salaries. -
✔✔commissions
shows relationship of each component within a financial statement. - ✔✔vertical analysis
comparison of the same items on a company's financial statement in one or two periods - ✔✔horizontal
analysis
studies all aspects of a company to understand the value of a company (intrinsic value) -
✔✔fundamental analysis
, decreased cost of selection, decreases costs of hiring and training staff, decreases poor employee
morale, and emplyee turnover - ✔✔careful selection of employees leads to
companies gain info that helps minimize losses through providing a product that customers may not like
- ✔✔Benefits of marketing research
gathering, accessing, evaluating info for making good marketing decisions. - ✔✔marketing information
management
marketing fuction that communicates info about goods, services, ideas to achieve an outcome. -
✔✔Promotion
strengths, weaknesses, opportunities, threats - ✔✔SWOT analysis
total production over a given period - ✔✔outputs
different from month to month, payroll and supplies - ✔✔variable expenses
remain the same for a long time, mortgage or rent - ✔✔fixed expenses
debt owed short term or long term - ✔✔liability
1. planning 2. production 3. inventory 4.capacity 5. distribution - ✔✔stages of supply chain
sales - ✔✔company budgets are based on
falsifying financial records, affects governance structures. - ✔✔accounting fraud
few sellers, industry leaders determine the price. - ✔✔oligopolistic market
