DECA Business Administration Core Exam

Franchise - Answer- a contractual agreement between a parent company and a franchisee to distribute goods and services Corporation - Answer- a form of business ownership that is owned by stockholders who have purchased units or shares of the company Elastic Demand - Answer- demand that changes according to changes in price Inelastic Demand - Answer- demand that is not affected by changes in price. Unitary Demand - Answer- when sales remain the same because changes in supply and demand are equal Tort - Answer- a private wrongdoing that potentially harms another person or entity Doctrine of Sovereign Immunity - Answer- the universally accepted principle that each nation has the right to manage its own government and develop its own laws. Job Enlargement - Answer- combining different tasks into one position Job Rotation - Answer- moving from one job to another job within an organization Specialization by Trade - Answer- the type of work that a person performs in order to earn a living, such as engineering, public-relations, or accounting. Frictional Unemployment - Answer- occurs because there are always workers who are in transition Structural Unemployment - Answer- when the demand for certain types of workers declines and is often due to technology advancements and the need for new skills Cyclical Employment - Answer- result of changes in the economic and business cycles Wage Garnishments - Answer- court-ordered initiatives that involve taking income taken from an employee's salary and submitting it to another person or organization Embezzlement - Answer- theft of valuables that have been entrusted to another's care Securities Fraud - Answer- the use of misleading sales tactics to persuade investors to purchase securities