DECA BLTDM EXAM STUDY QUESTIONS AND ANSWERS GRADED A 2024

Planned economy - Economic system in which the government makes all of the decisions Trade mission - Group of volunteer businesspeople sponsored by the government to inform exporters about foreign markets Craft union - Union made of workers with a particular skill Whistleblower - Employee who informs on a company that is doing something wrong or harmful -> unethical to discipline a whistleblower because the employee has the right to report wrongdoing Corporation ownership - Permits ownership by simply buying shares of stock -> owner does not need to be involved in the business Sole proprietorship - Business entity in which the business is owned by one person -> requires large amount of owner involvement Close corporation - Business entity in which owners do not offer their shares for sale to the general public Term - Form of life insurance that lasts a set amount of years Ordinary life - Form of life insurance that pays benefits upon the death of the policy holder Homeowners insurance - Protects property owners from damage to their property; includes liability insurance that protects the owner if someone else is injured on/by their property Consideration - Anything of value that is promised to another when making a contract Legality - Refers to the terms of a contract being within the law OSHA - Occupational Safety and Health Administration: government agency in charge of worker safety CPSC - Consumer Product Safety Commission: protects consumers from defective products SEC - Security and Exchange Commission: protects investors from deceptive practices FTC - Federal Trade Commission: enforces antitrust laws and investigates deceptive and misleading business practices Primary source of laws - Primary sources are laws and legislation; they are the foundations of societal rules Secondary source of law - Materials that discuss and interpret the law; includes restatements of law, law reviews, legal newspapers and encyclopaedias Civil lawsuit - Personal complaint filed when a person believes his/her rights have been violated Appeal - Action in which the defendant requests that another court reviews a previous courts decision (not a retrial) Retrial - Second of further trial Grand jury - Jury that decides whether or not there is enough evidence to prosecute a person for a crime Trial jury - Selected citizens that determine a defendant's guilt or innocence Small claims - Small cases typically involve minor damages; most states have limits for small claim courts that only allow them to handle cases worth less than $5000 Federal appellate court - Preside over appealed cases involving federal questions, the diversity of citizenships, or those in which the U.S. is a party Probate courts - Deal with cases involving wills or estates State supreme courts - Deals with cases involving state issues Tort - - Deliberate or unintentional act of wrongful or negligent behaviour that is inflicted upon another person - In tort cases, the plaintiff sues for personal damages, such as damaged reputation and credibility Plaintiff - Person/party that initiates a lawsuit/trial Duty of due care - Person's responsibility to behave in a socially acceptable and responsible manner under common law Property lien - Legal claim for real estate granting the owner a specific amount of money upon sale of the property