DECA Quiz Bowl Practice Questions with Complete Solutions

DECA Quiz Bowl Practice Questions with Complete Solutions The upper limit to the amount that can be charged for a specific good or service is a? price ceiling A good or service that is necessary for the well being of a person or an organization is a? need People in an organization that make decisions and interpret policies are called? management An amount of money charged for the use of borrowed money or credit? interest What term means all of the following: planning, designing, selling, promoting, and servicing of product? marketing What type of business is owned by the stockholders? corporation When students participate in skill development activities while working as an employee, they are receiving what type of training? on-the-job or co-op training What do you call the costs or fees including interest that are involved in a credit transaction? finance charges In reference to computers what do the letters CPU stand for? central processing unit Which economic system allowed the means for production and distribution to be privately owned? capitalism/free enterprise What do you call a statement that is attached to a product giving information about its contents? label Pilferage is another name for? employee theft An actual count of the merchandise in stock is called? physical inventory A salesperson who meets the customers face to face and persuades them to buy is involved of what type of selling? personal selling The person to whom a check is written is called the? payee When two or more people operate a business and share the profits and losses, they own what type of business? partnership Hours worked over the regular 40 hour work week is called? overtime Name the diagram that shows the positions, responsibilities, and reporting lines of personnel in a business? organization chart What is the term that means, "let the buyer beware?" cavet empetor Name the person who buys the merchandise that a retail store carries in stock for the customers. buyer What do you call a monthly report issued by a bank showing deposits made, checks written, and other information? bank statement Name the organization that is supported by businesses and has the purpose of improving local businesses practices? Better Business Bureau When an individual or business has debts that are greater than their assets and cannot be paid, they are in a state of? brankruptcy