DECA - ENTREPRENEURSHIP
2024 RECENT UPDATE
COMPLETE QUESTIONS AND DETAILED ANSWERS
[MOST TESTED QUESTIONS] EXAM PRACTICE TEST
GRADED A+ ALL PASSED
Explain types of business ownership - (correct answer)
Sole proprietorship: only one person owns the business.
Unlimited liability
Partnership: two or more persons and they divide the profits
among themselves, as well as all contribute resources
Corporation: business organization that has separate legal
personality from its owners. Often stocks and shareholders
Select form of business ownership - (correct answer) Sole
proprietorship, partnership, corporation
,Explain the nature of tax regulations on business - (correct
answer) The nature of tax regulations, or treasury
regulations, on business are to pick up where the tax laws
leave off. There are several different types
Describe methods used to protect intellectual property -
(correct answer) Patents, trademarks, trade secrets, and
copyrights
Describe legal issues affecting businesses - (correct answer)
Disgruntled employees, discrimination/ harassment cases,
immigration audits, copyright and patent issues, dissatisfied
customers
Describe the nature of legally binding contracts - (correct
answer) A contract is an agreement between 2 or more
parties to do, or refrain from doing, some action. A contract
must have 3 things:
an offer, acceptance, and consideration. One party must
make a clearly stated offer to another party. The offer must
be accepted. Something of value must be promised in
exchange for a specific action or non-action.
Identify the basic torts relating to business enterprises -
(correct answer) A tort is a wrongful act, whether
intentional or unintentional, that results in injury to another
party. Torts include assault, battery, fraud, slander, false
,imprisonment, and trespassing to private property. Business
torts are civil wrongs committed by or against an
organization. These involve harm done to a business's
intangible assets, such as intellectual property or
relationships with clients. Another type of tort is a breach of
fiduciary duty. A fiduciary is a party who is charged with
acting in the best interest of any party. If a fiduciary to a
adversely to other party's best interest, a tort has occurred.
Businesses that commit a tort can be taken to court and be
sued.
Explain the nature of human resources regulations -
(correct answer) The nature of human resources
regulations is to provide a safeguard for employees so they
are getting rights and the treatment they deserve.
Explain the nature of workplace regulations - (correct
answer) The nature of workplace regulations are to provide
consistency in structure and guidelines of a company, and to
make sure that each employee is protected, and the
company is protected against lawsuits
Explain the nature of businesses' reporting requirements -
(correct answer) The nature of businesses' reporting
, requirements are to make sure that investors and regulators
can evaluate a company's financial performance and
business operations. Additionally, it's necessary to have
access to these reports so the public can find discrepancies
among reports and the company can have transparency
Develop strategies for legal/government compliance -
(correct answer) Establish, evaluate, study, authorize, train,
involve, ensure
Prepare complex written reports - (correct answer) Ha
good luck
Write proposals - (correct answer) Self-explanatory
Explain management's role in customer relations - (correct
answer) Lead and motivate the team to ensure they're
giving the best customer service possible, handle complaints
and queries, and sort security issues
Identify a company's brand promise - (correct answer)
market to the right people, attract the right employees, plan
strategic direction, know the goals and go from there
2024 RECENT UPDATE
COMPLETE QUESTIONS AND DETAILED ANSWERS
[MOST TESTED QUESTIONS] EXAM PRACTICE TEST
GRADED A+ ALL PASSED
Explain types of business ownership - (correct answer)
Sole proprietorship: only one person owns the business.
Unlimited liability
Partnership: two or more persons and they divide the profits
among themselves, as well as all contribute resources
Corporation: business organization that has separate legal
personality from its owners. Often stocks and shareholders
Select form of business ownership - (correct answer) Sole
proprietorship, partnership, corporation
,Explain the nature of tax regulations on business - (correct
answer) The nature of tax regulations, or treasury
regulations, on business are to pick up where the tax laws
leave off. There are several different types
Describe methods used to protect intellectual property -
(correct answer) Patents, trademarks, trade secrets, and
copyrights
Describe legal issues affecting businesses - (correct answer)
Disgruntled employees, discrimination/ harassment cases,
immigration audits, copyright and patent issues, dissatisfied
customers
Describe the nature of legally binding contracts - (correct
answer) A contract is an agreement between 2 or more
parties to do, or refrain from doing, some action. A contract
must have 3 things:
an offer, acceptance, and consideration. One party must
make a clearly stated offer to another party. The offer must
be accepted. Something of value must be promised in
exchange for a specific action or non-action.
Identify the basic torts relating to business enterprises -
(correct answer) A tort is a wrongful act, whether
intentional or unintentional, that results in injury to another
party. Torts include assault, battery, fraud, slander, false
,imprisonment, and trespassing to private property. Business
torts are civil wrongs committed by or against an
organization. These involve harm done to a business's
intangible assets, such as intellectual property or
relationships with clients. Another type of tort is a breach of
fiduciary duty. A fiduciary is a party who is charged with
acting in the best interest of any party. If a fiduciary to a
adversely to other party's best interest, a tort has occurred.
Businesses that commit a tort can be taken to court and be
sued.
Explain the nature of human resources regulations -
(correct answer) The nature of human resources
regulations is to provide a safeguard for employees so they
are getting rights and the treatment they deserve.
Explain the nature of workplace regulations - (correct
answer) The nature of workplace regulations are to provide
consistency in structure and guidelines of a company, and to
make sure that each employee is protected, and the
company is protected against lawsuits
Explain the nature of businesses' reporting requirements -
(correct answer) The nature of businesses' reporting
, requirements are to make sure that investors and regulators
can evaluate a company's financial performance and
business operations. Additionally, it's necessary to have
access to these reports so the public can find discrepancies
among reports and the company can have transparency
Develop strategies for legal/government compliance -
(correct answer) Establish, evaluate, study, authorize, train,
involve, ensure
Prepare complex written reports - (correct answer) Ha
good luck
Write proposals - (correct answer) Self-explanatory
Explain management's role in customer relations - (correct
answer) Lead and motivate the team to ensure they're
giving the best customer service possible, handle complaints
and queries, and sort security issues
Identify a company's brand promise - (correct answer)
market to the right people, attract the right employees, plan
strategic direction, know the goals and go from there
