DECA BUSINESS ADMINISTRATION CORE VOCABULARY QUIZ WITH
ANSWERS.2
Corporation - correct answer a corporation is owned by stockholders who have purchased
stock. By investing in a corporation, as one of the owners, one will share in the profits of the
business but will not be responsible for the day-to-day operations.
General partnership - correct answer a partnership in which each member has an equal right to
manage the business and share in the profits, as well as an equal responsibility for debts.
Sole proprietorship - correct answer a business owned and managed by a single individual.
Franchise - correct answer a contractual agreement between a parent company and franchisee
to distribute goods or services.
Price elasticity - correct answer a measure of how much the quantity demanded of a good
responds to a change in the price of that good, computed as the percentage change in quantity
demanded divided by the percentage change in price
Technology - correct answer advances in technology have led to a decrease in the supply of
some products and has
Even eliminated the supply of others. Products such as the mimeograph machine and
commodore 64
Are no longer made.
Disadvantages of private enterprise - correct answer one of the disadvantages of private
enterprise is that poverty and income
Are not distributed equally. Limited government control, competition, and pricing system are
all
Advantages of private enterprise.
, What type of market structure is most commonly found in a private enterprise economy? -
correct answer monopolistic competition. This is a type of market structure in which a lot of
businesses sell similar
Products that have only a few differences. It is most commonly found in a private enterprise
economy.
Perfect competition rarely exists on a large scale. A regulated monopoly is a monopoly that
government
Allows to exist legally under controlled conditions. An oligopoly is a market structure in which
there are
Relatively few sellers, and industry leaders usually determine prices.
Which of the following is the most common negative effect of destructive conflict: - correct
answer frustration. A conflict is a disagreement. When people do not handle conflict
appropriately, it can have
Negative (destructive) effects. Destructive conflict can cause frustration. In some situations,
individuals
May experience panic, shame, and depression, often over time, but frustration is the most
common
Negative effect or response to conflict.
Mikael has a $20 bill. Although this money is just a piece of paper and not backed up by a
reserve,
Mikael is still able to buy groceries with it because everyone in his country treats it as currency.
This $20
Bill is known as ______ currency. - correct answer fiat. Fiat currency is money that doesn't have
intrinsic value and is not backed by reserves. Fiat currency
Is only valuable as long as people have faith that it will continue to be used in the future.
Electronic
Currency is money that exists only in electronic format. Commodity money is currency that is
has value
Other than its value as money (for example, gold or silver). Mikael's $20 bill is just made of
paper, which
ANSWERS.2
Corporation - correct answer a corporation is owned by stockholders who have purchased
stock. By investing in a corporation, as one of the owners, one will share in the profits of the
business but will not be responsible for the day-to-day operations.
General partnership - correct answer a partnership in which each member has an equal right to
manage the business and share in the profits, as well as an equal responsibility for debts.
Sole proprietorship - correct answer a business owned and managed by a single individual.
Franchise - correct answer a contractual agreement between a parent company and franchisee
to distribute goods or services.
Price elasticity - correct answer a measure of how much the quantity demanded of a good
responds to a change in the price of that good, computed as the percentage change in quantity
demanded divided by the percentage change in price
Technology - correct answer advances in technology have led to a decrease in the supply of
some products and has
Even eliminated the supply of others. Products such as the mimeograph machine and
commodore 64
Are no longer made.
Disadvantages of private enterprise - correct answer one of the disadvantages of private
enterprise is that poverty and income
Are not distributed equally. Limited government control, competition, and pricing system are
all
Advantages of private enterprise.
, What type of market structure is most commonly found in a private enterprise economy? -
correct answer monopolistic competition. This is a type of market structure in which a lot of
businesses sell similar
Products that have only a few differences. It is most commonly found in a private enterprise
economy.
Perfect competition rarely exists on a large scale. A regulated monopoly is a monopoly that
government
Allows to exist legally under controlled conditions. An oligopoly is a market structure in which
there are
Relatively few sellers, and industry leaders usually determine prices.
Which of the following is the most common negative effect of destructive conflict: - correct
answer frustration. A conflict is a disagreement. When people do not handle conflict
appropriately, it can have
Negative (destructive) effects. Destructive conflict can cause frustration. In some situations,
individuals
May experience panic, shame, and depression, often over time, but frustration is the most
common
Negative effect or response to conflict.
Mikael has a $20 bill. Although this money is just a piece of paper and not backed up by a
reserve,
Mikael is still able to buy groceries with it because everyone in his country treats it as currency.
This $20
Bill is known as ______ currency. - correct answer fiat. Fiat currency is money that doesn't have
intrinsic value and is not backed by reserves. Fiat currency
Is only valuable as long as people have faith that it will continue to be used in the future.
Electronic
Currency is money that exists only in electronic format. Commodity money is currency that is
has value
Other than its value as money (for example, gold or silver). Mikael's $20 bill is just made of
paper, which
