Deca Finance Exam terms ICDC
Comprehensive Questions with
Verified Answers Graded A+
Roth IRAs - Answer: Is an individual retirement account under United States law that is generally
not taxed upon distribution, provided certain conditions are met.
Divisional Structures - Answer: a system of organization where the employees are segmented
into semi-autonomous units known as divisions. It is implemented to organize a company's
operations into separate divisions or business units, each with its autonomous management.
ERM - Answer: is a framework for managing organizational risk. Organizational risk is a broad
term. It can encompass concerns ranging from ensuring employee safety and securing sensitive
data to meeting statutory regulations and stopping financial fraud.
Central Data Repository - Answer: is a singular storage location for all data within an
organization. This model is utilized to create a single source of truth, providing significant
benefits to visibility, collaboration, and consistency within data management.
Examples of Deposit Taking Financial Institutions - Answer: Banks, trust companies and credit
unions
Why are budgets Important to management? - Answer: they help determine roles and
responsibilities.
, Which of the following serves as an organizations conscience during decision-making? - Answer:
Board of Directors
A direct benefit of supply chain collaboration is? - Answer: lower cost due to reduced inventory
When a country is experiencing a recession, what typically occurs first? - Answer: Stock Prices
decrease
Ponzi Scheme - Answer: a form of fraud in which belief in the success of a nonexistent
enterprise is fostered by the payment of quick returns to the first investors from money
invested by later investors.
Predatory lending - Answer: typically means imposing unfair, deceptive, or abusive loan terms
on borrowers.
Internal control mechanisms - Answer: oversight management, segregation of control, and
policy development.
what are compliance departments in charge of - Answer: The compliance department ensures
that a business adheres to external rules and internal controls. In the financial services sector,
compliance departments work to meet key regulatory objectives to protect investors and
ensure that markets are fair, efficient and transparent.
When a customer-centric business constantly strives to align its objectives and activities with
customer needs by stressing innovation and technology, it is engaging in
A. customer experience management.
B. continuous improvement.
C. business process management.
Comprehensive Questions with
Verified Answers Graded A+
Roth IRAs - Answer: Is an individual retirement account under United States law that is generally
not taxed upon distribution, provided certain conditions are met.
Divisional Structures - Answer: a system of organization where the employees are segmented
into semi-autonomous units known as divisions. It is implemented to organize a company's
operations into separate divisions or business units, each with its autonomous management.
ERM - Answer: is a framework for managing organizational risk. Organizational risk is a broad
term. It can encompass concerns ranging from ensuring employee safety and securing sensitive
data to meeting statutory regulations and stopping financial fraud.
Central Data Repository - Answer: is a singular storage location for all data within an
organization. This model is utilized to create a single source of truth, providing significant
benefits to visibility, collaboration, and consistency within data management.
Examples of Deposit Taking Financial Institutions - Answer: Banks, trust companies and credit
unions
Why are budgets Important to management? - Answer: they help determine roles and
responsibilities.
, Which of the following serves as an organizations conscience during decision-making? - Answer:
Board of Directors
A direct benefit of supply chain collaboration is? - Answer: lower cost due to reduced inventory
When a country is experiencing a recession, what typically occurs first? - Answer: Stock Prices
decrease
Ponzi Scheme - Answer: a form of fraud in which belief in the success of a nonexistent
enterprise is fostered by the payment of quick returns to the first investors from money
invested by later investors.
Predatory lending - Answer: typically means imposing unfair, deceptive, or abusive loan terms
on borrowers.
Internal control mechanisms - Answer: oversight management, segregation of control, and
policy development.
what are compliance departments in charge of - Answer: The compliance department ensures
that a business adheres to external rules and internal controls. In the financial services sector,
compliance departments work to meet key regulatory objectives to protect investors and
ensure that markets are fair, efficient and transparent.
When a customer-centric business constantly strives to align its objectives and activities with
customer needs by stressing innovation and technology, it is engaging in
A. customer experience management.
B. continuous improvement.
C. business process management.
