DECA

Franchise a contractual agreement between a parent company and a franchisee to distribute goods and services Corporation a form of business ownership that is owned by stockholders who have purchased units or shares of the company Elastic Demand demand that changes according to changes in price Inelastic Demand demand that is not affected by changes in price. Unitary Demand when sales remain the same because changes in supply and demand are equal Tort a private wrongdoing that potentially...

Sovereign Community A legal concept stating that the courts in a country represent the country's laws, and their decisions cannot be reversed by the decision of courts in other countries. Legal concept that affects foreign countries Eminent Domain the right of a government or its agent to take away private property for public use, with payment of compensation. Absolute privilege An absolute defense to an otherwise defamatory statement because of the venue or context in which the statemen...

Define SBA and list 3 ways they help small business The small business administration provides federal aid to small businesses. This is through education, grants, and loan guarantees. 2 reasons why Entrepreneurship is growing Corporate downsizing, need for dual incomes, global economy, government support, technology and the internet How is outsourcing leading to new industries It creates the opportunity to create a company that can preform a specific job for a company at a reduced cost to t...

DECA Finance Exam Questions and Answers Already Graded A debtor-creditor relationship A debtor is someone who owes a financial obligation (a "debt") to another, known as the creditor. Interest must be charged. affinity fraud - Affinity fraud refers to investment scams that prey upon members of identifiable groups, such as religious or ethnic communities, the elderly, or professional groups. - The fraudsters who promote affinity scams frequently are - or pretend to be - members of the gr...

debtor-creditor relationship A debtor is someone who owes a financial obligation (a "debt") to another, known as the creditor. Interest must be charged. affinity fraud - Affinity fraud refers to investment scams that prey upon members of identifiable groups, such as religious or ethnic communities, the elderly, or professional groups. - The fraudsters who promote affinity scams frequently are - or pretend to be - members of the group. - Many affinity scams involve Ponzi or Pyramid scheme...

Which of the following is one of the main goals of law in the United States? To Provide Justice Which of the following statements is true regarding joint ventures? Joint venture arrangements are usually short-term relationships Which type of hotel security standard involves employing armed security guards in high-crime areas? Personnel Related When discussing the number of intermediaries in a channel of distribution, we are talking about channel? Lenght Why should businesses coordinate d...

Exclusive Distribution Situation where suppliers and distributors enter into an exclusive agreement that only allows the named distributor to sell a specific product. Electronic Data Interchange (EDI) Systems The electronic interchange of business information using a standardized format; a process which allows one company to send information to another company electronically rather than with paper. Trading Partners Business entities conducting business electronically. Streamline Make (an o...

Marketing the processes of communicating the value of and connecting a product or service to customers/clients/partners and society SWOT analysis A chart that businesses use to analyze and plan their companies by identifying their Strengths, Weaknesses, Opportunities, and Threats. Marketing Mix (4 P's of Marketing) Price, Place (distribution), Promotion, Product. These are parameters the marketer controls to best appeal to the target market. Overhead operating expenses of a business (excl...

Explain the concept of market and market identification. A market is a group of consumers who have a common interest, need or want of a given good or service. This group of consumers also must be able to purchase the product. Identifying a market is an important activity in marketing as products will not appeal to everyone. Marketers identify markets' common interests by classifying consumer's demographic, geographic and psychographic information. Examples of this information include age,...

Marketing The dynamic activities that focus on the customer to generate a profitable exchange The Goal of Marketing To meet customers' needs (goods and services you need) and wants (goods and services you do not need but would like to have) with products that customers can and will buy Dynamic constantly changing Customer an individual or group who buys products Target Market The specific group of customers whose needs a company will focus on satisfying The Four Ps of Marketing Product...