DECA CDC Marketing Test

Letter Of Application
A letter that lets employers know that a person is interested in a position, how the person heard about the position and supporting details as to why he/she should be hired.
Environmental Law
Includes state and federal statues that protect the environment, wildlife, land, water and prevent pollution.
Mentor
A person that serves as a source of information and inspiration to someone with less experience.
Land
Includes all the resources that are from the land, sea, or air. These are considered raw materials.
Capital
Include money, buildings or equipment that is used to run a business.
Dividends
The cash payment of profits from a corporation to its shareholders.
Cash Flow Statement
A monthly statement that shows when cash will go into and go out of a business.
Infrastructure
Refers to transportation, utilities and communication services that are necessary for a country to have for distribution of goods and services.
Variable Expenses
Business expenses that change based on the number of units that are produced are known as variable expenses.
Economic Responses
Also known as factors of production, include all the items that are used to produce goods and services.
Asset
All items that have cash value that are owned by the business are known as assets.
Government Bonds
A way for the government to borrow money from the people. Bonds have a set interest rate and maturity date.
Franchise
An agreement with a company to use their name and sell their products in a given area is known as a franchise.
Command Economy
In this economy the government controls all factors of production (resources) and makes all the economic decisions.
Equity
Refers to an individual’s value as a stockholder within a company.
Corporation
A legal entity that is owned by several people (stockholders) that have limited liability.
Net Sales
Total sales minus returns and allowances equal net sales.
Networking
A way for business people to meet others that are in business and build a list of contacts that can be used for future reference or projects.
Trade Association
A group or organization that serves the people in a given field.
Trade Journals
A publication that serves a specific industry.
Environmental Scan
Includes the analysis of outside sources that could impact the business environment. Factors that are analyzed include: political, economic, socio-cultural and technological.
Nonverbal Cues
A form of communication without using words. Nonverbal cues can include:
-eye contacts
-posture
-gestures
-facial expressions
-movements
Nonprice Competition
Occurs when a business focuses on factors other than price. These factors include: providing quality products, services and location.
Private Enterprise
Another term for a market economy, characterized by an individual’s right to:
-private property
-freedom of choice
-profit
-competition
Franchisor
The owner of the parent company that grants the rights to use their name and products is known as the franchisor.
Limited Partnership
A type of ownership where each limited partner is only liable for debt up to the amount they have invested in the business is known as a limited partnership.
Sole Proprietorship
A business that is owned by a single owner that provides the money and skill to run the business.
Economic Utilities
Refer to the concept of adding value to a products through form, place, time, possession and information.
Economic Services
Intangible items of monetary value. Examples of economic services include: haircut, shoe shine or house cleaning.
Subchapter S Corporation
A tax election that the owner may take to run their earnings and profits through to shareholders as earnings.
Project Plan
A written description that includes goals/objectives and how they will be achieved.
Income Statement
Statement of a business’s income and expenses over a period of time, such as one month or a year.
Human Resource Management
A way to manage the employees of a business. Human Resource Managers keep records on hiring/firing, training, evaluations and discipline of employees.
Ethics
Values and principles that guide decisions.
Scarcity
The economic term for limited resources.
Entrepreneurship
A field where a person provides the necessary skills, time and money to start a new business venture.
Economic Goods
Tangible items of monetary value. Examples include: pizza, sneakers and cars.