DECA Principles of Business Administration Terms

Affirmations
Positive statements about present of desired (personality/skill) strengths. (30)
Agency Spot-Ad
Used by private employment agencies to advertise job opportunities at the agency. They do not identify the specific employer. (92)
Appreciative Inquiry
A Problem-solving method that requires you to think positively about the problem. (86)
Attitude
The way a person looks at life. (91)
Authoritarian Management
Exercises a high degree of control over employees, and such managers tend to see themselves as the sole source of authority. (50)
Balance Sheet
Shows assets, liabilities, and net worth. (53)
Bank Statements
Show the types of accounts and account balances of customers. (53)
Blind Ads
Ads that do not contain the name, address, or phone number of the employer. (92)
Brainstorming
The most useful problem-solving method when more than one person is involved. In a brainstorming session, members throw out ideas and possible solutions to the problem. (86)
Browser
A type of software that allows a computer to search, find, access, and view information on the internet. (63)
Budget Credit Plan
A short-term credit plan, usually for 2-3 months. (51)
Business Policy
A general rule or guideline for all employees to follow in making decisions about situations that occur often. They provide direction and tell managers, employees, and customers what is expected of them. (15)
Capital
Refers to the assets of a business. (23)
Capital Goods
Limited by availability of labor.
Cash-Flow Analysis
A financial analysis which predicts whether the cash generated by a business can cover the business’s expenses. (75)
Catch-Type Ads
Are used to attract the attention of job seekers by promoting high salaries without providing specific details about the nature of the job or its requirements. Large, bold type is often use to catch the reader’s’ attention. (92)
Closed-Circuit Television
A system that can be set up to monitor vulnerable areas of the business, such a storage areas, and areas near entrances and exits. (77)
Communication
The exchange of ideas and information. Signals, gestures, and printed materials may be involved in communication. (3)
Competition
The rivalry between two or more business to attract scarce customer dollars. (27)
Constructive Criticism
Evaluative information designed to help you improve. (41)
Corporation
Form of business ownership in which the business is owned by stockholders who have purchased shares of stock. (1)
Coupon Credit Plan
An account in which customers are issued coupons to be paid for over a period of time and to be used by customers in making purchases. (51)
Copyright
The legal protection of books and other artistic works granted by the government and giving their creators sole rights to them for a certain period of years. (63)
Cultural Trend
The direction of change in people’s beliefs, behavior patterns, and attitudes. (15)
Customer Complaints
Product, Personnel, and the Business. (17)
Customer Orientation
Finding out what customers want and then providing it.
Database
Database software allows companies to collect, store, and organize customer information. The information can be used to maintain, analyze, and combine customer information in order to send certain messages to specific customers. (68)
Demand
Refers to the amount of goods and services that consumers are willing and able to purchase at a particular period of time. (23)
Democratic Management
Management built around mutual respect between employees and the manager, which allows workers to have a say in the operation of an organization. (50)
Distribution
Involves moving, storing, locating, and/or transferring ownership of goods and services. (46)
Dividends
The money that businesses must pay to stockholders. (29)
Economic Wants
Wants that require spending money. (19)
Empathy
the ability to understand and share the feelings of another. (44)
Ethics
The basic principles that govern your behavior. (91)
External Communication
From the company to the outside or the reverse. (9)
Flowchart
A textual (words and numbers) graphic used in business reports. Represents the sequence of activities in a process. (7)
Form Utility
Involves altering the shape of a product to make it more useful to customers. (22)
Franchise
A contractual agreement between a parent company and a franchisee to distribute goods and services (1)
Horizontal Communication (Lateral Interaction)
Communication between two employees with the same level of authority. (9)
Human Resources
The people who work to produce goods and services. (15)
Human Resources Management
The management process of an organization’s workforce, or human resources. It is responsible for the attraction, selection, training, assessment, and rewarding of employees, while also overseeing organizational leadership and culture and ensuring compliance with employment and labor laws. (15)
Income
Money made in a business before expenses. A business must make more money than it spends in order to make a profit. (28)
Income Statement
A financial summary that shows how much money a business has made or lost. Also called a profit-and-loss statement. (53)
Integrated Software
Applications that allow businesses to manage all aspects of the operation, including planning, sales, marketing, etc. (70)
Interest
Income from savings or investments. (28)
Intermittent Production Process
A process that periodically stops producing products and then restarts. (83)
Internal Data
Available within the business, such as in purchase orders, invoices, sales receipts, inventory reports, etc. The info contained in these records is specific to the company and reflects how the company operates. (72)
Interpersonal Relationships
The ways you interact with others. (41)
Inventory
Shows the amount of inventory on hand and on order.
Laissez-Faire
The kind of management usually appropriate in a creative environment. These managers encourage independence and initiative and provide only general guidance. (50)
Management
The process of coordinating resources in order to accomplish an organization’s goals. (46)
Manufacturer
Turns raw goods into useful products. Purchase raw goods from their producers and sell finished products. (25)
Marketing-Information Management
This function involves the gathering, accessing, synthesizing, evaluating, and disseminating of marketing function. (57)
Non-Economic Wants
Wants that do not require spending money. (19)
Nonverbal Assertiveness
Assertive behavior that does not involve words. It is demonstrated in such forms of body language as facial expression, posture, eye contact, and physical distance. (81)
Nonverbal Communication
Transmitting information through facial expression and body language. (45)
Not-For-Profit Organization
A business whose goal is to make just enough money to support its existence.
Notes
Take notes because information gathered will be needed later. (6)
Open Ad
From an open ad, applicants know job requirements, the employer’s identity, and the procedure for applying for the job opening. (92)
Open Credit Plan
An open credit account is a regular credit plan that requires payment in full at the end of each credit period. (51)
Partnership
Form of business ownership in which the business is owned by 2 or more persons. Cannot sell stock. (1)
Place Utility
Occurs when products are available where they are needed or wanted. (22)
Possession Utility
Is created when the ownership of a product transfers from the seller to the user. (22)
Prejudice
Opinion or judgment that is based on feeling or hearsay, rather than on fact; prejudge. (44)
Presentation Software
Programs that give the user the capability of presenting information by combining graphics, text, animation, photographs, and sound. Can be used to create slide programs, overhead transparencies, multimedia presentations, etc. (67)
Pricing Function
Involves determining and adjusting prices to maximize return and meet customers’ perceptions of value. (57)
Private Enterprise
Economic system that allows individuals to pursue their own interests without undue governmental restriction
Product/Service Management
This function involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities. (57)
Profits
The monetary reward that an owner receives for taking the risk involved in investing a business. (28)
Promotion
Used to create consumer awareness. (46)
Rebate
Type of price competition that lowers the price of a product. (30)
Remedial Action
A supervisory tool used to obtain desirable workplace behavior form employees by shaping or correcting employee behavior and attitudes. (75)
Resumé
An organized presentation of the most basic facts about a job applicant’s work and school history. It is intended to show how s/he is qualified for the job. (96)
Revolving Credit Plan
An account that limits the total amount of money that may be owed.
Revolving credit customers who do not pay the full amount each month are charged interest on the unpaid balance. (51)
Risk Management
A business function which involves the planning, controlling, preventing, and procedures used by management to limit business losses. (75)
Sales Talk
The words used by a salesperson in a sales presentation to describe the product’s features and the customer’s benefits. (15)
Seniority
Refers to the length of time an individual has been employed by a business. (99)
Server
A computer that provides service to another computer. (63)
Seven-Step Method
The method involves answering seven “what”
questions: 1. The Facts? 2. The Ethical Issues? 3. The Alternatives? 4. The Stakeholders? 5. The Ethics of the Alternatives? 6. The Practical Constraints? 7. Actions to Take?
Software
A creative work that is covered by copyright laws. Instructs computers to perform specific operations. These various types of software are important to components of computer systems because they allow computers to do the work that businesses want them to. (63)
Spreadsheet
Software programs that are designed to organize, calculate, and analyze mathematical or numerical information. (69)
Supply
Refers to the amount of goods that a seller is willing and able to offer for sale at a specified price in a given time period. (23)
Surplus
Refers to the excess goods remaining after demand has been met. (23)
Sympathy
The ability to recognize another’s feelings or feeling sorry for someone who has a problem or who has suffered misfortune. (44)
System Tools
Used to maintain the computer. (83)
Tact
The ability to say or do the right thing at any given time. (44)
Types of Ads
Agency Spot Ads, Blind Ads, Catch-Type Ads, and Open Ads. (92)
Unlimited Liability
Business owners are responsible for paying all business debts. (1)
Vertical Communication
Communication between higher and lower authorities. ex. Manager to employee etc. (9)
Virus
Programs designed to disrupt computer operations. Often have the ability to destroy information or shut down a business’s computer system. Can be countered by virus detection programs. (79)
Departmental Communication
Communication that occurs within the boundaries of one department. (9)