Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
89 Cards in this Set
- Front
- Back
|
The upper limit to the amount that can be charged for a specific good or service? |
Price ceiling |
|
|
A good or service that is necessary for the well being of a person or an organization is a |
Need |
|
|
People in an organization that make decisions and interpret policies are called? |
Management |
|
|
The amount of money charged for the use of borrowed money or credit? |
Interest |
|
|
What term means all of the following: planning , designing, selling, promoting, and service of products? |
Marketing |
|
|
What type of business is owned by the stockholders? |
Corporation |
|
|
When students participate in skill development activities while working as an employee, they are receiving what kind of training? |
Co-op Training |
|
|
What do you call the costs or fees including interest that are involved in a credit transaction? |
Finance Charges |
|
|
In reference to computers, what do the letters CPU stand for? |
Central Processing Unit |
|
|
What economic system allows the means for production and distribution to be privately owned? |
Capitalism/ Free Enterprise |
|
|
What do you call a statement that is attached to a product giving information about its contents? |
Label |
|
|
Pilferage is another name for? |
Employee Theft |
|
|
An actual count of the merchandise in stock is called? |
Physical inventory |
|
|
A salesperson who meets the customers face to face and persuades them to buy, is involved in what type of selling? |
Personal Selling |
|
|
The person to whom a check is written is called the? |
Payee |
|
|
When 2 or more people operate a business and share the profits and losses, they own what type of business? |
Partnership |
|
|
Hours worked over the regular 40 hr work week is called? |
Overtime |
|
|
Name the diagram that shows the positions, responsibilities, and reporting lines of personnel in a business. |
Organization Chart |
|
|
What is the term that means, "let the buyer beware" |
Cavet Empetor |
|
|
Name the person who buys merchandise that a retail store carries in stock for the customers. |
Buyer |
|
|
What do you call a monthly report issued by a bank showing deposits made, checks written and other info? |
Bank Statement |
|
|
Name the organization that is supported by businesses and has the purpose of improving local business practices? |
Better Business Bureau |
|
|
When an individual or business has debts that are greater than their assets and cannot be paid, they are in a state of? |
Bankruptcy |
|
|
A report that tells the financial status of a business. |
Balance sheet |
|
|
A system of a recording that shows a retailer the goods he has on hand, the items he has sold, and their value? |
Inventory Control |
|
|
The arrangement of the advertisement copy and art on the printed page |
Layout |
|
|
An advertisement that shows and describes several related items is called what? |
Group Advertisement |
|
|
A store that is owned and managed by a manufacturer primarily to sell the products that it produces? |
Manufacturer Owned Chain |
|
|
A retail system under which a supplier gives a retailer the right to use the company's name in a specified location to sell certain goods and services? |
Franchising |
|
|
An exchange of information between 2 or more people is called what? |
Communication |
|
|
Research attempting to measure the effectiveness of an advertisement after it has appeared in various media? |
Post testing |
|
|
Research attempting to measure the effectiveness of an advertisement before it is printed or broadcasted is called ? |
Pretesting |
|
|
Legal or official permission, required by many communities, to operate or run a business? |
Business License |
|
|
A used item that a customer gives to the retailer as a partial payment of the price of a new item? |
Trade-in |
|
|
The advantages of a product that are not immediately obvious to the customer? |
Hidden benefits |
|
|
The geographic area from which a store draws its customers? |
Trading area |
|
|
A sale that the retailer uses to remove leftover items from the selling floor? |
Clearance Sale |
|
|
A system by which assortments of similar merchandise are offered at the same prices, for example, $100, $150, $200 suits? |
Price lines |
|
|
A item that is actually sold, on purpose, for less than its cost to the store, is being used as a ? |
Loss Leader |
|
|
A projection in dollars of sales goals for a department, a merchandise line, or an entire store is called what? |
Merchandise plan or sales budget |
|
|
What has a store done when it has more goods in stock and on order than the demand requires for a given period? |
Over bought |
|
|
Goods that are the basic stock in a store and should always be kept on hand are called? |
Staple merchandise |
|
|
Products that carry the label of the retailer who sells them rather than the manufacturer's brand name are called what? |
Private brands |
|
|
A written record completed by the salesperson that shows a customer's request for a merchandise that is not found in stock is called? |
Want slip OR rain check |
|
|
you have limited liability when you invent in this type of business |
Corporation |
|
|
The opposite of exports is? |
Imports |
|
|
When goods and services are purchased from the U.S. by foreign buyers it is called? |
Exports |
|
|
Name the person who buys and does business with a particular store? |
Customer |
|
|
When would you call a person who assumes the responsibility and the risk for starting and operating a business? |
Entrepeneur |
|
|
What word expresses the continuous striving of a business to gain larger shares of their respective markets? |
Competition |
|
|
When the customer has on X amount of dollars to spend, is referred to as? |
Buying power |
|
|
Money that is spent to produce a product results in what type of cost? |
Production cost |
|
|
A rivalry between 2 or more businesses to obtain customers is called? |
Competition |
|
|
What is the process of moving, handing, and storing items in route from producer to the consumer? |
Distribution |
|
|
When taking control of a product it becomes what type of utility? |
Possession utility |
|
|
Making goods and serves available at the location where they are needed is what type of utility? |
Place utility |
|
|
what utility involves altering or changing the form or shape of a product in order to make it more useful? |
Form utility |
|
|
What do we call activities that do not relate to the exchange of products of monetary value? |
Non-economic activities |
|
|
Name the resource that is provided by nature. |
Natural |
|
|
What are the first 3 words in making a motion? |
"I move that..." |
|
|
What is it called when you add or delete words pertaining to a motion? |
Amendments |
|
|
When the chairperson refers members to certain assignments to carry out, what is this group called? |
Committee |
|
|
What parliamentary term is used to postpone a motion? |
Table |
|
|
What does it mean to lay a motion on the table? |
To send it to the committee |
|
|
what is a quorum? |
# of members need to conduct business |
|
|
How do you close a meeting? |
Motion to adjurn |
|
|
Name 4/5 divisions of DECA |
Highschool, alumni, collegiate, delta epsilon chi, professional |
|
|
What is a chapter? |
a local DECA unit |
|
|
What is the merit awards program? |
an individualized learning and recognition program |
|
|
What do the 4 points of the DECA diamond stand for? |
Vocational understanding Social intelligence civic consciousness leadership development |
|
|
What is the national magazine published by DECA called? |
New Dimensions |
|
|
Do any foreign countries belong to DECA |
Yes |
|
|
Where is the National DECA center located? |
Reston, Virginia |
|
|
What does the gift in the middle of the DECA diamond stand for? |
A job well done |
|
|
One who manages is called what? |
Manager |
|
|
A union security agreement which doesn't require employees to join the union or pay dues is called an..? |
Open shop |
|
|
Persons relying on each other in order to accomplish something is called? |
Interdependency |
|
|
A house is defined as what type of good? |
Durable |
|
|
The transfer of money for a service rendered is an example of what? |
Exchange |
|
|
Agreements between 2 or more people stating that one party is to do something provided by another party is called? |
Contractual agreements |
|
|
A union strategy in which employees stay on the job but refuse to work? |
Sit-down strike |
|
|
When a producer sells to an intermediary, the intermediary is a ? |
Whole saler |
|
|
The quality and quantity of the goods/services that people own and use is a measurement of? |
Standard of living |
|
|
What is the part of the marketing process where the company determined what foods or services will be produced and sold? |
Planning |
|
|
A product or service that satisfies a customer's wants and need has? |
Utility |
|
|
Those risks that may result in a loss, no change, or a gain are known as? |
Non-insurable risks |
|
|
Marketing is the connecting link or bridge between producers and...... |
consumers |
|
|
What are the 4 roles of marketing? |
Plan Price Promote Place |
|
|
Since marketers must compete among themselves to attract customers for their products, their 1st objective is to satisfy the consumer's.........? |
wants and needs |
