BLTDM DECA Exam UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Express Authority - CORRECT ANSWER the authority of an agent, stated in the document or
agreement creating the agency
Effects of environmental law - CORRECT ANSWER increase operating costs
Licensing Arrangement - CORRECT ANSWER business structure that requires the
Authorization or permission from an owner to another entity to use trademarked, copyrighted (e.g.,
logo,
Name), or patented material for a specific activity, during a specific time period, for the profit of both
Parties.
Partnership - CORRECT ANSWER A partnership is a business owned by
Two or more people.
Sole Proprietorship - CORRECT ANSWER only one person owns
And manages the business.
Depression - CORRECT ANSWER consumers often choose to save their incomes due to
Uncertainty about the future. Many of them also lose their jobs, so there is more incentive to save than
to
Spend.
Customer complaints and returns can increase the business's costs by - CORRECT
ANSWER Increasing interest payments.
A natural resource that can be renewed through people's efforts: - CORRECT ANSWER tree
A limit to economic freedom in a private enterprise system: - CORRECT ANSWER personal
choices
, Economic expansion, - CORRECT ANSWER consumers spend more and save less because
they are
Optimistic about the future.
Recession - CORRECT ANSWER consumers are inclined to save more
And spend less; however, it is for a shorter time period than an economic depression
Recovery - CORRECT ANSWER consumers begin to spend again because there is optimism
about the future o
Absolute advantage - CORRECT ANSWER the ability of an individual, a firm, or a country to
produce more of a good or service than competitors, using the same amount of resources
International interdependence - CORRECT ANSWER the reliance of one country on another
for various economic goods and services.
Comparative advantage - CORRECT ANSWER refers to the benefit a country obtains from
specializing in and producing goods and services at which it is
Relatively most efficient.
. People need to learn how to adjust to change because - CORRECT ANSWER only constant in
life
A standing committee - CORRECT ANSWER is one whose work continues over a long period
of time. A committee
Whose members are expected to serve for three years would be considered a standing committee.
Ad-hoc committee - CORRECT ANSWER temporary committee that deals with a specific or
unexpected issue. A multifunctional committee may deal with a variety of issues.
Credit - CORRECT ANSWER - are not cheap ways to borrow money
- not good for extended time
QUESTIONS AND CORRECT ANSWERS
Express Authority - CORRECT ANSWER the authority of an agent, stated in the document or
agreement creating the agency
Effects of environmental law - CORRECT ANSWER increase operating costs
Licensing Arrangement - CORRECT ANSWER business structure that requires the
Authorization or permission from an owner to another entity to use trademarked, copyrighted (e.g.,
logo,
Name), or patented material for a specific activity, during a specific time period, for the profit of both
Parties.
Partnership - CORRECT ANSWER A partnership is a business owned by
Two or more people.
Sole Proprietorship - CORRECT ANSWER only one person owns
And manages the business.
Depression - CORRECT ANSWER consumers often choose to save their incomes due to
Uncertainty about the future. Many of them also lose their jobs, so there is more incentive to save than
to
Spend.
Customer complaints and returns can increase the business's costs by - CORRECT
ANSWER Increasing interest payments.
A natural resource that can be renewed through people's efforts: - CORRECT ANSWER tree
A limit to economic freedom in a private enterprise system: - CORRECT ANSWER personal
choices
, Economic expansion, - CORRECT ANSWER consumers spend more and save less because
they are
Optimistic about the future.
Recession - CORRECT ANSWER consumers are inclined to save more
And spend less; however, it is for a shorter time period than an economic depression
Recovery - CORRECT ANSWER consumers begin to spend again because there is optimism
about the future o
Absolute advantage - CORRECT ANSWER the ability of an individual, a firm, or a country to
produce more of a good or service than competitors, using the same amount of resources
International interdependence - CORRECT ANSWER the reliance of one country on another
for various economic goods and services.
Comparative advantage - CORRECT ANSWER refers to the benefit a country obtains from
specializing in and producing goods and services at which it is
Relatively most efficient.
. People need to learn how to adjust to change because - CORRECT ANSWER only constant in
life
A standing committee - CORRECT ANSWER is one whose work continues over a long period
of time. A committee
Whose members are expected to serve for three years would be considered a standing committee.
Ad-hoc committee - CORRECT ANSWER temporary committee that deals with a specific or
unexpected issue. A multifunctional committee may deal with a variety of issues.
Credit - CORRECT ANSWER - are not cheap ways to borrow money
- not good for extended time
