DECA Finance Exam 2023 with complete solution
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 schemes
phishing
the fraudulent practice of sending emails purporting to be from reputable companies in
order to induce individuals to reveal personal information, such as passwords and credit
card numbers.
Types of communication (up and downward and lateral)
- Upward: process of information flowing from the lower levels of a hierarchy to the
upper levels
- Downward: occurs when information and messages flow down through an
organization's formal chain of command or hierarchical structure. In other words,
messages and orders start at the upper levels of the organizational hierarchy and move
down toward the bottom levels.
- Lateral/Horizontal: the exchange, imparting or sharing of information, ideas or feeling
between people within a community, peer groups, departments or units of an
organization who are at or about the same hierarchical level as each other for the
purpose of coordinating activities, efforts or fulfilling a common purpose or goal.
economic resources
Economic resources are the goods or services available to individuals and businesses
used to produce valuable consumer products. Include land, labor, capital, and
entrepreneurship, also known as factors of production.
convergence ratio
the measure of a company's ability to meet its financial obligations. In broad terms, the
higher the coverage ratio, the better the ability of the enterprise to fulfill its obligations to
its lenders.
financial consolidation
the process of combining financial data from several departments or business entities
within an organization, usually for reporting purposes.
Data Mining
- the practice of examining large databases in order to generate new information. (the
process of automated extraction of hidden, previously unknown and potentially useful
information from large databases.)
- Includes artificial neutral networks, decision trees, dashboards, nearest-neighbor
method
Artificial Neutral Networks
, Set up in a similar way to neurons in our brain. We use a digital computer to run a
simulation of a bunch of heavily interconnected little mini-programs which stand in for
the neurons of our simulated neural network.
Decision Trees
a decision support tool that uses a tree-like graph or model of decisions and their
possible consequences, including chance event outcomes, resource costs, and utility. It
is one way to display an algorithm.
Dashboards
a user interface that, somewhat resembling an automobile's dashboard, organizes and
presents information in a way that is easy to read.
Nearest Neighbor Method
a prediction technique that is quite similar to clustering - its essence is that in order to
predict what a prediction value is in one record look for records with similar predictor
values in the historical database and use the prediction value from the record that it
"nearest" to the unclassified record.
Industry forecasting
Forecasting is the use of historic data to determine the direction of future trends.
Businesses utilize forecasting to determine how to allocate their budgets or plan for
anticipated expenses for an upcoming period of time. This is typically based on the
projected demand for the goods and services they offer.
operating agreement
an agreement among limited liability company members governing the LLC's business,
and members' financial and managerial rights and duties.
profit-loss statement
financial statement that summarizes the revenues, costs and expenses incurred during
a specific period of time
cost standard
the practice of substituting an expected cost for an actual cost in the accounting
records, and then periodically recording variances showing the difference between the
expected and actual costs. Used to save time
balanced scorecard
a strategic planning and management system that is used extensively in business and
industry, government, and nonprofit organizations worldwide to align business activities
to the vision and strategy of the organization, improve internal and external
communications, and monitor organization performance against strategic goals.
query
a question, especially one addressed to an official or organization, especially in order to
express one's doubts about it or to check its validity or accuracy. Includes select, data-
definition, crosstab, pass-through.
Select query
One of the easiest to use and can be used to select and display data from either one
table or a series of them depending on what is needed.
Data-definition query
does not retrieve data. Instead, a data-definition query uses Data Definition Language
to create, modify, or delete database objects.
Crosstab query
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 schemes
phishing
the fraudulent practice of sending emails purporting to be from reputable companies in
order to induce individuals to reveal personal information, such as passwords and credit
card numbers.
Types of communication (up and downward and lateral)
- Upward: process of information flowing from the lower levels of a hierarchy to the
upper levels
- Downward: occurs when information and messages flow down through an
organization's formal chain of command or hierarchical structure. In other words,
messages and orders start at the upper levels of the organizational hierarchy and move
down toward the bottom levels.
- Lateral/Horizontal: the exchange, imparting or sharing of information, ideas or feeling
between people within a community, peer groups, departments or units of an
organization who are at or about the same hierarchical level as each other for the
purpose of coordinating activities, efforts or fulfilling a common purpose or goal.
economic resources
Economic resources are the goods or services available to individuals and businesses
used to produce valuable consumer products. Include land, labor, capital, and
entrepreneurship, also known as factors of production.
convergence ratio
the measure of a company's ability to meet its financial obligations. In broad terms, the
higher the coverage ratio, the better the ability of the enterprise to fulfill its obligations to
its lenders.
financial consolidation
the process of combining financial data from several departments or business entities
within an organization, usually for reporting purposes.
Data Mining
- the practice of examining large databases in order to generate new information. (the
process of automated extraction of hidden, previously unknown and potentially useful
information from large databases.)
- Includes artificial neutral networks, decision trees, dashboards, nearest-neighbor
method
Artificial Neutral Networks
, Set up in a similar way to neurons in our brain. We use a digital computer to run a
simulation of a bunch of heavily interconnected little mini-programs which stand in for
the neurons of our simulated neural network.
Decision Trees
a decision support tool that uses a tree-like graph or model of decisions and their
possible consequences, including chance event outcomes, resource costs, and utility. It
is one way to display an algorithm.
Dashboards
a user interface that, somewhat resembling an automobile's dashboard, organizes and
presents information in a way that is easy to read.
Nearest Neighbor Method
a prediction technique that is quite similar to clustering - its essence is that in order to
predict what a prediction value is in one record look for records with similar predictor
values in the historical database and use the prediction value from the record that it
"nearest" to the unclassified record.
Industry forecasting
Forecasting is the use of historic data to determine the direction of future trends.
Businesses utilize forecasting to determine how to allocate their budgets or plan for
anticipated expenses for an upcoming period of time. This is typically based on the
projected demand for the goods and services they offer.
operating agreement
an agreement among limited liability company members governing the LLC's business,
and members' financial and managerial rights and duties.
profit-loss statement
financial statement that summarizes the revenues, costs and expenses incurred during
a specific period of time
cost standard
the practice of substituting an expected cost for an actual cost in the accounting
records, and then periodically recording variances showing the difference between the
expected and actual costs. Used to save time
balanced scorecard
a strategic planning and management system that is used extensively in business and
industry, government, and nonprofit organizations worldwide to align business activities
to the vision and strategy of the organization, improve internal and external
communications, and monitor organization performance against strategic goals.
query
a question, especially one addressed to an official or organization, especially in order to
express one's doubts about it or to check its validity or accuracy. Includes select, data-
definition, crosstab, pass-through.
Select query
One of the easiest to use and can be used to select and display data from either one
table or a series of them depending on what is needed.
Data-definition query
does not retrieve data. Instead, a data-definition query uses Data Definition Language
to create, modify, or delete database objects.
Crosstab query
