Deca Entrepreneurship Exam 2023 with complete solution
Sovereign Community
A legal concept stating that the courts in a country represent the country's laws, and
their decisions cannot be reversed by the decision of courts in other countries.
Legal concept that affects foreign countries
Eminent Domain
the right of a government or its agent to take away private property for public use, with
payment of compensation.
Absolute privilege
An absolute defense to an otherwise defamatory statement because of the venue or
context in which the statement was made.
Social Responsibility
An organization or individual has an obligation to act for the benefit of society at large.
Infringement
The action of breaking the terms of a law, agreement, etc.
Defamation
A statement that injures a third party's reputation.
National Labor Relations Act
to protect the rights of employees and employers, to encourage collective bargaining,
and to lessen certain private sector labor and management practices
Vocational Rehabilitation Act
Was put in place to correct the problem of discrimination against people with disabilities
in the United States.
Fair Labour Standards Act
A law that creates the right to a minimum wage, and "time-and-a-half" overtime pay
when people work over forty hours a week.
Americans with Disabilities Act
A civil rights law that prohibits discrimination based on disability.
Does not allow employers to ask employees about potential medical history.
Consolidation
joining of two or more companies to form a new company
General Partnership
designed to combine capital, experience,
and the abilities of two or more people
Limited Partnership
permits a partner to invest in a business but have limited
liability and responsibility
Open Corporation
sells millions of shares of stock to many
stockholders
Intermediaries
Put buyers and sellers together without taking ownership of the product, service or
property. They act as go-betweens.
, Wholesalers
an intermediary who helps to move goods between producers and retailers by buying
goods from producers and selling them to retailers
Industrial user
A business that buys materials, services, or goods which it will use to make other goods
indirect agent
intermediaries who assist in the sale and/or promotion of goods and services but do not
take title to them
acquisition
Taking ownership of another business. Frequently used in conjunction with the word
merger, as in mergers and acquisitions or M&As.
Strategic planning
is long-range planning (three to five years)
for the company as a whole
Tactical planning
is short-range planning (one year)
of specific actions the business will take
. Systematic planning
involves using a set of procedures to plan activities
Environmental planning
focuses on establishing goals and activities that affect the natural environment.
SWOT Analysis
describes
the business (or business owner's) strengths, weaknesses, opportunities, and threats
business plan
is a detailed document that serves as a blueprint or guide for developing the business.
promotional
plan
is the framework for the business's promotional activities
corporate philosophy
is often
documented and provides details about the business's core values and its mission.
Outsourcing
is acquiring assistance from individual consultants or outside
organizations to obtain goods and services to perform primary business activities.
cash flow statements
Businesspeople prepare ___________ to estimate when, where, and how much
money will flow into and out of a business during a certain period of time
collateral
security for repayment of a loan
Financial accounting
focuses on capturing, maintaining, preparing, and reporting financial information to
external audiences. Examples of this include preparing tax data for the government and
developing the annual report for the business's stakeholders.
annual report
Sovereign Community
A legal concept stating that the courts in a country represent the country's laws, and
their decisions cannot be reversed by the decision of courts in other countries.
Legal concept that affects foreign countries
Eminent Domain
the right of a government or its agent to take away private property for public use, with
payment of compensation.
Absolute privilege
An absolute defense to an otherwise defamatory statement because of the venue or
context in which the statement was made.
Social Responsibility
An organization or individual has an obligation to act for the benefit of society at large.
Infringement
The action of breaking the terms of a law, agreement, etc.
Defamation
A statement that injures a third party's reputation.
National Labor Relations Act
to protect the rights of employees and employers, to encourage collective bargaining,
and to lessen certain private sector labor and management practices
Vocational Rehabilitation Act
Was put in place to correct the problem of discrimination against people with disabilities
in the United States.
Fair Labour Standards Act
A law that creates the right to a minimum wage, and "time-and-a-half" overtime pay
when people work over forty hours a week.
Americans with Disabilities Act
A civil rights law that prohibits discrimination based on disability.
Does not allow employers to ask employees about potential medical history.
Consolidation
joining of two or more companies to form a new company
General Partnership
designed to combine capital, experience,
and the abilities of two or more people
Limited Partnership
permits a partner to invest in a business but have limited
liability and responsibility
Open Corporation
sells millions of shares of stock to many
stockholders
Intermediaries
Put buyers and sellers together without taking ownership of the product, service or
property. They act as go-betweens.
, Wholesalers
an intermediary who helps to move goods between producers and retailers by buying
goods from producers and selling them to retailers
Industrial user
A business that buys materials, services, or goods which it will use to make other goods
indirect agent
intermediaries who assist in the sale and/or promotion of goods and services but do not
take title to them
acquisition
Taking ownership of another business. Frequently used in conjunction with the word
merger, as in mergers and acquisitions or M&As.
Strategic planning
is long-range planning (three to five years)
for the company as a whole
Tactical planning
is short-range planning (one year)
of specific actions the business will take
. Systematic planning
involves using a set of procedures to plan activities
Environmental planning
focuses on establishing goals and activities that affect the natural environment.
SWOT Analysis
describes
the business (or business owner's) strengths, weaknesses, opportunities, and threats
business plan
is a detailed document that serves as a blueprint or guide for developing the business.
promotional
plan
is the framework for the business's promotional activities
corporate philosophy
is often
documented and provides details about the business's core values and its mission.
Outsourcing
is acquiring assistance from individual consultants or outside
organizations to obtain goods and services to perform primary business activities.
cash flow statements
Businesspeople prepare ___________ to estimate when, where, and how much
money will flow into and out of a business during a certain period of time
collateral
security for repayment of a loan
Financial accounting
focuses on capturing, maintaining, preparing, and reporting financial information to
external audiences. Examples of this include preparing tax data for the government and
developing the annual report for the business's stakeholders.
annual report
