Hospitality Exam 1023 DECA With Questions
And Answers
sole proprietorship
form of business ownership in which the business is only owned by one person, and that person
receives any profits made by the business
merger
absorption of one company by another company
partnership
owned by two or more people and the profits are split between them
corporation
owned by people who own stock in the business and split the profits
channels of distribution
a chain of businesses or intermediaries through which a good or service passes until it reaches the
end consumer. It can include wholesalers, retailers, distributors and even the internet itself
A collection letter is ______________________, and is
_____________________________________________.
persuasive; Written notification of the pending amounts, meant to prod past-due customers to make
a payment
A business performs "out of the ordinary" way when it _______________________.
performs outsourcing or when it offers virtual services.
finance company
a business that purchases borrower's contracts from sellers and receives the borrower's payments.
credit union
a financial cooperative set up to provide savings and credit services to its members; usually operates
within a business or labor union
savings and loan association
a financial institution that offers savings accounts and makes loans to borrowers; most loans are for
real estate purchases
commercial bank
full-service banks offering a variety of banking services, including checking and savings accounts,
secured and unsecured loans, installment credit, and bank credit cards
customer-service mindset
an outlook that focuses on creating customer value, loyalty and trust; ex. treating the customer as
always right
, office memorandum
written internal communication means for exchanging information relating to day-to-day functions
within the organizations
reconciling a bank statement is ___________.
the process of determining any differences between the bank statement balance and the checkbook
balance
financial planning
an ongoing process to help you make sensible decisions about money that can help you achieve your
goals in life; it's not just about buying products like a pension or an ISA
on-boarding activity
also known as organizational socialization, refers to the mechanism through which new employees
acquire the necessary knowledge, skills, and behaviors to become effective organizational members
and insiders
amount of satisfaction
how satisfied a customer is for a product/service
net profit
money left over after paying all the expenses of an endeavor
whole life insurance
life insurance that pays a benefit on the death of the insured and also accumulates a cash value
product marketing
process of promoting and selling a product to an audience
service marketing
promotion of economic activities offered by a business to its clients; process of selling
telecommunications, health treatment, financial, hospitality, car rental, air travel, and professional
services
A non- probability sample
is useful when the sample does not need to be representative of the whole population.
Process innovation
occurs when a business changes how something is done. If a restaurant chef changes the way steaks
are prepared, this is considered ------- innovation because the cooking process has changed.
Product innovation
occurs when a business either creates or improves a product.
And Answers
sole proprietorship
form of business ownership in which the business is only owned by one person, and that person
receives any profits made by the business
merger
absorption of one company by another company
partnership
owned by two or more people and the profits are split between them
corporation
owned by people who own stock in the business and split the profits
channels of distribution
a chain of businesses or intermediaries through which a good or service passes until it reaches the
end consumer. It can include wholesalers, retailers, distributors and even the internet itself
A collection letter is ______________________, and is
_____________________________________________.
persuasive; Written notification of the pending amounts, meant to prod past-due customers to make
a payment
A business performs "out of the ordinary" way when it _______________________.
performs outsourcing or when it offers virtual services.
finance company
a business that purchases borrower's contracts from sellers and receives the borrower's payments.
credit union
a financial cooperative set up to provide savings and credit services to its members; usually operates
within a business or labor union
savings and loan association
a financial institution that offers savings accounts and makes loans to borrowers; most loans are for
real estate purchases
commercial bank
full-service banks offering a variety of banking services, including checking and savings accounts,
secured and unsecured loans, installment credit, and bank credit cards
customer-service mindset
an outlook that focuses on creating customer value, loyalty and trust; ex. treating the customer as
always right
, office memorandum
written internal communication means for exchanging information relating to day-to-day functions
within the organizations
reconciling a bank statement is ___________.
the process of determining any differences between the bank statement balance and the checkbook
balance
financial planning
an ongoing process to help you make sensible decisions about money that can help you achieve your
goals in life; it's not just about buying products like a pension or an ISA
on-boarding activity
also known as organizational socialization, refers to the mechanism through which new employees
acquire the necessary knowledge, skills, and behaviors to become effective organizational members
and insiders
amount of satisfaction
how satisfied a customer is for a product/service
net profit
money left over after paying all the expenses of an endeavor
whole life insurance
life insurance that pays a benefit on the death of the insured and also accumulates a cash value
product marketing
process of promoting and selling a product to an audience
service marketing
promotion of economic activities offered by a business to its clients; process of selling
telecommunications, health treatment, financial, hospitality, car rental, air travel, and professional
services
A non- probability sample
is useful when the sample does not need to be representative of the whole population.
Process innovation
occurs when a business changes how something is done. If a restaurant chef changes the way steaks
are prepared, this is considered ------- innovation because the cooking process has changed.
Product innovation
occurs when a business either creates or improves a product.
