DECA Finance Exam||Latest Exam
Questions And Well Verified
Answers||Graded A+
debtor-creditor relationship -CORRECT ANSWERA debtor is someone who owes a
financial obligation (a "debt") to another, known as the creditor. Interest must be
charged.
affinity fraud -CORRECT ANSWER- 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 -CORRECT ANSWERthe 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) -CORRECT ANSWER-
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 -CORRECT ANSWEREconomic 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 -CORRECT ANSWERthe 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 -CORRECT ANSWERthe process of combining financial data
from several departments or business entities within an organization, usually for
reporting purposes.
, Data Mining -CORRECT ANSWER- 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 -CORRECT ANSWERSet 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 -CORRECT ANSWERa 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 -CORRECT ANSWERa user interface that, somewhat resembling an
automobile's dashboard, organizes and presents information in a way that is easy to
read.
Nearest Neighbor Method -CORRECT ANSWERa 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 -CORRECT ANSWERForecasting 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 -CORRECT ANSWERan agreement among limited liability
company members governing the LLC's business, and members' financial and
managerial rights and duties.
profit-loss statement -CORRECT ANSWERfinancial statement that summarizes the
revenues, costs and expenses incurred during a specific period of time
cost standard -CORRECT ANSWERthe 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 -CORRECT ANSWERa 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
Questions And Well Verified
Answers||Graded A+
debtor-creditor relationship -CORRECT ANSWERA debtor is someone who owes a
financial obligation (a "debt") to another, known as the creditor. Interest must be
charged.
affinity fraud -CORRECT ANSWER- 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 -CORRECT ANSWERthe 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) -CORRECT ANSWER-
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 -CORRECT ANSWEREconomic 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 -CORRECT ANSWERthe 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 -CORRECT ANSWERthe process of combining financial data
from several departments or business entities within an organization, usually for
reporting purposes.
, Data Mining -CORRECT ANSWER- 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 -CORRECT ANSWERSet 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 -CORRECT ANSWERa 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 -CORRECT ANSWERa user interface that, somewhat resembling an
automobile's dashboard, organizes and presents information in a way that is easy to
read.
Nearest Neighbor Method -CORRECT ANSWERa 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 -CORRECT ANSWERForecasting 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 -CORRECT ANSWERan agreement among limited liability
company members governing the LLC's business, and members' financial and
managerial rights and duties.
profit-loss statement -CORRECT ANSWERfinancial statement that summarizes the
revenues, costs and expenses incurred during a specific period of time
cost standard -CORRECT ANSWERthe 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 -CORRECT ANSWERa 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
