Deca Entrepreneurship Exam
Sovereign Community -CORRECT ANSWER 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 -CORRECT ANSWER the right of a government or its agent to take
away private property for public use, with payment of compensation.
Absolute privilege -CORRECT ANSWER An absolute defense to an otherwise
defamatory statement because of the venue or context in which the statement was
made.
Social Responsibility -CORRECT ANSWER An organization or individual has an
obligation to act for the benefit of society at large.
Infringement -CORRECT ANSWER The action of breaking the terms of a law,
agreement, etc.
Defamation -CORRECT ANSWER A statement that injures a third party's reputation.
National Labor Relations Act -CORRECT ANSWER 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 -CORRECT ANSWER Was put in place to correct the
problem of discrimination against people with disabilities in the United States.
Fair Labour Standards Act -CORRECT ANSWER 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 -CORRECT ANSWER A civil rights law that prohibits
discrimination based on disability.
Does not allow employers to ask employees about potential medical history.
Consolidation -CORRECT ANSWER joining of two or more companies to form a new
company
General Partnership -CORRECT ANSWER designed to combine capital, experience,
and the abilities of two or more people
, Limited Partnership -CORRECT ANSWER permits a partner to invest in a business but
have limited
liability and responsibility
Open Corporation -CORRECT ANSWER sells millions of shares of stock to many
stockholders
Intermediaries -CORRECT ANSWER Put buyers and sellers together without taking
ownership of the product, service or property. They act as go-betweens.
Wholesalers -CORRECT ANSWER an intermediary who helps to move goods between
producers and retailers by buying goods from producers and selling them to retailers
Industrial user -CORRECT ANSWER A business that buys materials, services, or
goods which it will use to make other goods
indirect agent -CORRECT ANSWER intermediaries who assist in the sale and/or
promotion of goods and services but do not take title to them
acquisition -CORRECT ANSWER Taking ownership of another business. Frequently
used in conjunction with the word merger, as in mergers and acquisitions or M&As.
Strategic planning -CORRECT ANSWER is long-range planning (three to five years)
for the company as a whole
Tactical planning -CORRECT ANSWER is short-range planning (one year)
of specific actions the business will take
. Systematic planning -CORRECT ANSWER involves using a set of procedures to plan
activities
Environmental planning -CORRECT ANSWER focuses on establishing goals and
activities that affect the natural environment.
SWOT Analysis -CORRECT ANSWER describes
the business (or business owner's) strengths, weaknesses, opportunities, and threats
business plan -CORRECT ANSWER is a detailed document that serves as a blueprint
or guide for developing the business.
promotional
plan -CORRECT ANSWER is the framework for the business's promotional activities
corporate philosophy -CORRECT ANSWER is often
documented and provides details about the business's core values and its mission.
Sovereign Community -CORRECT ANSWER 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 -CORRECT ANSWER the right of a government or its agent to take
away private property for public use, with payment of compensation.
Absolute privilege -CORRECT ANSWER An absolute defense to an otherwise
defamatory statement because of the venue or context in which the statement was
made.
Social Responsibility -CORRECT ANSWER An organization or individual has an
obligation to act for the benefit of society at large.
Infringement -CORRECT ANSWER The action of breaking the terms of a law,
agreement, etc.
Defamation -CORRECT ANSWER A statement that injures a third party's reputation.
National Labor Relations Act -CORRECT ANSWER 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 -CORRECT ANSWER Was put in place to correct the
problem of discrimination against people with disabilities in the United States.
Fair Labour Standards Act -CORRECT ANSWER 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 -CORRECT ANSWER A civil rights law that prohibits
discrimination based on disability.
Does not allow employers to ask employees about potential medical history.
Consolidation -CORRECT ANSWER joining of two or more companies to form a new
company
General Partnership -CORRECT ANSWER designed to combine capital, experience,
and the abilities of two or more people
, Limited Partnership -CORRECT ANSWER permits a partner to invest in a business but
have limited
liability and responsibility
Open Corporation -CORRECT ANSWER sells millions of shares of stock to many
stockholders
Intermediaries -CORRECT ANSWER Put buyers and sellers together without taking
ownership of the product, service or property. They act as go-betweens.
Wholesalers -CORRECT ANSWER an intermediary who helps to move goods between
producers and retailers by buying goods from producers and selling them to retailers
Industrial user -CORRECT ANSWER A business that buys materials, services, or
goods which it will use to make other goods
indirect agent -CORRECT ANSWER intermediaries who assist in the sale and/or
promotion of goods and services but do not take title to them
acquisition -CORRECT ANSWER Taking ownership of another business. Frequently
used in conjunction with the word merger, as in mergers and acquisitions or M&As.
Strategic planning -CORRECT ANSWER is long-range planning (three to five years)
for the company as a whole
Tactical planning -CORRECT ANSWER is short-range planning (one year)
of specific actions the business will take
. Systematic planning -CORRECT ANSWER involves using a set of procedures to plan
activities
Environmental planning -CORRECT ANSWER focuses on establishing goals and
activities that affect the natural environment.
SWOT Analysis -CORRECT ANSWER describes
the business (or business owner's) strengths, weaknesses, opportunities, and threats
business plan -CORRECT ANSWER is a detailed document that serves as a blueprint
or guide for developing the business.
promotional
plan -CORRECT ANSWER is the framework for the business's promotional activities
corporate philosophy -CORRECT ANSWER is often
documented and provides details about the business's core values and its mission.
