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DECA Terms Week 1
study the terms and take the test
| Term | Definition |
|---|---|
| Budget | A plan to manage finances |
| Ethics | Values and principles that guide decision |
| GAAP | Generally Accepted accounting practices refers to the standard guidelines used in financial accounting. |
| Investments | When money is used to make more money |
| stereotypes | a standardized conception of image held in common by a group of people. |
| monopoly | a business situation in which the business has no competition |
| nonprice competition | when a business focuses on factors other than price. |
| price competition | competition that centers around meeting or having a lower price than the competitior |
| risk | the potential that a business takes for loss or failure |
| shortage | when demand exceeds supply |
| limited partnership | type of ownership where each limited partner is only liable for debt up to the amount they have invested in the business. |
| general partnership | type of ownership where each partner has unlimited liability |
| franchisor | the owner of the parent company that grants the rights to use their name and products |
| franchisee | the owner of a franchise |
| franchise | an agreement with a company to use their name and sell their products in a given area. |
| entrepreneur | people who create, start and manage new businesses |
| job interview | a face to face meeting with a a potential employer where they will ask questions about you and your work experience |
| job application | a form that gathers information about potential employees. Typical information may include name, address, education, previous training, etc. |
| equity | an individual's value as a stockholder within a company |
| liability | all the money that is owed to others by the business |
| asset | all items that have a cash value that are owned by the business |
| variable expenses | expenses that change based on the number of units produced |
| fixed expenses | expenses that are always the same no matter how many units are produced |
| cost of goods sold | the amount spent to produce and purchase goods that are sold in the business |
| net sales | total sales minus returns and allowances |
| gross sales | the total of all sales during a given time period |
Created by:
lhardamon
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