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FTDM - DECA Vocab
| Question | Answer |
|---|---|
| An examination of an organization’s financial statements that is conducted by an employee of the organization | Internal Audit |
| A market for the sale or purchase of stocks, bonds, bills of exchange, commodities, fortunes and options, foreign currency which work as an exchange for capital and credit. I.e NYSE | Financial Markets |
| Charged to customers as a percentage of the price of the item being purchased. | Sales Tax |
| Monetary objectives of an individual, business or other organization that are decided by future needs of those entities. | Financial Goal |
| Refers to the rules and practices that direct and control an organization. | Corporate Governance |
| Funds available to a business or person for spending in the form of cash, credit or securities. | Financial Resources |
| The process of managing money for an individual, business or other organization | Finance |
| Fully and accurately disclosing of financial information to the public. | Transparency |
| The financial documentation for an individual, business or other organization. The most common records are a Cash Flow Statement, Income Statement, Balance Sheet and Tax Returns | Financial Records |
| A strategy in which an entity sets aside a sum as a protection against a probable loss, instead of transferring the risk by purchasing an insurance policy | Risk Retention |
| An inventory system allows a business to maintain the optimum number of each item. In doing so, a business can operate production of a good or service, sales or customer service at a lower cost | Inventory System |
| The main source of money for many local governments. This tax is based on the value of property such as land and buildings. | Property Tax |
| An investment tool such as bonds, debentures, notes, options, and shares | Securities |
| This line on an income statement shows the cost of raw materials and labor to produce a finished product or service that is available to a consumer | Cost of Goods Sold |
| The area of law that governs taxation. Each state that collects a tax has their own department of taxation as well as local municipalities. | Tax Law |
| A data-mining technique that uses a decision tree that requires a series of decisions | Classification |
| Composed of the companies involved in buying and selling of insurance | Insurance Market |
| The increase of an amount of money due to interest earned over time or dividends paid | The Value of Money |
| A process to determine the cost of production or operation of a business by assigning expenses to various stages of production or operations of a firm. | Costing |
| Organizations that are public or private whom act as a channel between savers and borrowers of funds. Two types of institutions: depository and non-depository. Depository: banks or credit unions. Non-depository: insurance companies or mutual funds | Financial Institution |
| The process of determining a time specific financial plan for an individual, business or other organization to achieve a monetary goal. | Budgeting |
| A cost that a business has incurred, but cannot recover. | Sunk Cost |
| The assumption that taxpayers will stay in compliance with tax laws and accurately report their income amounts and tax deductions fairly and honestly | Voluntary Compliance |
| A strategy in which an insurance risk is shifted to another party (the insurer) by means of an insurance policy. | Risk Transfer |
| An agreement or contract that occurs between two or more parties and establishes a legal obligation. This can also be defined as an exchange of goods or services between a buyer and seller. | Transaction |
| Reporting by an entity that outlines its’ economic, environmental and social performance. | Sustainability Reporting |
| A system that monitors an individual, business or organizations financial standing. This includes recording and verifying financial information determine a profit or loss for a period as well as the value of assets, liabilities and owners’ equity | Accounting |
| A contract between a business and the insurer that covers a specific business risk. | Insurance |
| Laws that govern businesses and transactions between businesses. | Business Law |
| Information in an unorganized form (alphabets, numbers or symbols) that have a relationship with current conditions, ideas or knowledge. | Data |
| Amount of money that the purchasers of a company’s products or services actually pay for those items | Gross Revenue |
| Any activity (i.e social media managment) provided by a vendor on behalf of a client. The services provided to a client are agreed on by both parties and detailed in a contract unless otherwise specified. | Client Services |
| A person or business that owes money, goods or services to another. | Debtor |
| An open and organized marketplace where ownership titles or standard units of commodities are traded by its members. | Commodities Exchange |
| A group of individuals elected by stakeholders of an organization to govern the organization. | Board of Directors |
| The portion of disposable income that is not spent on essential expenses in a household or business. A variety of savings vehicles are available to increase the value of savings including a bank savings account, stocks, bonds, etc. | Savings |
| A customer of a professional service provider or the primary contractor. | Client |
| The value of one currency in terms of another, established on the foreign exchange market. | Exchange Rate |
| An inventory management method that coordinates the demand and supply for goods, delivering them just before they are needed. | Just-In-Time Inventory |
| The process of controlling an individual, business or other organizations opportunity for damage, loss or injury to ensure the safety of the community, environment and legal responsibilities | Risk Managment |
| The way a business interacts with its customers in order to obtain new customers while maintaining the current customer base | Customer Relations |
| Those costs which cannot be directly linked to a good, service or project. | Indirect Costs |
| Money | Currency |
| An individual, business or other organization that receives products or services for their own use. | Customer |
| The strategy involves creating groups of people within the business or organization who have expert status in various methods, and then each project is carried out according to a set of steps in an effort to reach specific financial milestones. | Six Sigma |
| The process of buying and storing materials and products while controlling costs | Inventory Managment |
| Information provided regarding an investment instrument issued by a corporation, government or other organization that demonstrates whether it is debt or equity | Securities Information |
| A decision making tool that compares the cost of an activity versus the benefits of the activity | Marginal Analysis |
| Financial ratios provide a comparison between financial statement items to determine the strength or weakness of a company. The most common ratios are: net sales to net worth and net income to net sales | Financial Ratio |
| Refers to rising prices and is an indicator of the stability of an economy. | Inflation |
| A way to receive cash or goods, while paying later. | Credit |
| Those goods which can be directly tied to a good, service or project | Direct Cost |
| The amount spent to acquire or upgrade an asset that will increase the efficiency of the production or operations of a business for the long term. | Capital Expenditures |
| A data-mining technique that takes a numerical dataset and develops a mathematical formula that fits the data | Regression |
| Includes earnings that a company has retained and the amount of funds invested in that company by its owners. | Equity |
| Any activity where money is put at risk in the short term for the purpose of creating a profit in the long term. Investment activities want to create and/or increase a positive outcome for the benefactor. | Invest |
| The worldwide development of economic, financial, trade and communication integration. This pushes business executives to consider broad views in the global marketplace as countries and their economies become interconnected and interdependent | Financial Globalization |
| A network of banks, discount houses, institutional vendors, and money dealers who borrow and lend among themselves for the short term (90 days). Money market account is considered a safe place to invest due to its short term nature | Money Market |
| Used when a business anticipates risk and refrains from certain business activities in order to avoid the risk. | Risk Avoidance |
| Accounting that focuses on revenues and expenses of a business, reporting variances to management. | Managerial Accounting |
| A market for demand and supply of debt and equity capital. This is a highly decentralized system made up of three major parts: the stock market, bond market and money market. | Capital Market |
| The process of collecting and analyzing data that be used in the strategic decision making process for a business | Information Managment |
| An employee of a business or other organization whose task is to ensure that regulations imposed by a government agency are being met as well as internal policies and procedures | Compliance Officer |
| The systematic organization of information that allows easy updating and analysis of data. | Database |
| The systematic process of a business or other organization to ensure that regulations imposed by a government agency are being met. | Compliance Program |
| A method used by businesses to accurately allocate overhead costs to specific products | Activity Based Costing |
| Reviewing very large amounts of data for useful information. This activity often uses advanced statistical tools to determine trends, patterns and relationships. Data mining can also be referred to as data surfing. | Data Mining |
| Gov agency created in 1934, creates securities-related laws and setting standards for financial information on businesses traded on a stock exchange. The SEC has five commissions, appointed by the President, confirmed by the Senate, and five year terms. | Securities and Exchange Commission (SEC) |
| Managing data such as credit card numbers, accounting balances or other monetary facts about an individual, business or other organization that are used when evaluating credit, loans or other financial activities | Financial Information Managment |
| An inventory method in which items are counted only occasionally, by visual inspection – and can be completed manually, or through the use of technology, such as barcode scanners. | Periodic Inventory System |
| The joining of two or more unique factors or phenomena, such as technologies. For example, the development of a smartphone was the convergence of telecommunications and internet technologies. | Convergence |
| The (often) computerized system of collecting, processing, analyzing and presenting accurate financial data to support management decisions | Accounting System |
| A document showing activity on your account over the previous month, including a beginning and ending balance and all inflows and outflows during that time | Bank Statement |
| Contacts made through business connections and interactions. | Proffesional Relationship |
| The most common definition of “capital” is money invested in a business to generate income. Capital can also be defined as wealth in the form of an asset which can be an indication of strength of an individual, business or country. | Capital |
| Process of improving capabilities of staff through access to education and training opportunities in the workplace, through outside organizations, or observing others perform the job | Professional Development |
| The possibility of loss, damage or injury outside of a business or other organization. | External Risk |
| The status of the assets, liabilities and owner’s equity of an individual, business or other organization as shown in its financial statements | Financial Position |
| The status of the assets, liabilities and owner’s equity of an individual, business or other organization as shown in its financial statements | Solvency |
| Calculated as a percentage of the taxable income workers earn while on the job. | Income Tax |
| A database of customer contacts, purchase history and technical support. Additional elements can include profiles of potential clients, understanding and leveraging the needs of current customers, and enhanced customer service based on data analysis. | Customer Relationship Managment |
| Refers to the method in which indirect costs are assigned to a product. | Cost Allocation |
| The possibility of loss, damage or injury within a business or other organization. | Internal Risk |
| Verification that a vendor meets the requirements of accepted practices, regulations, legislation, rules, standards and/or the terms of a contract | Compliance |
| An examination of an organization’s financial statements by an independent accountant, not affiliated with the organization | External Audit |
| The entity that provides available capital resources to debtors, in exchange for compensation | Creditor |
| A tax paid on wealth, collected after a person has died | Estate Tax |
| Evaluating an organization’s financial statements to determine the profitability of the organization, a division within the organization or a specific event or project | Financial Analysis |
| The difference in cost between two or more business decisions. | Differential Cost |
| An inventory system that continually keeps track of the number of items in inventory, and can be done manually or by computer | Perpetual Inventory System |
| The four functions of management include: planning, organizing, leading and controlling | Managment Functions |
| The value, in terms of money, placed on a good or service. | Price |
| Combining assets, equity, liabilities and operating accounts of a business and its subsidiaries into one financial statement OR combining two or more businesses through the purchase, merger or ownership transfer to create a new business | Consolidation |
| The payment of cash for goods or services to settle an obligation; usually seen as an invoice or a receipt | Expenditure |
| An internal or external reduction in long term costs when production or operation increases in size | Economies of Scale |
| Used in finance to disclose an organization’s financial standing. | Reporting |
| Payment made to the government for services they provide. | Tax |
| Refers to the difference between a planned and actual budget. | Variance Analysis |
| A tax paid by workers so that they may receive benefits upon retirement. | Social Securities (FICA) |
Created by:
jonahhagenah
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