DECA Terms Word Scramble

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Question	Answer
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 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 experience, special training and references.
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 that are produced
Fixed Expenses	Expenses that are always the same no matter how many units are produced.
Cost of Goods Sold	The amount spent to product 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.
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 or 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. These factors include: providing quality products, services, and location.
. Price Competition	: Competition that centers around meeting or having a lower price than the competitor.
Risk:	The potential that a business takes for loss or failure
Shortage	When demand exceeds supply
Surplus:	When supply exceeds demand
Scarcity:	The economic term for limited resources.
Infrastructure	Transportation, utilities and communication services that are necessary for a country to have for distribution of goods and services.
Capital:	Money, buildings or equipment that is used to run a business
Labor:	All the resources of people that work.
Land	All resources that are from the land, sea or air. These are considered raw materials.
Factors of Production	Also known as resources, include: land, labor, capital and entrepreneurship.
Economic Resources	Also known as factors of production, include all the items that are used to produce goods and services.
Brand Promise	A statement that lets the customer know what they can expect from a company’s products or services.
Customer Service Mindset	The belief that the customer is the most important priority of the business.
Staff Meeting	Regular scheduled meetings. These meetings are often held so that staff members can provide an update on any projects they may be working on.
Executive Summary	An introduction and overview of the information contained in a written plan.
Administrative Law	Rules and procedures that are regulated by a government agency
Environmental Law	State and federal statutes that protect the environment, wildlife, land, water and prevent pollution
Management	The coordination of resources to reach an organization’s goals.
Mentor	A person that serves as a source of information and inspiration to someone with less experience.
Trade Association	A group or organization that serves the people in a given field
Trade Shows	A place where businesses can show their products to potential clients
Trade Journals	A publication that serves a specific industry
Internship:	A way that people can gain work experience in a given field. Internships may or may not be paid.
Networking	A way for business people to meet others that are in business and build a list of contacts that can be used for future reference or projects.
Resume	A summary of a job applicant’s education, skills, experience, activities and references.

Created by: chubere