deca

Question 1

What is the judiciary?

Answer 1

The collection of federal and state courts existing primarily to adjudicate disputes and charged with the responsibility of judicial review.

Question 2

What are the forms of business ownership?

Answer 2

Sole proprietorship, partnership, corporation, limited liability company.

Question 3

What is a sole proprietorship?

Answer 3

A sole proprietorship is a business entity owned by one person who is legally responsible for the debts and taxes of the business.

Question 4

What is a partnership business?

Answer 4

A partnership business is a business shared by two people who share the profits and losses.

Question 5

What is a corporation?

Answer 5

A corporation is a legal entity that is separate from its owners and shareholders.

Question 6

What is a LLC (Limited Liability Company)?

Answer 6

It is a business structure that limits the personal liability of its owners for the company debts.

Question 7

What are personal factors that affect a business?

Answer 7

Lifestyle, personality, motives, values, age, education, income level, risk tolerance, decision making skills, and leadership ability.

Question 8

What is the difference between indirect and direct channels of distribution?

Answer 8

direct channel of distribution is when a manufacturer sells its creation directly to the consumer.
a INdirect channel is when a distributor sells its product to a retailer, or wholesaler instead of to the customer directly

Question 9

What are economic concepts that influence the cost of production process?

Answer 9

supply and demand (dictating market price based on availability and customer desire), marginal costs (the cost of producing one item), labor costs (wage paid to employees), technology (affecting efficiency and input requirements), scale economics (cost advantages from producing in larger quantities), raw material price(the costs of essential components), market condition (how the economy is doing impacts pricing and demand), government regulations, (adding potential costs to production process), and international trade (access to cheaper inputs from other countries)

Question 10

What is persuasion and its techniques?

Answer 10

The act of influencing someone to change an opinion, attitude, or behavior, by presenting evidence or info in a way that convinces them.

Question 11

What is international trade and how does it work?

Answer 11

The exchange of goods and services between different countries, allowing nations to access products they might not be able to produce domestically.

Question 12

What are financial tools entrepreneurs use?

Answer 12

Accounting software, budgeting tools, payroll systems, invoicing/billing software, tax preparation software, inventory tracking tools, cash flow analysis tools, payment processing tools, and financial planning and analysis software.

Question 13

What are operating procedures?

Answer 13

Operating procedures, or standard operating procedures (SOPs), are step-by-step instructions that help people perform tasks consistently and efficiently.

Question 14

What are current assets and different forms of assets?

Answer 14

Tangible assets are in physical form, intangible assets are not physical but add value, current assets can be used or sold within a year, and fixed assets are long-term investments.

Question 15

What is a jury of executive opinion?

Answer 15

A forecasting method that involves a group of experts making predictions about the future, also known as the Delphi technique.

Question 16

What is the Delphi technique?

Answer 16

A structured method for gathering expert opinions on a complex issue by repeatedly surveying a panel of experts.

Question 17

Why is it important to get feedback from employees?

Answer 17

It provides valuable insights into perceptions of company culture, operational challenges, and opportunities for growth.

Question 18

How can marketers deal with issues using data?

Answer 18

Using data to gain insights into customer behavior, preferences, and trends, allowing for personalized marketing messages and informed decisions.

Question 19

What is marketing research?

Answer 19

The process of gathering and analyzing information about customers, competitors, and the market to understand needs, behaviors, and trends.

Question 20

What is a marketing mix?

Answer 20

A combination of controllable marketing tools, typically represented by the ‘4 Ps’ - product, price, place, and promotion.

Question 21

What are the 4 Ps?

Answer 21

Price, product, promotion, and place.

Question 22

What is forecasting sales for a marketing plan?

Answer 22

Estimating the future sales volume of a product or service based on historical data and market trends.

Question 23

What is the purpose of data mining for a business?

Answer 23

To extract meaningful patterns and insights from large datasets, allowing for informed decisions and improved profitability.

Question 24

Why might a business buy products at a higher price than the minimum?

Answer 24

To secure better quality, gain access to exclusive features, build stronger relationships with suppliers, and enhance brand perception.

Question 25

What are the types of costs?

Answer 25

Variable costs, fixed costs, semi-variable costs, and non-operating costs.

Question 26

What are the goals of a supply chain manager?

Answer 26

To optimize operational efficiency, minimize costs, ensure product quality, and enhance customer satisfaction.

Question 27

What to do when facing a decision?

Answer 27

Gather information, identify options, weigh pros and cons, consider values and goals, and make a choice.

Question 28

What is corporate governance?

Answer 28

The system of rules, practices, and procedures that guide and control a company, ensuring effective operations.

Question 29

What is the difference between internal and external methods of facilitating ongoing products and markets?

Answer 29

Internal marketing is focused on employees, while external marketing is focused on customers. Both are important for a business's success. INTERNAL MARKETING Goal: Engage and motivate employees to understand and support the company's goals Focus: Create a positive work environment and build relationships with employees Activities: Share information, provide training, and recognize employees Benefits: Improves employee morale and engagement, which can lead to better customer service EXTERNAL MARKETING Social media: Businesses can use platforms like Facebook and Instagram to share products, success stories, and engage with potential customers Email marketing: Businesses can use email to communicate with their customer base Public relations: Businesses can use public relations to manage communication with stakeholders, including the public

Question 30

What is a product mix and when to remove a product?

Answer 30

A "product mix" refers to the complete range of products a company offers, encompassing all its different product lines and variations, while removing a product from the mix typically happens when a specific item is no longer profitable, loses market relevance, or becomes a drain on resources, often due to factors like low sales, changing consumer preferences, or high production costs compared to its sales revenue; essentially, a company should remove a product when it is not contributing positively A product mix refers to the complete range of products a company offers. A product is removed when it is no longer profitable or relevant.

Question 31

Why has enterprise risk management developed?

Answer 31

Due to the need for organizations to proactively identify, assess, and mitigate risks across all operations.

Question 32

What is an advertising medium?

Answer 32

A method of communication used to promote a product, service, or idea.

Question 33

What is change management?

Answer 33

The process of leading people through a structured process to achieve a desired outcome.

Question 34

What is quality assurance?

Answer 34

A systematic process that ensures products or services meet quality standards.

Question 35

What is risk management in a business?

Answer 35

in a business context, "risk management" refers to the systematic process of identifying, assessing, and taking proactive steps to minimize or eliminate potential threats and uncertainties that could negatively impact the company's operations, finances, or reputation, allowing for better decision-making and protecting against unexpected losses

Question 36

What is product mix's cost?

Answer 36

The cost of all the products a company produces, important for pricing and product selection decisions.

Question 37

What is a business plan?

Answer 37

A document that outlines a company's goals, strategies, and timeline for achieving them.

Question 38

What is a business mix?

Answer 38

The combination of products, services, activities, or customers that a business has.

Question 39

What are key performance indicators?

Answer 39

The critical metrics used to measure a company's success in achieving its strategic goals.

Question 40

What is sales to receivables?

Answer 40

A financial metric that measures how quickly a company turns sales into cash.

Question 41

What is an opt-in email?

Answer 41

A marketing email sent to subscribers who have given their email address to join a mailing list.