DECA Vocab

Question 0

Income statement

Answer 0

A summary of income and expenses

Question 1

Gross sale

Answer 1

Total of all sales for any period of time

Question 2

Start up costs

Answer 2

Projections of how much money you will need for your first year of operations

Question 3

Net worth

Answer 3

Differences between your assets and your liabilities

Question 4

Asset

Answer 4

Anything of monetary value you own, such as cash, checking, and savings account

Question 5

Liability

Answer 5

Debt you owe others, such as credit card debts, school loans, car payments, or taxes

Question 6

Management functions

Answer 6

Planning, organizing, and controlling

Question 7

Marketing

Answer 7

The process of planning and executing the conception

Question 8

Interest

Answer 8

Money paid for the use of money borrowed or used

Question 9

Principal

Answer 9

Amount of money you borrow

Question 10

Balance sheet

Answer 10

Summary of business assets, liabilities, and owner’s equity

Question 11

Cash flow statement

Answer 11

A monthly plan that tracks when you anticipate the cash will come into the business and when you can expect to pay out cash

Question 12

Ratio analysis

Answer 12

To determine how a business is performing as compared to other businesses in the industry

Question 13

Financial aspect of a business

Answer 13

Institutions and investors want to know how a business will use their money

Question 14

Planning goals

Answer 14

Small steps you take to get where you want to be from now

Question 15

Realistic goal

Answer 15

A reasonable chance of achieving a certain goal

Question 16

Revenue

Answer 16

Income

Question 17

Vacancy

Answer 17

Rooms available to sell

Question 18

ADR

Answer 18

Average Daily Rate

Question 19

Stay over

Answer 19

People who are staying over and not checking out; staying additional nights

Question 20

Check out

Answer 20

The time when a guest leaves a room

Question 21

AHLA

Answer 21

American Hotel & Lodging Association