DECA Exam Terms and Questions

Big Q

"Big Q" focuses on ingraining quality into every aspect of the organization to meet and exceed customer expectations

Little Q

"Little Q" focuses on conforming to specifications

In comparing trade associations with professional organizations, trade associations are typically more _________-oriented A. performance B. academic C. profit D. research

C. profit

Cause and Effect Analytical Report

Cause and effect reports provide information about a variety of scenarios under different circumstances—if actions A and B happen, then the probable result will be C

which of the following quality control methods is proactive: A. creating a quality assurance checklist B. filling out a corrective action report C. inspecting finished products D. processing customer returns

A. creating a quality assurance checklist

The core activity of managerial planning involves A. determining objectives B. modifying behavior C. implementing procedures D. identifying gains

A. determining objectives

Dwane is working on an income statement for his business. When he finishes it, he's left with his business's "Bottom Line," which represents the business's A. net income b. operating expenses c. gross profit d. profit-and-loss statement

A. net income

what is the overall focus of managerial planning? A. strategy development B. capital fundraising C. staff recruitment D. task performance

A. strategy development

The price of raw materials used in manufacturing a product was double what had been projected for the year. Which of the following could the business determine by analyzing its financial information: A. variances B. equipment costs C. supply and demand D. errors in forecasting

A. variances

failing to manage information properly is most likely to cause a business to A. fail B. be unprepared for a disaster C. be shut down by the government D. save money on technology costs

B. be unprepared for a disaster

An important activity associated with the organizing function of management is A. developing a blueprint B. defining employees' roles C. evaluating performance D. creating tangible outputs

B. defining employees roles

"Big Q" focuses on A. improving factory conditions B. exceeding customer expectations C. conforming to specifications D. designing and developing products

B. exceeding customer expectations

What is most likely to happen when interest rates rise? A. the demand for credit increases B. investment activity decreases C. business profitability increases D. the value fo the dollar decreases

B. investment activity decreases

The MIB company uses protective computer software programs to minimize losses associated with tis customers financial transactions. It is managing risks associated with A. purchasing B. security C. overhead D. performance

B. security

When Marlon buys a new oven for his bakery, he receives a three-year warranty from the oven company. If the oven breaks or has any problems within three years, the company promises to repair or replace it free of charge. This is an example of _________ business risk. A. avoiding B. transferring C. preventing/controlling D. retaining

B. transferring

Which of the following is an example of the principle of transparency/full disclosure: A. a company regularly sends its accountants to professional development conferences B. an accounting firm cannot hire Catherine because her husband works for one of its clients C. Tristan adds notes to his financial statements to explain a new company policy D. Russell always completes his financial statements on time and without mistakes

C. Tristan adds notes to his financial statements to explain a new company policy

Radio-frequency identification (RFID) technology is becoming more popular than barcodes in supply chain management because it does not require a direct line of sight, can be read at greater distances, and A. does not have reader collision concerns B. is less expensive C. can be read much faster D. has no chance of privacy problems

C. can be read much faster

Which of the following words most accurately describes arbitration: A. biased B. nonconsensual C. confidential D. temporary

C. confidential

Katrina is using a special software program to develop a business chart that shows the employees' expertise and skills and how they access different types of information throughout the organization. What type of software is Katrina using to document the information? A. tactical production B. intranet C. knowledge mapping D. accounting

C. knowledge mapping

We need creativity in communication because A. email makes communication very difficult B. most people don't know how to communicate C. not everyone communicates the same way D. people get tired of the sisal communication methods

C. not everyone communicates the same way

What is the social and moral consensus of how to interpret the law? A. the meaning of the law B. the letter of the law C. the spirit of the law D. the understanding of the law

C. the spirit of the law

In which of the following resources is a project team member most likely to find information about the standards and quality-control protocol for project work activities: A. project production schedule B. statement of work (SOW) C. work breakdown structure dictionary D. critical path analysis

C. work breakdown structure dictionary

A ski resort that is mining data from its database has detected an anomaly (a deviation from standard behavior) that occurred on a holiday weekend. Which of the following is most likely to be the anomaly: A. visitors to the website also viewed nearby holiday attractions B. the resort was booked to full capacity, predominately by families C. visitors to the website also viewed nearby hotels and restaurants D. food service decreased when the resort was filled to capacity

D. food service decreased with the resort was filled to capacity

Which of the following best describes what it means to have a vision: A. encouraging others to achieve their dreams B. setting clear objectives that you want to achieve C. being clear-minded and focused at all times D. having a mental picture of the ideal future

D. having a mental picture of the ideal future

A gas station sells close to the same amount of gas every month, even if the price of gasoline goes up or down. This is because demand for gasoline is A. inessential B. elastic C. discretionary D. inelastic

D. inelastic

Daniel is developing a complex document that provides supporting evidence that his company made a good decision when it expanded its operations overseas. What type of analytical report is Daniel writing? A. cause and effect B feasibility C. troubleshooting D. justification

D. justification

Certificates of deposit and municipal bonds are types of A. value stocks B. ownership securities C. commodities D. lending investments

D. lending investments

elastic

Elastic demand changes when prices change

proactive

Proactive quality control involves stopping problems before they happen

professional organizations goals

Professional organizations are usually concerned with expanding the knowledge of the profession (education or academic endeavors) and maintaining high professional standards to ensure excellent performance

Work in process inventory

refers to products that are being used to make the finished goods

Value Stocks

stocks that trade at lower-than-average prices because they have been overlooked or undervalued by investors.

critical path analysis

A critical path analysis involves reviewing the sequence of work activities and the ways in which they are interrelated to determine the minimal amount of time it will take to complete the activities and/or project.

Which of the following is a true statement regarding hyperinflation's effect on businesses: A. Hyperinflation raises the value of the products a business exports B. Hyperinflation lowers interest rates, making business expansion easier C. Hyperinflation makes running a business more difficult and unpredictable D. Hyperinflation is good for businesses because prices go up

C. Hyperinflation makes running a business more difficult and unpredictable

A local hotel keeps a large supply of cleaning products, office supplies, and repair tools. These items are known as ________ inventory. A. raw materials B. finished goods C. work-in-process D. MRO

D. MRO

work breakdown structure dictionary

The work breakdown structure (WBS) dictionary is a comprehensive manual that outlines the project's standards, activity procedures, processes, and terminology.

inelastic

Inelastic demand exists if the demand for a good or service is constant , even if the product's price changes.

Lending Investments

Investments in which individuals allow borrowers to use their money for a period of time for a specified fee or rate of interest are lending investments. Certificates of deposit and municipal bonds are types of lending investments.

Justification analytical report

Justification reports provide facts and data that support a previous decision or action such as profits or market share realized from a business expansion overseas

knowledge mapping

Knowledge mapping software provides the ability to capture a business's information sources and information flow in a graphic format. Knowledge maps help businesses determine if there are underused sources of knowledge, as well as areas in which there is a breakdown or gap in knowledge sharing

MRO

MRO(maintenance, repair, and operations) inventory refers to supplies consumed during production, such as cleaning products, office supplies, and repair tools, that do not become part of the finished product

Managerial planning main goal

The central goal of managerial planning is establishing future goals and developing strategies to realize those goals

project production schedule

The project-production schedule provides details about when activities and outputs must be completed

statement of work

The statement of work (SOW) is a document that outlines the terms,commitments, and conditions of the project.

trade association goals

Trade associations seek ways to increase the profitability of all members' businesses. For example, a local merchants' association might sponsor a Christmas parade to stimulate business for all merchants in the area

Profit and Loss Statement

another term for an income statement