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Hersey DECA Basic Terms Flashcards | StudBud
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Hersey DECA Basic Terms
Hersey DECA Basic Terms
30 terms
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A #DECA Quiz to help you prepare for role play competition and exams.
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
The amount of money received for goods and services sold is called what?
Revenue
Profit
Costs
Prices
2
In a consumer market, people buy things for what reason?
Improve sales revenue
Business use
Start a business
Personal use
3
Supply exceeds Demand.
Shortage
Surplus
Recession
Drought
4
When price changes...the demand changes, too.
Elastic Demand
Inelastic Demand
5
Something that motivates someone to do something.
Economics
Incentive
Market segmentation
Market
6
Which term describes the amount of money spent to run a business?
Operating Expenses
Selling Expenses
Revenue
Profit Margins
7
What does B2C stand for?
Buyer to Customer
Buyer to Consumer
Business to Consumer
Business to Customer
8
A product that has a physical shape and structure that you can actually touch is ___________.
Intangible
Tangible
9
Colors, logos, and images are part of a company's _______________.
brand promise
brand value
brand distribution
brand identity
10
A group of people that share similar needs and wants are called what?
Distributors
Sellers
Market
Shoppers
11
A specific group of people that are most likely to buy a product or service are called what?
Target Market
Buyer Market
Market Segment
Demographic
12
Revenue MINUS Expenses
Operating Expenses
Balance Sheet
Profit
Sales
13
Which is NOT one of the Factors of Production?
Capital
Labor
Corporations
Land
14
A desire for a certain good or service supported by the capacity to purchase it.
Cost
Demand
Purchasing Power
Three C's of Credit
15
Objects companies use to produce other goods.
Speciality Goods
Business Goods
Consumer Goods
Capital Goods
16
A business owned and operated by one person.
Sole Propriertorship
Partnership
S Corporation
Corporation
17
Statistics about a given population that include things like age, income, marital status, etc.
Customer Segmentation
Geographics
Demographics
Target Market
18
What does LLC stand for?
Limited Liability Company
Limited Liability Capital
Limited Liability Corporation
Limited Liability Consumer
19
What are the Four P's of the Promotional/Marketing Mix?
Product, Price, Place, Promotion
Product, Price, Project, Promotion
Power, Presentation, Product, Promotion
Product, Position, Price, Promotion
20
Which refers to economic decisions about taxes?
Sales policy
Fiscal policy
Monetary policy
Market policy
21
What type of economy does the United States implement?
Market
Communist
Socialist
Command
22
Which refers to economic decisions about interest rates, inflation, and price stability?
Business policy
Marketing policy
Fiscal policy
Monetary policy
23
When the prices changes, the demand does not.
Elastic Demand
Inelastic Demand
24
The total amount a seller is willing and able to produce and sell to consumers.
Demand
Supply
Equilibrium
Market
25
What does SWOT stand for in "SWOT Analysis?"
Strengths, Weaknesses, Opportunities, Threats
Selling, Warehousing, Options, Targets
Strengths, Weaknesses, Options, Threats
Sell What Out There?
26
What does B2B stand for?
Buyer to Buyer
Business to Buyer
Business to Business
Buyer to Business
27
A legal agreement that gives individuals the right to market and sell a company's products.
Exchanges
LLC
Franchise
Partnership
28
A temporary lack of resources.
Surplus
Supply
Shortage
Demand
29
With every economic and business decision...what you give up is called what?
Capital
Margins
Product difference
Opportunity cost
30
Products purchased for personal use.
Capital Goods
Business Goods
Consumer Goods
Corporate Goods
