A system that monitors an individual, business or other organization’s financial standing. This includes recording and verifying financial information to determine a profit or loss for a given time period as well as the value of assets, liabilities and owner’s equity.

A process to determine the cost of production or operation of a business by assigning expenses to various stages of production or operations of a firm.

An internal or external reduction in long term costs when production or operation increases in size

An open and organized marketplace where ownership titles or standard units of commodities are traded by its members.

Information in an unorganized form (alphabets, numbers or symbols) that have a relationship with current conditions, ideas or knowledge.

allows a business to maintain the optimum number of each item. In doing so, a business can operate production of a good or service, sales or customer service at a lower cost.

Money Market: -------- allows a business to maintain the optimum number of each item. In doing so, a business can operate production of a good or service, sales or customer service at a lower cost, A network of banks, discount houses, institutional vendors, and money dealers who borrow and lend among themselves for the short term (90 days). Any investment has risk, but a money market account is considered a safe place to invest due to its short term nature, The status of the assets, liabilities and owner's equity of an individual, business or other organization as shown in its financial statements, An investment tool such as bonds, debentures, notes, options, and shares

A network of banks, discount houses, institutional vendors, and money dealers who borrow and lend among themselves for the short term (90 days). Any investment has risk, but a money market account is considered a safe place to invest due to its short term nature.

The status of the assets, liabilities and owner's equity of an individual, business or other organization as shown in its financial statements.

An investment tool such as bonds, debentures, notes, options, and shares

The possibility of loss, damage or injury outside of a business or other organization.

Financial Ratios: ------- -------- provide a comparison between financial statement items to determine the strength or weakness of a company. The most common ratios are: net sales to net worth and net income to net sales.

provide a comparison between financial statement items to determine the strength or weakness of a company. The most common ratios are: net sales to net worth and net income to net sales.

Securities Information: The possibility of loss, damage or injury outside of a business or other organization, ------- -------- provide a comparison between financial statement items to determine the strength or weakness of a company. The most common ratios are: net sales to net worth and net income to net sales, Organizations that are public or private whom act as a channel between savers and borrowers of funds. There are two types of institutions: depository and non-depository. Depository organizations are usually banks or credit unions. Non-depository organizations are often recognized as insurance companies or mutual funds.

Information provided regarding an investment instrument issued by a corporation, government or other organization.

Financial Institutions: Organizations that are public or private whom act as a channel between savers and borrowers of funds. There are two types of institutions: depository and non-depository. Depository organizations are usually banks or credit unions. Non-depository organizations are often recognized as insurance companies or mutual funds.

Organizations that are public or private whom act as a channel between savers and borrowers of funds. There are two types of institutions: depository and non-depository. Depository organizations are usually banks or credit unions. Non-depository organizations are often recognized as insurance companies or mutual funds.

The process of determining a time specific financial plan for an individual, business or other organization to achieve a monetary goal.

Financial Markets: A market for the sale or purchase of stocks, bonds, bills of exchange, commodities, fortunes and options, foreign currency which work as an exchange for capital and credit. In the United States, well recognized markets include the New York Stock Exchange (NYSE), the S&P 500, and the Chicago Mercantile Exchange (CME or Merc)

A market for the sale or purchase of stocks, bonds, bills of exchange, commodities, fortunes and options, foreign currency which work as an exchange for capital and credit. In the United States, well recognized markets include the New York Stock Exchange (NYSE), the S&P 500, and the Chicago Mercantile Exchange (CME or Merc)

The most common definition of “capital” is money invested in a business to generate income. Capital can also be defined as wealth in the form of an asset which can be an indication of strength of an individual, business or country.

The systematic organization of information that allows easy updating and analysis of data

Client Services: Any activity provided by a vendor on behalf of a client. Depending on the business this can include customer service, financial management, information technology, social media support, database management, etc. The services provided to a client are agreed on by both parties and detailed in a contract unless otherwise specified.

Any activity provided by a vendor on behalf of a client. Depending on the business this can include customer service, financial management, information technology, social media support, database management, etc. The services provided to a client are agreed on by both parties and detailed in a contract unless otherwise specified.

Monetary objectives of an individual, business or other organization that are decided by future needs of those entities.

Financial Information Management

Managing data such as credit card numbers, accounting balances or other monetary facts about an individual, business or other organization that are used when evaluating credit, loans or other financial activities.

A market for demand and supply of debt and equity capital. This is a highly decentralized system made up of three major parts: the stock market, bond market and money market.

The possibility of loss, damage or injury within a business or other organization.

Refers to the amount of income received by a company before any expenses are deducted

The area of law that governs taxation. A tax is a fee charged by the government on a product, service, income or activity. The Internal Revenue Code is the name for all federal laws, which was first written in 1939 and has been revised multiple times to present day. Each state that collects a tax has their own department of taxation as well as local municipalities.

The amount spent to acquire or upgrade an asset that will increase the efficiency of the production or operations of a business for the long term

Securities and Exchange Commission

Government agency created in 1934 that is responsible for enforcing securities-related laws and setting standards for financial information about businesses that are traded on a stock exchange. The SEC has five commissions who are appointed by the President and confirmed by the Senate who serve five year terms.

Explain the Nature of Operations

Operations include the activities involved in the daily functions of the business to generate revenue.

Analyze employer expectations in the business environment: When employed in an organization, an employee should understand what management requires of him/her within his/her position, thus allowing an employee to meet and/or exceed those demands.

When employed in an organization, an employee should understand what management requires of him/her within his/her position, thus allowing an employee to meet and/or exceed those demands.

Explain the nature of project management

Project management is using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently. There are five processes needed in project management: initiating, planning, executing, monitoring and controlling and closing.

Explain marketing and its importance in a global economy

As the global economy has expanded, brands must use technology and communication to establish themselves in a variety of markets. Marketing is a tool that is used to persuade customers and must be employed in order for businesses to sell their products.

Describe health and safety regulation in business

In 1970, the Occupational Safety and Health Act was passed that created the Occupational Safety and Health Administration (OSHA). A business is responsible for protecting the safety, health and welfare of all employees. Therefore, a business must create procedures to manage risks that could cause injury and/or damage to employees, property and the environment.

Exhibit cultural sensitivity

A cultural sensitive employee will value diversity, be willing to adapt communication and behavior to be compatible with another’s cultural norms and be willing to learn traditions and characteristics of other cultures.

Providing an orientation is a process that allows an organization to integrate a new employee and enable him/her to contribute to the team quickly. At this time, an employee will learn about personnel policies, company safety programs, and details about his/her position. Possible actions can include providing a mentor, providing work samples, and providing a Frequently Asked Questions document.

Providing an orientation is a process that allows an organization to integrate a new employee and enable him/her to contribute to the team quickly. At this time, an employee will learn about personnel policies, company safety programs, and details about his/her position. Possible actions can include providing a mentor, providing work samples, and providing a Frequently Asked Questions document.

Explain the role of finance in business

The role of finance in business is to help capital move from investors to businesses. Businesses need finance to assist with operations. This is possible through financial markets and various investment vehicles including loans, and short and long term financing. Finance can also include roles in business development and corporate governance.

Identify sources that provide relevant/valid written material

When evaluating material, determine if content is fact, opinion or marketing information. Other factors can include validity of research, relevance, timeliness, authority of the author and evidence offered to support a claim. If you are validating written material, ensure that you have cross-checked information that is provided by the source.

Explain the need for innovation skills

Innovation is necessary for an organization to continue to move forward in the marketplace and meet customer needs. Innovation includes the ability to think critically, be creative, an ability to solve problems, manage risk, conduct research, coordinate project management, use information technology as well as the basic tasks of reading, writing and mathematics.

Distinguish between economic goods and services

A good is something that you can use or consume. You buy a good with the idea that you will use it, either just once or over and over again. A service is something that someone does for you, like give you a haircut or fix you dinner. Another way to identify the difference is that a good is tangible and a service is intangible.

Explain the role of business in society

is “to innovate and deliver products and services, to use resources efficiently so that the value is created and to conduct operations so that they are performed profitability and accepted by society.” In summary, “the role of business in society is a coherent way of thinking about a company’s impact and interaction with society.”

Identify desirable personality traits important to business: Your personality is a set of characteristics that relate to a person’s emotions, motivations, interpersonal interactions and attitudes. Highly desired personality traits most often include professionalism, being “high-energy”, confidence, the ability to work independently and intellectual curiousity.

Your personality is a set of characteristics that relate to a person’s emotions, motivations, interpersonal interactions and attitudes. Highly desired personality traits most often include professionalism, being “high-energy”, confidence, the ability to work independently and intellectual curiousity.

Explain types of business ownership

There are three types of business ownership: sole proprietorship, partnership and corporation. A sole proprietor owns and operates a business by oneself. A partnership is owned and operated by two or more people and is jointly responsible for the businesses outcomes. A corporation is operated by several people and owned by stockholders.

Explain the nature of positive customer relations

Customers are the life of any business; any interaction should be positive, courteous, and respectful. Positive customer relations can include showing appreciation, delivering timely service, training employees effectively to interact with clients, and appeasing any concerns brought forward.

DECA - Finance A

Flashcard

•

Business

•

9th - 12th Grade

•

Practice Problem

•

Hard

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48 questions

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FLASHCARD QUESTION

Front

Customer Relationship Management

Back

At a minimum, this is a database of customer contacts, purchase history and technical support. Additional elements can include profiles of potential clients, understanding and leveraging the needs of current customers, and enhanced customer service based on data analysis.

FLASHCARD QUESTION

Front

Financial Globalization

Back

The worldwide development of economic, financial, trade and communication integration. This pushes business executives to consider broad views in the global marketplace as countries and their economies become interconnected and interdependent.

FLASHCARD QUESTION

Front

Finance

Back

The process of managing money for an individual, business or other organization

FLASHCARD QUESTION

Front

Compliance

Back

Verification that a vendor meets the requirements of accepted practices, regulations, legislation, rules, standards and/or the terms of a contract

FLASHCARD QUESTION

Front

Transaction

Back

An agreement or contract that occurs between two or more parties and establishes a legal obligation. This can also be defined as an exchange of goods or services between a buyer and seller.

FLASHCARD QUESTION

Front

Financial Records

Back

The financial documentation for an individual, business or other organization. The most common records are a Cash Flow Statement, Income Statement, Balance Sheet and Tax Returns.

FLASHCARD QUESTION

Front

Cost of Goods Sold

Back

This line on an income statement shows the cost of raw materials and labor to produce a finished product or service that is available to a consumer.

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