DECA - Finance A

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Customer Relationship Management

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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.

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Financial Globalization

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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.

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Finance

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

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Compliance

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

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Transaction

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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.

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Financial Records

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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.

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Cost of Goods Sold

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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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Accounting

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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.

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Costing

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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.

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Economies of Scale

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