Business Basics
What is profit?
Money left after expenses are paid.
What are the four main management functions?
Planning, organizing, leading, controlling
What is marketing?
Promoting and selling products.
What is a budget?
A plan for how money will be spent.
What do you call a product that fails because it is confusing or poorly designed?
Chopped or Chuzz
What does “opportunity cost” mean?
What you give up when choosing one option over another
What is leadership?
Guiding and motivating employees.
What is market research?
Collecting data about customers
What is an investment?
Using money to make more money.
What do you call a manager giving feedback in a clear, structured, and helpful way?
Proformative leadership
What is a stakeholder?
Anyone affected by a business’s actions
Why is adaptability important for leaders?
It helps handle change effectively
What is advertising?
Paid promotion of a product or service.
Why is budgeting important?
It helps control spending and avoid debt.
What drink can help you stay focused, proformative, and nonchalant while performing your best at DECA?
Matcha
What is a competitive advantage?
Something that makes a business better than competitors
Why is accountability important for managers?
It ensures tasks are completed responsibly
Why do businesses use social media?
To reach and connect with customers.
What is cash flow?
Money moving in and out of a business
If you scored 35 points in the first DECA round and 32 points in the second round, what is your total score?
67
What is supply and demand?
How availability and consumer desire affect price
Why is strategic planning important?
It helps businesses plan long-term goals
What is word-of-mouth marketing?
Customer-to-customer promotion
Why is positive cash flow important?
It allows a business to operate and grow
When Hamilton (Broadway) negotiates with the other Founding Fathers, what DECA skill is he demonstrating?
Teamwork / Collaboration