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Hospitality
Marketing
Finance
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Business Management and Administration
100
One of the main purposes of target marketing in the travel and tourism industry is to: A. develop partnerships with suppliers. B. analyze the strengths of the industry. C. reach the correct market segment. D. create interesting travel themes.
C. Reach the correct market segment Target marketing is the identification and selection of markets for a business or for a product. Market segment is the group of customers most likely to be attracted to a particular tour, cruise, bus charter, etc.
100
Which of the following is a source of primary market research: A. Government publications C. Focus groups B. Search engines D. Industry periodicals
C. Focus Groups A focus group is a group that is formed for the purpose of discussing a specific topic. Businesses use focus groups to obtain direct feedback about their products and image.
100
An example of an internal financial risk is A. consumer buying power. C. improper budgeting practices. B. foreign exchange rate changes. D. credit downgrades.
C. Improper budgeting practices Financial risks are possible events or situations that directly impact a company's cash flow. In some cases, financial risks prevent a company from having sufficient funds to meet its financial obligations.
100
For the gentlemen, are athletic socks allowed for DECA competition?
The answer is no and will always be no. Seriously.
100
A business might ask its employees to sign a nondisclosure agreement to A. prevent copyright infringement. C. ensure its employees' privacy. B. avoid discrimination lawsuits. D. protect its trade secrets.
D.Protect it's trade secrets A nondisclosure agreement is a contract between an employer and an employee that states that the employee will not reveal the employer's trade secrets (e.g., formula, recipe, manufacturing technique) to future employers for whom the employee might work
200
Health and safety regulations in business usually require businesses to A. report workplace accidents. B. inspect office facilities. C. hold regular safety meetings. D. purchase fireproof supplies.
A. Report workplace accidents
200
Who is responsible for carrying out the tactics to achieve a business's marketing strategies? A. Customers C. Executives B. Employees D. Stockholders
B. Employees Tactics are specific actions that will be used to carry out strategies. In business, the employees are responsible for carrying out the tactics to achieve the marketing strategies. The executives are responsible for developing the strategies that the employees will follow.
200
Why has online technology's use increased in financial-information management? A. Recognition that the security of transactions is no longer an issue B. Removal of electronic information exchange procedures C. Passage of laws that recognize electronic documents as legally binding D. Protection of customers' right to privacy
C. Passage of laws that recognize electronic documents as legally binding As businesses have become more comfortable with the use of electronic information, their willingness to accept electronic documents as legally binding contracts has also increased. This has been buoyed by the passage of laws recognizing electronic documents and signatures as legally binding.
200
For the ladies, are skirts allowed for DECA competition?
Yes. LOL JUST KIDDING They're not allowed. Sorry.
200
Why is it important for businesses to manage employee information in a way that keeps it secure? A. To avoid publicity C. To beat the competition B. To be secretive D. To be ethical
D. To be ethical Businesses have an ethical obligation to protect certain information so it does not become public and cause harm to individuals.
300
What is one of the most important components of the production process? A. Inputs and outputs B. Goods and services C. New technology D. Human resources
D. Human resources People are needed to run the businesses, operate the equipment, and deal with customers. Even in predominately automated facilities, people need to oversee the operation and perform the tasks that cannot be done by machines.
300
A primary reason for a business to interpret statistical findings is to A. influence buyers. C. increase production. B. promote creativity. D. aid decision making.
D. Aid decision making For example, a business may obtain statistical information that indicates a product is not selling well. Based on the statistical information, the business may decide to phase out or stop making the product. Or, if statistical information indicates that the demand for the product exceeds the available supply of the product, the business may decide to increase production.
300
Which of the following statements regarding accounting and finance is correct: A. Accounting is much broader than finance, which focuses on investments. B. Accounting focuses on the past, while finance focuses on the future. C. Financial managers typically report to the vice president of accounting. D. The finance department focuses on assets, while accountants track liabilities.
B. Accounting focuses on the past, while finance focuses on the future. Accountants are responsible for tracking and analyzing financial transactions to determine a client's or business's financial performance. Individuals in finance use the information that accountants prepare to predict and plan for the future.
300
The primary purpose of developing organizational goals is to A. provide direction. C. assign authority. B. ensure profitability. D. establish loyalty.
A. Provide Direction
300
Because Kendra must finish a task and submit her work to Joshua so he can complete his part of the project by next Thursday, these two team members' jobs are A. bureaucratic. C. autonomous. B. complex. D. interdependent.
D. Interdependent
400
To take advantage of work-related networking opportunities, a businessperson might benefit by A. joining a professional organization. B. participating in an online social network. C. developing a creative résumé and cover letter. D. planning a meeting with a sales trainer.
A. joining a professional organization By joining a professional organization, a businessperson has the opportunity to meet others who work in the same field or industry. When a businessperson talks or networks with other business people about topics such as career-development activities or job leads, s/he is taking steps to advance his/her career.
400
Which of the following individuals chooses goods for resale, surveys consumer trends, and rates past performance of products and vendors: A. Retail buyer C. Receiving manager B. Durable goods producer D. Industry researcher
A. Retail Buyer A retail buyer analyzes sales data, trends, and supplies when selecting products for the store to sell.
400
ChemTech International plans to build a new research facility, which is to be completed in two years. As an employee with ChemTech, your supervisor has requested that you produce a detailed document to send to potential vendors and contractors that outlines how they should submit bids to perform work for the new facility. The document is to contain instructions about the type of information the potential vendors should provide in their bids, and the format in which the information should be presented. What type of document are you preparing? A. Summary of qualifications C. Executive summary B. Request for proposal D. Business plan
B. Request for proposal Building a new facility requires skills from architects, construction companies, electricians, etc. And because these types of projects are expensive, companies want to obtain bids from the potential vendors or contractors to determine which one is best suited to perform the work. A request for proposal (RFP) is an invitation for potential vendors to present bids to obtain a contract and perform the work.
400
What are the testing dates?
January 15th & 16th Thursday and Friday
400
Luke is reviewing several internal and external reports to compare his company's sales and market share in relation to other companies in the industry. What type of business analysis is Luke conducting? A. Productivity C. Financial B. Promotional D. Competitive
D. Competitive Companies analyze their activities in relation to their competitors' activities to determine how well they are performing in the marketplace. If a competitive analysis reveals that a company has lost some of its market share, the company will need to attract new markets or develop new products to improve its market share.
500
Participating in community outreach activities might be considered a form of A. institutional promotion. C. target marketing. B. customer service. D. product promotion
A. institutional promotion Promotion refers to the various types of communications that businesses use to inform, persuade, or remind customers of their products. Institutional promotion is a type of promotion that aims to create a certain image of the company in the eyes of the consumer.
500
Costs and available resources are especially important factors for product/service managers to examine during which phase of product/service management? A. New-product development C. Idea generation B. Elimination of weak products D. Monitoring of existing products
A. New-product development A company may have a great idea for a new product, but it may not be cost-effective if it is too expensive to develop and produce, or if the needed materials are too scarce to obtain affordably.
500
Warehousing and shipping methods are operations considerations related to A. scheduling. C. maintenance needs. B. logistics. D. expense control.
B. Logistics Logistics refers to the function of operations that manages the flow of goods and services from production to consumption. Logistics includes all the people, information, and processes involved in storing (e.g., type of warehouse) and transporting goods (e.g., shipping method).
500
What are you going to be at competition?
CONFIDENT okay? good.
500
The function of managerial control involves comparing what was planned with the A. primary goals. C. operating policies. B. actual results. D. established strategies.
B. Actual results . Control is the management function that involves comparing what was planned with the actual results. To be successful, businesses must be able to achieve what they plan. By monitoring the actual results, managers will know if the business is performing as planned or if changes need to be made.