DECA MCQ
A supervisor asking for employee feedback on a new schedule is an example of:
A. Downward communication
B. Upward communication
C. Horizontal communication
D. Grapevine communication
What is the primary goal of a business?
A. Reduce competition
B. Maximize profit
C. Hire more workers
D. Lower prices
Maximize Profit
What does ROI stand for?
Return on Investment
What is one of the 4 Ps of the Marketing Mix?
Product, Price, Place, and Promotion
What does DECA stand for?
Distributive Education Clubs of America
What’s the first step in the decision-making process?
A. Identify alternatives
B. Evaluate alternatives
C. Define the problem
D. Implement the decision
Define the Problem
Which of the following best defines opportunity cost?
A. The cost of production
B. The value of the next best alternative
C. The price a business pays for materials
D. The cost of advertising
The value of the next best alternative
If a product costs $50 to make and sells for $100, what’s the profit margin?
50%
What does “word of mouth marketing” mean, and why is it powerful?
When people tell their friends and families about a product and help promote it.
What’s the theme for this DECA year?
Go The Extra
Which of the following is a channel of distribution?
A. Retail store
B. Coupon
C. Product label
D. Advertisement
Retail Store
What is revenue?
A. Total income before expenses
B. The leftover profit
C. The cost of goods sold
D. Owner’s equity
Total income before expenses
When prices go up, what’s that called?
Inflation
What’s the difference between a good and a service?
A good is something tangible (toys, electronics), while services (haircut, plumbing) are intangible.
What month is DECA Month celebrated?
November
What document shows a company’s assets, liabilities, and owner’s equity?
A. Balance sheet
B. Income statement
C. Cash flow statement
D. Budget
Balance Sheet
What is supply and demand an example of?
A. Accounting concept
B. Economic principle
C. Business ownership
D. Marketing strategy
Economic Concept
What are the three main types of economic systems?
Command, Market, Mixed
A logo, slogan, and color scheme make up what part of a business?
Brand Identity
How many members does IHS DECA have?
56
What’s the main purpose of an investment portfolio?
A. To increase risk
B. To eliminate taxes
C. To diversify investments
D. To focus on one industry
To diversify investments
What’s an example of a fixed cost?
A. Raw materials
B. Advertising
C. Rent
D. Sales commissions
Rent
What’s the term for how much people want a product compared to how much exists?
Supply and Demand
What does a company’s “target market” mean?
Potential Customers
What is the elasticity of demand?
Price changes depending on demand.