Explain career opportunities in entrepreneurship. It is usually presented in order of importance, so that the reader can clearly understand. into one industry, Explain the nature of financial needs. (CS), Sole Proprietorship – owned/run by one individual who receives all profits and is responsible for loss/debt; limited capital, unlimited liability Partnership – partners agree to cooperate in working toward mutual interests; combined capital, unlimited financial ability Corporation – sells shares in stock market, company is owned by multiple shareholders, allows for limited liability, greater financial power by issuing stock Monopoly – one supplier, no substitute goods or services readily available Private LLC – limited liability, no shares of stock Nonprofit – uses revenue to achieve social goals Franchise – chain of suppliers providing goods/services Cooperative/Joint Venture – run/managed by employees, Identify sources that provide relevant, valid written material. Explain the need for ongoing education as a worker. DECA’s performance indicators are broken down by career cluster. Prepare bank account documents (e.g., checks, deposit/withdrawal slips, endorsements, etc.) We use cookies to give you the best experience possible. STUDY. (PQ). Spell. Extract relevant information from written materials. We have done the work for you! Integrated business software application packages (such as Google Apps for Business) include word processing, presentation, and spreadsheet applications. Graphic aids should organize information in a systematic and clear manner (e.g. Participants in these competitive events are not informed in advance of the performance indicators to be evaluated. Overcome problems and difficulties associated with office politics. (CS). Creating budgets, allocating funds throughout the company, determining investments, protecting assets, managing credit and preparing financial reports are other necessary financial activities; balance sheet (assets vs. liabilities) and income statement determine profit vs. loss, Explain the types of economic systems. Time Utility – timing of service; Having a product available at a certain time of year or a convenient time of day. More powerful hardware allows a computer to perform more calculations per unit of time, and software includes operating systems, web browsers, and computer applications. depts.) (CS). (CS). Questions should be appropriate and relative to the topic under discussion. Your advisor uses the performance indicators as teaching tools in the classroom, teaching both general and specific marketing skills throughout the school year. All employees should participate in the discussion. 2009 Regional Business Administration Core Exam Part A. Subjects. Business letters are most appropriate for professional writing as they contain contact information and the address. By being welcoming and encouraging to customers and helping them, employees can demonstrate a customer-service mindset. 10 terms. (CS), Supply – availability of good/service Demand – public desire for good/service Law of Supply – price and supply are positively correlated because it is more profitable and suppliers are more willing to produce/offer good/service Law of Demand – price and supply are negatively correlated because less people are willing to pay for said good/service Elasticity – sensitivity of supply/demand to increasingly subtle changes in price (high elasticity = sensitive to smaller changes in price, no elasticity = no change in supply/demand regardless of price) Market Equilibrium – price at which supply and demand are equal, correlates with equilibrium quantity, assessed by economists in order to avoid shortage or surplus Shortage – price too low, supply less than demand, not enough for every consumer Surplus – price too high, supply higher than demand, capital wasted on resources for things no one wants Factors Affecting Supply: Resource Price – negative correlation Related Product Price – negative correlation Number of Suppliers – positive correlation Technological Advancement – positive correlation Expected Future Prices – positive correlation Factors Affecting Demand: Substitute Price – positive correlation Complement Price – negative correlation Expected Future Prices – positive correlation Income – positive correlation (except for low-value) Population – positive correlation (except for low-value), Describe the functions of prices in markets.