Learn vocabulary, terms, and more with flashcards, games, and other study tools. Explain the concept of supply chain. (PQ). Businesses satisfy unlimited human wants by providing goods and services to society. DECA Images is proud to release a new product – Competition Prep Guides – in each of the career cluster areas: Business Administration, Finance, Hospitality and Marketing. (CS). Participants in these competitive events are not informed in advance of the performance indicators to be evaluated. Economic Activities: Production – creation of a good/service Distribution – making good/service available Consumption – usage of a good/service, Determine economic utilities created by business activities. By being welcoming and encouraging to customers and helping them, employees can demonstrate a customer-service mindset. An apology should be issued. By continuing we’ll assume you’re on board with our cookie policy. Identify sources of career information. Financial need is the necessity of money to purchase goods and services such as food, water, shelter, clothing, transportation, education, labor, etc. (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 … Surveys can be used to obtain information on customer feedback, while federal documents can be a source of demographic data. (CS). Information can be applied to brainstorming promotional strategies appealing to the data findings. Innovation and creativity is necessary in any employee as pivotal ideas can lead to major breakthroughs in a company’s financial success. BUSINESS ADMINISTRATION CORE The Business Administration Core is the foundation for all of DECA’s competitive events. Make sure your response is accurate and clear. They should also contain all necessary information. (CS). The Business Administration Core has twelve instructional areas with performance indicators. This includes strategy involved in various economic activities in order to attract consumers of the target market and generate more cash flow. Orders and reorders are sales contracts, or agreements between two entities agreeing for the financial transaction and tangible or intangible exchange of a good or service. Test. (CS). Job applications require applicants to fill in personal information as well as prior experience. (PQ), Cash – paper money Credit – legal obligation to pay at a later date Check – legal document confirming consumer’s will to pay Electronic – virtual money Investments – bought by speculator with expectation of higher yield/returns, Identify types of currency (paper money, coins, banknotes, government bonds, treasury notes, etc.) Individuals often validate their credit history before applying for additional credit to make sure the information is accurate. Office politics is a scenario in which multiple employees battle for dominance over decision-making. If you are not sure, refer to company handbook or upper management. Critical feedback can be used for insight on personal strengths and weaknesses and how these attributes can be perfected to improve work ethic. Principles of Finance Event 3. Credit payments should add up to be less than the total income for the credit period. Created by. In this video, we discuss an approach to both studying and using performance indicators in DECA case study situations. Social media can be used personally to communicate with friends and family, while professionally to promote products and events. Demonstrate active listening skills. Currencies with High Effect on Global Markets: U.S. Dollar EU Euro Chinese Yuan British Pound, Describe functions of money (medium of exchange, unit of measure, store of value) (PQ), Medium of Exchange – facilitate transactions Store of Value – changes as economy fluctuates Unit of Measure – common value of good/service, Describe sources of income (wages/salaries, interest, rent, dividends, transfer payments, etc.) Identify ways that technology impacts business. Credit is borrowed to allow individuals to pay at a fixed date in the future and helps economy to grow. Integrated business software application packages (such as Google Apps for Business) include word processing, presentation, and spreadsheet applications. Reputation and online reviews should be consulted when choosing a provider. It is usually presented in order of importance, so that the reader can clearly understand. Productivity applications such as presentation and spreadsheet software allows employees to store, organize, and present information. DECA Business Administration Core - Performance Indicators, Business Administration Core Exam terms DECA, DECA Marketing Career Cluster - Performance Indicators, DECA Marketing Communications Careeer Pathway - Performance Indicators, Business Law and Ethics Performance Indicators 1, DECA: Principles of Business Management and Administration, Free online plagiarism checker with percentage. Explain the principles of supply and demand. This core is the foundation for all of DECA’s competitive events. This list was compiled by MBAResearch and Curriculum Center and DECA Inc. and represents eforts to support all DECA competitive events Self-control can be demonstrated via methods such as anger management, stress management, and compulsive behavior control. Enlist others in working toward a shared vision. Reinforce service orientation through communication. Participate in problem-solving groups. Leaders should initiate positive feedback through methods such as assessing the current scenario, finding areas for improvement, brainstorming solutions, and implementing a course of action. hޜ��Nd7�_%O�$��i����rQUB�B�� Discuss the nature of information management. Use abbreviations, write only the main ideas, and write questions to be asked. Performance Indicators for this exam are at the prerequisite, career-sustaining, and marketing specialist levels. Can’t find your school or having issues, contact DECA Communications at communications@deca.org . (PQ), Wage/Salary – periodic payment in exchange for labor Interest – increased payment in exchange for time Transfer Payment – government benefits Wage Garnishment – court-ordered initiative. (CS). (CS). All policies and procedures should be meticulously read and clearly understood by all employees. (CS). Work experience can be obtained through internship or entrepreneurship. Presentation applications (such as Google Slides) can be used to organize information in a visually appealing format that can then be presented to an audience. Leadership is the concept of an individual or group of individual managing administrative tasks for an organization. (PQ). Business letters are most appropriate for professional writing as they contain contact information and the address. Conflict can be resolved through collaboration, compromise, or avoidance. (CS). There are government agencies and legislation to impose regulations on business activities, but businesses can influence political decision-makers. business administration core performance indicators that are aligned with National Curriculum Standards and industry validated. When a task needs to be carried out, the responsible employee should step up to the plate. Explain the nature and scope of purchasing. After instructions are given, clarify any doubts. Buying and Merchandising ICDC PIs. (PQ). Personal hygiene can be maintained through showers, brushing of teeth, use of deodorant, haircuts, shaving, etc. Productivity is a quantitative measure of the ratio of outputs to inputs. Form 1040 is the most common form used for personal income tax filing, with EZ and A variances, whereas Forms W-2 and W-4 are used in corporate finance in regards to payroll tax. Data mining is the process of examining large databases to gather new information. [/vc_column_text][vc_empty_space height=”22px”][vc_column_text] In just less than 40 years, DECA Ontario has grown to be the 2nd largest DECA association in the world. It should be SMART – Specific, Measurable, Achievable, Realistic/Relevant, and Time-Bound. Employees with good work ethic demonstrate reliability, a positive attitude, communication skills, and motivation. DoubleA_Ron7261. Describe the nature of emotional intelligence. Tax liability is the amount owned to a taxing authority, typically the Internal Revenue Service (IRS). ��Y �D߾�|��xf|����Ŏc;���\.��bv��1pv�OTW'!8�N*~�KY���ȕ&���R���.�].�ջB.P��`�(Ѕ��*f"WvPv���C�D|hO �� �� ���'�h GGDx��)z�A�ɑx�� ����a�=��A`(�`����o_#�qXj���H�Ru16��V�N��8� ��LP.P.�p�3cX0�S��0GxJ���y����:N��`���!�\ Be managed in a 21st-century business environment find inspiration, so we provide you with of. Private enterprise is a person and allow them to connect with customers and being understanding, employees can build rapport! 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