DECA Apparels and Accessories Exam - Q & A Accessories The miscellaneous apparel related items that are offered in department stores and apparel
... [Show More] specialty stores including gloves, hosiery, handbags, jewelry, handkerchiefs, scarves, etc Business law deals with the law governing contracts, sales, employment, insurance, wills, etc. Also includes issues such as starting, selling, or buying a business, dealing w/ employees or contracts, etc. Types of Business ownership Sole Proprietorship, Partnership, Corporation, Nonprofit, Not for Profit Sole Proprietorship One person owns everything Partnership two or more owners. Not a separate legal entity from business. Each partner is liable for acts of other partners. Corporation Legal structure that allows people to contribute and combine resources such as capital and labor to generate a profit Non vs Not for profit NP: conducts business for benefit of general public w/o shareholders and a profit drive. Not For: same as nonprofit, but legally recognized Communication IN BUSINESS, it is a key function of management. It happens between levels, departments, and employees. 2 way Process of reaching mutual understanding and exchanging info, news, ideas, etc. Channels of Communication Mediums used to transfer message from 1 party to another. Includes print media, internet, phones, broadcast media, etc. Customer service mindset Belief that giving customers good service should be a top priority of business Customer relationship management allows businesses to manage business relationships and data and info assets. Includes customer/ prospect contact info, accounts, and opportunities in a central location Customer relations the way a company communicates and deals with customers Price quantity of payment someone gives in return for a good or service Supply and demand relationship between the amount of a product and the desire of the buyers to buy a product. Typically, low supply and high demand= higher prices and vice versa Economic goods and services objects/service that has value to people and can be sold for a a profit in the marketplace Business activities any activity engaged to make a profit. includes: operations, marketing, production, administration Business environment combination of internal/external factors what influence a company's operating situation. Includes: client, suppliers, competition, technological improvements, laws, market, economy Ethics concern an individual's moral judgements about right or wrong. important because it attracts investors and employees, stay away from legal trouble, maintain a good reputation, etc. Private enterprise business activities unregulated by government; esp. found under a laissez-faire capitalism Economic systems system of producing/ distributing goods and services and allocating resources in a community. includes capitalism, communism, etc. http://maaw.info/ images/Exhibit1-6.gif Business risk possibility that a company will have lower profit than anticipated, or will face a loss rather than a profit. Influenced by many factors including: sales volume, per-unit price, input costs, competition, overall economic climate and government regulations Tax 4 general types: Income tax ( pay the tax as you earn or receive income during the year; income tax withheld from employee's pay.) Estimated Tax, self-employment tax (social security and medicare tax for people who are self [Show Less]