DECA Entrepreneurship Performance
Indicators Final Exam And Already
Passed Answers.
BL - Describe methods used to protect intellectual property - Answer Intellectual property is creative
work created by you. Ways to protect your intellectual property include:
copyrights ,patent,trademark,trade secret, and licensing
BL - Describe legal issues affecting businesses - Answer Disgruntled employees, discrimination,
harassment, immigration audits, copy rights and patent issues
BL - Identify the basic torts relating to business enterprises - Answer Business torts are civil wrongs
committed by or against an organization
BL - Describe the nature of legally binding contracts - Answer a contract is an agreement between 2 or
more parties. And if you sign a contract to are expected to follow the things listed in the contract
BL - Explain the nature of human resources regulations - Answer The nature of human resources
regulations is to provide a safeguard for employees so they are getting rights and the treatment they
deserve.
BL - Explain the nature of workplace regulations - Answer Assure safety and health of employees.
Provide funds to eliminate workplace dangers and reward safety practices.
BL- Explain types of business ownership - Answer Sole proprietorship: only one person owns the
business. Unlimited liability
Partnership: two or more persons and they divide the profits among themselves, as well as all contribute
resources
Corporation: business organization that has separate legal personality from its owners. Often stocks and
shareholders
,BL - Select form of business ownership - Answer Sole proprietorship, partnership, corporation
BL - Explain the nature of tax regulations on business - Answer The nature of tax regulations, or
treasury regulations, on business are to pick up where the tax laws leave off. There are several different
types
BL - Explain the nature of businesses' reporting requirements - Answer The nature of businesses'
reporting requirements are to make sure that investors and regulators can evaluate a company's
financial performance and business operations. Additionally, it's necessary to have access to these
reports so the public can find discrepancies among reports and the company can have transparency
BL - Develop strategies for legal/government compliance - Answer Establish, evaluate, study, authorize,
train, involve, ensure
CO - Prepare complex written reports - Answer gather relevant data, have intro, executive summary,
include charts/graphs/tables, edit & revise
CO- Write proposals - Answer 1. Title page
2. Cover letter
3. Table of Contents
4. Executive Summary
5. Proposal
6. Services/Technology/Solution
7. About Us
8. Pricing
9. Terms and Conditions
10. Agreement/Contract
- visuals
- quantitative data
- digital age presentation
- remember brand
,- FOLLOW UP after
CR - Explain management's role in customer relations - Answer Lead and motivate the team to ensure
they're giving the best customer service possible, handle complaints and queries, and sort security issues
CR - Identify company's brand promise - Answer market to the right people, attract the right
employees, plan strategic direction, know the goals and go from there
EC - Identify the impact of small business/entrepreneurship on market economies - Answer Small
businesses in the economy has consistently shown that the creation of new businesses drives economic
prosperity. It increases the competition of emerging sectors, inspires innovation. They are critical for
economic growth and innovative capacity in many regions. Additionally, they add to job creation,
economic growth and poverty reduction. Make sure to cite the entrepreneurship and regional
development journal
EC - Explain the concept of private enterprise - Answer Private enterprises are businesses carried on for
profit and not owned by government; the system discourages public ownership of business; same as free
enterprise
EC - Identify factors affecting a business's profit - Answer Sales changes, material price changes, labor
price changes, inventory method changes
EC - Determine factors affecting business risk - Answer Internal factors: employees, vendors,
technological factors including information tech, physical equipment malfunctions, downtime and
eventual obsolescence.
External factors: economy, natural causes, political factors
EC - Explain the concept of competition - Answer Competition is the rivalry between companies selling
similar products and services. It motivates companies to increase sales volume by utilizing the four
components of marketing mix
EC- Determine the relationship between government and business - Answer In a planned economy or
market economy, government holds control of shaping the business activities of a country. In most
developed countries they use a variation of Keynes's policies, allowing a large degree of private business
while maintaining strict regulation of certain aspects of the economy through the government. Today's
, relationship between government and business is neither lassez faire, nor socialist, but rather a
combination of both, creating a mixed economy.
EC - Describe the nature of taxes - Answer The nature of taxes is to benefit the society and to be used
as an instrument of attaining certain social objectives. Governments use taxes to either speed or slow
economic growth
EC- Describe the concept of economies of scale - Answer reduced costs per unit that arise from
increased total output of a product.
EI - Exhibit cultural sensitivity - Answer respect differences, avoid and overcome stereotypes, don't do
bad stuff to people
EI - Leverage personality types in business situations - Answer Introverts: prefer to have time to think
about their ideas, they need solitude and time to recharge after socializing. They can run out of energy
quickly when put in group situations for too long.
Extroverts: prefer to generate ideas in a group setting and feel most energized during back and forth
communication. They easily become bored when they cannot actively participate in a conversation.
Sensing: facts and figures win out over ideas and theories. Intuitive: They like to figure out how things
work, and figure out how things are interrelated, and like to think about the future.
EI - Adapt management style to the personality type of others - Answer Know the strengths and
weaknesses, as well as needs and wants of each personality type in business
EI - "Sell" ideas to others - Answer Persuasive language, close the deal, marketing
EI - Persuade others - Answer Persuasive language, close the deal, marketing, be personal
EI - Demonstrate negotiation skills - Answer I want this, you want that, lets do this (mix of this and
that), come to an agreement
EI - Encourage team building - Answer Clear expectations, context, commitment, control, collaboration,
communication, consequences, coordination, culture change
