Mixed Deck — All FBLA Topics Flashcards

The LIFO inventory method assumes that:

Answer: Newest inventory is sold first

Last-In, First-Out (LIFO) assumes the most recently purchased goods are sold before older inventory.

Which federal agency enforces U.S. antitrust laws to prevent anti-competitive business practices?

Answer: Federal Trade Commission (FTC)

The FTC (Federal Trade Commission) enforces antitrust laws and works to prevent unfair or deceptive business practices.

When a business collects cash before providing a service, the liability recorded is called:

Answer: Unearned Revenue

Unearned revenue is a liability because the company owes the customer a service or product not yet delivered.

The 2018 Georgia FBLA State Leadership Conference is scheduled for when?

Answer: March 23-24, 2018

The 2018 Georgia FBLA State Leadership Conference was held on March 23-24, 2018. It's an important event for FBLA members in Georgia, providing opportunities for leadership development and competition.

Which accounting principle requires that expenses be recorded in the same period as the revenues they helped generate?

Answer: Matching Principle

The matching principle dictates that expenses must be recorded in the period associated with the revenues they helped produce.

The concept of 'going concern' assumes that:

Answer: A business will continue to operate indefinitely into the future

The going concern assumption holds that a company will remain in operation long enough to fulfill its obligations and plans.

What is 'capital budgeting' in corporate finance?

Answer: Evaluating major long-term investments in assets or projects

Capital budgeting is the process companies use to evaluate and select long-term investments that generate returns over multiple years.

What does 'SWOT analysis' stand for in business strategy?

Answer: Strengths, Weaknesses, Opportunities, Threats

SWOT analysis is a strategic planning framework that evaluates internal Strengths and Weaknesses alongside external Opportunities and Threats.

What is 'crowdfunding' as a source of startup capital?

Answer: Raising small amounts of money from a large number of people via online platforms

Crowdfunding aggregates small contributions from many individuals, typically via platforms like Kickstarter, to fund a business or project.

What is 'Total Quality Management' (TQM)?

Answer: A company-wide approach to continuously improving quality in all processes and products

TQM is a management philosophy that focuses on continuous improvement of quality across all organizational functions, involving all employees.

What are the four primary functions of management?

Answer: Plan, organize, lead, control

The four functions of management are planning, organizing, leading, and controlling — the POLC framework.

What is the 'break-even point' for a business?

Answer: The level of sales at which total revenue equals total costs

The break-even point is the sales volume at which total revenues equal total costs, resulting in zero profit or loss.

What does the acronym 'ROI' stand for in a business context?

Answer: Return on Investment

ROI (Return on Investment) measures the efficiency of an investment by comparing net profit to the cost of the investment.

In economics, what occurs when a market experiences 'price elasticity of demand'?

Answer: Quantity demanded is sensitive to price changes

Price elasticity of demand measures how much the quantity demanded changes in response to a change in price.

A 'call to action' in business writing asks the reader to do what?

Answer: Take a specific next step

A call to action directs the reader to perform a specific action, such as clicking a link or scheduling a meeting.

What does 'SEO' stand for and what is its purpose?

Answer: Search Engine Optimization; improving website visibility in organic search results

SEO (Search Engine Optimization) is the practice of improving a website's content and structure to rank higher in unpaid search engine results.

Which communication channel is BEST for delivering complex, sensitive information to an employee?

Answer: Face-to-face meeting

Face-to-face meetings allow for immediate feedback and reduce misunderstanding when the message is complex or sensitive.

What is a 'loyalty program' designed to accomplish?

Answer: Reward repeat customers to encourage continued business

Loyalty programs reward customers for repeat purchases, increasing retention and lifetime customer value.

In FBLA competitive events, what does 'parliamentary procedure' primarily govern?

Answer: The conduct of meetings and group decision-making

Parliamentary procedure is a set of rules for conducting orderly meetings and making group decisions democratically and efficiently.

What is 'diversification' in personal investing?

Answer: Spreading investments across different asset types to reduce risk

Diversification reduces risk by distributing investments across various assets, so poor performance in one area is offset by others.