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DECA KT PMK TEST 1-23

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Franchise

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Terms in this set (27)

Business agreement under which a business distributes the goods or services of a parent company

A business or firm owned and run by two or more partners

A company or group of people authorized to act as a single entity and recognized as such in law.

Refers to the owner of a business establishment that is responsible for its debts

Service policies

Guidelines affecting the kinds of special activities, such as delivery and installation, that businesses offer customers

Employee policies

Guidelines explaining how employees are to act and how they are to deal with customers

Product policies

Guidelines affecting the kinds of goods and services that businesses offer to customers

Flexible policies

Rules or guidelines that can be easily changed or deleted

Domineering/Superior customers

Likely to contradict the salesperson or the business, overly self-confident and feel that they know more than the average person

Dishonest customers

Intentionally attempt to avoid paying part or all of the cost of a good or service

Slow/Methodical customers

Require a lot of time to make a purchase because of shyness or difficulty in making a choice or buying decision

Suspicious customers

Question everything and may want facts and proof before being convinced that something is true

Economi services

An intangible activity that is performed by other people for a certain amount of money

Natural economic resource

An item found in nature and used to produce goods and services

Three basic economic questions

What products will be produced; how will products be produced; and how will products be allocated?