Business Exam Review (Set 4)
The finance function would definitely be involved in a decision regarding: a. hiring, public relations and publicity, c. personal selling, d. new business projects and strategies
business projects and strategies
The overall purpose of accounting is to: a. maintain accurate reports, b. compile business expenses, c. control the finances of the business, d. keep track of sales
control the finances of the business
One reason an existing business might develop a company web site is to: a. increase its product mix b. reduce marketing expenses c. lower tax rates d. create a new revenue source
create a new revenue source
In what way might a human resources manager be involved in employee benefits? a. choosing an employee's vacation days? b. selecting an employee's personal plan options? c. Collecting insurance payments from employees? d. Determining eligibility and costs of benefits
Determining eligibility and costs of benefits
During the industrial revolution, the factory system caused a. an increased focus on farming b. a decrease in production levels c. production costs to decrease d. raw material costs to increase
production costs to decrease
Identify the term that best represents marketing's role in society. a. Producer, b. pioneer, c. problem solver, d. peacemaker
problem solver
To reduce the time, effort, and cost needed to produce its Model T cars, the Ford Motor Company developed: a. economic utilities, b. labor unions, c. the factor system, d. the assembly line
the assembly line
Which of the following will foster a business's ability to adapt to changing markets? a. Proactive management b. Reactive management c. Authoritarian leadership d. conservative leadership
Proactive management
A bank denies a business owner's application for credit saying, "We feel that you would be unable to make the monthly payments because of your other debts." What financial report did the bank review? a. operating budget, b. budget, c. income statement, d. balance sheet
balance sheet
Why is a good accounting system important to a business? a. it prevents any financial losses b. it shows the business how it is doing c. it increases the return on investments d. it gives the business an image of success
it shows the business how it is doing
In recent years, the employment of __________ workers has significantly increased. a. manufacturing, b. agricultural, c. assembly line, d. knowledge
knowledge
One way that technological innovation has changed business is by decreasing the use of: a. phone systems, b. skilled workers, c. fax machines, d. paper forms
paper forms
In the late 1800s, market domination by a small number of extremely large, powerful companies led to the: a. passage of antitrust laws b. popularity of laissez-faire c. specialization of labor d. development of labor unions
passage of antitrust laws
Which of the following is a marketing activity? a. leading, b. balancing, c. promoting, d. committing
promoting
Which of the following is a measure of how well a business generates cash flow: a. return on capital, b. accounts receivable, c. capital structure, d. accounts payable
return on capital
A business planning a sale and needs to know what sales were for a particular weekend in the previous year. Which of the following accounting records would provide this information: a. Disbursement journal b. sales journal c. bank statement 6. income statement
sales journal
Which of the following is a reason that the role of human resources management is changing? a. Employees place a greater emphasis on work over personal lives b. business costs are going down c. there is a greater diversity in the workforce d. the workforce is younger than ever
there is a greater diversity in the workforce
Human resources are a company's most important resources because : a. they are controlled by other company resources b. they are the least expensive resources c. they control all other company resources d. they are the most expensive resources
they control all other company resources
In an overall sense, where does marketing occur? a. wherever trucks are, b. wherever advertisements are, c. wherever customers are, d. wherever stores are
wherever customers are
Which of the following is the best action for businesses to take in order to adapt to changing markets: a. Focus efforts on the business's product with the highest profit b. Protect the business's core product c. Reduce investments in research and development d. Implement innovative strategies and ideas
Implement innovative strategies and ideas
Which of the following financial institutions was established after World War II to facilitate global economic growth: a. International Monetary Fund (IMF) b. United Nations (UN) c. Federal Trade Commission (FTC) d. Multinational Corp. (MNC)
International Monetary Fund (IMF)
How does the finance function relate to company spending? a. It produces reports about spending b. It plans and controls spending c. it spends on investment only d. It does not relate to spending
It plans and controls spending
In order for an accounting system to be useful to the business, the accounting information it contains must be: a. posted by an accountant b. approved by the chief executive officer c. accurate and up to date. d. recorded using the accrual method
accurate and up to date
Which of the following is a key component of managing working capital? a. financing, b. cash conversion cycle, c. capital budgeting, d. capital structure.
cash conversion cycle
To maintain its current customer base and attract new markets, the KMV Company lowered the prices of some of its products. What external factor most likely influenced this action? a. changes in consumer spending b. operating cost increases c. production line improvements d. comprehensive employee training programs
changes in consumer spending
A wholesale distributor would like to track its customers, geographically. Which software application would be most effective? a. word processing b. spreadsheet c. internet d. database
database
After a company's training needs are determined, what is the next step in training and development? a. determining what training resources are available b. managing employee performance c. keeping records for personnel files d. Dismissing employees who are not up to standard
determining what training resources are available
Overall, what does marketing allow us to do? a. feel better about shopping b. stop buying online c. limit our spending d. live our daily lives
live our daily lives
Which is an example of a business using technology to improve the efficiency of its salespeople? a. accepting debit transactions b. providing laptop computers c. offering ATM machines d. installing video catalogs
providing laptop computers
Accounting is a distinct from finance because its main focus is on: a. money management decisions b. record-keeping activities c. administration of assets d. acquisition of funds
record-keeping activities
One reason why it is important for businesses to identify and respond to current business trends is to: a. remain competitive b. control performance c. encourage feedback d. improve motivation
remain competitive
Labor-union negotiations are part of which HR management activity? a. employee relations, b. compensation and benefits, c. training and development, d. staffing
employee relations
According to the marketing concept, which option demonstrates company orientation? a. convincing a buyer to buy b. researching a firm's competitors c. finding out what a buyer wants d. advertising the features of a product
finding out what a buyer wants
Computer database programs make it easier for businesses to manage: a. internet search engines, b. problem-solving skills, c. large amounts of related data, d. customers' buying habits
large amounts of related data