4.14.F - Test: Module Four Business STUSY SET

Balance sheets are based on a simple formula - the accounting equation. The accounting equation is... [ Select ] ["surplus", "liabilities", "owner's equity", "assets"] = [ Select ] ["expenses", "assets", "owner's equity", "liabilities"] + [ Select ] ["purchases", "owner's equity", "assets", "liabilities"]

Answer 1:Correct!assets Answer 2:Correct!liabilities Answer 3:Correct!owner's equity

Choose whether the listed item is a current or long-term liability. vehicle loans [ Select ] ["long-term liability", "current liability"] unpaid income taxes [ Select ] ["current liability", "long-term liability"] accounts payable [ Select ] ["current liability", "long-term liability"] real estate long-term liability short-term loans current liability

Answer 1:Correct!long-term liability Answer 2:Correct!current liability Answer 3:Correct!current liability Answer 4:Correct!long-term liability Answer 5:Correct!current liability

is a balance sheet that divides assets and liabilities into different categories.

Classified balance sheet

How do store accounts or reward cards help businesses? Choose the two best answers.

Correct! They encourage customers to keep coming back to the same business. Correct! They give the company valuable data about their customers.

What are three typical negative results of fraudulent accounting?

Correct! bankrupt investors Correct! damage local communities Correct! devastate the livelihoods of employees

Long-term assets include what three items from the list below?

Correct! buildings and equipment Correct! vehicles and furniture Correct! computers and printers

For most companies, there are three ways to sell their products. What are those three methods?

Correct! direct to wholesalers Correct! direct to retailers direct to customers

What parts of an accountant's job are the most challenging according to the lesson? Choose the three best answers.

Correct! interpretation Correct! analysis Correct! communication

According to the balance sheet dated September 30, 2020, what were the four listed assets?

Correct! inventory of defibrillators Correct! accounts receivable Correct! cash Correct! the van

What four elements of marketing are also known as the four Ps of marketing?

Correct! price Correct! promotion Correct! product Correct! place

After determining whether their product will be sold on the consumer or industrial market (or both), marketers must divide the market into smaller market segments. What are those four segments?

Correct! psychographic Correct! demographic Correct! geographic Correct! behavioral

What three influencers make up the customer value triad?

Correct! quality Correct! service Correct! price

Match the type of branding to its corresponding description.

Correct!One company will make the product and sell it to a retailer, who then sells it under their brand name. This is how most store brands work. Private branding Correct!This is the least common strategy, and it involves attaching no branding to the product at all. Generic branding Correct!The most traditional branding strategy branding, occurs when a company sells its products under its brand name. Manufacturing branding

Match the kind of market to its description.

Correct!a specific set of customers for which a product is created Target market Correct!people who buy products for personal consumption Consumer market Correct!people who buy products to use in the manufacture of other products Industrial market

The changes in cash broken down on a statement of cash flows are divided into three main categories. Match the terms to the corresponding description.

Correct!cash flows from the everyday operations of a business...including sales/expenses actually received/paid the money Operating activities Correct!this covers cash flows from buying or selling long-term assets Investing activities Correct!these cash flows involve obtaining or paying back loans Financing activities

Match the kind of company to its description of operations.

Correct!companies that purchase goods from other companies and then sell them to consumers Retailers Correct!companies that purchase goods from producers and then sell them to retailers Wholesalers Correct!companies that sell to either retailers or wholesalers Manufacturers

Match the definition to the type of data discussed in the lesson.

Correct!essentially data that is made up of numbers analyzed using statistics and math Quantitative data Correct!non-numerical data that describes a subject's characteristics or properties instead of measuring it Qualitative data

Match each acronym to its corresponding organization or practice.

Correct!generally accepted accounting principles GAAP Correct!Financial Accounting Standards Board FASB Correct!International Financial Reporting Standards IFRS

Match the two kinds of accounting used by businesses to conduct financial record keeping and decision making.

Correct!provides correct, timely, and pertinent information that helps business managers make decisions Management Accounting Correct!creates and analyzes financial statements, such as the income statement, balance sheet, and statement of owner's equity to summarize a business's financial performance over a specific period as well as its current financial condition Financial Accounting Quiz

All retail sales are handled by physical stores in malls or stand-alone buildings.

No. Some customers buy online, by telephone, or by mail order.

Even though an income statement can cover any period of time, they generally cover...

a month, quarter (thirteen weeks), or the entire year.

What is a test model of a product known as?

a prototype

What department in a business is more subject to fraud and dishonesty than any other department?

accounting department

What is an accounting system in which a transaction is recorded when it takes place, rather than when the money changes hands?

accrual accounting

If a business owes another party for a product they've already received, it is filed as...

an account payable.

What is a payment that is owed to a business, but yet to paid?

an account receivable

Your product's packaging and labeling should provide two essential pieces to show why the product creates value for the customer.

an attractive packaging scheme that corresponds to the product the labeling needs to clearly indicate what the product is

What kind of financial statement lists a company's financial assets and liabilities at a specific point in time?

balance sheet

The value created by consumer perception of the brand rather than the product itself creates...

brand equity.

Before being certified by a state as a CPA (Certified Public Accountant), a person must...

complete specific educational requirements and pass an exam.

Taken together, the income statement, statement of owner's equity, and balance sheet provide a...

comprehensive overview of a company's finances.

What is the process of gaining knowledge from large databases used to draw conclusions based on large sets of data?

data mining

What are two key factors in the promotion and advertisement of products?

data mining and analysis market research

The decline in value of Dr. Drummer's van is considered a expense.

depreciation

An asset that will be used for more than one year is divided over more than one income statement. This type of expense is called a , the annual cost of a long-term asset.

depreciation expense

Two expenses that may not be considered by business owners as liabilities include...

depreciation expense and interest on bank loans.

In marketing, involves getting the right amount of products to the right places at the right time.

distribution

In market research, the last step is to the data you've collected.

draw conclusions from

A is a small group of people gathered to analyze their reactions to a researcher's questions and ideas.

focus group

Dr. Drummer did not want to charge more for his defibrillators to increase his income, so he decided to...

focus on selling more defibrillators.

Your company is the foundation of your brand. Think of the McDonald's golden arches or the Nike swoosh.

logo

What happens when marketers don't do a good job with the distribution and placement of their products?

low inventory

What is the gathering and analysis of data about consumers that helps companies make better decisions about what products to create and helps them determine a target market for those products?

market research

What are the four main ways a company can become more profitable?

orrect Answer Reduce the cost of goods sold. Correct! Increase prices. Correct! Reduce operating expenses. Correct! Increase total units sold.

The change in price from $7.99 to $12.99 by Netflix over a five year period is an example of...

penetration pricing.

What department is important in delivering a good promotional view to customers about its products?

public relations

What two types of sales are generally performed as product promotion involving one-on-one interactions with customers?

real estate automobile sales

After the market research is completed it is the researcher's job to make based on the data and to include visual elements such as charts and graphs to help other people understand it.

recommendations

The entire process of getting raw materials from suppliers to making the final sale to customers is known as the...

supply chain.

Everything a company does to supply value to customers is called the...

value chain.