Business 101 Exam 1

The 6 Mays Majors

Accounting Marketing MIS Finance Supply Chaine Management

MIS (Management information systems)

Systems that we use to manage information. Deciding on systems, deciding on which systems we use more efficiently. Example- when you decide what your password will be (security).

The equation that represents a customer's subjective assessment of benefits relative to costs in determining the worth of a product is:

value = customer benefits - customer costs

Which of the following is NOT one of the five key types of power? Reward Expert Referent Legitimate Influential

Influential

is the process of guiding the development, maintenance, and allocation of resources needed to attain organizational goals.

Management

Signal lights at a typical street intersection would best represent which functional area of a business?

Management Information Systems

The oldest and largest organized securities exchange in the United States is the:

New York Stock Exchange

is the process of arranging the structures and relationships of human and material resources to carry out an organization's plans.

Organizing

Target's security breach originated from a weakness in one of its POS systems. In this context, POS is an abbreviation for what?

Point of Sale

MGMT:

Procedures in order to manage different organizations.

Which of the following is included in net income?

Revenue

is the money a company earns from providing services or selling goods to customers.

Revenue

planning is the creation of long-range, comprehensive objectives and the development of long-term courses of action.

Strategic

True/False: Six Sigma is a quality control method that aims to have zero defects throughout the entire production process.

True

Which of these is not one of the three elements of supply chain operations mentioned in the LinkedIn Learning video?

Branding

stock is a security that represents an ownership interest in a corporation and has voting rights.

Common

Which of the following is NOT a marketing activity?

Compliance

is the set of attitudes, values, and standards that distinguishes one organization from another.

Corporate culture

The ______ is a specific group of customers on whom an organization focuses its marketing efforts.

Customer population

is the quantity of a good or service that people are willing to buy at various prices.

Demand

is the efficient management of the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers.

Distribution

makes products available in quantities desired to as many target market customers as possible.

Distribution

From an information technology perspective, data and information are the same thing. (T/F)

False

Marketing

thinking about who they're engaging, to gain followers/ networking.

Labor, as a factor of production, refers to:

all workers in business

Things of value owned by a firm are called its:

assets

The _____ summarizes an organization's financial status at the end of an accounting period.

balance sheet

At the end of the semester, instructors upload Canvas grades to Howdy so that final grades can be processed. Is this an example of real-time processing of data or batch processing?

batch processing

Which of the following is an activity performed by the Federal Reserve System as it carries out its monetary policy?

distributing currency

The physical arrangement of a production facility is called its:

layout

Many companies keep a continuously updated list of inventory levels, orders, sales, and receipts. This is called a(n) _____ inventory.

perpetual

The three principal tools of the Federal Reserve System are:

reserve requirements, discount rate, and open market operations

Which of the following is the best example of a service? -the pleasure you derive from seeing a good play -the license tags you purchased for your car -the hamburger you bought for lunch -the gallon of milk you purchased at the convenience store -the grill on which you cook steak

the license tags you purchased for your car

Current assets, such as marketable securities and inventory, usually are expected to be turned into cash within:

1 Year

Target's venture into the Canadian market was successful, in part, because all of its US vendors and its own in-house system already used the metric system when inventorying the physical size of its products.

False

Supply Chain Management:

How you get things from here to there. They try to think of more efficient ways to get things done. It's a snowball effect, all set on getting from one place to another. Ex. eating.

Accounting:

Keeping track and recording expenses. Analyzing information to inform decisions for the organization. Think about strategic money strategies.

Finance

Making decisions to invest- so in the future, it pays off. Strategically applying yourself in the best position. What is this money worth in the future vs what it is now?

Production and operations management involves three main types of decisions that are made at three different stages. The first type of decision to be made deals with:

Production planning

is the amount of money remaining from a firm's sales revenue after it deducts production costs, interest costs, and taxes.

Profit

Financial institutions act as intermediaries between suppliers and demanders of funds. They accept savers' deposits and invest them in such things as business loans or mortgages. This process is called:

financial intermediation