Business quizes

Accounting is the process of collecting, recording, classifying, summarizing, reporting, and analyzing the financial condition of an organization.

True

An accounting journal is a chronological list of transactions, each assigned to a particular account.

True

An example of nonstore retailing is the vending machine from which you purchased a soda.

True

Maslow's hierarchy of needs is a motivation theory.

True

Elton Mayo, America's first industrial psychologist, was responsible for formulating:

the explanation of the Hawthorne effect

A Theory X manager would assume his or her workers are

lazy employees who can't be trusted

Which of these steps helps to form the habit of positive thinking and to boost your success?

Dwell on past successes

In selecting the right job, one should start with consideration to "FACTS" where "F" stands for:

Fit

When conflicts occur, try the K-I-N-D technique. Where K stands for:

Kind

A(n) _____ are go-betweens that bring buyers and sellers together.

broker

_____ are specific repayment conditions as to how long customers have to pay bills and the amount of cash discount allowed.

Credit terms

_____ are debts that are to be paid within twelve months.

Current liabilities

According to Theory Y, workers _____ their work.

like delegation and responsibility in

A manufacturers' representative is sometimes called a(n):

manufacturer' agent

Within the distribution channel, retailers and wholesalers are called:

marketing intermediaries

American Pet Pro purchases pet grooming supplies from various manufacturers, sorts them, and resells them to retailers. American Pet Pro is a(n) _____ wholesaler.

merchant

According to Frederick Taylor's scientific management theory, the most important motivator in the workplace is:

money

After all expenses have been subtracted from revenues on an income statement, the final figure or bottom line is called the _____ when it is a negative number.

net loss

____ is a strategy that focuses on forging long-term partnerships with customers.

Relationship marketing

Amanda is interested in building her interpersonal skills. She should focus on all of these EXCEPT:

Set a Goal and acquire Knowledge

Fourteen million office workers in the US have their online activities under constant surveillance, according to the Denver-based Privacy Foundation. Worldwide, it reckons the number of employees under such surveillance totals around 27 million people. According to the foundation's Workplace Surveillance Project the low cost of snooping technology is the main reason why employers are employing a _____approach to management.

Theory X

A current asset is one that can or will be converted into cash within one year

True

A plan is a method or process worked out in advance that leads to the achievement of some goal.

True

The marketing concept emphasizes a consumer orientation.

True

The strategy that is based on the demand for the product and the cost of producing it is called the pricing strategy.

True

Which of the following businesses would be most likely to require an unsecured bank loan, such as a line of credit or a revolving credit agreement?

a Christmas tree farm

Which of the following would be an example of a capital expenditure for a superstore that specializes in outdoor grills and other items needed for outside dining?

a parking lot

Which of the following is an example of an intangible asset for a manufacturer of padlocks?

a patent on titanium lock mechanism

Herschel George is a soybean farmer. He has arranged a business loan with terms that guarantee that he can borrow up to $30,000 whenever he needs it within the next year. He must pay interest only on the unpaid loan balance. George has arranged a:

revolving credit agreement

A(n) _____ is a yearly document that describes a firm's financial status and usually discusses a firm's financial activities during the past year and its prospects for the future.

annual report

According to the Hawthorne effect,:

workers respond to being paid attention to

_____ is the gap between what is and what is required. Group of answer choices

A need

Which of the following statements about the accounting profession is true?

All of the above statement about the accounting profession are true.

Which of the following is (are) a way(s) help you learn how to concentrate?

All of these

_____ is the process of selecting the capital expenditures that offer the best returns and meet the goal of maximizing the firm's value.

Capital budgeting

Field In selecting the right job, one should start with consideration to "FACTS" where "C" stands for:

Compensation

_____ is the process of distributing the original cost of a long-term asset over the years of its useful life.

Depreciation

______ refers to a shared enthusiasm and devotion to the group.

Esprit de corps

A brokerage firm is an example of a depository financial institution.

False

One way to gain more time in a day is to do less in more time.

False

Selling a firm's accounts receivables to a financial institution at a discount is called counter trading.

False

The balance sheet summarizes a firm's financial position over a period of time, for instance 3 months or a year.

False

The five P's are product, promotion, price, people and possession.

False

_____ benefits the check writer by allowing it to retain the funds until the funds are actually withdrawn from its account.

Float

There are two types of expenses recorded on the income statement. They are:

cost of goods sold and operating expenses

Which of the following is the fifth step of the planning process?

Make a Commitment

_____ are bills that have accumulated and must be paid at a specified future date within the year although no bill has been received by the firm.

Notes receivable

State banks are:

chartered by the state in which they are based

Albee Construction Company, a financially strong corporation that builds roads and bridges, finances its equipment leases by issuing unsecured short-term debt, which is called:

commercial paper

An IOU is most similar to which type of bank loan?

commercial paper

Which of the following is an example of nonstore retailing?

home shopping network

The two types of retailing are:

in-store and nonstore

In manufacturing, all costs directly related to production including raw materials, labor, and factory overhead are classified as:

cost of goods sold

Which of the following is an example of a liability that might be owned by an antique mall?

money owed to utility companies

A checking account is also commonly referred to as a:

demand deposit

In the process of financial intermediation, households, businesses, and governments can all be are categorized as:

demanders of funds

Financial institutions can be divided into two broad categories. These are ______ institutions.

depository and nondepository

Victorinox is the name of the company that manufacturers Swiss army knives. The _____ channel the company utilizes to get its knives to market is to wholesalers, than to retailers, and finally to consumers.

distribution

When the producers of Ocean Spray cranberry products decided to make Craisins (a dried cranberry snack food) available in convenience stores, supermarkets, and vending machines, it was involved with determining _____ strategy.

distribution

_____ 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

Managerial accounting provides all of the following financial information EXCEPT:

income statements

Trademarks, franchises, patents, and copyrights are carried on the company's books as:

intangible assets

The Accent Modification Center helps upwardly mobile international professionals smooth accents that may be holding them back from getting that next promotion. The business's target market is from the growing Asian population in Virginia. The center has developed a(n):

niche competitive advantage

Which of the following is an example of in-store retailing?

none of the above

Bart Pietz works as a paramedic. Because he has just worked a plane crash and has been 20 hours without rest, he is extremely sleepy. Pietz needs to satisfy his _____ need.

physiological

The blend of the marketer's tools is called the five Ps. Which of the following is NOT one of the five Ps?

possession strategy

A pharmaceutical company with headquarters in India sells fluconazole, the generic version of Pfizer's anti-fungal drug Diflucan internationally for significantly less money than many U.S. generic drug manufacturers. The generic drugs industry in this country needs to rethink its _____ strategy to stay competitive.

pricing

Maria Manow is planning to sell handmade quilts over the Internet. As she decides what to charge for a full-sized quilt, Manow will calculate her fixed and variable costs. At this point, Manow will be developing her _____ strategy.

pricing

3M Consumer Healthcare has introduced a "Home 'n Go Pack" packaging concept that organizes each of its bandage offerings into a separate plastic pouch within the bandage box. The pouch is visible through a window in the external packaging. The decision to offer this new packaging was made as part of the _____ strategy.

product

Channels of distribution make distribution easier by performing all of the following functions EXCEPT:

production

Which of the following is NOT one of the key characteristics required in order for money to be an acceptable medium of exchange?

profitability

Customer satisfaction:

refers to the customer's feeling that a product has met or exceeded expectations

In 2006, The Home Depot launched its first consumer and business rewards credit cards. The Home Depot Rewards MasterCard and The Home Depot Business Rewards MasterCard allows consumers and business owners earn rewards for everyday purchases. The Home Depot is engaged in:

relationship marketing

In finance, _____ is the potential for loss.

risk

According to Maslow, people need to feel secure, to be protected from physical harm, and to avoid the unexpected. These needs are called _____ needs.

safety

Weeds, sand, and paper clips would not make good mediums of exchange because they lack the key characteristic of:

scarcity

Financial managers constantly strive for a balance between:

the opportunity for profit and the potential for loss

_____ are profit-oriented depository financial institutions that accept deposits, make business and consumer loans, invest in government and corporate securities, and provide other financial services.

Commercial banks

In selecting the right job, one should start with consideration to "FACTS" where "C" stands for:

Compensation

When conflicts occur, try the K-I-N-D technique. Where D stands for:

Definite

Another term for a checking account is a time deposit.

False

In a typical interview the icebreaking part tends to be about 30 minutes.

False

It has been estimated that only up to 50 percent of our workplace success depends on an understanding of other people. Rest it depends on technical skills.

False

Lines of credit are short-term loans that are secured by collateral.

False

The Federal Deposit Insurance Corporation (FDIC) only insures deposits at commercial banks.

False

By lowering the reserve requirement, the Federal Reserve tries to make more money available for loans and stimulate the economy.

True

Financial management is the art and science of managing a firm's money so the firm can meet its goals.

True

Listen and learn is an effective tip when you first walk into your new job.

True

Margin requirements tell the minimum amount of cash an investor must put up when borrowing from a bank or brokerage firm to purchase stock.

True

Money is anything that is acceptable as payment for goods and services

True

National banks must belong to the Federal Reserve System and must carry FDIC insurance.

True

Once you've developed a positive, "can do" attitude, the next step is to better understand yourself.

True

The first step in creating an effective team is to have goals that are clear, realistic, and supported by each team member and that parallel the larger organization goals.

True

Worldwide about 33 percent of traditional college-age people get to attend college.

True

All careers have which of the following in common?

You need to have a basic understanding of business

The three most popular types of marketable securities are Treasury bills, certificates of deposit, and:

commercial paper

Gerald Cooksie owns a restaurant in Panama Beach, Florida. He has arranged a business loan with the bank where he has his business account. The terms of the loan allow him to borrow up to $13,500 within the next year if the bank has funds available to lend; he must pay interest only on the unpaid loan balance. Cooksie has arranged a:

line of credit

Making sure that enough cash is on hand to pay bills as they come due and to meet unexpected expenses is called cash:

management

_____ is the ratio of benefits to the sacrifice necessary to obtain those benefits.

Customer value

Human resources managers have yet to find any use for Maslow's hierarchy of needs.

False

A distribution channel is a series of marketing entities through which goods and services pass on their way from producers to end users.

True

Distribution strategy is another term for place strategy.

True

For most corporations, physical-distribution activities are usually the responsibility of the marketing department.

True

Frequent-buyer clubs are common tools in relationship marketing.

True

Independent accountants who serve organizations and individuals on a fee basis are called public accountants.

True

Motivation is basically a need-satisfying process.

True

The usual expression of the accounting equation is Assets = Liabilities + Owners' Equity. Group of answer choices

True

Theory X managers view their workers as untrustworthy and unmotivated.

True

There are numerous office supplies manufacturers. U.S.-based Esselte concentrates on selling filing products and desktop products such as staplers and pen sets. Because the Esselte brand is recognized as an innovative leader in the development of filing products and desktop items, the company can be said to have a(n):

differential competitive advantage

The chain of manufacturer, agent, wholesaler, and retailer through which items like x-ray machines, dental equipment, and safety goggles flow is called a(n) ______ channel.

distribution

Vegetarians have the upper hand in Mumbai, India, where not eating meat is a centuries-old tradition. In a booming Indian economy, the vegetarians are outnumbering the meat-eaters in many metropolitan areas. In response to this growing vegetarianism (especially among the middle class), franchises like Pizza Hut have created 100 percent vegetarian menus. By eliminating all meat from pizzas, the Indian Pizza Huts have engaged in a _____ strategy.

product

Independent wholesalers that buy goods from manufacturers on their own account and then resell them to other businesses are:

merchant wholesalers

Shenshen Zhongxing Telecom (ZTE) is a Chinese company that is the only telecommunications company in China that produces and markets an inexpensive camera phone to sell to middle class Chinese living in urban areas. Because ZTE targets a single segment within a limited geographical area, it can be said to have a(n):

niche competitive advantage

Many rock and roll fans believe that Jimi Hendrix was the best guitarist ever and that he stretched his ability to the utmost. According to Maslow's theory of need, Hendrix more than likely satisfied his _____ need.

self-actualization

Accounting involves the _____ of the financial activities for firms.

summarizing

According to _____, workers respond to attention from superiors, and they like their opinions to be valued. Group of answer choices

the Hawthorne effect

Aldi is a no-frills grocery chain. It sells grocery staples right out of crates and boxes with emphasis on low-priced, private-label brands. Aldi stores are typically about one-third the size of the traditional supermarket. By controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to Kroger customers. The chain targets bargain hunters who are willing to rent a cart and bag their own groceries. Aldi competitive advantage is based on:

low costs

Abercrombie & Fitch stores are aimed at college-aged consumers. The parent company also operates retail clothing stores under the name Hollister, which are targeted to 14- to 18-year-olds and under the name Abercrombie, which sell children's wear. Abercrombie & Fitch operate:

specialty stores