Introduction to Business Test Review

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Accounting

A system used to record, classify, summarize and report the financial position of a business is known as which of the following

they accrue interest

CDs are similar to savings account because of which of the following

true

FICO stand for Fair Isaac Corporation

liabilities

__ are any debts or obligations owed by the company

assets

__ are items of value your company owns

trademarks

__ are words, symbols, names or devices used to specify goods and differentiate one good from others

departmentalization

__ is the grouping of individuals into departments

chain of command

__ is the principle in which an employee should have only one supervisor to whom he or she is responsible

informal

__ structures are laid -back and undefined

partnership

a __ is a legal agreement between two or more people and is the least common form of business

matrix

a __ organization structure combines the elements of functional and product-based departmentalization

divisional

a __ structure is composed of self-contained units or divisions

prestige pricing

a car dealership setting a high price in order to create a feeling of high quality is known as which pricing practice

income statement

a(n) __ is a summary of a company's profit or loss during any one given period of time

organization

a(n) __ is a systematic grouping of individuals which has been brought together to accomplish a goal

false

accounting is simply the process used to figure out how much money a business made during a certain time period

false

amendment XIV to the U.S. Constitution in 1868 resulted in the prohibition of pay discrimination on the basis of sex

work specialization

an assembly line is an example of __

non-monetary terms for pricing

an office supply store trading supplies to a newspaper company for advertising is an example of which of the following

true

an oligopoly is the most distinguished by the firms interdependence on pricing and marketing

false

an organization's products and services are the driving force in accomplishing its purpose?

true

angel investors are wealthy individuals who seek high returns through private investments

constant updating

because the family life cycle changes, goals require which of the following

true

capitol is wealth in the form of money or property

qualitative

conducting a face-to-face interview is a data collection technique used in which type of research

prices

customer willingness depends on which of the following

secondary

data which has been previously collected and was not generated specifically is which type of data

false

errors on a credit report are easy to fix

true

ethical choices are made based on moral principles and values while legal choices are made according to the law

the treasury department

government bonds are issued by which of the following financial institutions

false

group training gives employees hands-on practice with supervision

eight

how many categories are there of the family life cycle

nine

how many steps are in the business operating cycle

monthly

how often should a business calculate profitability and review financial statements

credit limits

income statements are used to help determine __

true

intrinsic motivation occurs internally and includes enjoyment and accomplishment

false

it is often beneficial for a business owner to use business accounts and personal accounts interchangeably

false

laissez-faire is a danish term which literally means "to each his own"

store of value

money can be saved in the future without rapidly losing its purchasing power. This describes which of the following basic functions of money

true

monopolistic competition refers to a market structure where many firms compete against each other when selling similar but slightly differentiated products

false

patents are issued by state governments

false

physical location of the business is a factor which should influence the type of ownership chosen

true

psychological needs are those for necessities such as safety, security and health

homogenous

pure competition creates markets with large numbers of buyers and sellers exchanging a(n) __ product

they have a limited

saving accounts are like money market accounts because of which of the following

false

selecting the best choice is the final step of the ethical decision-making process

true

simple structures are flexible and inexpensive, but are often only effective in small organizations

allowed

the Sherman antitrust act of 1890 did which of the following

true

the United States utilizes many combinations of the market-buyer structures

Human Resources

the employment process is carried out by which department

6.5

the federal reserve seeks an unemployment rate below __ percent

false

the financial accounting standards board is the government agency regulating the accounting industry

False

the focus of the maturity stage (stage 3) in the product life cycle is to build customer satisfaction and recognize competitors entering the market.

1900

the gold standard act was passed in which of the following years

50 dollar bill

u.s. capitol

generally

what are the accounting rules used to prepare, present and report financial statements called

right-to-work-laws

what did the taft-hartley act of 1947 legalize

strength

what does the acronym SWOT mean

850

what is the highest credit score number

deregulation

what is the term for the removal or relaxation of the rules affecting businesses within certain industries

long term

what type of loan would one need to buy a house

1915

what year was the federal trade commission established

u-shaped curve

when marginal cost is graphed, it creates which of the following

collective bargaining

when union representatives and management come together to discuss issues arising between employees and employers this is known as which of the following

communism

which economic system prohibits the private ownership and management of resources and emphasizes income and wealth equality

a special

which of the following accurately defines tariff

anti-trust laws

which of the following allow fair access to markets for entrepreneurs and are sometimes known as competition laws

manufacturers

which of the following are a good indicator of economic health and employ a significant percentage of the American workforce

professional

which of the following defines business ethics

games

which of the following defines workplace politics

corporation

which of the following forms boards to act as governing bodies and is the most complicated form of business

higher prices

which of the following is not a benefit of marketing

sale of assets

which of the following is not a financing option suggested in the presentation

Los Angeles

which of the following is not a regional location of the federal reserve bank

checking accounts

which of the following is not a source of credit

encourages

which of the following is not an ethical issue raised due to technological advances in the workplace

when caring

which of the following is not an example of a situation in which an employee can apply the family and medical leave act of 1993

employment

which of the following is not an example of unethical behavior occurring in the workplace

lower managers

which of the following is not one of the four basic organizational levels

sole proprietorship

which of the following is owned and operated by one individual

Determining

which of the following is the goal of the finance department

franchise

which of the following is the right or license to sell a company's product or service at a designated location

elasticity of supply

which of the following measures the responsiveness of producers to a price change

national bank notes

which of the following types of notes were produced in 1863

treasury bonds

which of the following types of treasuries have the longest maturities of all government bonds

utility

which term describes the level of satisfaction derived from consumption of a good

long term loans

which type of loan will be in repayment for more than 10 years

monopoly

which type of market structure has only one firm producing a product

the ability

why of the following defines credit

False

you are entitled to a free copy of your credit report twice a year


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