BUS 151 Final Study Guide

In manufacturing, all costs directly related to production including raw materials, labor, and factory overhead are classified as: A. operating expenses B. inventory expenses C. cost of goods sold D. intangible profits E. administrative expenses

C

The most important function of the Federal Reserve System is carrying out ____ policy A. Fiscal B. Tax C. Monetary D. Spending E. Inflation

C

The most important function of the Federal Reserve System is carrying out ______ policy. A. fiscal B. tax C. monetary D. spending E. inflationary

C

A short-term loan from a bank, supplier, or others that must be repaid within a year is a(n): A. Account Payable B. Note Payable C. Account Receivable D. Not Receivable E. Prepaid Payable

A

A short-term loan from a bank, supplier, or others that must be repaid within a year is a(n): A. account payable B. note payable C. account receivable D. note receivable E. prepaid payable

A

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

A

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

A

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

A

Gantt charts are most helpful when... A. Only a few tasks are involved B. Production routes are long and complex C. Task times are less than one hour D. Bottlenecks do not exist E. Costs are not an important consideration

A

A(n) ____ is a summary of what a company has earned and spent over a given period. A. Balance Sheet B. Trial Balance C. Income Statement D. Cash Flow Statement E. Annual Stockholders' Report

C

____ is the system used to record a firm's financial transactions in a routine and clerical process. A. Accounting B. Record keeping C.Bookkeeping D. Auditing E. Financial Management

C

Market Segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

Demography is the study of: A. Individual's ages B. Educational levels C. Household size D. Income levels E. All of the Above

E

What is Marketing?

Process of getting the right goods at the right price to the right people at the right time and place

What accounting is involved in Internal Reporting?

Managerial

The company changed its packaging and developed contests all geared to 12 to 17 year olds. The makers of Mike and Ike have modified its ____ strategies. A. Place and Price B. Promotion and Place C. Product and Place D. Product and Promotion E. Promotion and Price

D

Financial Management

the job of managing a firm's resources so it can meet its goals and objectives

Supply chain management plays a dual role. Its first role is as a communicator of customer demand that extends from the point of sale all the way back to the supplier. The second role is as a physical flow process that engineers timely and effective movement of products. (Outcome 4) a. True b. False

A

A(n) _____ is a retail store that sells at prices 25 percent or more below traditional department store prices in spartan environments. A. discount store B. warehouse store C. off-price retailer D. factory outlet E. convenience store

C

A(n) _____ is the collective term that describes the methods and the equipment used to provide information about all aspects of a firm's operation. (Outcome 1) A. information processing system B. information network C. management information system D. transaction processing system E. customer relational network

C

After product specifications are set, a company must decide whether to purchase or manufacture the parts that it needs. This is called a(n) ____ decision. A. Purchase-or-Manufacture B. Buy-or-Manufacture C. Make-or-Buy D. Order-and-Deliver E. Make-or-Store

C

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: A. hypermarts B. factory outlets C. convenience stores D. specialty stores E. department stores

D

Revenues are the dollar amount of sales plus any other income received from sources like interest, dividends, and rent. A. True B. False

A

Revenues are the dollar amount of sales plus any other income received from sources like interest, dividends, and rent. a. True b. False

A

The postage stamps and petty cash in the architect's drawer as well as his drawing table, his office furniture, and money owed to him by clients are all examples of assets. A. True B. False

A

The postage stamps and petty cash in the architect's drawer as well as his drawing table, his office furniture, and money owed to him by clients are all examples of assets. a. True b. False

A

The usual expression of the accounting equation is Assets = Liabilities + Owner's Equity A. True B. False

A

The usual expression of the accounting equation is Assets = Liabilities + Owners' Equity. a. True b. False

A

What type of facility location factor was most likely instrumental in Levi deciding to continue operating its facility in China? A. Availability of Production Inputs B. Proximity to Raw Materials C. Nearness to Customers D. Access of Transportation E. None of the Above

A

When a bank collects deposits during the day, then deposits them all after banking hours, it is using a reserve processing system. a. True b. False

A

What does each letter of SWOT mean?

Strengths (Internal) Weaknesses (Internal) Opportunities (External) Threats (External)

Service companies generally use a repetitive or intermittent production process rather than the continuous process. A. True B. False

A

_____ is the number of times an individual is exposed to an ad. (Outcome 6) A. Interaction B. Frequency C. Selectivity D. Connectivity E. Reach

B

A target market is a specific group of consumers toward whom a firm directs its marketing effort. A. True B. False

A

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

A

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

A

An accounting system should generate both internal and external reports. A. True B. False

A

An accounting system should generate both internal and external reports. a. True b. False

A

An alphabetic listing of the names and GPAs of everyone in your class is an example of data. a. True b. False

A

Internet retailing is also called e-retailing (Outcome 3) A. True B. False

A

Marketing is the process of combining the conception, pricing, promotion, and distribution of goods or services to create exchanges that satisfy individual and organizational objectives. A. True B. False

A

Money is anything that is acceptable as payment for goods and services A. True B. False

A

Money is anything that is acceptable as payment for goods and services. a. True b. False

A

Production converts inputs into outputs by changing the inputs in some way. A. True B. False

A

Economy Equation

Assets (Current Assets, Cash, and Equipment) = Liabilities + Owner's Equity

A face-to-face sales presentation of a good or service to a prospective customer is called: (Outcome 7) A. market research B. personal selling C. institutional selling D. sales promotion E. comparative selling

B

How does unsolicited and unwanted e-mail pose a security risk to companies? A. Viruses spread through e-mail attachments. B. Hackers enter systems through e-mail. C. Firewalls can be breached by e-mails. D. E-mail increases worker productivity. E. Each e-mail requires a reply.

B

In finance, the opportunity for a profit is called a return A. True B. False

B

_____ are distribution channel members that buy finished products from manufacturers and sell them to retailers. A. Manufacturers B. Wholesalers C. Service providers D. Market managers E. Product managers

B

_____ is the system used to record a firm's financial transactions in a routine and clerical process. A. Accounting B. Record keeping C. Bookkeeping D. Auditing E. Financial management

C

Which of the following is NOT one of the key characteristics required in order for money to be an acceptable medium of exchange A. Scarcity B. Durability C. Divisibility D. Profitability E. Portability

D

Which of the following is NOT one of the key characteristics required in order for money to be an acceptable medium of exchange? A. scarcity B. durability C. divisibility D. profitability E. portability

D

____ is the action that people take in buying and using goods and services. A. Target marketing B. Delegation strategy C. Consumer responsibility D. Buyer behavior E. Market segmentation

D

Demography is the study of: A. individual's ages B. educational levels C. household size D. income levels E. all of the above

E

What accounting is involved in External Reporting?

Financial

What are the 4 P's of Marketing?

Product, Price, Place, Promotion

In finance, the opportunity for a profit is called return. a. True b. False

B

Personal selling is an element of the product strategy. A. True B. False

B

The categories of heavy, moderate, and light users have to do with which type of segmentation? A. Benefit B. Volume C. Demographic D. Psychographic E. Quantitative

B

The three tools used by the Federal Reserve to manage monetary policy are reserve requirements, the prime rate, and the discount rate. a.True b. False

B

A(n) _____ is a summary of what a company has earned and spent over a given period. A. balance sheet B. trial balance C. income statement D. cash flow statement E. annual stockholders' report

C

Crown Holdings Inc. manufactures a high resolution, full color digital inkjet printed cans that allows smaller beverage produccers to label the cans as they are needed to be filled rather than keeping a stock of preprinted cans. This is an example of how a beverage company could use: A. B. C. Just-in-Time D. Materials Requirement Control E. Sigma Six

C

Haley Optics manufactures lens used in cameras, binoculars, and scientific equipment. It had sales of $300,000 during the last quarter. Its gross profit sold was $120,000. On an income statement, an accountant would classify the remaining $180,000 as: A. operating expenses B. production income C. cost of production D. cost of goods sold E. net production costs

D

What management function is production manager Cedric Stein using when he orders aluminum component parts (bumpers, drive trains, etc.) to be used in the production of Audi cars in Audi's Neckarsulm plant? A. Delivery B. Coordination C. Materials Requirement Planning D. Purchasing E. Recruitment

D