B101 Previous Quizzes Study Guide

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

Profits can be obtained through relationships in which of the following ways: I. by acquiring new customers II. by enhancing the profitability of existing customers III. by extending the duration of customer relationships

I,II, and III

Accounting provides a framework for looking at:

Past performance, current financial health, possible future performance, and financial performances of different firms.

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

Target market

Which of the following is the best example of a service?

The pleasure you derive from seeing a good play

In the information technology world, VPN is an abbreviation for what?

Virtual Private Network

_______ planning is short-range, detailed planning that is based on long-range planning. It typically has a time frame that is less than one year long.

tactical

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 these is not one of the three elements of supply chain operations mentioned in the LinkedIN Learning Video?

Branding

Which of the following is NOT one of the four functions of management?

Budgeting

The two types of distribution channels are:

Centralized and decentralized

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

Distributing currency

From an information technology perspective, data and information are the same thing?

False

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

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

MIS

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

Management

The primary goal of the financial manager is to:

Maximize the value of the firm to its owners

A ______ is a formal document that states an organization's purpose and reason for existing and describes its basic philosophy.

Mission statement

The oldest and largest organized securities exchange in the U.S. is the:

New York Stock Exchange

LinkedIN Learning Question: Getting the right ______ to the right _______ at the right ______.

Product, place, time

Labor as a factor of production refers to:

all workers in business

Things of value owned by a firm are called its:

assets

Which of the following calculations is a formal expression of the accounting equation?

assets= liabilities + owners' equity

Long-term debts (liabilities) for corporations and governments are called:

bonds

_____ 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

The physical arrangement of a production facility is called its:

layout

As one of the factors of production, capital includes all of the following EXCEPT:

money

Taco Bell fast-food restaurant does not chop the lettuce and tomatoes and grate the cheese used to make its menu items but hires someone outside the restaurant to perform these tasks. By _____ these tasks, Taco Bell can keep it's overhead low and concentrate its resources on taking customer orders and assembling food.

outsourcing

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

perpetual

Laws passed by the U.S. Congress concerning how U.S. businesses trade with Cuba would be an example of _______ factors that influence the business environment.

political and legal

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

strategic

The quantity of a product or service that businesses will make available at various prices is called:

supply

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