Penn Foster intro to business, PF BUS101 lesson 5, Intro to business, Penn Foster intro to business, Intro to business

which of the following refers to the framework for looking at past performance, current financial health, and possible future performance

Accounting

Which of the following functions involves bringing similar stacks together into a larger quantity

Accumulating

Who does the FDIC insure

All members of the federal reserve system

To become a certified public accountant (CPA), an accountant must complete and approved bachelors degree program and pass a test prepared by the

American Institute of CPAs (AICPA)

Economic expansion occurs when

An economy is growing and people are spending more money

A/an _____ is a network that lets people at one site exchange data and share the use of hardware and software from a variety of computer manufacturers

Local Area Network (LAN)

For the products that are services, the distribution channel is based primarily on

Location

The marketing strategy typically starts with which of the following

product

Which of the following is one way to classify consumer products

specialty product

Which of the following is an example of a tangible product

A car

____ is best defined as the sharing of costs and operations of a business in a foreign country with a local partner

A joint venture

Articles of incorporation do not include

A list of all stockholders names

Which of the following can help generate complete sets of data that will improve the overall details of the auditing process

Automation

In the ______ stage of product lifecycle, sales grow at an increasing rate, profits are health, and many competitors enter the market

Growth

Which of the following describes current assets

Assets that can or will be converted to cash in the next 12 months

A nation's ____ can be best defined as the difference in value between its exports and imports

Balance of trade

Which of the following will continue to be less prevalent in the coming years

Branch banking

A company should use _____ to resolve differences among hundreds of acquired businesses, unifying them into a whole, to save millions per year by making better use of existing resources and data

Business Process Management (BPM)

The principles and standards that determine acceptable conduct in business organizations are referred to as

Business ethics

In _____, workers are trained to be able to do any of the steps in the production process

Cellular manufacturing

Which of the following has enabled accounting firms to add five times more clients than traditional accounting firms

Cloud-based accounting

Which of the following is profit oriented financial institution that accepts deposits, makes business and consumer loans, and provides other financial services

Commercial bank

Which of the following is unsecured short term debt that a financial manager looks for as low risk investment with a high return

Commercial paper

Which statement regarding business ethics and social responsibility is true

Companies can be both profitable and socially responsible

In _____, computers are used to design and test new products and modify existing ones

Computer aided drafting (CAD)

The ability to view an organization as a whole, to understand how the various parts fit together, and see how it relates to other organizations is _____ skill

Conceptual

Which of the following are issued by corporations, usually have a par value of $1000, and can be secured or unsecured

Corporate bonds

A country with a surplus of oil but limited access to fresh water decides to trade resources with A country with plentiful water but no domestic oil fields. The two countries exchange these resources without any money involved. This exchange of products is best described as

Counter trading

In an organization with a unionized labor force, the shop steward

Serves as a liaison between management and employees

Many countries don't allow children to be used in advertising. This is an example of a/an ____ barrier

Cultural

Which of the following represents the customers feeling that A product has met or exceeded expectations

Customer satisfaction

A financial manager must manage the opportunity for profit. What is this called

Database management system

Which of the following measures the relationship between the amount of borrowing and the value of the owners funds

Debt to equity ratio

Categories such as education and household size Represent which of the following Types of segmentation

Demographic

What must be paid first to preferred stockholders before the company can pay to any common stockholders

Dividends

Philanthropy is a a way that businesses exercise community responsibility through such acts as

Donations to charitable organizations

The consumer product channel for insurance begins with the _____ and flows to the next agent or broker

Service company

______ is the study of how resources are distributed to produce goods and services within a social system

Economics

The first type of trading and development a new employee is exposed to is

Employee orientation

The first step in performance planning and appraisal is to

Establish performance standards

Which of the following is true of the role of ethics and social responsibility in ethics?

Ethical conduct and corporate social responsibility are linked to increased profits

_____ is best described as the sale of goods and services to foreign markets

Exporting

Which of the following often make short term loans for which borrowers put up tangible assets because they can't get credit elsewhere

Finance company

The requirement that companies must clearly disclose all transactions that may have material current or future effect on their financial condition which is key provision of SOX

Financial disclosure

Companies that want to meet the diverse needs of their employees by offering work scheduling options can use

Flextime

A/an ______ Involves having an in-depth discussion with 8 to 12 participants About a concepts during the develop new product ideas stage

Focus group

Who is considered the father of scientific management

Fredrick Taylor

Which of the following is an example of individual influence on buyer behavior

Gender

______ skills are a managers ability to operate in diverse cultural environments

Global Management

Which of the following visually plots the timeline between scheduled and actual production

Gnatt charts

Which of the following was designed in response to environmental issues, such as global warming and water pollution, to promote clean production processes

ISO 1400

Knowledge management requires a major change in behavior and technology to leverage the power of

Information systems

The ____ is the closest thing the world has to an international central bank

International Monetary Fund

During which product lifecycle stage are production and marketing cost high and sales low?

Introduction

____ is the horizontal expansion of an employee's job

Job enlargement

The belief that materials should arrive exactly when they are needed for production, rather than being stored on site is called

Just-in-time (JIT)

Which of the following focuses on researching, gathering, organizing and sharing data to improve productivity

Knowledge management

A theory x manager would assume the workers are

Lazy employees who can't be trusted

The relatively consistent pattern of behavior that characterizes a leader is called his or her _____ style

Leadership

Obeying the law is a business's ____ responsibility

Legal

Which of the following is best defined as a trade agreement in which one company allows another company to use its company name, products, patents, brands, trademarks, raw materials and/or production processes in exchange for a fee or royalty

Licensing

_______ proposed a theory of motivation based on universal human needs

Maslow

What's the main goal of a financial manager

Maximize the firms value to its owners

The combination of two companies that join to form one company is called a

Merger

A ____ is a formal document that states an organizations purpose and reason for existing and describes its basic philosophy

Mission statement

Which of the following will continue to be a strategic advantage that will separate traditional banking from innovative banking

Mobile financial apps

On an income statement the revenues are more than the expenses. This results in which of the following

Net profit

______ is responsible for identifying the Theory Z style of management

Ouchi

______ is the transfer of manufacture or other tasks - such as data processing - to countries where labor and supplies are less expensive

Outsourcing

The function of _____ is to place positive and newsworthy information in the news media to attract attention to a service

Press relations

People who consistently buy the least expensive brand are called

Price buyers

When all workers performing similar tasks are grouped together, it reflects which type of manufacturing

Process layout

The practice of introducing a new product on the market with a high price and then lowering the price over time is called

Product skimming

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

Production planning

The outcome of business's efforts are

Products

The objectives of a ______ depend on the general behavior of target consumers

Promotion

Which of the following indicates that a person has begun the process of resolving an ethical issue?

Recognizing the ethical issue and openly discussing it with others

______ Involves presenting an accurate and positive image of the firm to potential employees

Recruitment branding

Which of the following is a critical IT solution for attracting and retaining younger workers

Remote work option

Which of the following are the amounts left over from profitable operations since the firms beginning

Retained earnings

Which of the following would focus on atmospherics

Sales prospects

Which of the following is off the job training

Scheduled instruction at a local college

Where are old securities bought and sold

Secondary market

The form of business ownership that has the most difficulty in raising capital is the

Sole proprietorship

The US has a budget deficit of more than $18 trillion. A budget deficit occurs when a nation

Spends more money than it takes from taxes

Because money is used to hold wealth it is known as which of the following

Store of value

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

Strategic

In which of the following is the primary goal to create a satisfied customer by coordinating all the activities of its members into a seamless process

Supply chain

_____ planning is short- range, detail planning that's based on long-range planning. It typically has a time frame of less than one year

Tactical

______ trends enable sellers to collect detailed data about customers buying habits preferences and spending limits

Technology

According to _____, workers respond to attention from superiors, and they like their opinions to be valued

The Hawthorn effect

According to the expectancy theory, the probability of an individual acting a particular way depends on the strength of the individuals belief that

The act will have a particular outcome that the individual values

The C Corporation is another term for

The conventional form of corporation

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

The explanation of the hawthorn effect

A/an ______ system receives raw data from internal and external sources and prepares these data for storage in a database

Transaction process

______ products are either known by the consumer but not actively pursued, or unknown to the consumer. Such as the case with new technologies

Unsought

Which type of network provides strong security measures and allows only authorized users to access the network and sensitive corporate information

Virtual private network (VPN)

Which of the following is a question to ask during IT project planning

What problems does the company want to solve

Which of the following represents brand names availabilityWhich of the following represents brand names, product reliability, Image and service

differential competitive advantage