Business 101 Quiz Questions 1-6

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

all of them

Labor, as a factor of production, refers to:

all workers in business

Diapers is a product category in the maturity stage of its product life cycle. This means that the manufacturers of diapers:

are most interested in building product awareness want to create primary demand for the product are enjoying a drastic decline in sales and profits are creating product line extensions have increased trade allowances b) want to create primary demand for the product

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

assets + liabilities = owners' equity assets * liabilities = retained earnings assets - owners' equity = liabilities assets = liabilities + owners' equity assets/liabilities = owners' equity d) assets = liabilities + owners equity

The physical arrangement of a production facility is called its:

capacity layout process resources plat b)layout

Within the distribution channel, retailers and wholesalers are called:

inventory control agents marketing intermediary's movement facilitators logistical managers industrial users b) marketing intermeriaries

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

just-in-time month-to-month coordinating perpetual all-encompassing d) perpetual

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

markert potential demand supply capacity market share c) supply

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

Accounting provides a framework for looking at:

past performance current financial health possible future performance financial performances of different firms all of the above all of the above

Dividends are:

payments to the shareholders from company earnings

getting the right ____ to the right _____ at the right _____

product customer time

_____ is the amount of money remaining from a firm's sales revenue after it deducts production costs, interest costs, and taxes.

profit a dividend working capital net sales retained earnings a) profit

The three principal tools of the Federal Reserve System are:

reserve requirements, discount rate, and open market operations

_____ 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.

material handeling transportation exchange distribution intermeditation d) distribution

Which of these is not one of the three elements of supply chain operations mentioned in the LinkedIn Learning video?

Branding Operations Logistics Procurement a) branding

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

Budgeting

Which of the following is included in net income?

Cash Revenue Equity Debt Assets revenue

_____ 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

Which of the following is NOT one of the five key types of power?

Influential

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

Management

_____ provides the structure of people, positions, departments, and activities within which the company objectives can be accomplished.

Organizing

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

Production planning improving production and operations the establishing of critical paths inventory control production control A) production planning

_____ makes products available in quantities desired to as many target market customers as possible.

distribution product promotion price a) distribution

The oldest and largest organized securities exchange in the United States is the:

the New York stock exchange

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

tools machinery equipment money delivery trucks d) money

The _____ summarizes an organization's financial status at the end of an accounting period.

trial balance income statement cash flow statement balance sheet accounts payable ledger balance sheet

Curtiss Anaya is planning to sell kites on the beach this summer to pay for next year's school expenses. _____ refers to the potential that Curtiss will lose money and waste his time and end up at the end of the summer with not enough money to cover his expenses.

profit risk revenue opportunity cost b) risk