Business Exam Review (Set 4)

The finance function would definitely be involved in a decision regarding: a. hiring, public relations and publicity, c. personal selling, d. new business projects and strategies

business projects and strategies

The overall purpose of accounting is to: a. maintain accurate reports, b. compile business expenses, c. control the finances of the business, d. keep track of sales

control the finances of the business

One reason an existing business might develop a company web site is to: a. increase its product mix b. reduce marketing expenses c. lower tax rates d. create a new revenue source

create a new revenue source

In what way might a human resources manager be involved in employee benefits? a. choosing an employee's vacation days? b. selecting an employee's personal plan options? c. Collecting insurance payments from employees? d. Determining eligibility and costs of benefits

Determining eligibility and costs of benefits

During the industrial revolution, the factory system caused a. an increased focus on farming b. a decrease in production levels c. production costs to decrease d. raw material costs to increase

production costs to decrease

Identify the term that best represents marketing's role in society. a. Producer, b. pioneer, c. problem solver, d. peacemaker

problem solver

To reduce the time, effort, and cost needed to produce its Model T cars, the Ford Motor Company developed: a. economic utilities, b. labor unions, c. the factor system, d. the assembly line

the assembly line

Which of the following will foster a business's ability to adapt to changing markets? a. Proactive management b. Reactive management c. Authoritarian leadership d. conservative leadership

Proactive management

A bank denies a business owner's application for credit saying, "We feel that you would be unable to make the monthly payments because of your other debts." What financial report did the bank review? a. operating budget, b. budget, c. income statement, d. balance sheet

balance sheet

Why is a good accounting system important to a business? a. it prevents any financial losses b. it shows the business how it is doing c. it increases the return on investments d. it gives the business an image of success

it shows the business how it is doing

In recent years, the employment of __________ workers has significantly increased. a. manufacturing, b. agricultural, c. assembly line, d. knowledge

knowledge

One way that technological innovation has changed business is by decreasing the use of: a. phone systems, b. skilled workers, c. fax machines, d. paper forms

paper forms

In the late 1800s, market domination by a small number of extremely large, powerful companies led to the: a. passage of antitrust laws b. popularity of laissez-faire c. specialization of labor d. development of labor unions

passage of antitrust laws

Which of the following is a marketing activity? a. leading, b. balancing, c. promoting, d. committing

promoting

Which of the following is a measure of how well a business generates cash flow: a. return on capital, b. accounts receivable, c. capital structure, d. accounts payable

return on capital

A business planning a sale and needs to know what sales were for a particular weekend in the previous year. Which of the following accounting records would provide this information: a. Disbursement journal b. sales journal c. bank statement 6. income statement

sales journal

Which of the following is a reason that the role of human resources management is changing? a. Employees place a greater emphasis on work over personal lives b. business costs are going down c. there is a greater diversity in the workforce d. the workforce is younger than ever

there is a greater diversity in the workforce

Human resources are a company's most important resources because : a. they are controlled by other company resources b. they are the least expensive resources c. they control all other company resources d. they are the most expensive resources

they control all other company resources

In an overall sense, where does marketing occur? a. wherever trucks are, b. wherever advertisements are, c. wherever customers are, d. wherever stores are

wherever customers are

Which of the following is the best action for businesses to take in order to adapt to changing markets: a. Focus efforts on the business's product with the highest profit b. Protect the business's core product c. Reduce investments in research and development d. Implement innovative strategies and ideas

Implement innovative strategies and ideas

Which of the following financial institutions was established after World War II to facilitate global economic growth: a. International Monetary Fund (IMF) b. United Nations (UN) c. Federal Trade Commission (FTC) d. Multinational Corp. (MNC)

International Monetary Fund (IMF)

How does the finance function relate to company spending? a. It produces reports about spending b. It plans and controls spending c. it spends on investment only d. It does not relate to spending

It plans and controls spending

In order for an accounting system to be useful to the business, the accounting information it contains must be: a. posted by an accountant b. approved by the chief executive officer c. accurate and up to date. d. recorded using the accrual method

accurate and up to date

Which of the following is a key component of managing working capital? a. financing, b. cash conversion cycle, c. capital budgeting, d. capital structure.

cash conversion cycle

To maintain its current customer base and attract new markets, the KMV Company lowered the prices of some of its products. What external factor most likely influenced this action? a. changes in consumer spending b. operating cost increases c. production line improvements d. comprehensive employee training programs

changes in consumer spending

A wholesale distributor would like to track its customers, geographically. Which software application would be most effective? a. word processing b. spreadsheet c. internet d. database

database

After a company's training needs are determined, what is the next step in training and development? a. determining what training resources are available b. managing employee performance c. keeping records for personnel files d. Dismissing employees who are not up to standard

determining what training resources are available

Overall, what does marketing allow us to do? a. feel better about shopping b. stop buying online c. limit our spending d. live our daily lives

live our daily lives

Which is an example of a business using technology to improve the efficiency of its salespeople? a. accepting debit transactions b. providing laptop computers c. offering ATM machines d. installing video catalogs

providing laptop computers

Accounting is a distinct from finance because its main focus is on: a. money management decisions b. record-keeping activities c. administration of assets d. acquisition of funds

record-keeping activities

One reason why it is important for businesses to identify and respond to current business trends is to: a. remain competitive b. control performance c. encourage feedback d. improve motivation

remain competitive

Labor-union negotiations are part of which HR management activity? a. employee relations, b. compensation and benefits, c. training and development, d. staffing

employee relations

According to the marketing concept, which option demonstrates company orientation? a. convincing a buyer to buy b. researching a firm's competitors c. finding out what a buyer wants d. advertising the features of a product

finding out what a buyer wants

Computer database programs make it easier for businesses to manage: a. internet search engines, b. problem-solving skills, c. large amounts of related data, d. customers' buying habits

large amounts of related data