First Year Innovation Exp Midterm Connect 2022

trial balance

A __________________ summarizes all the data from the account ledgers to verify that they are correct and balanced.

brand

A ___________________ is a name, symbol, or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors.

brand manager

A _________________________ has direct responsibility for all the elements of the marketing mix for one brand or product line.

False

A bookkeeper's first task is to record the firm's transactions in a journal. (True or False)

describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner's qualifications.

A good business plan will...

continuous

A production process characterized by long production runs to turn out finished goods over time is known as a(n) _____________________ process.

They look at problems and see opportunities.

A statement that is characteristic of entrepreneurs?

independent audit

A(n) ____________________ is an evaluation and unbiased opinion about the accuracy of a company's financial statements

assembly process

A(n) ______________________ puts together components to make a product.

enterpreneurial team

A(n) __________________________ is a group of experienced professionals from different areas of business who join together to develop, make, and market a new product.

may be classified as a small business depending upon the size of others in the same industry.

According to SBA guidelines, a manufacturing firm with 1,000 employees...

depreciation

Accounting recognizes that assets, such as machinery and buildings, lose value over time. Accountants will record a portion of the cost of an asset as an expense each year through the use of...

experienced professionals from different areas of business.

An entrepreneurial team consists of...

accounting offers us insight into whether the business is financially sound.

An important difference between accounting and other business functions, such as marketing and management, is that...

equity

Brand __________________ refers to the loyalty, perceived quality, and emotions people associate with a given brand name.

current liabilities.

Debts that are due in one year or less are classified on the balance sheet as...

the manufacturing sector

Entrepreneurs looking for a business that gives them the best opportunity to get rich should consider starting a business in...

False

Entrepreneurship is another name for management. (True of False)

training employees to please customers by anticipating their needs.

Experts in operations management for service industry businesses stress...

pleasing customers by anticipating their needs.

For most service businesses, the quality standard has become...

process manufacturing

In ____________, materials are physically or chemically changed to produce a product.

False

In order for product differentiation to be effective, real product differences must be identified so that one product is clearly better than others. (True or False)

grown much more rapidly than the manufacturing sector.

In recent years, the service sector of the U.S. economy has...

make large quantities of a limited variety of products at very low cost.

In the past, the idea behind mass production was to...

keeping work and family tasks seperate

One of the challenges of running a home-based business is...

preparing financial statements such as the balance sheet, income statement, and statement of cash flows.

Once a trial balance has been prepared, the next step of the accounting cycle involves...

Small Business Development Center

One of the best places for young entrepreneurs to start shopping for an SBA loan is a...

brand managerial teams

One reason many large consumer-product companies make use of ___________________________ is to have greater control over new-product development and product promotion.

creating technolegy foreign manufacturers depend on to increase effectiveness and efficiency.

One strategy U.S. manufacturers have employed in order to become more competitive is...

True

Patients and copyrights are examples of intangible assets. (True or False)

one of the 4 Ps of the marketing mix.

Pricing is...

goods.

Production management is the traditional term used to describe all the activities managers do to help their firms create...

assets.

Resources that a firm owns are called...

listen to customers and adapt products to their needs

Restaurants, like other businesses, often find that the best way to succeed in the market is to...

gross profit.

Revenue minus cost of goods sold equals...

65%

Small businesses create about ______________________ percent of the new jobs in the United States.

attorney

Small businesses must seek advice from outside experts. In order to put together official documents such as leases, contracts, and partnership agreements, it is important to seek the advice of a(n) ________.

3D printing

Someday, __________________ could revolutionize the production of many items. For now, however, it is mostly used to create prototypes and molds.

Incubators

State and city governments have promoted facilities where new businesses can open up shop and share common services such as secretarial, accounting, and legal services. Due to their remarkable success rate, _______________ continue to grow in popularity.

valuable sources for information since you can learn from their experiences.

Successful business owners are...

can be based on either real or perceived differences in products.

Successful product differentiation...

net income or net loss

The bottom line of an income statement shows the firm's...

Export Express loan

The SBA's ________ program provides export-financing opportunities for small businesses.

services.

The U.S. economy is now driven by...

encouraged entrepreneurs to come to the United States through the "investor visas".

The U.S. goverment's Immigration Act of 1990...

product life cycle

The ________________________ is a theoretical model that describes the sales and profit performance of a product class over time.

allowing an accounting firm to do both consulting and auditing work for the same company.

The accounting scandals of the early 2000s led many people to question the legitimacy of...

total product offer.

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a...

product life cycle.

The four-stage theoretical model that describes the evolution of a product from birth to death is referred to as the...

cash.

The most liquid asset is...

four

The product life cycle consists of _____________ stages.

product differentiation

The purpose of ___________________ is to create real or perceived product differences.

trial close

The purpose of a ____________________ is to move the selling process toward an actual product purchase.

False

The purpose of a trial balance is to prepare a practice balance sheet. (True or False)

affirm whether the figures in the account ledgers are correct and balanced.

The purpose of a trial balance is to...

introduction, growth, maturity, decline.

The stages of the product life cycle are...

balance sheet, income statement, and statement of cash flows.

The three important financial statements prepared by accountants are...

understand and use accounting information.

To effectively run a business, it is necessary to...

continue to innovate.

To strengthen its manufacturing base in the future, U.S. will have to...

very helpful for small-business owners who lack strong accounting support within their companies.

Today's computerized accounting programs are...

assuming an increasingly important role in the promotion of products.

Today, packaging is...

planning and financing.

Two key management functions that need particular attention when starting a business are...

A great majority of American workers find their first jobs with a small business.

What employment statistic about small businesses is true?

Advances in information technolegy will give firms more flexibility in their location decisions by reducing the need to locate close to sources of labor.

What statement best describes the impact of recent advances in information technolegy on business location decisions?

small firms often can offer more personalized customer services than big firms.

When comparing small businesses to their larger competitors, it is clear that...

look at the benefits the product provides then subtract the cost.

When consumers calculate the value of a product, they...

the consumer's perceptions.

Whether a consumer thinks a product provides the best value depends upon...

The ability to create jobs for others.

Which U.S. issue does entrepreneurship most directly effect?

CAD/CAM has made it possible to produce custom-designed products with little increase in costs.

Which statement about the impact of CAD/CAM on manufacturing is most accurate?

It's about independence and the opportunity to share in the American dream.

Which statement explains one of the reasons that people in the United States take the entrepreneurial challenge?

Access to various modes of transportation

Why might a company move its facility from one location to another?

PERT

_______ is a technique to analyze and sequence tasks involved in completing a project, to estimate the time needed to complete each task, and to determine the minimum amount of time needed to complete each project.

Liquidity

_______________ refers to how quickly an asset can be converted into cash.

Revenue

________________ is the monetary value that is recieved for goods sold, services rendered, and money received from other sources.

Form

_________________ utility is the value added by the creation of finished goods and services using raw materials, components, and other inputs.

Facility location

___________________ is the process of selecting a geographic location for a company's operations

Operations management

_____________________ is the specialized area in management that converts or transforms resources into goods and services.

Enterprise Resource Planning (ERP)

________________________is a computer application that enables a firm to combine computerized functions of all divisions and subsidiaries of the firm into a single, integrated software program that uses a single database.

Variable

costs are those costs that increase as the level of production increases.

brand loyalty.

the degree to which customers are satisfied and are committed to further purchases of a desired brand is called...