intro business final jcjc

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An economic system centered on economic freedom and competition is known as ___________. Question content area bottom Part 1 A. capitalism B. socialism C. nationalism D. communism E. a planned system

Consumer desires and requirements, pursuing long-term success, and assimilating marketing with other components within a business are all key aspects of ______. Question content area bottom Part 1 A. the marketing concept B. customer relationship management C. possession utility D. market segmentation E. form utility

Contracts whose worth is derived from another entity are called _____. Question content area bottom Part 1 A. derivatives B. money-market funds C. global funds D. no-load funds E. sector funds

To calculate _______, the cost of goods sold must be subtracted from sales. Question content area bottom Part 1 A. gross profit B. net income C. inventory D. retained earnings E. operating expenses

When Juanita compares her company's key performance features with those of industry front-runners, she is ____________. Question content area bottom Part 1 A. benchmarking B. employing a balanced scorecard C. exemplifying quality control D. controlling E. exemplifying standards

Which of the following describes an economic situation in which costs increase gradually through the economy as a whole? Question content area bottom Part 1 A. Inflation B. Oligopoly C. Deregulation D. Recession E. Supply curve

Which of the following includes a collection of related goods available from a company? Question content area bottom Part 1 A. Product line B. Commercialization C. Brand loyalty D. Brand extension E. Product mix

Which of the following is defined as the value of performing at a high level and behaving with determination and pride? Question content area bottom Part 1 A. Professionalism B. Incompetence C. Etiquette D. Protocol E. Proficiency

Which of the following occurs when revenue, employment, and manufacturing decline over at least a 6-month period of time? Question content area bottom Part 1 A. Recession B. Scarcity C. Deregulation D. Deflation E. Inflation

Which of the following represents a specialized area of accounting dedicated to assessing a business's operations and the monetary consequences of strategic choices such as pricing, employee benefits, and business acquisitions? Question content area bottom Part 1 A. Financial analysis B. Auditing C. Cost accounting D. Tax accounting E. Forensic accounting

Which of the following represents the worth of the most attractive option that was ultimately not selected? Question content area bottom Part 1 A. Opportunity cost B. Equilibrium point C. Demand curve D. Producer price index E. Scarcity

Which of the following include(s) venture capital and generally refers to specialized investment firms that tend to get involved after the VC stage? Question content area bottom Part 1 A. Private equity B. Debentures C. Common stock D. Secured bonds E. Corporate bonds

Which one of the following statements is NOT a true representation of top-level managers in the management pyramid? Question content area bottom Part 1 A. Upper-level managers select top managers. B. The top manager tier includes corporate officers. C. Top management stays for long time frames and makes important decisions. D. The term executive applies to top managers and typical job titles include the "C"-level positions. E. Top managers are the upper-level managers.

___ refers to the analysis of how a society utilizes its limited assets to create and allocate various products and services. Question content area bottom Part 1 A. Economics B. Nationalizing C. Capitalism D. Regulation E. Privatizing

_______ represents the separation of various markets into lesser, more standardized clusters with comparable requirements, desires, and buying activities. Question content area bottom Part 1 A. Market segmentation B. Market development C. Product development D. Diversification E. Market penetration

__________ focuses on establishing strategies and objectives for a company and proposing the best ways to achieve them. Question content area bottom Part 1 A. Planning B. Controlling C. Organizing D. Leading E. Coaching

is the money a company generates through the sale of products and services. Question content area bottom Part 1 A. Revenue B. Expenses C. Accounts payable D. Profit E. Costs

______ represent(s) the worth that a business has established for a certain product. Question content area bottom Part 1 A. Brand equity B. Co-branding C. Brand loyalty D. Brand extension E. Brand marks

A business that is owned by one individual is a __________. Question content area bottom Part 1 A. limited liability company B. sole proprietorship C. partnership D. master limited partnership E. corporation

Company LMT competes with other companies in the industry by offering the lowest prices around. By offering products at the lowest possible cost compared with other companies, Company LMT has a(n) ____________. Question content area bottom Part 1 A. business mindset B. competitive advantage C. employee advantage D. not-for profit mindset E. economic subsidy

Fixed costs include ________. Question content area bottom Part 1 A. raw materials B. real estate taxes C. shipping D. sales commission E. supplies

Investors who purchase shares of stock in a company are called ________. Question content area bottom Part 1 A. general partners B. shareholders C. board members D. limited partners E. sole proprietors

Macroeconomics is the study of ________. Question content area bottom Part 1 A. the economic behavior among buyers, organizations, and industries that together determine the quantity of goods and services demanded and supplied at different prices B. the analysis of a nation's more significant economic concerns, such as the manner in which firms compete, the impact of government policies, and the allocation and preservation of an economy's limited resources C. a small-scale perspective of economic behavior among consumers and businesses D. how a society uses its scarce resources to produce and distribute goods and services E. the effect of government policies and how an economy allocates its scarce resources

Question content area top Part 1 A method of determining the least amount of sales required at a certain price in order to account for all fixed and variable costs is known as _________. Question content area bottom Part 1 A. optimal pricing B. break-even analysis C. price elasticity D. value-based pricing E. cost-based pricing

Question content area top Part 1 A ____________ is a declaration of why a company exists and what it intends to achieve for consumers and stakeholders. Question content area bottom Part 1 A. vision statement B. mission statement C. value statement D. SWOT analysis E. goal statement

Question content area top Part 1 Companies with solid growth potential may seek public funding, which can be secured from ________. Question content area bottom Part 1 A. banks B. an initial public offering (IPO) C. microlenders D. angel investors E. venture capitalists

Question content area top Part 1 ______ represents the acceptable procedures used by public firms in the United States for creating financial statements. Question content area bottom Part 1 A. EBITDA B. GAAP C. IFRS D. Accrual basis E. Sarbanes-Oxley

Question content area top Part 1 ________ are more costly company products that have extended lifespans, such as machinery and equipment. Question content area bottom Part 1 A. Expense items B. Capital items C. Convenience products D. Specialty products E. Shopping products

The bills a firm owes to its vendors, lenders, and other parties are called __________. Question content area bottom Part 1 A. working capital B. accounts payable C. economic order quantity D. accounts receivable E. liquidity

Which of the following are inclined to regulate decision making and limit the choices of employees? Question content area bottom Part 1 A. First-line managers B. Autocratic leaders C. Democratic leaders D. Participative managers E. Laissez-faire leaders

Which of the following is LEAST likely to coordinate the sale or purchase of bonds? Question content area bottom Part 1 A. Agents B. Stock exchange C. Treasury Department D. Dealers E. Brokers

Which of the following is NOT a major contribution of small businesses? Question content area bottom Part 1 A. They take risks larger businesses sometimes evade. B. They meet the needs of smaller organizations. C. They offer employment. D. They introduce novel goods. E. They add a significant amount of cash into the economy.

Which of the following represents an official analysis of the integrity and consistency of an organization's financial reports? Question content area bottom Part 1 A. Statement of cash flows B. Audit C. Trend analysis D. Ratio analysis E. Double-entry bookkeeping

____ involves methods of calculating progression toward objectives and modifying strategies as needed. Question content area bottom Part 1 A. SWOT analysis B. Controlling C. Leading D. Planning E. Organizing

_________ represents the practice of directing and inspiring individuals to successfully work toward company objectives. Question content area bottom Part 1 A. Organizing B. Leading C. Staffing D. Controlling E. Planning

__________ is the initial collection of resources expended in order to establish a company. Question content area bottom Part 1 A. Crowdfunding B. Seed money C. Angel investment D. Initial public offering E. Venture capital

A(n) _______ is a firm pursuing profits that offers products and services projected to fulfill consumers' needs. Question content area bottom Part 1 A. non-profit organization B. business C. stakeholder D. government economic agency E. industry

A(n) _________________________ is a group of individuals with particular knowledge or important connections that assists a company owner with the evaluation of strategies and decision making. Question content area bottom Part 1 A. business incubator B. advisory board C. angel investor D. franchisee E. venture capitalist

Assessment of an organization's strengths and weaknesses relative to the opportunities and threats it faces is included in which of the strategic planning processes? Question content area bottom Part 1 A. Analyzing the competition B. Developing forecasts C. Performing a SWOT analysis D. Developing action plans E. Defining the organization's mission, vision, and values

A ________ has unlimited liability, but the various _______ who own the stock face only limited liability. Question content area bottom Part 1 A. partnership; partners B. sole proprietorship; individuals C. corporation; shareholders D. limited partnership; board members E. sole proprietorship; board members

Performing the decisional role, managers may ________. Question content area bottom Part 1 A. tend to excel at fostering relationships with many people B. spend a fair amount of time gathering information C. decide about setting product prices and selecting employees D. rely on subordinates to collect, analyze, and summarize information E. risk getting away from day-to-day work

Question content area top Part 1 A _______ holds the top accounting position in a corporation and is in charge of supervising all accounting tasks. Question content area bottom Part 1 A. treasurer B. certified public accountant C. controller D. CEO E. president

Question content area top Part 1 The situation when stock prices have been rising over a long period is described as a ______. Question content area bottom Part 1 A. derivatives market B. money market C. bull market D. bear market E. capital market

Question content area top Part 1 Who decides the monetary policy in the United States? Question content area bottom Part 1 A. The automated clearing house B. The Fed's board of governors C. The Federal Open Market Committee D. Congress E. Regional investment banks

The study of the statistical characteristics of a population is known as ______. Question content area bottom Part 1 A. social commerce B. exchange process C. demographics D. CRM E. psychographics

The ________ section of a business plan explains the purpose of the business and what it hopes to accomplish. Question content area bottom Part 1 A. operations plan B. company overview C. mission and objectives D. start-up schedule E. major risk factors

Two businesses coming together to form a single company is known as a(n) __________. Question content area bottom Part 1 A. acquisition B. hostile takeover C. merger D. joint venture E. leveraged buyout

What is a disadvantage of operating a sole proprietorship? Question content area bottom Part 1 A. Privacy B. Simplicity C. Finite life span D. Single layer of taxation E. Flexibility and control

Which of the following are skills necessary to comprehend individuals and to work together successfully with others? Question content area bottom Part 1 A. Conceptual skills B. Decision-making skills C. Interpersonal skills D. Technical skills E. Administrative skills

Which of the following business functions involves purchasing, logistics, and facilities management? Question content area bottom Part 1 A. Marketing management B. Information technology management C. Operations management D. Research and development E. Finance

Which of the following contains elements that work together to create a marketing strategy including various goods, costs, deliveries, and consumer messages? Question content area bottom Part 1 A. Market segmentation B. Exchange process C. Marketing mix D. Target marketing E. Strategic marketing planning

Which of the following describes the rate that member banks charge each other to borrow money overnight? Question content area bottom Part 1 A. Discount rate B. Prime rate C. Federal funds rate D. ACH rates E. Subprime rate

Which of the following is a computerized stock exchange? Question content area bottom Part 1 A. Forex B. Bond market C. NASDAQ D. NYSE E. Money market

Which of the following represents very specific product brands that a consumer expressly desires and will pursue no matter the price or distance? Question content area bottom Part 1 A. Capital items B. Convenience goods C. Specialty products D. Expense items E. Shopping products

Which term describes a condition in which a sole company controls a particular market to the extent that it has the ability to control prices? Question content area bottom Part 1 A. Privatizing B. Opportunity cost C. Monopoly D. Oligopoly E. Nationalizing

_ attempt to operate efficiently and effectively to accomplish their goals but are not motivated by profits. Question content area bottom Part 1 A. Green businesses B. For-profit organizations C. Not-for-profit organizations D. Goods-producing businesses E. Service businesses

____ involves collecting money owed to a business. Question content area bottom Part 1 A. Zero-based budgeting B. Cost of capital C. Accounts receivable D. Hedging E. Accounts payable

__________ is the amount of a firm's resources that remain with the proprietors after all creditors have been paid. Question content area bottom Part 1 A. Gross profit B. Working capital C. Owners' equity D. Net sales E. Net income

____________ supervise employees and fulfill the strategies established throughout other levels of management. Question content area bottom Part 1 A. Coaches B. Mentors C. First-line managers D. Top managers E. Middle managers

______ represent significant goods and services that consumers purchase occasionally and that often require more intricate evaluations and comparisons in order to make a final decision. Question content area bottom Part 1 A. Specialty products B. Convenience products C. Shopping products D. Expense items E. Capital items

Any physical possession a creditor is allowed to take over if a debtor fails to pay a loan back is called _______. Question content area bottom Part 1 A. a trade credit B. compensating balance C. leverage D. collateral E. a line of credit

A _________ is an illustration or word-based depiction of a brand and exemplifies the nonverbal recognition of a certain brand. Question content area bottom Part 1 A. brand name B. license C. trademark D. logo E. brand extension

A _____________ charts the amount of merchandise consumers tend to buy at varying costs. Question content area bottom Part 1 A. supply curve B. business cycle C. consumer price index D. demand curve E. producer price index

A _____________ is a succinct expression of the philosophies that influence a corporation's decisions and actions. Question content area bottom Part 1 A. mission statement B. SWOT analysis C. goal statement D. values statement E. vision statement

During which stage of the product life cycle do the marketers try to extend the life of the product by highlighting improvements? Question content area bottom Part 1 A. Introductory stage B. Product development process C. Growth stage D. Maturity stage E. Decline stage

Mateo is a manager at Lawn Care Products (LCP). His primary responsibilities include recruiting, hiring, and supporting employees as well as making sure the company is in compliance with regulations regarding employee rights and workplace safety. Which function does Mateo perform at LCP? Question content area bottom Part 1 A. Operations B. Customer support C. Sales D. Human resources E. Finance

Ordinary products and services which are purchased repeatedly and on a regular basis, such as milk or bread, are known as ________. Question content area bottom Part 1 A. expense items B. shopping products C. capital items D. convenience products E. specialty products

Question content area top Part 1 An S corporation is a ________. Question content area bottom Part 1 A. corporation not allowed to sell stock to investors B. profit-seeking corporation whose charter also requires it to pursue a stated social or environmental goal C. company whose stock is held by more than 200 investors and is not available for sale to the public D. corporation that combines the capital-raising options and limited liability of a corporation with the federal taxation advantages of a partnership E. corporation whose stock is sold to the general public

Question content area top Part 1 If a firm is considered to be highly leveraged, what does that mean for the firm's finances? Question content area bottom Part 1 A. The firm is poised to take advantage of competitors. B. The firm spends more than average on advertising. C. The firm can take advantage of downturns in the economy to gain market share. D. The firm carries a lot of debt. E. The firm has higher risk/return trade-off.

Question content area top Part 1 The amounts businesses owe lenders and vendors for loans and supplies are called ______. Question content area bottom Part 1 A. accrued expenses B. working capital C. owners' equity D. liabilities E. fixed assets

Question content area top Part 1 Which of the following is accountable for safeguarding currency in consumer accounts and overseeing the transition any time a financial institution collapses? Question content area bottom Part 1 A. Fannie Mae B. Federal Reserve System C. Freddie Mac D. Federal Deposit Insurance Corporation E. The Department of the Treasury

Question content area top Part 1 _______ represents the levels of responsiveness consumers have to fluctuations in costs for certain products and the effect those changes have on demands for those products. Question content area bottom Part 1 A. Price discrimination B. Deceptive pricing C. Market demand D. Price elasticity E. Price fixing

The ___________ function's responsibility involves finding opportunities in the marketplace, working with research and development to create products that take advantage of those opportunities, creating promotional strategies to connect with likely consumers, and establishing prices. Question content area bottom Part 1 A. distribution B. finance C. customer support D. marketing E. operations

When seeking to sell short-term debt instruments, what market would be most useful? Question content area bottom Part 1 A. Stock market B. Over-the-counter market C. Bond market D. Money market E. Derivatives market

Which form of business is also known as a closely held corporation? Question content area bottom Part 1 A. Public corporation B. Master limited partnership C. Limited liability partnership D. Private corporations E. Sole proprietorship

Which of the following is a characteristic of a general partnership? Question content area bottom Part 1 A. It is a corporation. B. It is owned by one individual. C. Partnerships do not have to pay taxes, but a corporation does. D. The partners have joint liability for the firm's financial obligations. E. Only one partner can make decisions.

Which of the following is defined as organizing accurate price evaluations, profitability statements, financial plans, and other information which is vital to company decision makers? Question content area bottom Part 1 A. Auditing B. Cost accounting C. Forensic accounting D. Management accounting E. Financial accounting

Which of the following represents the methods of coordinating resources in order to achieve a company's objectives? Question content area bottom Part 1 A. Controlling B. Leading C. Planning D. Organizing E. Staffing

____________ is an economic structure involving government possession and control of significant business activities joined with private possession and control of less vital business activities. Question content area bottom Part 1 A. Capitalism B. Microeconomics C. Communism D. Socialism E. Oligopoly

_______ are valued business possessions including currency, real estate, structures, inventory, and investments. Question content area bottom Part 1 A. Retained earnings B. Accounts payable C. Working capital D. Assets E. Owners' equity

_________ is a pricing technique used to establish larger initial sales quantities by offering a very low price in order to decrease competition and increase product attractiveness. Question content area bottom Part 1 A. Value-based pricing B. Dynamic pricing C. Optimal pricing D. Penetration pricing E. Skim pricing

A(n) ____________ is an agreement in which an entity acquires permission to retail goods and utilize certain features of another business's structure. Question content area bottom Part 1 A. initial public offering B. entrepreneurial essence C. business plan D. business incubator E. franchise

Compared with starting a new business, buying an existing business has both advantages and disadvantages. One of the disadvantages of buying an existing business is ________. Question content area bottom Part 1 A. a purchased existing business comes with proven products or services B. an established business comes with functioning systems C. a purchased healthy business comes with an established customer base D. financing an existing business is much easier E. the potential for a considerable amount of financing

Question content area top Part 1 A _____ consists of legal protection given to a brand in order for its owners to possess private rights to its use and distribution, creating exclusivity and appeal for that particular brand. Question content area bottom Part 1 A. logo B. license C. brand name D. brand extension E. trademark

Question content area top Part 1 Which of the following handles the selling of IPOs? Question content area bottom Part 1 A. Derivatives market B. Money market C. Secondary market D. Bond market E. Primary market

Question content area top Part 1 Which of the following is a disadvantage of partnerships? Question content area bottom Part 1 A. Longevity B. Simplicity C. More resources D. Single layer of taxation E. Potential for conflict

Question content area top Part 1 Which of the following occurs during the growth stage of a product life cycle? Question content area bottom Part 1 A. Markets tend to get saturated. B. Companies eliminate products that are growing. C. Sales begin to level off. D. Most companies try to keep mature products alive. E. A rapid jump in sales takes place if the product

Question content area top Part 1 Laissez-faire leaders take the role of ________. Question content area bottom Part 1 A. participative management B. inviting and looking for input from anyone in the company who can add insight to the decision-making process C. governing the decision-making process in their company, frequently limiting the decision-making freedom of subordinates D. giving authority and including employees in decision making E. supporters and consultants, encouraging employees' ideas and proposing insights when asked

Selling ownership in a firm to raise funds is called _______. Question content area bottom Part 1 A. short-term financing B. cost of capital C. long-term financing D. debt financing E. equity financing

The U.S. dollar is an example of _____________. Question content area bottom Part 1 A. cryptocurrency B. treasury bills C. speculative investments D. illegal tender E. fiat money

The framework that outlines how a firm plans to generate revenue is known as a(n) ____________. Question content area bottom Part 1 A. income statement B. stakeholder model C. business mindset D. balance sheet E. business model

What does the Fed do to inject money into the economy and decrease the federal funds rate? Question content area bottom Part 1 A. Adjusts reserve requirements B. Lends through a discount window C. Sells bonds, bills, and notes D. Sells treasuries E. Buys treasuries

Which of the following is a disadvantage of corporations? Question content area bottom Part 1 A. Limited liability B. Liquidity C. Longevity D. Ability to raise capital E. Reporting requirements

Which statement describes the advantage of operating a sole proprietorship? Question content area bottom Part 1 A. In a sole proprietorship, the owner and the business are legally inseparable. B. Sole proprietorships are liquid, which also helps give them a long life span; when shareholders sell or bequeath their shares, ownership simply passes to a new generation, so to speak. C. Sole proprietorships have the ability to pool money by selling shares of stock to outside investors. D. An important financial advantage in many sole proprietorships is the opportunity to share costs. E. Sole proprietors have more privacy and generally are not required to report anything to anyone.

__ is the functional area in charge of visualizing and creating new products. Question content area bottom Part 1 A. Operations B. Visualization C. Quality control D. Marketing E. Research and development

_________ are typically responsible for establishing objectives, fulfilling goals, and organizing work for other levels of management. Question content area bottom Part 1 A. Mentors B. Top managers C. Coaches D. First-line managers E. Middle managers

___________ involves retailing a new product for a limited time in order to evaluate its attractiveness and to gain feedback from consumers before a final product is fully released. Question content area bottom Part 1 A. Brand extension B. Co-branding C. Commercialization D. Prototyping E. Test marketing

A(n) _________ summarizes an anticipated company project, including the project's objectives and strategies for accomplishing those objectives. Question content area bottom Part 1 A. financial plan B. operations plan C. marketing plan D. business incubator E. business plan

____________ is a technique of determining product costs that involves taking into account the expense of production instead of market conditions and that often involves adding markups to products to calculate selling prices. Question content area bottom Part 1 A. Skim pricing B. Optimal pricing C. Value-based pricing D. Participative pricing E. Cost-based pricing

____________ represent the capability and knowledge needed to implement the procedures of a specific occupation. Question content area bottom Part 1 A. Conceptual skills B. Decision-making skills C. Administrative skills D. Interpersonal skills E. Technical skills

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