Introduction to Business Test Review
Accounting
A system used to record, classify, summarize and report the financial position of a business is known as which of the following
they accrue interest
CDs are similar to savings account because of which of the following
true
FICO stand for Fair Isaac Corporation
liabilities
__ are any debts or obligations owed by the company
assets
__ are items of value your company owns
trademarks
__ are words, symbols, names or devices used to specify goods and differentiate one good from others
departmentalization
__ is the grouping of individuals into departments
chain of command
__ is the principle in which an employee should have only one supervisor to whom he or she is responsible
informal
__ structures are laid -back and undefined
partnership
a __ is a legal agreement between two or more people and is the least common form of business
matrix
a __ organization structure combines the elements of functional and product-based departmentalization
divisional
a __ structure is composed of self-contained units or divisions
prestige pricing
a car dealership setting a high price in order to create a feeling of high quality is known as which pricing practice
income statement
a(n) __ is a summary of a company's profit or loss during any one given period of time
organization
a(n) __ is a systematic grouping of individuals which has been brought together to accomplish a goal
false
accounting is simply the process used to figure out how much money a business made during a certain time period
false
amendment XIV to the U.S. Constitution in 1868 resulted in the prohibition of pay discrimination on the basis of sex
work specialization
an assembly line is an example of __
non-monetary terms for pricing
an office supply store trading supplies to a newspaper company for advertising is an example of which of the following
true
an oligopoly is the most distinguished by the firms interdependence on pricing and marketing
false
an organization's products and services are the driving force in accomplishing its purpose?
true
angel investors are wealthy individuals who seek high returns through private investments
constant updating
because the family life cycle changes, goals require which of the following
true
capitol is wealth in the form of money or property
qualitative
conducting a face-to-face interview is a data collection technique used in which type of research
prices
customer willingness depends on which of the following
secondary
data which has been previously collected and was not generated specifically is which type of data
false
errors on a credit report are easy to fix
true
ethical choices are made based on moral principles and values while legal choices are made according to the law
the treasury department
government bonds are issued by which of the following financial institutions
false
group training gives employees hands-on practice with supervision
eight
how many categories are there of the family life cycle
nine
how many steps are in the business operating cycle
monthly
how often should a business calculate profitability and review financial statements
credit limits
income statements are used to help determine __
true
intrinsic motivation occurs internally and includes enjoyment and accomplishment
false
it is often beneficial for a business owner to use business accounts and personal accounts interchangeably
false
laissez-faire is a danish term which literally means "to each his own"
store of value
money can be saved in the future without rapidly losing its purchasing power. This describes which of the following basic functions of money
true
monopolistic competition refers to a market structure where many firms compete against each other when selling similar but slightly differentiated products
false
patents are issued by state governments
false
physical location of the business is a factor which should influence the type of ownership chosen
true
psychological needs are those for necessities such as safety, security and health
homogenous
pure competition creates markets with large numbers of buyers and sellers exchanging a(n) __ product
they have a limited
saving accounts are like money market accounts because of which of the following
false
selecting the best choice is the final step of the ethical decision-making process
true
simple structures are flexible and inexpensive, but are often only effective in small organizations
allowed
the Sherman antitrust act of 1890 did which of the following
true
the United States utilizes many combinations of the market-buyer structures
Human Resources
the employment process is carried out by which department
6.5
the federal reserve seeks an unemployment rate below __ percent
false
the financial accounting standards board is the government agency regulating the accounting industry
False
the focus of the maturity stage (stage 3) in the product life cycle is to build customer satisfaction and recognize competitors entering the market.
1900
the gold standard act was passed in which of the following years
50 dollar bill
u.s. capitol
generally
what are the accounting rules used to prepare, present and report financial statements called
right-to-work-laws
what did the taft-hartley act of 1947 legalize
strength
what does the acronym SWOT mean
850
what is the highest credit score number
deregulation
what is the term for the removal or relaxation of the rules affecting businesses within certain industries
long term
what type of loan would one need to buy a house
1915
what year was the federal trade commission established
u-shaped curve
when marginal cost is graphed, it creates which of the following
collective bargaining
when union representatives and management come together to discuss issues arising between employees and employers this is known as which of the following
communism
which economic system prohibits the private ownership and management of resources and emphasizes income and wealth equality
a special
which of the following accurately defines tariff
anti-trust laws
which of the following allow fair access to markets for entrepreneurs and are sometimes known as competition laws
manufacturers
which of the following are a good indicator of economic health and employ a significant percentage of the American workforce
professional
which of the following defines business ethics
games
which of the following defines workplace politics
corporation
which of the following forms boards to act as governing bodies and is the most complicated form of business
higher prices
which of the following is not a benefit of marketing
sale of assets
which of the following is not a financing option suggested in the presentation
Los Angeles
which of the following is not a regional location of the federal reserve bank
checking accounts
which of the following is not a source of credit
encourages
which of the following is not an ethical issue raised due to technological advances in the workplace
when caring
which of the following is not an example of a situation in which an employee can apply the family and medical leave act of 1993
employment
which of the following is not an example of unethical behavior occurring in the workplace
lower managers
which of the following is not one of the four basic organizational levels
sole proprietorship
which of the following is owned and operated by one individual
Determining
which of the following is the goal of the finance department
franchise
which of the following is the right or license to sell a company's product or service at a designated location
elasticity of supply
which of the following measures the responsiveness of producers to a price change
national bank notes
which of the following types of notes were produced in 1863
treasury bonds
which of the following types of treasuries have the longest maturities of all government bonds
utility
which term describes the level of satisfaction derived from consumption of a good
long term loans
which type of loan will be in repayment for more than 10 years
monopoly
which type of market structure has only one firm producing a product
the ability
why of the following defines credit
False
you are entitled to a free copy of your credit report twice a year