Question 1

What is a means to conduct a periodic check on the company's financial health?

Accepted Answer

A)   Internal rate of return (IRR) 
B)   Return on investment (ROI) 
C)   Cash flow analysis
D)   Break-even analysisE) A) and C)
F) B) and C)

Question 2

Operations management is the management of systems or processes that convert or transforms ___________ into goods and services.

Accepted Answer

Resources

Question 3

What is a hybrid entity that has the legal protections of a corporation and the ability to be taxed (one time)  as a partnership?

Accepted Answer

A)   Limited partnership
B)   Limited liability corporation
C)   Limited proprietorship
D)   Limited shareholderThis is the definition of LLC.E) C) and D)
F) A) and D) B

Question 4

____________ are similar to sole proprietorships, except that this legal structure allows for more than one owner.

Accepted Answer

The answer of ____________ are similar to sole proprietorships, except...

Question 5

What involves analyzing business operations for internal decision making and does not have to follow any rules issued by standard-setting bodies such as GAAP?

Accepted Answer

A)   Accounting
B)   Bookkeeping
C)   Financial accounting
D)   Managerial accountingE) A) and D)
F) B) and C)

Question 6

What tracks and communicates changes in the shareholder's earnings?

Accepted Answer

A)   Balance sheet
B)   Statement of owner's equity
C)   Statement of cash flows
D)   Income statementE) None of the above
F) B) and C)

Question 7

Which of the following is not a part of the marketing mix?

Accepted Answer

A)   Product
B)   Price
C)   Point
D)   PromotionE) A) and B)
F) A) and D)

Question 8

Identify the four primary financial statements used by most organizations.

Accepted Answer

Balance sheet.-The balance sheet gives a...

Question 9

What describes the basic transaction data such as its date, purpose, and amount and includes cash receipts, canceled checks, invoices, customer refunds, employee time sheet, etc?

Accepted Answer

A)   Balance sheet
B)   Source document
C)   Transaction
D)   Financial statementE) B) and C)
F) A) and B)

Question 10

What is the function of the marketing department?

Accepted Answer

A)   Deals with the strategic financial issues associated with increasing the value of the business while observing applicable laws and social responsibilities
B)   Includes the policies, plans, and procedures for the effective management of employees
C)   The function of selling a good or service and focuses on increasing customer sales, which increases company revenues
D)   The process associated with promoting the sale of goods or services. The marketing department supports the sales department by creating promotions that help sell the company's productsE) B) and C)
F) C) and D)

Question 11

What reports operating results (revenues minus expenses)  for a given time period ending at a specified date?

Accepted Answer

A)   Balance sheet
B)   Statement of owner's equity
C)   Statement of cash flows
D)   Income statementE) None of the above
F) B) and C)

Question 12

____________ are a distribution of earnings to shareholders.

Accepted Answer

Dividends

Question 13

What is the analysis and redesign of workflow within and between enterprises?

Accepted Answer

A)   Business process
B)   Management information system
C)   Transaction
D)   Business process reengineeringE) B) and C)
F) All of the above

Question 14

Which of the following represents psychographic segmentation?

Accepted Answer

A)   Based on regional variables such as region, climate, population density, and population growth rate
B)   Based on variables such as age, gender, ethnicity, education, occupation, income, and family status
C)   Based on variables such as values, attitudes, and lifestyles
D)   Based on variables such as usage rate, usage patterns, price sensitivity, and brand loyaltyE) A) and B)
F) All of the above

Question 15

____________ is the actual recording of the business's transactions, without any analysis of the information.

Accepted Answer

The answer of ____________ is the actual recording of the...

Question 16

Break-even analysis is the point at which revenues equal costs.

Accepted Answer

A) True 
 B)False

Question 17

Define business process reengineering and explain how an organization can use IT to transform its business.

Accepted Answer

A business process is a standardized set...

Question 18

What is operations management?

Accepted Answer

A)   A field concerned with the use of technology in managing and processing information
B)   The function of selling a good or service and focuses on increasing customer sales, which increases company revenues
C)   The function that plans for, develops, implements, and maintains IT hardware, software, and the portfolio of applications that people use to support the goals of an organization
D)   The management of systems or processes that convert or transforms resources into goods and servicesE) B) and C)
F) A) and D)

Question 19

What is calculated by dividing the firm's sales by the total market sales for the entire industry?

Accepted Answer

A)   Break-even point
B)   IRR
C)   Market share
D)   Income statementE) A) and B)
F) None of the above

Question 20

What is the rate at which the net present value of an investment equals zero?

Accepted Answer

A)   Internal rate of return (IRR) 
B)   Return on investment (ROI) 
C)   Cash flow analysis
D)   Break-even analysisE) C) and D)
F) A) and D)

Exam 1: Business Basics

What is a means to conduct a periodic check on the company's financial health?

Correct AnswerverifiedShow Answer

Operations management is the management of systems or processes that convert or transforms ___________ into goods and services.

Correct AnswerverifiedResources

What is a hybrid entity that has the legal protections of a corporation and the ability to be taxed (one time) as a partnership?

Correct AnswerverifiedB

____________ are similar to sole proprietorships, except that this legal structure allows for more than one owner.

Correct AnswerverifiedShow Answer

What involves analyzing business operations for internal decision making and does not have to follow any rules issued by standard-setting bodies such as GAAP?

Correct AnswerverifiedShow Answer

What tracks and communicates changes in the shareholder's earnings?

Correct AnswerverifiedShow Answer

Which of the following is not a part of the marketing mix?

Correct AnswerverifiedShow Answer

Identify the four primary financial statements used by most organizations.

Correct AnswerverifiedBalance sheet.-The balance sheet gives a...View AnswerShow Answer

What describes the basic transaction data such as its date, purpose, and amount and includes cash receipts, canceled checks, invoices, customer refunds, employee time sheet, etc?

Correct AnswerverifiedShow Answer

What is the function of the marketing department?

Correct AnswerverifiedShow Answer

What reports operating results (revenues minus expenses) for a given time period ending at a specified date?

Correct AnswerverifiedShow Answer

____________ are a distribution of earnings to shareholders.

Correct AnswerverifiedDividends

What is the analysis and redesign of workflow within and between enterprises?

Correct AnswerverifiedShow Answer

Which of the following represents psychographic segmentation?

Correct AnswerverifiedShow Answer

____________ is the actual recording of the business's transactions, without any analysis of the information.

Correct AnswerverifiedShow Answer

Break-even analysis is the point at which revenues equal costs.

Correct AnswerverifiedShow Answer

Define business process reengineering and explain how an organization can use IT to transform its business.

Correct AnswerverifiedA business process is a standardized set...View AnswerShow Answer

What is operations management?

Correct AnswerverifiedShow Answer

What is calculated by dividing the firm's sales by the total market sales for the entire industry?

Correct AnswerverifiedShow Answer

What is the rate at which the net present value of an investment equals zero?

Correct AnswerverifiedShow Answer

Correct Answer
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Resources

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B

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Balance sheet.-The balance sheet gives a...
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Dividends

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A business process is a standardized set...
View Answer

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