2020 Fundamentals - MS CPAS Review Unit 6 - Part 1

A written set of guidelines issued by an organization to its workers and management to help them conduct their actions in accordance with its primary values and ethical standards.

• Code of Ethics

• Ethical Missions

• Procedural Manual

• Core Competencies

When a company follows governmental regulations when selling a product, they are said to be in:

• compliance.

• ordinance.

• direction.

• situational.

A business owned by two or more persons is called a

• partnership.

• sole proprietorship

• corporation

• small business

A high school student is paid minimum wage to work at a local restaurant. The student's pay would be classified as:

• hourly

• salary

• commission

• overtime

A manager that examines and evaluations data or information to understand the cause and effect of relationships is conducting a/an:

• analysis

• connection

• juncture

• query

An online discussion group that allows interaction through electronic bulletin board system and chat sessions. These internet based groups cover practically every conceivable subject.

• newsgroups

• chat rooms

• blogs

• social media

An organization or economic system where goods and services are exchanged for one another or for money are known as:

• business.

• occupation.

• employment.

• career.

Arrangement where a franchisee receives the franchiser's designs, quality control and accounting systems, operating procedures, group advertising and promotions, training, and worldwide reservation systems is known as:

• business-format franchise

• agency-format franchise

• community-format franchise

• grouping-format franchise

Assume that you own your own business. Which of the following is TRUE about sole proprietorship?

• You decide how you will utilize your profits.

• You share liability with other owners.

• You must split the profits among shareholders

• You consult with others before making decisions.

A system under which marketing information is stored and retrieved is a/an:

• records management system.

• executive business plan.

• banking system.

• marketing plan.