Business Essentials Unit 4 Review

Marketing encourages people from different countries to __________ frequently.

• train

• travel

• think

• trade

Finance is the business function that involves managing

• information.

• marketing.

• production.

• money.

The process of keeping the financial records of a business is known as

• accounting.

• controlling.

• financing.

• bookkeeping.

Which of the following is a capital investment decision:

• How to manage cash flow

• How to handle accounts payable

• How to manage inventory

• How to finance investments

According to the marketing concept, keeping company goals in mind means

• putting marketing second to other company goals.

• making product prices low.

• containing marketing costs.

• maintaining the firm’s purpose.

Checks, receipts, invoices, and purchase orders are examples of

• financial statements.

• department ledgers.

• source documents.

• accounting standards.

Of the following, which is a durable good:

• Lip balm

• Coffee mug

• Insect repellent

• Hamburger

An operations manager must determine the sequence materials will take through the production process. This activity is known as

• site selection.

• expense control.

• routing.

• scheduling.

Why are accurate accounting records important to a business?

• They give the business an image of success.

• They increase the return on investments.

• They show how the business is doing.

• They prevent any financial losses.

The purpose of communicating with customers is to

• gather participants for a survey.

• befriend customers.

• attract customers’ interest.

• determine prices.