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WorksheetsPBF Exam Review 4
Total questions: 35
Worksheet time: 18mins
Name
Class
Date
1.
Which of the following groups makes regular use of a business’s managerial accounting information:
a)
Managers
b)
Customers
c)
Creditors
d)
Investors
2.
For an accounting system to be useful to the business, the accounting information it contains must be
a)
Accurate and up to date
b)
Approved by the chief executive officer
c)
Posted by an accountant
d)
Recorded using the accrual method
3.
Two employees used a business’s computerized accounting system to change some records. They were able to steal $50,000 from the business because the accounting system lacked which of the following:
a)
Protection from theft and fraud
b)
An affordable price
c)
A manual system as backup
d)
Printed financial statements
4.
What type of accounting method would most likely be used by a small business owner who does not offer credit?
a)
Check method
b)
Accrual method
c)
COD method
d)
Cash method
5.
Which of the following makes comparisons of the financial conditions at multiple organizations possible:
a)
Bookkeeping
b)
Source documents
c)
Accounting standards
d)
Trial balance
6.
A bank denies a business owner’s application for credit saying, “We feel that you would be unable to make the monthly payments because of your other debts.” What financial report did the bank review?
a)
Budget
b)
Balance sheet
c)
Income statement
d)
Operating budget
7.
What is one of the main reasons why businesses need to keep accurate accounting records?
a)
To follow procedures
b)
To control expenses
c)
To eliminate risks
d)
To regulate taxes
8.
The goals of the finance function are to ensure profitability and to
a)
Advertise products
b)
Manufacture raw materials
c)
Give out information
d)
Reduce risks
9.
Decisions about financing refer to the
a)
Accounts receivable
b)
Acquisition of funds
c)
Administration of assets
d)
Accounting department
10.
Money the business owes is known as
a)
Equity
b)
Assets
c)
Accounts payable
d)
Accounts receivable
11.
The finance function is usually responsible for which of the following processes:
a)
Budgeting
b)
Manufacturing
c)
Operations
d)
Research
12.
Which of the following is a key component of managing working capital:
a)
Financing
b)
Capital budgeting
c)
Cash conversion cycle
d)
Capital structure
13.
When return on capital is positive, the company is
a)
Growing in value
b)
Losing value
c)
Low on cash
d)
Paying out dividends
14.
The role of finance in business often involves:
a)
Monitoring expenses
b)
Paying employees
c)
Buying supplies
d)
Obtaining funds
15.
Marketing links producers to
a)
Distributors
b)
Retailers
c)
Marketers
d)
Customers
16.
Which of the following is a method used to communicate with customers:
a)
Personal selling
b)
Manufacturing
c)
Customer orientation
d)
Marketing concept
17.
Of the following, which is a durable good:
a)
Coffee mug
b)
Insect repellent
c)
Hamburger
d)
Lip balm
18.
In the marketing concept, whose point of view matters most?
a)
Seller’s
b)
Buyer’s
c)
Marketer’s
d)
Planner’s
19.
According to the marketing concept, keeping company goals in mind means
a)
Making product prices low
b)
Containing marketing costs
c)
Putting marketing second to other company goals
d)
Maintaining the firm’s purpose
20.
Marketing encourages people from different countries to __________ frequently.
a)
Travel
b)
Train
c)
Think
d)
Trade
21.
Which would probably result if a business reduced its marketing costs?
a)
Increased costs of production
b)
Decreased variety of consumer goods
c)
Increased consumer awareness of goods and services
d)
Decreased need for customer contact with businesses
22.
A type of business ownership in which one or more of the owners does not have full liability is called a:
a)
General partnership
b)
Limited partnership
c)
Sole proprietorship
d)
Service organization
23.
To form my business, I used all of my savings and borrowed from the bank, and I'm personally liable for all of the debts. This statement is an example of which of the following forms of business ownership:
a)
Partnership
b)
Sole proprietorship
c)
Corporation
d)
Cooperative
24.
The Scott Company decided to sell stock to raise capital. Under what form of business organization does the company operate?
a)
Corporation
b)
Cooperative
c)
Partnership
d)
Sole proprietorship
25.
What type of corporation may be owned by just a few people and does not offer its shares for sale to the general public?
a)
Limited
b)
Franchise
c)
C Corporation
d)
Private
26.
The American Red Cross is an example of a(n) ___________ corporation.
a)
Hybrid
b)
Nonprofit
c)
S Corporation
d)
C Corporation
27.
Wendy's sells the right to operate its restaurants to individuals who meet the company's criteria. The arrangement between Wendy's and these individuals is an example of
a)
A partnership agreement
b)
Multi-level marketing
c)
Licensing
d)
Franchising
28.
Illegally run organizations that emphasize the collection of high fees from potential product distributors are often referred to as
a)
Pyramid schemes
b)
Pressure-cooker tactics
c)
Marketing racket
d)
Deceptive advertising gimmicks
29.
John says that his job duties include planning what will be done, organizing and directing workers, and solving problems related to worker productivity. His job can best be described as a:
a)
Manager
b)
Broker
c)
Cashier
d)
Bookkeeper
30.
Avery, who manages a silk-screening and embroidery business, has set a goal of increasing sales by 15% in the next six months. To reach his goal, he has increased the business’s advertising budget. This is an example of the ______________ function of management.
a)
Planning
b)
Organizing
c)
Directing
d)
Controlling
31.
Which management function is described in the following situation: Christy Chen determines the type of workers she needs, locates qualified applicants, selects those to be hired, and assigns the new hires to a work area.
a)
Directing
b)
Staffing
c)
Controlling
d)
Planning
32.
A manager evaluates the production output of a department by checking it against the production goals for that time period. This is an example of the ______________ function of management.
a)
Planning
b)
Organizing
c)
Directing
d)
Controlling
33.
Who is normally responsible for purchasing the proper material resources for workers to use in doing their jobs?
a)
Middle managers
b)
Supervisory managers
c)
First-line workers
d)
Top-level managers
34.
A manager studies the business’s previous sales statistics as well as the sales forecast before making purchasing decisions. What type of resource is the manager using?
a)
Material
b)
Human
c)
Financial
d)
Information
35.
Which of the following do many businesses believe to be their most important resource(s)?
a)
Employees
b)
Equipment
c)
Office supplies
d)
Sales revenue
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