WorksheetsBusiness Essentials Standard 4.00 – 5.00 Test Study Guide
Total questions: 59
Worksheet time: 39mins
The process of keeping the financial record of a business is known as
financing
accounting
controlling
bookkeping
the overall purpose of accounting is to
compile the business's expenses
keep track of sales
control the finances of the business
maintain accurate reports
why are accurate accounting records important to a business
they show the business how it is doing
they prevent any financial losses
they increase the return on investments
they give the business an image of success
which of the following groups make regular use a business's managerial accounting information
creditors
customers
managers
investors
for an accounting system to be useful to the business, the accounting information contains must be
posted by an accountant
accurate and up to date
approved the chief executive officer
recorded using the accrual method
checks, receipts, invoices, and purchase orders are examples of
source documents
financial statements
department ledgers
accounting standards
what type of accounting method would most likely be used by a small business owner who does not offer credit
COD method
cash method
check method
accrual method
what type of accounting method would most likely be used by a large business that has a large number of outstanding loans and customer charge accounts
accrual method
COD method
cash method
check method
accouting records for a business show that the week's total sales revenues were $125,000. Cash sales accounted for $50,000 and credit sales, $75,000. This is an example of
the accrual method of accounting
an income statement
classifying financial information
the cash accounting method
which of the following is a true statement
bookkeeping is the same as accounting
bookkeeping records business transactions
bookkeeping does not use computers
bookkeeping is limited to information on sales
the operations function consists mainly of activities that are performed an a...
monthly
yearly
weekly
daily
which of the following is an example of one of the business's inputs
services
products
employees
goods
operations managers have two main goals in mind- efficiency (keeping costs low) and
legality (keeping the business in good standing with the law)
effectiveness (keeping customers satisfied)
reputation (keeping up the business's good name)
productivity (keeping business running fast)
which of the following is NOT a main factor in a business's site selection decision
media
community
costs
labor
a clothing manufacturer checks on pair of pants out every shipment to ensure the quality of the product. This process is known as quality
guarantee
delivery
assurance
inspection
a clothing manufacturer builds quality into its operating system, placing responsibility on each employee. This process is known as quality
assurance
delivery
inspection
guarentee
the money it takes to keep inventory in stock is called a _______ cost
production
holding
stockout
purchasing
complying with environmental laws is part of which operations activity
safety and security
logistics
inventory control
purchasing
the difference between service providers' and manufacturers' operations activities is that service providers produce __________ outputs
tangible
useful
expensive
intangible
operations managers must work closely with managers and employees in
competing businesses
foreign markets
all other parts of the business
the marketing department only
marketing links producers to
customers
retailers
distributors
marketers
which of the following is a marketing activity
lowering operational expenses
communicating with customers
leading a project team
balancing customer needs with wants
what provides the basis for all marketing goals and actions
retailing
pricing
budgeting
planning
which of the following influences is the process of determining price
sales promotion
customers' perception of value
publicity
purchase location
which of the following is an example of communicating with customers
developing a marketing plan
creating a new product
choosing a store to distribute products
sponsoring a charity event
the purpose of communicating with customers is to
attract customers' interest
befriend customers
gather participants for a survey
determine prices
of the following, which is a durable good
insect repellent
lip balm
coffee mug
hamburger
according to the marketing concept, which option shows company commitment
setting aside funds to research what customer want
leaving marketing to the marketing department
pricing a products to maximize profitability per item
teaching marketing to college marketing students
which of the following is them most common reason for businesses to search for ways to their products better and cheaper
service marketing
E-commerce
competition
publicity
marketing encourages people form different countries to _____ frequently
train
travel
think
trade
which of the following actions is a part of information management
observing competitors
disseminating information
creating data
creating technology
which of the following is a true statement about a management information system (MIS)
it includes people, processes, and practices
it may be one part of a business's overall information management program
it is the same things as information management program
it does not assist with a business's information management program
which of the following is a true statement about information
it has not value for an organization
it is the same thing as data
it is simple to manage
it is data put into a useful form
a benefit of informed decisions is that they
hurt a business's chances at competition
cost less money
reduce a business's risk
are usually bad decisions
how does appropriate information management affect a business's relationship with its customers
business earn higher profits
business serve customers more effectively
business lose focus oncutomers
business make better financial decisions
appropriate information management helps a business build a good reputation by
offering quality products
eliminating all mistakes
charging high prices
being consistent
managing information regarding copyrights and trademarks helps a company preserve its
correspondence
inventory
customers
identity
who is responsible for information management
everyone in the organization
the chief executive officer
the information management department
the information manager
The information management ca be a challenge because
no one wants to participate in it
many people don't understand what it is
there is often enough information to manage
there is only one right way to do it
a risk involved with information management is leaving customers unprotected from
faulty products
high prices
bad customer service
identity theft
technology is the practical application of which of the following studies to society and industry
literature
history
science
economics
which of the following is not considered a technological innovation
the cell phone
the weather
the wheel
the internet
which of the following is a benefit that businesses recieve from using the internet
the ability to call employees on the road
improved methods of manufacturing
faster connection with suppliers
easier use of satellite radio
a computer's internal processor is part of its
hardware
software
expert systems
virtual training
a medical professional enteras a patient's symptoms into a computer program designed to help diagnose illnesses. This program is known as a(n)
computer-aided design
virtual doctor
voice over internet protocol
expert system
when a business uses computer technology to manage its money and move it among different accounts, it is taking advantage of
electronic data interchange
electronic transfer of funds
hardware
expert systems
computers direct robots and other machines to do specific tasks in a technology known as
internet telephony
computer-aided manufacturing
hardware
virtual training
what is the biggest impact of technology on the computer industry
technology changed the computer industry
technology created the computer industry
technology is not related to the computer industry
technology eliminated the computer industry
Phil works from his home office on tuesdays and thursdays. this is known as
telecommuting
networking
collaborating
information gathering
which of the following is a method of technological information gathering that businesses can use to enhance customer relations
a customer receives a coupon in the mail from the business
a customer writes a letter of complaint to the company
a customer registers on the company website
a customer comes to the store to fill out the warranty card
finance is the business function that involves managing
production
marketing
information
money
the goals of the finance function are to ensure profitability and
advertise products
reduce risk
give out information
manufacture raw materials
accounting is distinct from finance because its main focus is on
acquisition of funds
record keeping activities
money management decisions
administration of assets
decisions about financing refer to the
accounting department
administration of assets
accounts receivable
acquisition of funds
money the business owes is known as
accounts receivable
accounts payable
equity
assets
the finance function is usually responsible for which of the following processes
manufacturing
research
budgeting
operations
the finance function would finitely be involved in a decision regarding
new business projects and strategies
public relations and publicity
personal selling
hiring
a company's current balance of assets and liabilities falls under the focus of
the cash conversion cycle
return on capital
working capital management
capital investment decisions
which of the following is a measure of how well a business generates cash flow
accounts payable
capital structure
accounts payable
return on capital
