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WorksheetsBusiness Essentials Review Part 2
Total questions: 145
Worksheet time: 1hrs 13mins
Why do businesses often use spreadsheet software programs?
review personal records
to analyze their operating expenses
review technical reports
review advertizing plans
Natalie is a research associate for a marketing-research firm who spends a lot of her time on the internet obtaining various types of business information. Natalie can save time and easily return to websites that she frequently visits by using the ______ tool on her Internet browser.
classifying
highlighting
sorting
bookmarking
What is technology that links employees who work in different locations and allows them to access the same business information?
network
structure
modem
line
What are Microsoft Windows, Linux, and Mac OS X are examples of?
operating systems
computers
internet providers
anti-virus software
The scope of the Internet can be described as
regional
secure
worldwide
proprietary
When writing email messages, employees should remember that emails
take a long time to prepare
can be forwarded to others
are formal correspondence
are private conversations
If joe wants to respond to an email message that he received from Natalie, he should first click on the _____ key.
forward
reply
send
import
Patrick emails a newsletter attachment to 255 of his clients once a month. How can Patrick reduce the need to enter each client's individual email address in the email message header every time he sends out the newsletter?
Delete old contact information
Flag the message
Use the copy/paste application
Create a distribution list
Internet explorer is an example of _______ software.
bookmark
browser
computer server
cookie
Which of the following types of software programs would an employee use to prepare a form letter informing the company's clients of a change in product pricing?
Word processing
Spreadsheet
Presentation
Database
Which of the following is the primary computer-system tool used to input data?
software
printer
keyboard
Hardware
Which of the following is one way that business use database software programs?
to design company stationery
to track operating expenses
to prepare annual reports
to maintain customer lists
One reason why businesses develop and use information systems is to help with the
Public relations effort
decision-making process
Internal communication plan
new recruitment system
what type of software stores information about customers?
Database
presentation
word processing
intranet
Which of the following is an example of a business using technology to improve the efficiency of its salespeople?
providing laptop computers
accepting debit transactions
providing ATM machines
installing video catalogs
An automobile manufacturer is considering adding a sport utility vehicle to its product line. What technology would allow the company to experiment with different styles, features, and sizes of the new product without investing large amounts of money or time?
Computer-aided design
Computer-assisted manufacturing
Data processing
Artificial intelligence
Which of the following is a way in which technology has changed the way business operate?
Employees are sometimes able to telecommute
productivity has decreased, and costs have increased
entering new and foreign markets has become more complex
the nature of marketing has remained relatively the same
Which of the following is NOT considered a technological innovation?
the weather
the wheel
the internet
the cell phone
what is it when computers direct robots and other machines to do specific tasks in a technology?
computer- aided manufacturing
computer-aided design
internet telephony
virtual training
What is the biggest impact of technology on the computer industry?
Technology is not related to the computer industry
Technology eliminated the computer industry
technology changed the computer industry
Technology created the computer industry
Calling in sick only if you are truly sick is an example of what type of behavior that builds positive working relationships?
Carrying your own weight
Getting to know others on your work team
Having a good attitude
Being cooperative
At Oh-so-Good Gourmet Cookie Company, Todd is the warehouse manager, Pamela is the lead shipping clerk, David is a p[art-time shipping clerk, Carrie is the shipping supervisor, and Sharon is the vice president of distribution. Following a vertical chain of command, who is Carrie's direct supervisor?
Todd
Sharon
David
Pamela
What aspect of collective bargaining signals the successful end of negotiations?
Union leaders and management have met to present their demands.
Management and union leaders have completed their research on the issues.
Management and union leaders have reached a tentative agreement.
A mediator has clarified the issues and offered suggestions to both sides.
What effect does orderly and systematic behavior have on stress in the workplace?
Reduces Stress
Increase's stress
Creates stress
Maintains stress
How do unions benefit business?
Unions can help businesses save time by recruiting employees.
Unionized companies pay higher wages .
Unions sometimes take control of personnel matters such as promotions.
Unions give employees more bargaining power.
Which of the following is a benefit of effective human relations at work?
Increased wages
More downtime
Low productivity
Increased cooperation
Which of the following is an advantage to workers of having a union represent them?
Payment of union dues
Democratic votes on issues
Payment of wages during strikes
Fair treatment of employees
Organizing a charity event with your coworkers is an example of what type of behavior that builds positive working relationships?
Getting to know others on your work team
Carrying your own weight
Having a good attitude
Being cooperative
Being enthusiastic about your job is an example of what type of behavior that builds positive working relationships?
Demonstrating courtesy and respect
Being cooperative
Getting to know others on your work team
Having a good attitude
Being patient with coworkers is an example of type of behavior that builds positive working relationships?
Demonstrating courtesy and respect
Carrying your own weight
Getting to know others on your work team
Having a good attitude
Why are unions a powerful force in business?
They organize workers into a single bargaining unit and increase their bargaining power.
They encourage non-striking employees to work for striking employees.
They enable management to close businesses temporarily during labor conflicts.
They increase the number of concessions that employees must make in negotiation.
Sharing both praise and constructive criticism is an example of what type of behavior that builds positive working relationships?
Being cooperative
Carrying your own weight
Getting to know others on your work team
Having a good attitude
Rhonda would like to develop her desirable personal traits so she can be more successful at work. What is the first step she needs to take?
Analyze her undesirable traits
Determine which traits are desirable
Exercise her desirable traits
Seek a mentor to help her
Which of the following is the most serious consequences to an employee who fails to follow the business's rules of conduct?
Verbal Warning
Dismissal
Suspension
Written documentation
Why do many businesses provide opportunities for their employees to continue their education or receive additional training?
To be able to promote from within
To provide financial assistance
To identify problems in the company
To support the local community college
How does exploring different kinds of activities help to define your own personality?
It helps you to accomplish more than other employees
It helps you to motivate others
It helps you to keep friends
It helps you to determine what you prefer
Which of the following statements about change in the workplace is true?
Being receptive to change helps employees to be successful
An employee often can change the behavior of coworkers
Employees accept change better if it is unexpected
Employees usually can refuse to make changes they don't like
Sharing equipment with your coworkers is an example of what type of behavior that builds positive working relationships?
Being cooperative
Carrying your own weight
Demonstrating courtesy and respect
Having a good attitude
Which one of the following is the most serious consequence to an employee who fails to follow the business's rule of conduct?
Verbal warning
Dismissal
Suspension
Written documentation
If three employees have the same ability level and competence, what factor might a business use to decide which one to promote?
Seniority
Gender
age
looks
Penny finds her daily work tasks to be less mundane now that she understands how they contribute to accomplishing the team's shared vision. Which benefit of a shared vision has helped penny in this situation?
It provides focus for team members' energy
It creates accountability
It acts as a guide for decision making
It stimulates creativity
Some job application forms ask why the applicant left a previous job. Which of there following would be an acceptable answer to this question?
" I was seeking a more responsible job "
" I was expected to do too much work "
" I couldn't get along with my supervisor "
" I wanted to get out of a difficult situation "
Which of the following is one way that employees to show loyalty to the business?
Coming to work on time
Working overtime without pay
Ignoring safety hazards
Socializing with coworkers
Which of the following is a skill that coaches need to master to be effective?
Management
Communication
Flexibility
Integrity
If three employees have the same level ability and competence, what factor might a business use to decide which one to promote?
Seniority
Gender
Age
Tenure
The process of keeping the financial records of a business is known as
accounting.
controlling.
financing.
bookkeeping.
The overall purpose of accounting is to
maintain accurate reports.
compile the business’s expenses.
keep track of sales.
control the finances of the business.
Why are accurate accounting records important to a business?
They prevent any financial losses.
They show the business how it is doing.
They increase the return on investments.
They give the business an image of success.
Which of the following groups makes regular use of a business’s managerial accounting information:
Managers
Customers
Creditors
Investors
A creditor is most likely to examine a business’s financial accounting records if the business is
applying for a bank loan.
selecting a new market.
using cash accounting.
complying with regulations.
For an accounting system to be useful to the business, the accounting information it contains must be
accurate and up to date.
approved by the chief executive officer.
posted by an accountant.
recorded using the accrual method.
Which of the following is a requirement for a good accounting system:
It should be updated annually.
It should provide needed information quickly.
It should eliminate the need for an accountant.
It should be replaced every two or three years.
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:
Protection from theft and fraud
An affordable price
A manual system as backup
Printed financial statements
Checks, receipts, invoices, and purchase orders are examples of
financial statements.
department ledgers.
source documents.
accounting standards.
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?
Check method
Cash method
COD method
Accrual method
Accounting 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
classifying financial information.
the cash accounting method.
an income statement.
the accrual method of accounting.
Which of the following presents the first three steps in the accounting cycle in the correct order:
Post, analyze, and journalize
Analyze, post, and journalize
Analyze, journalize, and post
Post, journalize, and analyze
Which of the following makes comparisons of the financial conditions at multiple organizations possible:
Bookkeeping
Source documents
Accounting standards
Trial balance
Which of the following categories of information are found on a balance sheet:
Income, expenditures, profit
Assets, liabilities, owner’s equity
Assets, liabilities, margin
Revenues, expenses, profit
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?
Budget
Balance sheet
Income statement
Operating budget
What accounting record would summarize a business’s profit or loss for a previous year?
Bank statement
Inventory record
Income statement
Balance sheet
Which of the following financial reports provides estimates of when, where, and how much money will come into and out of a business next year:
Balance sheet
Cash flow statement
Income statement
Bank statement
The goals of the finance function are to ensure profitability and
advertise products.
manufacture raw materials.
give out information
reduce risks.
Accounting is distinct from finance because its main focus is on
recordkeeping activities.
money management decisions.
administration of assets.
acquisition of funds.
The administration of assets refers to decisions about
accounting.
spending.
investments.
financing.
Decisions about financing refer to the
accounts receivable.
acquisition of funds.
administration of assets.
accounting department.
How does the finance function relate to company spending?
It plans and controls spending.
It produces reports about spending.
It spends on investments only.
It does not relate to spending.
Money the business owes is known as
equity.
assets.
accounts payable.
accounts receivable.
To keep communication flowing with other departments, the finance function depends on
accounts receivable.
information systems.
marketing.
production.
The finance function is usually responsible for which of the following processes:
Budgeting
Manufacturing
Operations
Research
The finance function would definitely be involved in a decision regarding
public relations and publicity.
personal selling.
new business projects and strategies.
hiring.
Which of the following is a capital investment decision:
How to manage cash flow
How to handle accounts payable
How to finance investments
How to manage inventory
A company’s current balance of assets and liabilities falls under the focus of
return on capital.
working capital management.
capital investment decisions.
the cash conversion cycle.
Determining which projects a business should invest in is known as
return on capital.
the cash conversion cycle.
capital structuring.
capital budgeting.
Selling shares in the company to raise money for a new venture is referred to as ___________ funding.
equity
dividend
debt
accounts payable
Which of the following is a key component of managing working capital:
Financing
Capital budgeting
Cash conversion cycle
Capital structure
The cash conversion cycle should be
at equilibrium.
as short as possible.
as long as possible.
on an upward trend.
When return on capital is positive, the company is
growing in value.
losing value.
low on cash.
paying out dividends.
Marketing links producers to
distributors.
retailers.
marketers.
customers.
Marketing is described as creating
exchanges.
needs.
advertisements.
gaps.
Which of the following is a marketing activity:
Balancing customer needs with wants
Leading a project team
Communicating with customers
Lowering operational expenses
What provides the basis for all marketing goals and actions?
Pricing
Planning
Budgeting
Retailing
Which of the following influences the process of determining price:
Customers’ perception of value
Publicity
Purchase location
Sales promotion
Which of the following is a method used to communicate with customers:
Personal selling
Manufacturing
Customer orientation
Marketing concept
The purpose of communicating with customers is to
gather participants for a survey.
befriend customers.
determine prices.
attract customers’ interest.
In an overall sense, where does marketing occur?
Wherever advertisements are
Wherever stores are
Wherever businesses are
Wherever customers are
Of the following, which is a durable good:
Coffee mug
Insect repellent
Hamburger
Lip balm
Which of the following activities is an aspect of marketing a service:
Finding out customers’ favorite coffee flavors
Determining how much to charge for a haircut
Offering a new, improved cell phone
Advertising the state of Michigan on television
In the marketing concept, whose point of view matters most?
Seller’s
Buyer’s
Marketer’s
Planner’s
According to the marketing concept, which option demonstrates customer orientation?
Convincing a buyer to buy
Researching a firm’s competitors
Finding out what a buyer wants
Advertising the features of a product
According to the marketing concept, which option shows company commitment?
Leaving marketing to the marketing department
Teaching marketing to college marketing students
Setting aside funds to research what customers want
Pricing a product to maximize profitability per item
According to the marketing concept, keeping company goals in mind means
making product prices low.
containing marketing costs.
putting marketing second to other company goals.
maintaining the firm’s purpose.
Overall, what does marketing allow us to do?
Stop buying online
Live our daily lives
Feel better about shopping
Limit our spending
Which of the following is the most common reason for businesses to search for ways to make their products better and cheaper:
Competition
Publicity
E-commerce
Service marketing
Marketing encourages people from different countries to __________ frequently.
travel
train
think
trade
The process of keeping the financial records of a business is known as
accounting.
controlling.
financing.
bookkeeping.
The overall purpose of accounting is to
maintain accurate reports.
compile the business’s expenses.
keep track of sales.
control the finances of the business.
Why are accurate accounting records important to a business?
They prevent any financial losses.
They show the business how it is doing.
They increase the return on investments.
They give the business an image of success.
Which of the following groups makes regular use of a business’s managerial accounting information:
Managers
Customers
Creditors
Investors
A creditor is most likely to examine a business’s financial accounting records if the business is
applying for a bank loan.
selecting a new market.
using cash accounting.
complying with regulations.
For an accounting system to be useful to the business, the accounting information it contains must be
accurate and up to date.
approved by the chief executive officer.
posted by an accountant.
recorded using the accrual method.
Which of the following is a requirement for a good accounting system:
It should be updated annually.
It should provide needed information quickly.
It should eliminate the need for an accountant.
It should be replaced every two or three years.
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:
Protection from theft and fraud
An affordable price
A manual system as backup
Printed financial statements
Checks, receipts, invoices, and purchase orders are examples of
financial statements.
department ledgers.
source documents.
accounting standards.
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?
Check method
Cash method
COD method
Accrual method
Accounting 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
classifying financial information.
the cash accounting method.
an income statement.
the accrual method of accounting.
Which of the following presents the first three steps in the accounting cycle in the correct order:
Post, analyze, and journalize
Analyze, post, and journalize
Analyze, journalize, and post
Post, journalize, and analyze
Which of the following makes comparisons of the financial conditions at multiple organizations possible:
Bookkeeping
Source documents
Accounting standards
Trial balance
Which of the following categories of information are found on a balance sheet:
Income, expenditures, profit
Assets, liabilities, owner’s equity
Assets, liabilities, margin
Revenues, expenses, profit
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?
Budget
Balance sheet
Income statement
Operating budget
What accounting record would summarize a business’s profit or loss for a previous year?
Bank statement
Inventory record
Income statement
Balance sheet
Which of the following financial reports provides estimates of when, where, and how much money will come into and out of a business next year:
Balance sheet
Cash flow statement
Income statement
Bank statement
The goals of the finance function are to ensure profitability and
advertise products.
manufacture raw materials.
give out information
reduce risks.
Accounting is distinct from finance because its main focus is on
recordkeeping activities.
money management decisions.
administration of assets.
acquisition of funds.
The administration of assets refers to decisions about
accounting.
spending.
investments.
financing.
Decisions about financing refer to the
accounts receivable.
acquisition of funds.
administration of assets.
accounting department.
How does the finance function relate to company spending?
It plans and controls spending.
It produces reports about spending.
It spends on investments only.
It does not relate to spending.
Money the business owes is known as
equity.
assets.
accounts payable.
accounts receivable.
To keep communication flowing with other departments, the finance function depends on
accounts receivable.
information systems.
marketing.
production.
The finance function is usually responsible for which of the following processes:
Budgeting
Manufacturing
Operations
Research
The finance function would definitely be involved in a decision regarding
public relations and publicity.
personal selling.
new business projects and strategies.
hiring.
Which of the following is a capital investment decision:
How to manage cash flow
How to handle accounts payable
How to finance investments
How to manage inventory
A company’s current balance of assets and liabilities falls under the focus of
return on capital.
working capital management.
capital investment decisions.
the cash conversion cycle.
Determining which projects a business should invest in is known as
return on capital.
the cash conversion cycle.
capital structuring.
capital budgeting.
Selling shares in the company to raise money for a new venture is referred to as ___________ funding.
equity
dividend
debt
accounts payable
Which of the following is a key component of managing working capital:
Financing
Capital budgeting
Cash conversion cycle
Capital structure
The cash conversion cycle should be
at equilibrium.
as short as possible.
as long as possible.
on an upward trend.
When return on capital is positive, the company is
growing in value.
losing value.
low on cash.
paying out dividends.
Marketing links producers to
distributors.
retailers.
marketers.
customers.
Marketing is described as creating
exchanges.
needs.
advertisements.
gaps.
Which of the following is a marketing activity:
Balancing customer needs with wants
Leading a project team
Communicating with customers
Lowering operational expenses
What provides the basis for all marketing goals and actions?
Pricing
Planning
Budgeting
Retailing
Which of the following influences the process of determining price:
Customers’ perception of value
Publicity
Purchase location
Sales promotion
Which of the following is a method used to communicate with customers:
Personal selling
Manufacturing
Customer orientation
Marketing concept
The purpose of communicating with customers is to
gather participants for a survey.
befriend customers.
determine prices.
attract customers’ interest.
In an overall sense, where does marketing occur?
Wherever advertisements are
Wherever stores are
Wherever businesses are
Wherever customers are
Of the following, which is a durable good:
Coffee mug
Insect repellent
Hamburger
Lip balm
Which of the following activities is an aspect of marketing a service:
Finding out customers’ favorite coffee flavors
Determining how much to charge for a haircut
Offering a new, improved cell phone
Advertising the state of Michigan on television
In the marketing concept, whose point of view matters most?
Seller’s
Buyer’s
Marketer’s
Planner’s
According to the marketing concept, which option demonstrates customer orientation?
Convincing a buyer to buy
Researching a firm’s competitors
Finding out what a buyer wants
Advertising the features of a product
According to the marketing concept, which option shows company commitment?
Leaving marketing to the marketing department
Teaching marketing to college marketing students
Setting aside funds to research what customers want
Pricing a product to maximize profitability per item
According to the marketing concept, keeping company goals in mind means
making product prices low.
containing marketing costs.
putting marketing second to other company goals.
maintaining the firm’s purpose.
Overall, what does marketing allow us to do?
Stop buying online
Live our daily lives
Feel better about shopping
Limit our spending
Which of the following is the most common reason for businesses to search for ways to make their products better and cheaper:
Competition
Publicity
E-commerce
Service marketing
Marketing encourages people from different countries to __________ frequently.
travel
train
think
trade
