WorksheetsUnit 4 Review
Total questions: 28
Worksheet time: 9mins
Name
Class
Date
1.
What accounting record would summarize a business’s profit or loss for a previous year?
a)
Bank statement
b)
Income statement
c)
Inventory record
d)
Balance sheet
2.
A retail business looks at financial information to see if the company can afford to purchase a popular new item to add to its shelves. This is an example of using financial information to
a)
create a budget.
b)
increase sales.
c)
check on the competition.
d)
reduce expenses.
3.
The finance function would definitely be involved in a decision regarding
a)
public relations and publicity.
b)
new business projects and strategies.
c)
personal selling.
d)
hiring.
4.
Which of the following is an example of personal financial information:
a)
Sales invoice
b)
Accounts payable record
c)
Expense report
d)
Pay stub
5.
How does the finance function relate to company spending?
a)
It plans and controls spending.
b)
It spends on investments only.
c)
It produces reports about spending.
d)
It does not relate to spending.
6.
Which of the following is a reason that businesses might look at financial information from another company:
a)
To determine how to increase sales
b)
To monitor their company’s ongoing business activities
c)
To manage their company’s debt
d)
To see how their company compares to the competition
7.
The finance function is usually responsible for which of the following processes:
a)
Budgeting
b)
Hiring
c)
Manufacturing
d)
Research
8.
Money the business owes is known as
a)
equity.
b)
accounts payable.
c)
assets.
d)
accounts receivable.
9.
Finance is the business function that involves managing
a)
information.
b)
marketing.
c)
money.
d)
production.
10.
Which of the following refers to the amount of time it takes for an investment to become profitable?
a)
Financing
b)
Cash conversion cycle
c)
Capital budgeting
d)
Capital structure
11.
Balance sheets, income statements, cash flow statements, etc. are examples of
a)
financial statements.
b)
source documents.
c)
department ledgers.
d)
accounting standards.
12.
The operations function consists mainly of activities that are performed on a __________ basis.
a)
daily
b)
monthly
c)
weekly
d)
yearly
13.
The overall purpose of accounting is to
a)
maintain accurate reports.
b)
compile the business’s expenses.
c)
keep track of sales.
d)
control the finances of the business.
14.
Smartphones allow employees to
a)
make manufacturing processes more efficient.
b)
diagnose complicated business problems.
c)
keep sensitive company information confidential.
d)
communicate while out of the office.
15.
The process of keeping the financial records of a business is known as
a)
accounting.
b)
controlling.
c)
financing.
d)
inventory management.
16.
Money owed to the business is known as
a)
equity.
b)
accounts payable.
c)
assets.
d)
accounts receivable.
17.
A business looks at financial information and learns that the company could save money by switching to a different Internet provider. This is an example of using financial information to
a)
reduce expenses.
b)
create a budget.
c)
increase sales.
d)
plan business expansion.
18.
Which operations activity is also referred to as procurement?
a)
Logistics
b)
Quality control
c)
Inventory control
d)
Purchasing
19.
Accounting is distinct from finance because its main focus is on
a)
recordkeeping activities.
b)
administration of assets.
c)
money management decisions.
d)
acquisition of funds.
20.
A clothing manufacturer checks one pair of pants out of every shipment to ensure the quality of its product. This process is known as quality
a)
guarantee.
b)
inspection.
c)
delivery.
d)
satisfaction
21.
Which of the following is an example of business-related financial information:
a)
Accounts receivable record
b)
Pay stub
c)
School-loan document
d)
Sales receipt from purchasing a new mattress
22.
A company’s current balance of assets and liabilities falls under the focus of
a)
return on capital.
b)
capital investment decisions.
c)
working capital management.
d)
the cash conversion cycle.
23.
The foundation of the operations function is
a)
maintenance and repairs.
b)
purchasing.
c)
production planning.
d)
quality control.
24.
Which of the following is not a main factor in a business’s site selection decision:
a)
Community
b)
Costs
c)
Media
d)
Labor
25.
Which of the following technologies has made manufacturing more efficient:
a)
Satellites and software
b)
Improved materials and methods
c)
Cell phones
d)
The internet
26.
Global positioning systems (GPS) rely on the use of what type of technology?
a)
Voice over Internet Protocol
b)
Cell phone technology
c)
Satellite technology
d)
The internet
27.
Technology is the practical application of which of the following studies to society and industry:
a)
Literature
b)
Science
c)
History
d)
Economics
28.
Which of the following is not considered a technological innovation:
a)
The weather
b)
The internet
c)
The wheel
d)
The cell phone
100 %
