WorksheetsUnit Five Summative
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
The process of keeping the financial records of a business is known as
a)
accounting.
b)
controlling.
c)
financing.
d)
bookkeeping.
2.
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.
3.
A creditor is most likely to examine a business’s financial accounting records if the business is
a)
applying for a bank loan.
b)
selecting a new market.
c)
using cash accounting.
d)
complying with regulations.
4.
Which of the following presents the first three steps in the accounting cycle in the correct order:
a)
Post, analyze, and journalize
b)
Analyze, post, and journalize
c)
Analyze, journalize, and post
d)
Post, journalize, and analyze
5.
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:
a)
Balance sheet
b)
Cash flow statement
c)
Income statement
d)
Bank statement
6.
Finance is the business function that involves managing
a)
information.
b)
money.
c)
marketing.
d)
production.
7.
The goals of the finance function are to ensure profitability and
a)
advertise products.
b)
manufacture raw materials.
c)
give out information.
d)
reduce risks.
8.
Decisions about financing refer to the
a)
accounts receivable.
b)
acquisition of funds.
c)
administration of assets.
d)
accounting department.
9.
Determining which projects a business should invest in is known as
a)
return on capital.
b)
the cash conversion cycle.
c)
capital structuring.
d)
capital budgeting.
10.
Which of the following is a measure of how well a business generates cash flow:
a)
Accounts receivable
b)
Capital structure
c)
Accounts payable
d)
Return on capital
11.
Technology is the practical application of which of the following studies to society and industry:
a)
Literature
b)
History
c)
Science
d)
Economics
12.
Which of the following is not considered a technological innovation:
a)
The weather
b)
The wheel
c)
The Internet
d)
The cell phone
13.
A computer’s internal processor is part of its
a)
virtual training.
b)
hardware.
c)
software.
d)
expert systems.
14.
How has technology changed the nature of competition?
a)
Competition has significantly decreased.
b)
Only big companies can stay competitive.
c)
Companies must stay in step with new technologies.
d)
All competition is now conducted online.
15.
Which of the following problems is connected to technology:
a)
Lack of health care
b)
Oil shortages
c)
Inflation
d)
Air pollution
16.
Which of the following actions is a part of information management:
a)
Disseminating information
b)
Creating data
c)
Observing competitors
d)
Creating technology
17.
Which of the following is a true statement about a management information system (MIS):
a)
It may be one part of a business’s overall information management program.
b)
It is the same thing as an information management program.
c)
It does not assist with a business’s information management program.
d)
It includes people, processes, and practices.
18.
Information usually comes in either physical form or __________ form.
a)
electronic
b)
verbal
c)
note card
d)
book
19.
Information management can be a challenge because
a)
many people don’t understand what it is.
b)
no one wants to participate in it.
c)
there is only one right way to do it.
d)
there is often not enough information to manage.
20.
Which of the following is a trend in information management:
a)
Increased compliance laws and regulations
b)
Increased number of workers in the office
c)
Decreased number of electronic documents
d)
Decreased competition
21.
The operations function consists mainly of activities that are performed on a __________ basis.
a)
daily
b)
yearly
c)
monthly
d)
weekly
22.
Which of the following is an example of one of a business’s inputs:
a)
Employees
b)
Services
c)
Products
d)
Goods
23.
Which of the following is not a main factor in a business’s site selection decision:
a)
Media
b)
Costs
c)
Labor
d)
Community
24.
Maintenance and repairs is an operations activity that includes
a)
custodial work.
b)
site selection.
c)
production planning.
d)
financial analysis.
25.
Which form of technology creates tangible prototypes and products?
a)
3D printing
b)
Smartphones
c)
Computer-aided design
d)
Social media
100 %
