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WorksheetsNOCTI Vocabulary Exam Review 1-50
Total questions: 50
Worksheet time: 25mins
Name
Class
Date
1.
the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources
a)
management
b)
bank debt
c)
top management
d)
mortgage
2.
a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives
a)
planning
b)
organizing
c)
vision
d)
Marketing
3.
a management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organizations goals and objectives
a)
organizing
b)
Marketing
c)
provisions
d)
financing
4.
creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organizations goals and objectives
a)
leading
b)
ledgers
c)
profit
d)
liability
5.
a management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not
a)
controlling
b)
risk taking
c)
accounting
d)
Marketing
6.
an encompassing explanation of why the organization exists and where it's trying to head
a)
vision
b)
bond
c)
asset
d)
storing
7.
an outline of the fundamental purpose of an organization
a)
mission statement
b)
wholesalers
c)
management
d)
balance sheet
8.
the broad, long term accomplishments an organization wishes to attain
a)
goals
b)
profit
c)
bond
d)
retailers
9.
specific, short term statements detailing how to achieve the organizations goals
a)
objectives
b)
selling
c)
securities
d)
asset
10.
SWOT = Strengths, Weaknesses, Opportunities and Threats; a planning tool used to analyze an organizations strengths, weakness, opportunities and threats
a)
SWOT analysis
b)
financing
c)
goals
d)
liability
11.
the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals
a)
strategic planning
b)
planning
c)
researching
d)
brainstorming
12.
the process of developing detailed, short term statements about what is to be done, who is to do it, and how it is to be done
a)
tactical planning
b)
financing
c)
activity ratios
d)
trial balance
13.
the process of setting work standards and schedules necessary to implement the company's tactical objectives
a)
operational planning
b)
operating expenses
c)
brainstorming
d)
trial balance
14.
the process of preparing alternative courses of action that may be used if the primary plans don't achieve the organizations objectives
a)
contingency planning
b)
equity financing
c)
risk taking
d)
debt financing
15.
choosing among two or more alternatives
a)
decision making
b)
debt financing
c)
vision
d)
brainstorming
16.
the process of solving the everyday problems that occur. problem solving is less formal than decision making and usually calls for quicker action
a)
problem solving
b)
researching
c)
controlling
d)
brainstorming
17.
coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas
a)
brainstorming
b)
researching
c)
controlling
d)
Marketing
18.
PMI = Pluses, Minuses, Implications; listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third column
a)
PMI
b)
selling
c)
profit
d)
buying
19.
a visual device that shows relationships among people and divides the organizatins work; it shows who is accountable for the completion of specific work and who reports to whom
a)
organization chart
b)
organizing
c)
provisions
d)
risk taking
20.
highest level of management, consisting of the president and other key company executives who develop strategic plans
a)
top management
b)
organizing
c)
supervisory management
d)
knowledge management
21.
the level of management that includes general managers, dividsion managers, and branch and plant managers who are responsible for tactical planning and controlling
a)
middle management
b)
debt financing
c)
mission statement
d)
management
22.
managers who are directly responsible for supervising workers and evaluating their daily performance
a)
supervisory management
b)
issues in financial management
c)
middle management
d)
top management
23.
skills that involve the ability to perform tasks in a specific discipline or department
a)
technical skills
b)
SWOT analysis
c)
conceptual skills
d)
wholesalers
24.
skills that involve communication and motivation; they enable managers to work through and with people
a)
human relations skills
b)
conceptual skills
c)
non-operating income
d)
organization chart
25.
skills that involve the ability to picture the organization as a whole and the relationship among its various parts
a)
conceptual skills
b)
internal customers
c)
technical skills
d)
SWOT analysis
26.
a management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives
a)
staffing
b)
storing
c)
organizing
d)
financing
27.
leadership style that involves making managerial decisions without consulting others
a)
autocratic leadership
b)
retained profit
c)
retailers
d)
operating expenses
28.
leadership style that consists of managers and employees working together to make decisions
a)
participative (democratic) leadership
b)
leverage (debt) ratios
c)
long-term liabilities
d)
product oriented
29.
leadership style that invovles managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives
a)
free-rein leadership
b)
retained profit
c)
long-term liabilities
d)
autocratic leadership
30.
finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm
a)
knowledge management
b)
accrued salaries
c)
problem solving
d)
middle management
31.
dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use
a)
external customers
b)
accrued taxes
c)
factoring
d)
objectives
32.
individuals and units within the firm that receive services from other individuals or units
a)
internal customers
b)
external customers
c)
conceptual skills
d)
brainstorming
33.
amounts of money
a)
funds
b)
bond
c)
EBITDA
d)
selling
34.
the difference between revenue and expenses
a)
profit
b)
provisions
c)
storing
d)
PMI
35.
books in which financial records are written
a)
ledgers
b)
goals
c)
profit
d)
retailers
36.
a summary of all the financial data in the account ledgers that ensures the figures are correct and balanced
a)
trial balance
b)
liability
c)
management
d)
problem solving
37.
a yearly statement of the financial condition, progress, and expectations of an organization.
a)
annual report
b)
wholesalers
c)
bank debt
d)
asset
38.
a financial statement showing revenue, expenditure and profit during a given period
a)
profit and loss account
b)
provisions
c)
mission statement
d)
organization chart
39.
total sales (=revenue) generated during a month, quarter or year
a)
the P&L account begins with...
b)
external customers
c)
management
d)
accrued taxes
40.
earnings (= profit / the bottom line)
a)
the P&L account ends with...
b)
financial accounting
c)
technical skills
d)
accounting
41.
manufacturing costs, wages of blue-collar workers, transport costs etc.
a)
cost of goods sold (COGS)
b)
contingency planning
c)
cash flow statement
d)
accrued salaries
42.
salaries of sales and office staff, marketing costs, rent etc.= overheads
a)
operating expenses
b)
top management
c)
trial balance
d)
non-operating income
43.
profits from investments in other companies
a)
non-operating income
b)
amortization
c)
organizing
d)
long-term liabilities
44.
Earnings before Interest, Taxes, Depreciation and Amortization
a)
EBITDA
b)
profit
c)
bond
d)
storing
45.
the loss in value of a tangable asset (e.g. a vehicle)
a)
depreciation
b)
debt financing
c)
objectives
d)
Marketing
46.
the loss in value of an intangible asset (e.g. the purchase of a licence or trademark)
a)
amortization
b)
accounting
c)
Marketing
d)
controlling
47.
a financial statement that reports assets, liabilities, and owner's equity on a specific date
a)
balance sheet
b)
factoring
c)
management
d)
asset
48.
Assets = Liabilities + Shareholders´ equity
a)
the basic equation that has to balance is:
b)
organization chart
c)
equity financing
d)
accrued salaries
49.
anything of value owned by a business
a)
asset
b)
ledgers
c)
buying
d)
PMI
50.
any amount owed to a creditor
a)
liability
b)
selling
c)
retailers
d)
financing
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