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Module 4 Review

Total questions: 88

Worksheet time: 52mins

Name
Class
Date
1.

Which of the following is the most common reason for businesses to search for ways to make their products better and cheaper?

a)

Service marketing

b)

E-commerce

c)

Competition

2.

In the marketing concept, whose point of view matters most?

a)

Buyer’s

b)

Planner’s

c)

Seller’s

3.

Which of the following activities is an aspect of marketing a SERVICE?

a)

Determining how much to charge for a haircut

b)

Developing a new, improved cell phone

4.

In an overall sense, where does marketing occur?

a)

Only on tv

b)

In stores

c)

Wherever customers are

5.

Which term means the process of keeping financial records?

a)

accounting

b)

liabilities

c)

assets

6.

Which of these terms means debts that a business owes?

a)

assets

b)

liabilities

c)

net income

7.

What provides the basis for all marketing goals and actions?

a)

planning

b)

shipping

8.

These are all the day-to-day activities that a business does to keep going.

a)

operations

b)

marketing

c)

finance

9.

Complying with environmental laws is part of which operations activity?

a)

Inventory Control

b)

Purchasing

c)

safety and security

10.

Deciding how to transport goods is part of which operations activity?

a)

Safety and Security

b)

Logistics

11.

Which operations activity is also referred to as procurement?

a)

Purchasing

b)

Quality Control

c)

Logistics

12.

Which of the following is an example of one of a business’s inputs?

a)

Goods

b)

Employees

c)

Services

13.

Which of the following categories of information are found on a balance sheet?

a)

height, weight, age

b)

Assets, products, services

c)

Assets, liabilities, owner's equity

14.

Which term means a business’s net income; the decisive point

a)

holding cost

b)

bottom line

c)

inventory

15.

What are outputs (when referring to business operations)?

a)

employees

b)

expenses

c)

goods and services

16.

What type of quality control happens before a product is assembled?

a)

quality inspection

b)

quality assurance

17.

The money it takes to keep inventory in stock

a)

holding cost

b)

quality pricing

18.

Overall, what does marketing allow us to do?

a)

Stop buying online

b)

Live our daily lives

c)

feel better about shopping

d)

Limit our spending

19.

Which of the following is the most common reason for business to search for ways to make their products better and cheaper

a)

Competition

b)

Publicity

c)

E-Commerce

d)

Service marketing

20.

According to the marketing concept, which option demonstrates customer orientation

a)

Convincing a buyer to buy

b)

Researching a firm's competitors

c)

Finding out what a buyer wants

d)

Advertising the features of a product

21.

In the marketing concept, whose point of view matters most

a)

Seller's

b)

Marketer's

c)

Buyer's

d)

Planner's

22.

Which of the following activities is an aspect of marketing a service

a)

Advertising the state of North Carolina on T.V.

b)

Developing a new, improved cell phone

c)

Finding out customer's favorite coffee flavors

d)

Determining how much to charge for a haircut

23.

In an overall sense, where does marketing occur

a)

Wherever customers are

b)

Wherever businesses are

c)

Wherever stores are

d)

Wherever advertisements are

24.

Which of the following is an example of communicating with customers

a)

creating new products

b)

sponsoring a charity event

c)

choosing a store to distribute products

d)

Developing a marketing plan

25.

Which of the following is a method of communicating with customers

a)

creating a new product

b)

sponsoring a charity event

c)

choosing a store to distribute products

d)

developing a marketing plan

26.

Which of the following influences the process of determining price?

a)

Customers perception of value

b)

Publicity

c)

Purchase location

d)

Sales promotion-

27.

What provides the basis for all marketing goals and actions?

a)

pricing

b)

planning

c)

budgeting

d)

retailing

28.

Which of the following is a marketing activity?

a)

balancing customer needs with wants

b)

leading a project team

c)

communicating with customers

d)

lowering operational expenses

29.

By increasing awareness of the need of environmental controls, what has marketing done?

a)

regulated the standard of living

b)

improved the quality of life

c)

made buying more convenient

d)

added usefulness to products

30.

Complying with environmental laws is the part of which operations activity?

a)

Logistics

b)

Safety and security

c)

Purchasing

d)

Inventory control

31.

Which of the following is a true statement about scheduling?

a)

scheduling for business is the same thing as personal scheduling.

b)

many businesses do not need to use scheduling.

c)

scheduling has the same timeline, regardless of the company.

d)

both manufacturers and service businesses rely on scheduling.

32.

deciding how to transport goods is part of which operations activity?

a)

logistics

b)

scheduling

c)

safety and security

d)

maintenance and repairs

33.

which operations activity is also referred to as procurement?

a)

logistics

b)

inventory control

c)

quality control

d)

purchasing

34.

which of the following is an example of one of a businesses inputs?

a)

services

b)

products

c)

employees

d)

goods

35.

Which of the following is a capital investment decision?

a)

how to manage cash flow

b)

how to handle accounts payable

c)

how to finance investments

d)

how to manage inventory

36.

How does the finance function relate to company spending?

a)

it plans and controls spending

b)

it produces reports about spending

c)

it spends on investments only

d)

it does not relate to spending

37.

which of the following is most likely to increase a company's capital assets?

a)

purchasing land for future expansion

b)

obtaining a loan to make payroll

c)

reducing operational expenses

d)

collecting accounts receivables

38.

which of the following is true of working capital management?

a)

it deals with accounts payable and receivable

b)

it concerns long-term decisions

c)

it decides how investments will be financed

d)

it determines which projects the business will invest in

39.

which of the following business activities monitors and control the firm's revenue and debt?

a)

finance

b)

purchasing

c)

human recourses management

d)

payroll

40.

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

41.

what accounting record would summarize a businesses profit or loss for a previous year?

a)

bank statement

b)

inventory record

c)

income statement

d)

balance sheet

42.

a bank denies a business owners 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?

a)

budget

b)

balancing sheet

c)

income statement

d)

operating budget

43.

which of the following categories of information are found on a balance sheet?

a)

income, expenditures, profit

b)

assets, liabilities, owners equity

c)

assets, liabilities, margin

d)

revenues, expenses, profit

44.

which of the following makes comparison of the financial conditions at multiple organizations possible?

a)

bookkeeping

b)

source documents

c)

accounting standards

d)

trial balance

45.

why are accurate accounting records important to a business?

a)

they prevent any financial losses

b)

they show how the business is doing

c)

they increase the return on investments

d)

they give the business an image of success

46.

which of the following would be included in a businesses income statement?

a)

operating expenses

b)

liabilities

c)

cash on hand

d)

net worth

47.

What do managers use for financial planning purposes?

a)

accounting information

b)

business policies

c)

operating standards

d)

production schedules

48.

An individual who has had specialized training in accounting procedures

a)

Accounting

b)

Accountant

c)

Administration of assets

d)

Finance

49.

The process of keeping financial records

a)

Accounting

b)

Accountant

c)

Assets

d)

Accounting Standards

50.

A process or series of steps that businesses complete to maintain their financial records effectively

a)

Accountant

b)

Balance Sheet

c)

Cash Flow Statement

d)

Accounting Cycle

51.

Rules that accountants must follow when preparing financial statements

a)

Dividends

b)

Financial Statement

c)

Liabilities

d)

Accounting Standards

52.

Finance activity involving making decisions about financing

a)

Acquisition of Funds

b)

Expenses

c)

Finance

d)

Income Statement

53.

Finance activity involving making decisions about a firm’s investments

a)

Acquisition of Funds

b)

Administration of Assets

c)

Capital Investment Decisions

d)

Owner's Equity

54.

Anything of value that a business owns

a)

Expenses

b)

Liabilities

c)

Assets

d)

Net Worth

55.

A financial statement that captures the financial condition of the business at that particular moment

a)

Cash Flow Statement

b)

Financial Statement

c)

Balance Sheet

d)

Income Statement

56.

Decisions that determine which projects a business will invest in, how the investment(s) will be financed, and whether to pay dividends to shareholders

a)

Income

b)

Capital Investment Decisions

c)

Dividends

d)

Income Statement

57.

A financial summary with estimates as to when, where, and how much money will flow into and out of a business

a)

Financial Statement

b)

Income Statement

c)

Cash Flow Statement

d)

Owner's Equity

58.

A sum of money paid to an investor or stockholder as earnings on an investment

a)

Dividends

b)

Expenses

c)

Liabilities

d)

Assets

59.

The monies that a business spends; also called expenditures

a)

Dividends

b)

Income

c)

Liabilities

d)

Expenses

60.

In business, the function that involves all money and money management matters

a)

Income

b)

Net Worth

c)

Finance

d)

Accounting

61.

A summary of accounting information

a)

Financial Statement

b)

Income Statement

c)

Balance Sheet

d)

Cash Flow Satement

62.

Money received by a business or an individual from outside sources

a)

Liabilities

b)

Finance

c)

Expenses

d)

Income

63.

A financial summary that shows how much money the business has made or has lost; also called the profit-and-loss statement

a)

Balance Sheet

b)

Income Statement

c)

Cash Flow Statement

d)

Accounting Standards

64.

Debts that the business owes

a)

Expenses

b)

Assets

c)

Liabilities

d)

Net Worth

65.

The total value of the business

a)

Net Worth

b)

Administration of Assets

c)

Cash Flow Statement

d)

Expenses

66.

The amount an owner has invested in the business plus or minus profits and losses

a)

Balance Sheet

b)

Owner's Equity

c)

Income Statement

d)

Administration of Assets

67.

A business’s net income; the decisive point

a)

Bottom Line

b)

Holding Cost

c)

Routing

d)

Outputs

68.

The money it takes to keep inventory in stock

a)

Outputs

b)

Inventory

c)

Routing

d)

Holding Cost

69.

Resources

a)

Logistics

b)

Inputs

c)

Outputs

d)

Routing

70.

All the stock that a business has on hand

a)

Inventory

b)

Inventory Control

c)

Logistics

d)

Quality Control

71.

Tracking the amount, the kind, and the value of inventory that a business has on hand

a)

Quality Control

b)

Operations

c)

Inventory Control

d)

Purchasing

72.

Refers to managing the flow of goods and services from production to consumption

a)

Operations

b)

Logistics

c)

Outputs

d)

Scheduling

73.

The day-to-day activities for continued business functioning

a)

Inputs

b)

Inventory

c)

Timing

d)

Operations

74.

In the operations function, goods, or services

a)

Outputs

b)

Inputs

c)

Routing

d)

Scheduling

75.

The buying of goods and services for a business

a)

Inventory

b)

Operations

c)

Timing

d)

Purchasing

76.

Ensuring the degree of excellence of a good or service

a)

Inventory

b)

Inventory Control

c)

Quality Control

d)

Operations

77.

The production activity that determines the sequence of the steps in the production process

a)

Scheduling

b)

Routing

c)

Timing

d)

Purchasing

78.

The production activity that establishes the timetable to be followed in production

a)

Scheduling

b)

Routing

c)

Timing

d)

Purchasing

79.

In the production process, determining when materials will arrive at a certain destination and how long they will stay there

a)

Routing

b)

Scheduling

c)

Timing

d)

Purchasing

80.

Any paid form of nonpersonal presentation of ideas, goods, or services

a)

Advertising

b)

Marketing

c)

Personal Selling

d)

Promotion

81.

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

a)

Advertising

b)

Promotion

c)

Personal Selling

d)

Marketing

82.

The form of promotion that determines client needs and wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities

a)

Advertising

b)

Personal Selling

c)

Marketing

d)

Product

83.

Marketing element focusing on considerations in getting a selected product in the right place at the right time

a)

Place

b)

Price

c)

Product

d)

Promotion

84.

Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products

a)

Promotion

b)

Product

c)

Price

d)

Place

85.

Marketing element referring to what goods, services, or ideas a business will offer its customers

a)

Place

b)

Product

c)

Price

d)

Promotion

86.

A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome 

a)

Promotion

b)

Publicity

c)

Advertising

d)

Personal Selling

87.

Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual that benefits from or is harmed by it

a)

Publicity

b)

Promotion

c)

Marketing

d)

Advertising

88.

An individual who has had specialized training in accounting procedures

a)

Accounting

b)

Accountant

c)

Administration of assets

d)

Finance