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WorksheetsModule 4 Review
Total questions: 88
Worksheet time: 52mins
Which of the following is the most common reason for businesses to search for ways to make their products better and cheaper?
Service marketing
E-commerce
Competition
In the marketing concept, whose point of view matters most?
Buyer’s
Planner’s
Seller’s
Which of the following activities is an aspect of marketing a SERVICE?
Determining how much to charge for a haircut
Developing a new, improved cell phone
In an overall sense, where does marketing occur?
Only on tv
In stores
Wherever customers are
Which term means the process of keeping financial records?
accounting
liabilities
assets
Which of these terms means debts that a business owes?
assets
liabilities
net income
What provides the basis for all marketing goals and actions?
planning
shipping
These are all the day-to-day activities that a business does to keep going.
operations
marketing
finance
Complying with environmental laws is part of which operations activity?
Inventory Control
Purchasing
safety and security
Deciding how to transport goods is part of which operations activity?
Safety and Security
Logistics
Which operations activity is also referred to as procurement?
Purchasing
Quality Control
Logistics
Which of the following is an example of one of a business’s inputs?
Goods
Employees
Services
Which of the following categories of information are found on a balance sheet?
height, weight, age
Assets, products, services
Assets, liabilities, owner's equity
Which term means a business’s net income; the decisive point
holding cost
bottom line
inventory
What are outputs (when referring to business operations)?
employees
expenses
goods and services
What type of quality control happens before a product is assembled?
quality inspection
quality assurance
The money it takes to keep inventory in stock
holding cost
quality pricing
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 business to search for ways to make their products better and cheaper
Competition
Publicity
E-Commerce
Service marketing
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
In the marketing concept, whose point of view matters most
Seller's
Marketer's
Buyer's
Planner's
Which of the following activities is an aspect of marketing a service
Advertising the state of North Carolina on T.V.
Developing a new, improved cell phone
Finding out customer's favorite coffee flavors
Determining how much to charge for a haircut
In an overall sense, where does marketing occur
Wherever customers are
Wherever businesses are
Wherever stores are
Wherever advertisements are
Which of the following is an example of communicating with customers
creating new products
sponsoring a charity event
choosing a store to distribute products
Developing a marketing plan
Which of the following is a method of communicating with customers
creating a new product
sponsoring a charity event
choosing a store to distribute products
developing a marketing plan
Which of the following influences the process of determining price?
Customers perception of value
Publicity
Purchase location
Sales promotion-
What provides the basis for all marketing goals and actions?
pricing
planning
budgeting
retailing
Which of the following is a marketing activity?
balancing customer needs with wants
leading a project team
communicating with customers
lowering operational expenses
By increasing awareness of the need of environmental controls, what has marketing done?
regulated the standard of living
improved the quality of life
made buying more convenient
added usefulness to products
Complying with environmental laws is the part of which operations activity?
Logistics
Safety and security
Purchasing
Inventory control
Which of the following is a true statement about scheduling?
scheduling for business is the same thing as personal scheduling.
many businesses do not need to use scheduling.
scheduling has the same timeline, regardless of the company.
both manufacturers and service businesses rely on scheduling.
deciding how to transport goods is part of which operations activity?
logistics
scheduling
safety and security
maintenance and repairs
which operations activity is also referred to as procurement?
logistics
inventory control
quality control
purchasing
which of the following is an example of one of a businesses inputs?
services
products
employees
goods
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
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
which of the following is most likely to increase a company's capital assets?
purchasing land for future expansion
obtaining a loan to make payroll
reducing operational expenses
collecting accounts receivables
which of the following is true of working capital management?
it deals with accounts payable and receivable
it concerns long-term decisions
it decides how investments will be financed
it determines which projects the business will invest in
which of the following business activities monitors and control the firm's revenue and debt?
finance
purchasing
human recourses management
payroll
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
what accounting record would summarize a businesses profit or loss for a previous year?
bank statement
inventory record
income statement
balance sheet
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?
budget
balancing sheet
income statement
operating budget
which of the following categories of information are found on a balance sheet?
income, expenditures, profit
assets, liabilities, owners equity
assets, liabilities, margin
revenues, expenses, profit
which of the following makes comparison of the financial conditions at multiple organizations possible?
bookkeeping
source documents
accounting standards
trial balance
why are accurate accounting records important to a business?
they prevent any financial losses
they show how the business is doing
they increase the return on investments
they give the business an image of success
which of the following would be included in a businesses income statement?
operating expenses
liabilities
cash on hand
net worth
What do managers use for financial planning purposes?
accounting information
business policies
operating standards
production schedules
An individual who has had specialized training in accounting procedures
Accounting
Accountant
Administration of assets
Finance
The process of keeping financial records
Accounting
Accountant
Assets
Accounting Standards
A process or series of steps that businesses complete to maintain their financial records effectively
Accountant
Balance Sheet
Cash Flow Statement
Accounting Cycle
Rules that accountants must follow when preparing financial statements
Dividends
Financial Statement
Liabilities
Accounting Standards
Finance activity involving making decisions about financing
Acquisition of Funds
Expenses
Finance
Income Statement
Finance activity involving making decisions about a firm’s investments
Acquisition of Funds
Administration of Assets
Capital Investment Decisions
Owner's Equity
Anything of value that a business owns
Expenses
Liabilities
Assets
Net Worth
A financial statement that captures the financial condition of the business at that particular moment
Cash Flow Statement
Financial Statement
Balance Sheet
Income Statement
Decisions that determine which projects a business will invest in, how the investment(s) will be financed, and whether to pay dividends to shareholders
Income
Capital Investment Decisions
Dividends
Income Statement
A financial summary with estimates as to when, where, and how much money will flow into and out of a business
Financial Statement
Income Statement
Cash Flow Statement
Owner's Equity
A sum of money paid to an investor or stockholder as earnings on an investment
Dividends
Expenses
Liabilities
Assets
The monies that a business spends; also called expenditures
Dividends
Income
Liabilities
Expenses
In business, the function that involves all money and money management matters
Income
Net Worth
Finance
Accounting
A summary of accounting information
Financial Statement
Income Statement
Balance Sheet
Cash Flow Satement
Money received by a business or an individual from outside sources
Liabilities
Finance
Expenses
Income
A financial summary that shows how much money the business has made or has lost; also called the profit-and-loss statement
Balance Sheet
Income Statement
Cash Flow Statement
Accounting Standards
Debts that the business owes
Expenses
Assets
Liabilities
Net Worth
The total value of the business
Net Worth
Administration of Assets
Cash Flow Statement
Expenses
The amount an owner has invested in the business plus or minus profits and losses
Balance Sheet
Owner's Equity
Income Statement
Administration of Assets
A business’s net income; the decisive point
Bottom Line
Holding Cost
Routing
Outputs
The money it takes to keep inventory in stock
Outputs
Inventory
Routing
Holding Cost
Resources
Logistics
Inputs
Outputs
Routing
All the stock that a business has on hand
Inventory
Inventory Control
Logistics
Quality Control
Tracking the amount, the kind, and the value of inventory that a business has on hand
Quality Control
Operations
Inventory Control
Purchasing
Refers to managing the flow of goods and services from production to consumption
Operations
Logistics
Outputs
Scheduling
The day-to-day activities for continued business functioning
Inputs
Inventory
Timing
Operations
In the operations function, goods, or services
Outputs
Inputs
Routing
Scheduling
The buying of goods and services for a business
Inventory
Operations
Timing
Purchasing
Ensuring the degree of excellence of a good or service
Inventory
Inventory Control
Quality Control
Operations
The production activity that determines the sequence of the steps in the production process
Scheduling
Routing
Timing
Purchasing
The production activity that establishes the timetable to be followed in production
Scheduling
Routing
Timing
Purchasing
In the production process, determining when materials will arrive at a certain destination and how long they will stay there
Routing
Scheduling
Timing
Purchasing
Any paid form of nonpersonal presentation of ideas, goods, or services
Advertising
Marketing
Personal Selling
Promotion
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
Advertising
Promotion
Personal Selling
Marketing
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
Advertising
Personal Selling
Marketing
Product
Marketing element focusing on considerations in getting a selected product in the right place at the right time
Place
Price
Product
Promotion
Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products
Promotion
Product
Price
Place
Marketing element referring to what goods, services, or ideas a business will offer its customers
Place
Product
Price
Promotion
A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome
Promotion
Publicity
Advertising
Personal Selling
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
Publicity
Promotion
Marketing
Advertising
An individual who has had specialized training in accounting procedures
Accounting
Accountant
Administration of assets
Finance
