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WorksheetsBusiness Review Part 1
Total questions: 25
Worksheet time: 13mins
Managers usually find greater employee respect and support for work rules when which of the following situations occur?
each individual is treated differently
employees help to develop the rules
the work rules are part of a union contract
the rules are only applied to serious problems
In the business world, strategic planning is defined as which one of the following?
short-term planning
determines how work will be done and who will do it
provides broad goals and direction for the entire business
short, specific statement of the purpose and direction of the business
What is the accounting equation?
assets = liabilities + depreciation
liabilities = assets + depreciation
assets = liabilities + owner's equity
liabilities = assets + owner's equity
Which federal agency helps small firms get loans under special conditions?
Bank Loan Administration
Federal Reserve Administration (FRA)
Small Business Administration (SBA)
Consumer Protection Administration
Name the type of corporation which operates to accomplish a specific mission - other than to earn income.
for profit
non-profit
S corporation
chapter 7 LLC
Someone who organizes, manages, and assumes the risks of starting a business is known as a:
director
entrepreneur
officer
trader
When considering a credit card offer from Kensington Bank with a 5% cashback program, which question is essential to evaluate the offer's value?
Can I get a debit card along with a new credit card?
Is there an annual fee on this credit card and how much is it?
Can I choose the picture that is on the front of my credit card?
Who does Kensington Bank use as their spokesperson in the commercial?
The management function that provides information needed to improve business operations is known as:
controlling
implementing
organizing
planning
Which of the following is NOT one of the three major credit reporting bureaus?
Equifax
Experian
TransUnion
Air Isaac Corporation
What is the graphic symbol used by your company that represents your brand's identity?
logo
motto
slogan
tagline
The owners of a corporation are known as which ONE of the following?
officers
partners
stockholders
board of directors
What is an arrangement where a business sells the rights to operate in the company's name?
acquisition
franchise
merger
partnership
What function of management involves carrying out plans and helping employees work effectively?
planning
controlling
organizing
directing/leading
Which ONE of these is a United States government agency that protects consumers by insuring their deposits and supervises financial institutions?
ATM
CIA
EFT
FDIC
Which characteristic best describes a leader with a democratic leadership style?
does not make decisions
makes all of the decisions
encourages shared decision-making
lets each employee decide how work will be done
What do you call a plan for managing your finances?
budget
spreadsheet
google sheet
long term goal
In a successful business, an effective leader would MOST LIKELY do which of the following?
make all decisions in the organization
earn the respect and cooperation of employees
tell employees what to do and expect them to do it
depend on rewards and punishments to influence employees to do their jobs
What do you call a visual device that shows the structure of an organization and the relationships among workers?
a schedule
a strategic plan
an operational plan
an organizational chart
Amount of money received in the future due to the sale of goods and services to customers is which of the following?
expenses
revenues
accounts payable
accounts receivable
Revenues and expenses for a period of time are reported on which financial statement?
balance sheet
bank statement
income statement
statement of cash flow
Which financial statement reports assets, liabilities, and stockholders' (owner's) equity at a specific date?
balance sheet
cash statement
income statement
statement of cash flow
Which financial institution is a non-profit cooperative owned by members with a common bond?
banks
credit unions
savings and loans
payday loan company
What did Amazon implement before starting its Prime membership with two-day shipping?
A logo people will recognize
A way for customers to write reviews
A common language amongst employees
A shipping department able to handle two-day product delivery
The accounting period of a business that is separated into activities to organize accounting records is known as which of the following?
fiscal year
accounting cycle
source document
financial statement
Which one will NOT improve your FICO score?
always paying your bills on time
keeping your credit balance below 30% of your total credit line
accepting every credit card offer in order to have an abundance of credit
keeping older credit card accounts open with minimum use to show a longer credit history
