WorksheetsBUSI 1301 A. Patterson Final Review (Pt. 2)
Total questions: 30
Worksheet time: 15mins
The reports and financial statements prepared by accountants
are more useful for profit-seeking businesses than they are for not-for-profit organizations.
are mainly used to help the firm complete its tax forms.
provide information that can be used by decision makers both inside and outside the organization.
are not as useful now that firms have moved into a more global environment.
__________ are broad, long-term accomplishments an organization wants to achieve.
Goals
Objectives
Directives
Agendas
Exporting is the selling of products to another country.
True
False
Laws represent the standards of __________ behavior.
ethical
legal
moral
socially responsible
The balance sheet, the statement of cash flows, and the __________ are three key financial statements prepared by accountants.
income statement
statement of retained earnings
statement of changes in financial position
trial balance
The new era of business is likely to be dominated by the
service sector.
information-based sector.
manufacturing sector.
natural resources sector.
Obeying the law is __________ ethical behavior.
essentially the same as
the first step toward
the opposite of
unlikely to lead to
The fundamental accounting equation states: Assets =
Liabilities minus Owners' Equity.
Liabilities plus Receivables.
Payables plus Cash Equivalents.
Liabilities plus Owners' Equity.
Ethical behavior at work is learned by
attending corporate responsibility seminars.
tracking the failures of those who are caught in business scandals.
reading about why others were fired from the job.
observing the actions of others.
Which is considered a factor of production?
bonds
competition
knowledge
service
__________ studies the operation of a nation’s economy as a whole.
Microeconomics
Socioeconomics
Econometrics
Macroeconomics
The ____________ is the most common form of business ownership.
partnership
corporation
joint venture
sole proprietorship
What is a characteristic of a union shop?
Workers must join the union within a stipulated time period (usually 30, 60, or 90 days) in order to keep their jobs.
Workers must belong to the union before the company can hire them.
Workers who do not join the union must pay a union fee.
Workers are required to sign yellow-dog contracts.
The duties and responsibilities of a financial manager are virtually identical to the duties and responsibilities of an accountant.
True
False
A strike can affect a company because it can
cause the union to disband.
cause operations to slow down.
create more demand for the company’s product or service.
help suppliers improve their image.
A(n) ____________ is an employee organization that represents workers in employee-management bargaining over job-related issues.
trades guild
union
ESOP
cross-functional team
Today, most companies doing business globally believe it is important for their employees to have experience working in other countries.
True
False
When unhappy employees leave a company, the firm normally ends up benefiting financially.
True
False
When managers disregard the company's ethical concerns, the likely result is
a reduction in employee turnover.
an improvement in overall manager morale.
a reduction in lawsuits.
a general mistrust between workers and management.
A __________ is a form of business that is owned, and usually managed, by one person.
cooperative
subchapter S corporation
sole proprietorship
limited partnership
Three important economic indicators of the United States are the unemployment rate, the price indices, and the
debt to equity ratio (DER).
gross resource utilization index (GRUI).
gross domestic product (GDP).
gross output (GO).
__________ is 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.
Selling
Advertising
Marketing
Production
Which statement about taxes is accurate?
Taxes represent the greatest inflow of cash to the firm.
Profitable businesses usually pay taxes.
Tax management falls within the responsibility of marketing managers.
Taxes cannot be managed because of fluctuations in political policy.
When police set up sobriety checkpoints, they aim to lessen drunk driving and save lives. While not required, the makers of apps that help users navigate around the checkpoints have complied with government and consumer group requests to stop operating. After studying about ethics and social responsibility, which statement applies to this situation?
Laws represent the minimum guidelines that companies must follow, whereas a company’s ethical stance may venture beyond the minimum level of compliance.
App developers that keep operating are showing corporate social responsibility because they demonstrate primary concern for their investors.
App developers no longer operating are acting philanthropically toward government.
App developers that keep operating are acting both legally and ethically.
Since motivation comes from within an individual, there is little that managers can do to help motivate employees.
True
False
Labor unions and management hope to resolve issues through collective bargaining. Each side comes to the table with a range of options they are willing to consider, some more appealing than others. All options that each will consider fall within the
the NLRB list of possibilities.
decertification list.
open shop agreement.
bargaining zone.
__________ is buying products from another country.
Importing
Outsourcing
Retailing
Exporting
__________ is considered the "father" of scientific management.
Elton Mayo
Frank Gilbreth
Henry Gantt
Frederick Taylor
By selling shares of ownership in the company, Pharma Labs acquires the funds needed to finance its research and development projects. Pharma Labs provides for its long-term funding needs through __________ financing.
debt
equity
retained
asset
A __________ marketing strategy develops products and promotions designed to please large groups of people.
niche
mass
relationship
value
