Question 1

Which of the following is not a part of the marketing mix?

Accepted Answer

A)  Product 
B)  Price 
C)  Point 
D)  Promotion 
A)  Product 
B)  Price 
C)  Point 
D)  Promotion

Question 2

What is revenue?

Accepted Answer

A)  A distribution of earnings to shareholders 
B)  Refers to the amount earned resulting from the delivery or manufacture of a product or from the rendering of a service 
C)  Refer to the costs incurred in operating and maintaining a business 
D)  Anything owned that has value or earning power 
A)  A distribution of earnings to shareholders 
B)  Refers to the amount earned resulting from the delivery or manufacture of a product or from the rendering of a service 
C)  Refer to the costs incurred in operating and maintaining a business 
D)  Anything owned that has value or earning power

Question 3

What involves analyzing business operations for internal decision making and does not have to follow any rules issued by standard-setting bodies such as GAAP?

Accepted Answer

A)  Accounting 
B)  Bookkeeping 
C)  Financial accounting 
D)  Managerial accounting 
A)  Accounting 
B)  Bookkeeping 
C)  Financial accounting 
D)  Managerial accounting

Question 4

What analyzes the transactional information of the business so the owners and investors can make sound economic decisions?

Accepted Answer

A)  Accounting 
B)  Bookkeeping 
C)  Financial Accounting 
D)  Managerial Accounting 
A)  Accounting 
B)  Bookkeeping 
C)  Financial Accounting 
D)  Managerial Accounting

Question 5

Partnership agreements typically include all of the following,except:

Accepted Answer

A)  Expectations for sharing profits and losses 
B)  Partner's salary requirements 
C)  Methods for conflict resolution 
D)  Shareholder's expectations for a successful business 
A)  Expectations for sharing profits and losses 
B)  Partner's salary requirements 
C)  Methods for conflict resolution 
D)  Shareholder's expectations for a successful business

Question 6

____________ are similar to sole proprietorships,except that this legal structure allows for more than one owner.

Accepted Answer

The answer of ____________ are similar to sole proprietorships,except that...

Question 7

Which of the following represents psychographic segmentation?

Accepted Answer

A)  Based on regional variables such as region, climate, population density, and population growth rate 
B)  Based on variables such as age, gender, ethnicity, education, occupation, income, and family status 
C)  Based on variables such as values, attitudes, and lifestyles 
D)  Based on variables such as usage rate, usage patterns, price sensitivity, and brand loyalty 
A)  Based on regional variables such as region, climate, population density, and population growth rate 
B)  Based on variables such as age, gender, ethnicity, education, occupation, income, and family status 
C)  Based on variables such as values, attitudes, and lifestyles 
D)  Based on variables such as usage rate, usage patterns, price sensitivity, and brand loyalty

Question 8

What describes the basic transaction data such as its date,purpose,and amount and includes cash receipts,canceled checks,invoices,customer refunds,employee time sheet,etc.?

Accepted Answer

A)  Balance sheet 
B)  Source document 
C)  Transaction 
D)  Financial statement 
A)  Balance sheet 
B)  Source document 
C)  Transaction 
D)  Financial statement

Question 9

Which of the following is not one of the four phases in the product life cycle?

Accepted Answer

A)  Growth 
B)  Decline 
C)  Place 
D)  Introduction 
A)  Growth 
B)  Decline 
C)  Place 
D)  Introduction

Question 10

What refers to the amount earned resulting from the delivery or manufacture of a product or from the rendering of a service?

Accepted Answer

A)  Expense 
B)  Profit 
C)  Loss 
D)  Revenue 
A)  Expense 
B)  Profit 
C)  Loss 
D)  Revenue

Question 11

A loss occurs when businesses sell products or services for less than they cost to produce.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is not accomplished by human resources management?

Accepted Answer

A)  Employee recruitment 
B)  Employee training 
C)  Employee vacation scheduling 
D)  Employee appraisals 
A)  Employee recruitment 
B)  Employee training 
C)  Employee vacation scheduling 
D)  Employee appraisals

Question 13

Define the three common business forms.

Accepted Answer

Sole proprietorship - The sole proprieto

Question 14

____________ segmentation is based on variables such as usage rate,usage patterns,price sensitivity,and brand loyalty.

Accepted Answer

The answer of ____________ segmentation is based on variables such...

Question 15

What reports operating results (revenues minus expenses)for a given time period ending at a specified date?

Accepted Answer

A)  Balance sheet 
B)  Statement of owner's equity 
C)  Statement of cash flows 
D)  Income statement 
A)  Balance sheet 
B)  Statement of owner's equity 
C)  Statement of cash flows 
D)  Income statement

Question 16

What is the function of the marketing department?

Accepted Answer

A)  Deals with the strategic financial issues associated with increasing the value of the business while observing applicable laws and social responsibilities 
B)  Includes the policies, plans, and procedures for the effective management of employees 
C)  The function of selling a good or service and focuses on increasing customer sales, which increases company revenues 
D)  The process associated with promoting the sale of goods or services. The marketing department supports the sales department by creating promotions that help sell the company's products 
A)  Deals with the strategic financial issues associated with increasing the value of the business while observing applicable laws and social responsibilities 
B)  Includes the policies, plans, and procedures for the effective management of employees 
C)  The function of selling a good or service and focuses on increasing customer sales, which increases company revenues 
D)  The process associated with promoting the sale of goods or services. The marketing department supports the sales department by creating promotions that help sell the company's products

Question 17

Which of the following financial statements gives an accounting picture of property owned by a company and of claims against the property on a specific date?

Accepted Answer

A)  Balance sheet 
B)  Statement of owner's equity 
C)  Statement of cash flows 
D)  Income statement 
A)  Balance sheet 
B)  Statement of owner's equity 
C)  Statement of cash flows 
D)  Income statement

Question 18

What is the fundamental difference found in a limited partnership?

Accepted Answer

A)  Only one partner is responsible for all of the partnership's losses 
B)  Both partners are responsible for all of the partnership's losses 
C)  Both partners are protected from being responsible for all of the partnership's losses 
D)  None of these 
A)  Only one partner is responsible for all of the partnership's losses 
B)  Both partners are responsible for all of the partnership's losses 
C)  Both partners are protected from being responsible for all of the partnership's losses 
D)  None of these

Question 19

What occurs when businesses sell products or services for more than they cost to produce?

Accepted Answer

A)  Expense 
B)  Profit 
C)  Loss 
D)  Revenue 
A)  Expense 
B)  Profit 
C)  Loss 
D)  Revenue

Question 20

What involves preparing financial reports that provide information about the business's performance to external parties such as investors,creditors,and tax authorities?

Accepted Answer

A)  Accounting 
B)  Bookkeeping 
C)  Financial accounting 
D)  Managerial accounting 
A)  Accounting 
B)  Bookkeeping 
C)  Financial accounting 
D)  Managerial accounting

Exam 21: Business Basics

Which of the following is not a part of the marketing mix?

What is revenue?

What involves analyzing business operations for internal decision making and does not have to follow any rules issued by standard-setting bodies such as GAAP?

What analyzes the transactional information of the business so the owners and investors can make sound economic decisions?

Partnership agreements typically include all of the following,except:

____________ are similar to sole proprietorships,except that this legal structure allows for more than one owner.

Which of the following represents psychographic segmentation?

What describes the basic transaction data such as its date,purpose,and amount and includes cash receipts,canceled checks,invoices,customer refunds,employee time sheet,etc.?

Which of the following is not one of the four phases in the product life cycle?

What refers to the amount earned resulting from the delivery or manufacture of a product or from the rendering of a service?

A loss occurs when businesses sell products or services for less than they cost to produce.

Which of the following is not accomplished by human resources management?

Define the three common business forms.

____________ segmentation is based on variables such as usage rate,usage patterns,price sensitivity,and brand loyalty.

What reports operating results (revenues minus expenses)for a given time period ending at a specified date?

What is the function of the marketing department?

Which of the following financial statements gives an accounting picture of property owned by a company and of claims against the property on a specific date?

What is the fundamental difference found in a limited partnership?

What occurs when businesses sell products or services for more than they cost to produce?

What involves preparing financial reports that provide information about the business's performance to external parties such as investors,creditors,and tax authorities?

Business Driven Technology

Identifying Competitive Advantages

Strategic Initiatives for Implementing Competitive Advantages

Measuring the Success of Strategic Initiatives

Organizational Structures That Support Strategic Initiatives

Valuing Organizational Information

Storing Organizational Information-Databases

Accessing Organizational Information-Data Warehouse

Enabling the Organization-Decision Making

Extending the Organization-Supply Chain Management

Building a Customer-Centric Organization-Customer Relationship Management

Integrating the Organization From End to End-Enterprise Resource Planning

Creating Innovative Organizations

Ebusiness

Creating Collaborative Partnerships

Integrating Wireless Technology in Business

Developing Software to Streamline Operations

Methodologies for Supporting Agile Organizations

Managing Organizational Projects

Developing a 21st-Century Organization

Business Process

Hardware and Software Basics

Mis Infrastructures

Networks and Telecommunications

Information Security

Ethics

Operations Management

Sustainable Mis Infrastructures

Business Intelligence

Global Information Systems

Global Trends

Filters