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Business Content Praxis 5101 Flashcards | StudBud
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Business Content Praxis 5101
Business Content Praxis 5101
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1
WHAT IS AN ACCOUNTS PAYABLE ACCOUNT?
PROFIT
LIABILITY
ASSET
OWNER'S EQUITY
2
A phrase that is associated with a particular product would be protected by which of the following?
Copyright law
Trademark law
Both A and C
Patent law
3
Which of the following is not a part of Maslow’s hierarchy of needs?
Safety
Self-actualization
Supply and Demand
Esteem
4
If a country is a net exporter, this means that:
It exports consumer products
. The value of the goods that it exports exceeds the value of the goods tha
The value of the goods that it imports exceeds the value of the goods that
It has high tariffs
5
Which of the following would be a violation of the Occupational Safety and Health Act (OSHA)?
An employer requiring employees to work with toxic chemicals
An employee becoming injured because an employer did not provide equipment
An employer failing to accompany an OSHA compliance officer on an inspect
An employee becoming injured while commuting to work
6
GDP measures a country’s:
Employment level
Total economic output
Education level
Wage levels
7
Owners’ equity is comprised of:
The amount of the owners’ initial investment in the business
The personal net worth of the owners plus the amount of their initial inves
The owners’ unclaimed profits from the business’ operation
Both B and C
8
The Accounts Payable account is classified as a _______ account.
Asset
Liability
Revenue
Owner's Equity
9
When manually proofreading a business document for a colleague, which describes the correct way text should be remove
A horizontal line should be drawn through the text with a loop at the righ
A diagonal line should be drawn through the text from bottom left to top r
A caret should be drawn at the beginning and end of the text
An X should be drawn through the text
10
Can be used to show data in a way that is clear and easy to understand. The first step is the title.
Line Graph
Bar Graph
Circle Graph
Scatter plots
11
What is the normal balance of Notes Payable?
Credit
Debit
12
A human resources manager is likely to be responsible for all but which of the following:
Hiring
Training
Sales
Payroll
13
What is International Trade
Trade in which is International
Giving out products to other nations
The exchange of goods and services among nations
Purchasing a nation's trade supply
14
Adam Smith is best known for:
Founding the doctrine of mercantilism
Arguing that the government should redistribute income
Arguing for free market economics
Supporting the spread of communism
15
Which of the following correctly summarizes the accounting equation for a sole proprietorship?
Revenue = Assets – Liabilities
Assets = Liabilities + Owners’ equity
Liabilities = Assets + Owners’ equity
Owner’s equity = Assets + Liabilities
16
Accounts Payable is classified as this type of account.
Asset
Liability
Owner's Equity
17
Shows the connection between information
Scatter Plots
Excel
Line Graph
Bar Graph
18
What are accounts receivable
Money owed to you
Money you owe
19
What is Joint Venture
Businesses works together and sets up another business.
One business sets up another business to make more profit.
Too busiiness joen todeter inn an vantur
Businesses works together to make fishes great again.
20
When designing a website for an online business, the web developer would include a site map in order to:
Convince website users that it is safe to purchase products from the websi
Help website users decide which products to buy from the website
Provide website users with a list of links to all of the pages on the websi
Give website users directions to the business
21
At a meeting with shareholders, an executive visual aids to present a report on monthly stock gains and losses over per
Pie Chart
Scatterplot
Bar chart
Line Graph
22
An individual who is about to retire and wants to earn interest without risking his or her principal would most likely
Value Stocks
An Index Fund
A Mutual Fund
U.S. Treasury Bonds
23
If a stock has a high P/E ratio, this means that:
The stock pays a high dividend based on its earnings per share
The company’s earnings per share are high
The stock’s price is low considering the value of the company’s earnings
The stock’s price is high considering the value of its earnings per share
24
Shows how two variables are related to each other. A company can plot the different values of the variables.
Bar Graph
Scatter Plots
Line Graph
Numeric Graph
25
What is the definition of surplus?
Extra supply from farming
Division of Labor
People who buy and sell things
To copy from others
26
On the Internet, links are used in all but which of the following ways?
They are used for marketing purposes, to entice Internet users to navigate
They allow computer users to open software programs on their PC
They direct Internet users to other websites that have additional relevant
They allow Internet users to open additional windows that explain a webpag
27
Nations whose economies rely primarily of the export of non-oil commodities like rubber or copper are:
Often referred to as “developing countries” or “emerging markets”
Typically located in Northern and Western Europe
Known for their world class education systems
Usually among the wealthiest countries in the world
28
If one is planning to start a small business, which should one do first?
Choose a location for one’s business
Assess one’s personal financial situation
Fine a Partner
Obtain a business loan
29
What is cash?
Asset
Liability
Owners Equity
30
According to the National Environmental Policy Act of 1967, a business must prepare an environmental impact statement
Makes a charitable contribution
Builds a New Factory
Hires a new worker
Develops a new marketing initiative
31
Business careers a teacher safely recommend for a student who would not enjoy working with public on a regular basis.
Financial advisor
Insurance salesperson
None of the above
Real estate agent
32
The following are each sentences from a job description. Select the sentence that clearly and correctly communicates its
The employee will communicate orally and in writing well
The employees oral communication skills will be excellent
The employee will have excellent writing skills.
The employee, will have excellent oral communication skills.
33
Which of the following types of assets would not be subject to depreciation?
Computers
Real Estate
Heavy Equipment
Company Vehicles
34
An advantage of protectionism for countries that implement it is that it:
Ensures that domestic jobs will be retained in the short term
Encourages economic growth
Prevents corruption
Improves the country’s global competitiveness
35
A homeowner is attempting to choose between several mortgage loans for a $200,000 home. Lowest monthly payment.
A 15-year fixed rate mortgage at 12%
A 30-year fixed rate mortgage at 6%
A 30-year fixed rate mortgage at 12%
A 15-year fixed rate mortgage at 7%
36
In order to start an online business, and individual would need all but which of the following
A Website
A business model
An Email Address
A fax Machine
37
Useful visual aids that show a variety of data. a circle is formed. Then the circle is divided into different sectors.
Bar Graph
Line Graph
Circle Graph
Splatter Graph
38
Comprehensive car insurance typically covers:
Damage done to the insured’s vehicle by a vandal
Medical expenses others incur as a result of a collision with the insured
All of the above
Damage the insured does to the property of others while driving the insure
39
If the U.S. Federal Reserve concludes that there is a significant risk of inflation, it will most likely:
Decrease Bond Yields
Lower Interest Rate
Raise Interest Rate
Keep Interest Rate the Same
40
What is a trade surplus?
too many pigs on Earth
when several countries agree to trade with no restrictions
when a country cannot afford to import anything
country’s export value is higher than its import value
41
Which of the following best describes Congress’ purpose in setting up Freddie Mac in 1970?
Creating a place for small businesses to get loans
. Deregulating the credit market
Improving regulation of the Internet
Expanding opportunities for home ownership
42
When researching a presentation about a national shipping business, the most detailed and comprehensive source of infor
Hoovers.com
Microfilm records from local newspapers
The catalogue at your local library
LexisNexis.com
43
If a government implements an import tariff on consumer electronics, what is it most likely trying to accomplish?
It is trying to increase competition and lower prices in the consumer elec
It is trying to discourage domestic companies from producing consumer elec
It is trying to decrease the cost of imported consumer electronics
It is trying to protect its domestic consumer electronics industry from co
44
Accounts receivable are:
Fixed liabilities
Fixed assets
Current liabilities
Current assets
45
Choose the list below that best describes the most important contents of a resume:
References, objective, educational attainment, salary requirements
Contact information, grade point average, relevant work experience, object
Salary requirements, relevant work experience, educational attainment, obje
Contact information, objective, educational attainment, relevant work exper
46
Which of the following are not protected by copyright law?
Architectural drawings
Advertising slogans
Scripts for plays
Books of poetry
47
A consumer’s credit score may be factor in all but which of the following transactions?
Getting a Personal Loan
Buying a Home
Opening a bank account
Buying a car
48
Which of the following would violate federal child labor regulations?
Employing someone under 18 in a job deemed hazardous
Employing someone under 14 as a newspaper carrier
Hiring your own child to work in your small business if the child is under
Employing anyone under 18 as a babysitter
49
A combination of slow economic growth and high inflation is called:
Stagflation
Inflationary pressure
Deflation
Disinflation
50
Which of the following countries is not part of NAFTA
Mexico
Canada
United States
China
51
Which of the following constitutes a binding contract?
An agreement signed by both parties and witnessed by a third party
An agreement signed and dated by one party and one witness
An agreement signed and dated by both parties
An agreement signed and dated by both parties and a witness
52
When itemizing deductions on a federal tax return, an individual taxpayer may be able to deduct all but which of the fol
Interest paid on a mortgage
Groceries
Charitable Donation
Losses from theft
53
The biggest factor that leads American companys to manufacture their products overseas developing country China & India
Decreased transportation costs
Higher quality of craftsmanship
Lower labor costs
Effective legal systems
54
Individual enters in an agreement with a company to use company’s business model within a territory in exchange for fee
Limited liability Corporation
Franchise
Sole proprietorship
Incorporation
55
Technological aids can be used to directly fulfill all but which of the following human resources functions:
Communicating information about employee benefits
Soliciting resumes for open positions
Resolving disputes between employees and management
Assessing a new employee’s job readiness
56
Which of the following is true of a Wide Area Network (WAN)?
Businesses prefer WANs to LANs because their data transfer speed is higher
Businesses usually have their own WAN
The Internet is an example of a WAN
A WAN is equivalent to a LAN b
57
Which of the following is true of a corporation?
It is always owned by shareholders
Its shareholders are personally liable if it fails
It cannot sue another entity or be sued
Its board of directors is personally liable if it fails
58
what is a trade surplus?
reduces a companies GDP
country exports more than it imports
a country imports more than it exports
imports and exports are equal
59
Which of the following is not typically cited as a potential cause of oil price increases?
Price increases for consumer goods and services in the U.S.
Increased global demand for oil
Insufficient refinery capacity This
Speculation in the oil market
60
What is the normal balance of Salaries Payable?
Debit
Credit
61
What is Revenue?
Money spent on goods and services
Income earned from the sale of goods and services
Money owed to the business
Money the business owes to its creditors
62
A consumer’s credit score is directly influenced by which of the following factors?
Marital status
Employment history over the last five years
Income level
Debt repayment history
63
The Equal Employment Opportunity Commission (EEOC) is responsible for enforcing all but which of the following laws?
Environmental Protection Act
Civil Rights Act of 1964
Americans with Disabilities Act
Equal Pay Act
64
The normal balance side of Accounts Payable is?
Credit
Debit
65
Microsoft Excel would most likely be used for which of the following tasks?
Developing a strategic plan
Filing invoices
Creating a sales presentation
Analyzing numerical sales data
66
What are accounts receivable?
money owed to the business
money the business owes
67
The par value of a bond is the:
Amount of interest that the bond pays
Average interest rate paid by a given type of bond over subsequent issues
Amount paid when the bond matures
Amount of time until the bond matures
68
Which of the following is not true of stock dividends?
They may be discontinued or reduced at any time
They are usually taxable
Their amount and frequency are determined directly by shareholders at large
They are offered voluntarily by companies in order to make their stock more
69
Which of the following questions would it be illegal to ask a job candidate at a pre-employment interview?
Niether A or B
Have you ever requested workers’ compensation benefits?
Do you have any disabilities that would interfere with your ability to per
. Both A and B
70
What are Accounts Payable?
the owner's investment
debts of the business
money owed to the business
the assets of the business
71
The main function of a human resources department is to:
Meet the company’s recruiting goals
Facilitate communication between the employer and the employees
Prevent lawsuits
Maximize employee productivity while minimizing pay
72
International community primarily rely to deal with claims of unfair protectionism by one country against another.
North Atlantic Treaty Organization (NATO)
International Red Cross (IRC)
Organization of Petroleum Exporting Countries (OPEC)
World Trade Organization (WTO)
73
A command economy (Planned Economy) is characterized by:
A moderate amount of government intervention in the economy
The government controlling prices and production
Businesses commanding all aspects of the economy
A laissez-faire approach by the government
74
A successful manager will be able to effectively delegate:
Accountability
Authority
Ability
Responsibility
75
The Sarbanes-Oxley Act of 2002:
Vastly reduced the financial reporting obligations that corporations face
Deregulated public utilities
Was intended to fight corporate and accounting fraud
Reduced tariffs on trade among North American countries
76
Which of the following countries would be considered an emerging market?
Japan
Canada
India
Britian
77
What is a stockholder?
Owns one or more shares of a corporation
<div>Decides what price to set dividends at</div>
Works in management at a corporation
Works on the Board of Directors
78
Which of the following lists contains only types of computer software?
Internet, Microsoft Office, Quicken
Monitor, Mouse, Keyboard
Quicken, Peoplesoft, Microsoft Office
. Motherboard, Quicken, Excel
79
According to standard economic theories, countries that have a comparative advantage in the production of cotton should
Export another product, and import cotton
Export cotton, and import other products
Work hard to reduce their comparative advantage and diversify their economy
Implement tariffs to protect their domestic cotton industry
80
Fayol’s Administrative Theory of Management, which correct list of the five essential functions of management.
Composing, coordinating, controlling, planning, organizing
Controlling, composing, planning, organizing, implementing
Containing, controlling, implementing, planning, organizing
Controlling, commanding, coordinating, planning, organizing
81
In order to present a business plan to a group of potential investors, a businessperson would likely use which software.
Excel
Quickbooks
Peoplesoft
Powerpoint
82
Search engine optimization (SEO) is the process of:
Designing a search engine to operate as efficiently as possible
Improving the visual aesthetic of a search engine
Improving the visual aesthetic of a search engine
Designing a website to maximize its placement in search engine results for
83
A market in which product availability exceeds demand is called a:
Seller’s market
Black Market
Buyer's Market
Free market
84
The following steps might a company take in order to prevent unauthorized individuals from accessing confident data.
Requiring a username and password to access its computer system
Both A and B
Constructing a firewall to protect its computer system
Neither A nor B
85
Which of the following is not a responsibility of the Securities and Exchange Commission (SEC)?
Setting interest rates
Processing applications for initial public offerings (IPOs)
Regulating securities
Investigating insider trading
86
Better Business Bureau certification is useful for businesses that engage in e-commerce because it:
Proves that they are certified by the government
Protects them from legal action by defrauded consumers
Reassures customers that the company is reliable
Exempts them from paying state taxes
87
In marketing, the demand for a product is directly influenced by:
Both A and B
Customers’ ability to obtain a product
Customers’ desire for a product
Availability of a product
88
A business education teacher has allotted one class period to help students identify potential career options.
Having each student deliver a five-minute presentation describing their pa
Having students complete an internship
Administering a test that advises students about what careers might fit the
Asking students to write an essay describing their “dream job”
89
Businesses can increase the security of confidential customer information by:
All of the above
Conducting employee background checks
Installing a firewall and virus protection software for computer systems
Destroying paper records of credit card information
90
What are Accounts Payable?
•Outstanding bills that need to be paid
Payments owed to a business
Phone Bills
91
What is a chart of accounts?
List of accounts used by a business
List of debits in a business
List of accounts used in everyday life
List of credits in a business
