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2023 Spring - Final Exam Flashcards | StudBud
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2023 Spring - Final Exam
2023 Spring - Final Exam
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1
Ch1: The following is an example of the...
Demand Curve
Supply Curve
2
Debits are always recorded on which side of a t-account?
Right
Left
3
If you visited Mexico for dental surgery, the U.S. would consider it...
Exporting
Importing
4
Dividends, Expenses, and Assets are all _____ accounts?
debit
credit
5
If a minor enters into a contract, he or she can end the contract at any time just by saying so.
False
True
6
When the government raises or lowers taxes, it is referred to as...
fiscal policy.
monetary policy
7
According to Maslow's Hierarchy, employees are
not
concerned about job security and retirement if they are...
unsatisfied with the office comradery and sense of belonging.
unsatisfied with the amount of respect received from supervisors.
unsatisfied with their status in the organization.
unsatisfied with their pay and working conditions.
8
Ch7: What is a benefit to a Centralized organizational structure?
More efficient (fewer redundancies)
Lower morale
Less responsive to customers
More collaboration
9
The labor force includes...
People working part-time that want to be working full time.
People who are retired.
People looking for jobs.
Only people 18 years and older.
10
MED - According to the balance sheet below, what is the value of the company's assets?
$40,000
$60,000
$140,000
$100,000
11
Which of the following is
not
a goal of information systems?
Maximizing the value of the firm
Increasing productivity
Lowering costs
Improving decision quality
12
When expanding into a foreign market, which strategy offers the most control?
Joint Venture
Direct Investment
License
Franchise
13
Who is responsible for managing unemployment?
The President
Federal Reserve
The "invisible hand" of the market
Congress
14
Ch1: The following is an example of the...
Supply Curve
Demand Curve
15
When you retire and draw money from your 401k, you need to pay...
Capital Gains Taxes
Income Taxes
Inheritance Taxes
Property Taxes
16
Your business takes out a bank loan to buy a piece of equipment, in which 2 places would you record this transaction?
C
B
D
A
17
There is a contract to mow Bob's lawn for $20
False
True
18
Which of the following best defines Evaluation?
Breaking ideas apart and determining how the parts are related.
Making judgments about ideas.
Applying ideas to solve new problems.
Building ideas together to form a whole.
19
Nike uses a contract manufacuturer in another country to make it's shoes. This is an example of…
a joint venture.
outsourcing.
exporting.
offshoring.
20
Ch6: Management consists of all of the following
except
...
Controlling
Producing
Planning
Organizing
21
Ch1: The following is an example of the...
Demand Curve
Supply Curve
22
If your business pays you a dividend where would you record it?
A
B
23
Debits are the ________ funds.
sources of
destination for
24
You study twice as hard for your final exam, but get the same score as the midterm. You won't do this again based on...
Keynesian Theory
Equity Theory
Expectancy Theory
Maslow's Hierarchy of Needs
25
Which investment involves the most risk?
$10,000 in bonds for the city of Grand Rapids
$40,000 in savings account at your local bank
$500 in stock for Twitter
$2,000 in bonds for Amazon
26
There is a contract to sell the mower for $60
True
False
27
Using the library's database to research a paper is an example of...
Primary Research
Secondary Research
28
Nonprofit organizations…
are not corporations.
are businesses that do not earn a profit.
have volunteers instead of employees.
have limited liability.
29
Who is responsible for managing inflation?
Treasury
Federal Government
Federal Express
Federal Reserve
30
The unemployment rate is a percentage of the _____ that is jobless.
labor force
population
economy
non-retired adults
31
What is information?
Discovering hidden patterns within large amounts of data.
Processed data to make it useful.
Large amounts of data gathered on customers.
An organized collection of data that is easily accessible.
32
Which retirement option allows you to pay taxes later?
Mutual Funds
Roth IRA
401k
Bonds
33
To understand what customers value, businesses need to research...
the marketing mix.
the time value of money.
the marketing intermediaries.
the marketing environment.
34
When creating a code of ethics, an organization will begin with...
executive buy in.
an ethics office.
what is legal.
enforcement.
35
Buildings, property, and equipment are considered...
Revenue
Equity
Assets
Expenses
36
Debits are always recorded on which side of a t-account?
Right
Left
37
Jessi (net worth $300,000) invests $10,000 in a general partnership. How much is Jessi liable for?
$310,000
$300,000
$10,000
$290,000
38
In terms of liability, which type of business investment involves the
least
amount of risk?
Owning stock in a Fortune 500 corporation.
Being a general partner in a partnership.
Owning a sole proprietorship.
Owning penny stocks.
39
If your business pays you a dividend where would you record it?
B
A
40
Ch1: When it comes to the economy, the Federal Government is responsible for controlling...
GDP
Inflation
Unemployment
Stock Market
41
______ are the destinations of funds?
Debits
Credits
42
Ch4: Alice made $8,340 at her summer job. What percentage will she pay in federal income taxes?
More than 10%
Lice is plural. It should be "a louse."
Less than 10%
Exactly 10%
43
Ch6: Which type of planning involves supervisory management setting work standards.
Tactical
Strategic
Operational
Contingency
44
When a bank issues a loan, more money is created.
False
True
45
Which is
not
required for a contract to be legally binding?
Must be in writing.
Must be consideration from both parties.
Must be of a legal matter.
Must be an agreement.
46
When a contract has been breached, the dispute is settled within the boundaries of...
Tort Law
Maritime Law
Criminal Law
Bird Law
47
Inflation is slowed by _____ interest rates.
lowering
raising
48
Double taxation only occurs when…
LLCs choose to be taxed as corporations.
corporations pay taxes.
both partners are general partners.
stockholders earn dividends.
49
You practice as hard as your teammates, but coach gives them awards for dedication. You will be less motivated based on
Keynesian Theory
Expectancy Theory
Maslow's Hierarchy of Needs
Equity Theory
50
Interdependent firms who participate in the flow of goods & services
from producer to consumer
are called the...
supply chain channel.
distribution channel.
B2B channel.
transaction channel.
51
An advertisement is an offer to enter into a contract to purchase a product.
False
True
52
If your business pays its electric bill, in which 2 places would you record the transaction?
D
B
C
A
53
Which is a retirement account?
IRA
Stock
Bond
IPO
54
Ch1: The following is an example of the...
Supply Curve
Demand Curve
55
Businesses will issue shares of stock in order to…
Spread out risk
Raise money
Limit liabilities
Increase market capitalization
56
Debit accounts _____ when debited.
increase
decrease
57
When expanding into a foreign market, which strategy involve the least amount of risk?
Contract Manufacturing
Export
License
Franchise
58
When CMU students access their cmich accounts, they are accessing...
an Intranet
the Internet
Skynet
an Extranet
59
Which of the following is an example of an operational system?
Using an artificial intelligence system to screen out job applicants
Identifying fashion trends
Gaming companies creating reward schedules to keep people playing
YouTube recommending videos
60
A bank is more willing to issue a loan to a _____ than a _____.
Sole Proprietor, LLC
Sole Proprietor, General Partnership
LLC, Sole Proprietor
LLC, General Partnership
61
If your company issues stock, it is an example of _____ financing.
Equity
Debt
62
Credits are always recorded on which side of a t-account?
Left
Right
63
______ are the sources of funds?
Credits
Debits
