Business Funadmentals CPAS review

Question 1

Financial report that summarizes accounting data, balance sheets & income statements.

Accepted Answer

financial statements

Question 2

A marketing function that involves obtaining, developing, maintaining, and improving a product.

Accepted Answer

product/service management

Question 3

Which of the following is a sign of economic contraction?

Accepted Answer

workers are losing their jobs

Question 4

The department of a business concerned with recruiting and managing employees.

Accepted Answer

human resource department

Question 5

The two types of infrastructure that are necessary for a modern economy:

Accepted Answer

transportation systems and utilities

Question 6

Which of the following is a commonly used credit card?

Accepted Answer

Visa

Question 7

Why does the stock exchange seem like a perfect example of a free market economy?

Accepted Answer

where people buy and sell for the purpose of making money

Question 8

The idea that business's should contribute to the welfare of their communities.

Accepted Answer

social responsibility

Question 9

A company that owns the product or service and grants the right to another business.

Accepted Answer

Franchiser

Question 10

The amount remaining when expenses are deducted from gross income.

Accepted Answer

net income

Question 11

Automobile manufacturers sell the same product (cars), but offer different makes and models.

Accepted Answer

oligopoly

Question 12

You have a smoothie, soda or tea. You don't like tea, so you choose the smoothie.What's the OC

Accepted Answer

the soda

Question 13

Carefully selecting goods or services to sell is an example of handling business risks by:

Accepted Answer

preventing or controlling

Question 14

Express yourself through body language, such as facial expressions, hand shake, etc.

Accepted Answer

non-verbal communication

Question 15

Financial statement that includes assets, liabilities and owners equity.

Accepted Answer

balance sheet

Question 16

A business analysis using strengths, weaknesses, opportunities, and threats.

Accepted Answer

SWOT

Question 17

Legal entity with authority to act and insure liability separate from its owners.

Accepted Answer

corporation

Question 18

What is the purpose of the Federal Reserve Board?

Accepted Answer

control the monetary supply

Question 19

Standards of business conduct and moral values.

Accepted Answer

business ethics

Question 20

When products are available at convenient places, ATM's convenient stores, etc.

Accepted Answer

place utility

Question 21

Where the communication takes place.

Accepted Answer

setting

Question 22

Which of the following is an example of business risk that cannot be covered by insurance?

Accepted Answer

Increase in interest rates

Question 23

Product, place, price, promotion

Accepted Answer

the marketing mix

Question 24

Economic system in which allocation of scare resources is the result of ritual, habit, custom.

Accepted Answer

traditional economic system

Question 25

Which of the following is the socialist element of a social democracy?

Accepted Answer

Individuals pay high taxes to help with standard of living

Question 26

The activities of planning, leading, organizing, and controlling.

Accepted Answer

management functions

Question 27

The ratio that shows the delivery of an investment by comparing the gains to its cost.

Accepted Answer

return on investment

Question 28

Wendy's vs. McDonald's and Krispy Cream vs. Dunkin' Donuts is an example of

Accepted Answer

direct competition

Question 29

Which of the following lists the contributors to the GDP?

Accepted Answer

Consumers, business, and government

Question 30

Knowing you weaknesses, and wanting or being willing to change them.

Accepted Answer

acceptance of criticism

Question 31

Which of the following is one of the main features of a market economy?

Accepted Answer

market forces

Question 32

If a risk is small in terms of money, a business may decide to _______ the risk.

Accepted Answer

retain

Question 33

Specific, Measurable, Attinable, Relevant, Time.

Accepted Answer

S.M.A.R.T. goals

Question 34

A person's right to sell his land to someone else is an example of?

Accepted Answer

private property

Question 35

Start a small retail store selling gift items would fall under which market structure?

Accepted Answer

monopolistic competition

Business Funadmentals CPAS review

Questions 35

Business Funadmentals CPAS review

Questions 35