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Entrepreneurship & Global Business Final Final S1 Review (D) Flashcards | StudBud
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Entrepreneurship & Global Business Final Final S1 Review (D)
Entrepreneurship & Global Business Final Final S1 Review (D)
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1
The income statement
is a report of the total dollar amount of a company's sales.
summarizes firm's revenues and expenses shows profit over a period of time.
can be substituted for the cash flow statement when reporting income.
Used to determine the amount left after deducting sales discounts, returns.
2
Which of the following statements about a sales invoice is incorrect?
It should include the name, address and contact information of the vendor.
It should include the name, address, contact information of the customer.
Must be signed by the customer in order for it to be legally enforceable.
The amount determines whether it needs to be signed by the customer.
3
Which of the following are NOT considered to be a cloud service:
Google Drive
Microsoft Office
Dropbox
Microsoft OneDrive
4
Each of the following situations are examples of business risk, except
Losses due to a declining reputation, dishonesty, disrespect.
the breakdown or theft of key equipment, insufficient or failed processes.
taking out a loan for starting your business.
natural disasters.
5
Which of the choices below represents effective business writing techniques?
Clarity and conciseness
Conciseness and personable
Friendliness and personable
Clarity and friendliness
6
How do you expect to score in this class?
D
B
A
C
7
Which step in the D4D Design Thinking process includes brainstorming potential solutions to an identified problem?
Deep Customer Empathy
Go Broad to Go Narrow
Rapid Experimentation
None of the Above
8
Which of the following defines why an organization exists and what it seeks to accomplish?
a break-even analysis
an organization chart
an executive summary
a mission statement
9
A business plan is important for a new business for all of the following reasons except:
it makes you think about all aspects of your business
it can serve s a tool for managing your business
it guarantees you will get financing for your business
it can help you communicate your ideas to others
10
Which one of the following statements is NOT TRUE about Design Thinking:
Enables companies to use designers to think through solutions to problems
A human-centered, iterative process to problem solving
Helps companies identify potential solutions to problems,
Focuses on human needs and behaviors to help translate observations
11
Budgets can be a useful tool for company managers when
(b) amounts are compared to actual amounts, find strengths and weaknesses.
budgets can only be used for tax preparation purposes.
amounts budgeted are always in anticipation of the “best-case scenarios.”
the budget is prepared only under conditions of perfect certainty.
12
Which of the following is a benefit to companies carrying business insurance?
The insurance provides employees with insurance discounts.
The insurance insures the company will make a profit.
The insurance allows the company to take more business trips.
The insurance reduces the company's liability.
13
Which of the following statements is NOT TRUE as it relates to a company’s use of social media for marketing:
Social media analytics allows a company to connect customer engagement.
Companies cannot obtain your personal information social media.
Social media allows a firm to target a certain customer base.
Social media accounts, posts, branding supports company’s business goals.
14
Which one of the rules below DOES NOT describes a rule of effective management?
Do not encourage all opinions which can lead to tension among employees
Publicly reward and recognize hard work
Set the goal of working as a team
Focus on clarity, accuracy and thoroughness in communication
15
SWOT Analysis is an effective way of identifying a company's strengths, weaknesses, opportunities, threats.
True
False
16
Select the statement below that best represents the purpose of an Acceptable Use Policy.
Provides guidelines for etiquette and use of company-owned technology.
Expresses in writing a set of rules created and enforced by a company.
Provides select employees with access to hosting company’s social media.
Ensures no unlawful, inappropriate content is included on company’s website
17
Which one of the following is NOT the best way to motivate an employee?
Be a respectful, honest and supportive manager
Allow only some employees to work from home
Offer employee rewards
Share positive feedback
18
Select the statement about templates that is true.
A template contains formatting, text you can customize, create a new file
Templates can be are only in word or spreadsheets, not in presentations.
A template can be useful as a model, but any changes made cannot be saved.
Invoice templates are available, formulas in template files can't changed.
19
Which department collects information about the employees attendance, and benefit issues relating to the employee?
Sales
Marketing
Human Resources
Accounting
20
An employee's income tax withholdings are based on earnings, exemptions and
Medicare payments
contributions to 401(k) or pension plans
company bonuses
social security payments
21
Which one of the following is an acceptable prototype?
All of the above
Storyboard
Lego model
Hand drawing
22
If you open any document type as “read only,” you can
make changes to it.
change the date and time only.
make formatting changes only.
view it, but not modify it.
23
Which of the following is considered a benefit of investing in a 401(k) plan?
Personal investments have no effect on taxable income.
Employees can withdraw money at any time without penalty.
Employers may opt to match an employee's retirement investment.
Money accumulated in a 401(k) is always free from taxation.
24
“Deep Customer Empathy,” one of the steps in the Design Thinking process, is used to:
capture customer data for marketing purposes
interview potential customers about their likes, dislikes about a product
understand people and their pain points to identify their needs and desires
Both B and C
25
How do you expect to score on this final exam?
C
A
D
B
26
Which of the following is a true statement about a personal budget?
A personal budget is ineffective way for people to know what they spend
A personal budget provides an early warning system that helps
A personal budget will guarantee that individuals live within their income
A personal budget can only be prepared by a CPA
27
The activity promoting goods and services is part of?
purchasing
marketing
merchandising
distributing
28
Companies prepare annual reports
as an optional exercise, if the firm sells stock to the public.
as optional exercise, if firm has prepared business plan in fiscal year.
because it is required by the Securities and Exchange Commission.
to provide information to investors, creditors and employees of the firm.
29
Choose from A through D below to identify the correct statement about the time value of money.
PV of an investment can't be determined without risk tolerance.
PV of an investment cannot be determined without calculating inflation.
The PV of an investment is the total amount future payments are worth now.
Present Value is not relevant to investments.
30
If you were creating a report in Word that included sources used, quoted or paraphrased, you would need to include
a bibliography.
a table of authorities.
footnotes and a bibliography.
a table of figures.
31
Social responsibility is the duty of the business to do what?
provide educational loans to employees
contribute to product development
provide social activities for employees
contribute to the well being of society
32
Have you put forth enough effort, including attendance and participation, in this class this semester?
True
False
33
When writing a professional business letter, the following choices identifies words that should be capitalized EXCEPT
personal and official titles
names of organizations
names of commercial products
names of the seasons
34
What is the name of your Virtual Enterprises Firm?
Not Trending
BJ's Warehouse
Now Trending
Costco
35
Select the form of business in which there is unlimited personal legal liability from lawsuits related to the business.
corporation only
sole proprietorship only
partnership only
choices A and B
36
An agenda is?
A list of topics to be covered at the next meeting.
AA list of attendees at a past meeting.
A summary of the financial requirements of the firm.
A list of items a company need to order to replenish supplies.
37
Which of the following forms of business can issue stock to raise money?
sole proprietorship
franchise
partnership
corporation
38
The federal income tax is generally recognized to be a
progressive because as TI grows, AP increases and the % they pay increases.
regressive tax because the amount that poor people pay is more important.
progressive because as TI grows, AP increases and the % they pay stays same
proportional tax everyone with the same taxable income pays the same tax.
39
A break-even analysis is important because it
enables a company to determine fixed and variable costs.
determines how many units of a product, sales revenue exceed total costs.
allows a company to determine sales revenue based only on variable costs.
enables a company to determine product sales revenue meet total costs.
40
Choose the statement about taxation that is true.
The amount of federal tax withheld is based on each individual employee.
Students are exempt from federal income tax not required federal tax return
Employees can decide to have Social Security, Medicare payments withheld
The standard deduction amount is the same for all taxpayers.
