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BBI2O EXAM REVIEW by you! Flashcards | StudBud
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BBI2O EXAM REVIEW by you!
BBI2O EXAM REVIEW by you!
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BBI 2O Exam Review Based off of McGraw-Hill Ryerson Exploring Business textbook.
Flashcards
66 cards
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Questions
66
Answers
1
Factor(s) that affect income is/are
condition of the job market
all of the above
skills
education
2
The law of supply deals with...
food products only
how the product is made
the product quality
prices/quantity of items supplied to the market
3
How many people run a sole proprietorship business style?
4
1
6
2
4
What legal act was NOT put in place by the government?
Food Safety Act
Competition Act
Textile Labeling Act
hazardous Products Act
5
What is a private corporation?
both red and blue
up to 50 shareholders; single person may hold all the shares
shares are sold & traded on the stock exchange
unlimited number of shareholders
6
In the business cycle, after recession comes properity
FALSE
TRUE
7
What does GAAP stand for?
Generally Acknowledged Accounting Principles
Generally Accepted Accounting Principles
German Auto Association of Pineapples
General Accounting Asset Principles
8
Law of supplies - prices rise: producers supply less; prices fall: producers supply more
TRUE
FALSE
9
How do companies NOT compete?
economic incentives
high quality/low prices
advertising
company uniforms
10
Which option is NOT a quality of life indicator of a country
Illiteracy rate
Population Density
Infant mortality rate
Needs and wants rate
11
The economy is doing well, employment is high and employees are well paid, is...
inflation
recovery
depression
prosperity
12
A balance sheet is the financial statement that reports income and expenses for a business
TRUE
FALSE
13
What is a good?
something a consumer purchases
something consumers want
something a consumer doesn't need
something a consumer needs
14
What is prosperity?
the action of selling a good
another word for net worth
good economic times
poor economic times
15
Equilibrium happens when the force of demand is not balanced with the force of supply.
TRUE
FALSE
16
What need is on the top of Maslow's Hierarchy triangle?
Physiological Needs
Esteem Needs
Self-Actualizing Needs
Social Needs
17
What is inflation?
money becoming more valuable
when an economy grows
when prices fall
money becoming less valuable
18
The two market groups are
none of the above
manufacturer and supplier
producer and consumer
consumer and business to business
19
Internet advertising targets teens because
teenagers are rich
teenagers use the internet the most
teens are gullible
teenagers like to shop
20
The fundamental accounting equation is LIABILITIES = ASSETS + NET WORTH
FALSE
TRUE
21
Which option is NOT a quality of a successful business person that we talked about in class
vision and passion
individual work
teamwork
risk taking
22
A plan on how to spend money is called:
goals
brand
budget
balance sheet
23
What is job description?
the job pay
the name of a job
what is involved in a job
jobs that are similar
24
What is NOT a marketing activity
distribution
accounting
research
sales
25
What does GDP stand for?
Gross domestic product
Generally Decided Principles
Gross Developing Power
Gross demographic product
26
What is the equation for a balance sheet?
Assets = Revenue + Liabilities
Net Worth = Liabilities + Assets
Liabilities = Net Worth + Assets
Assets = Liabilities + Net Worth
27
A corporation is/must
all of the above
share annual report with the public
taxed twice when money leaves the business
create an annual report
28
Which of the follow is NOT a Factor of Production
Land
Workers
Production
Capital
29
A corporation can get in trouble with the law
TRUE
FALSE
30
Name the leadership style: Works well when mature and have lots of experience
Autocratic Leadership
Democratic Leadership
Laissez-Faire Leadership
31
What are the qualities of a successful business person?
Risk taking, vision and passion, perseverance and teamwork
vision and passion, perseverance, teamwork
vision and passion
Risk taking, capital, vision, perseverance
32
Which is NOT one of the 5 factors of production?
marketing
entrepreneurship
work/labour
land
33
How often could you get paid when you get paid a salary?
biweekly
all of the above
monthly
weekly
34
Accounts receivable is considered an:
Liability
Expense
Revenue
Asset
35
An equilibrium is the point where the force of supply and the force of demand
are balanced
are close to each other
are different
are not balaced
36
What are some non-traditional life cycles of products?
niche, fad, seasonal
Fads, trends, niche
niche, trends, seasonal
Fads, trends, seasonal
37
What does a balance sheet show?
Both blue and yellow
Assets and Liabilities
Owner's Equity
Income and Expenses
38
The fundamental accounting equation is
assets = liabilities + net worth
net worth = assets + liabilities
assets = net worth - liabilities
net worth = assets - liabilities
39
Which Federal Act states that manufacturers must label dangerous products with MSDS?
Hazardous Products
Textile Labeling
Consumer Protection
Food and Drugs
40
Which is a quality of life indicator?
infant mortality rate
All of the below
population density
literacy rate
41
Which one is an asset?
loan
mortgage
equipment
capital
42
The three ways an employee can be compensated are salary, hourly, and commission.
TRUE
FALSE
43
What is the Intranet?
allows business to connect to the internet
a form of business through the internet
allows businesses to share information with other businesses
a network of computers within a company
44
The 4 main types of users who want to see your income statement are:
business owners, investors, lenders
investors, lenders, competitors, government
business owners, investors, neighbours, government
business owners, investors, lenders, government
45
How many months in a fiscal year?
12
13
8
10
46
In all sectors, a small business is classified as
less then 50 employees
less then 100 employees
less then 25 employees
less then 70 employees
47
Businesses prefer to invest in _________ rather than _________
Good, Services
Trends, Fads
Producers, Consumers
48
A balance sheet is exactly the same as an income statement
FALSE
TRUE
49
What are the 4Ps of marketing?
person, place, people, promotion
place, price, product, people
People, product, pay, place
Product, place, promotion, price
50
Sole proprietors have limited liability
FALSE
TRUE
51
An e-business is an electronic business.
TRUE
FALSE
52
What is collateral?
the total amount of money made after all expesnes
a form of business that is owned by one person
property or other assets to secure a loan
no maximum to how much the investors can take
53
What is on Maslow's Hierarchy of needs
Social needs
Esteem needs
Security needs
All of the above
54
The role of human resources does NOT include:
assessing employees
setting prices
recruiting employees
training employees
55
Corportations have limited liability
TRUE
FALSE
56
Which is NOT a type of corporation
For-Profit
Private
Non-Profit
Public
57
Depression is a part of the business cycle.
FALSE
TRUE
58
Which type of corporation is owned by the government?
Crown
Non-Profit
Public
Private
59
The order of the business cycle is...
prosperity, inflation, recession, depression, recovery
recession, recovery, inflation, prosperity, depression
inflation, prosperity, recession, depression, recovery
recession, prosperity, depression, inflation, recovery
60
In today's business world, what percentage of jobs require at least a high school diploma?
65%
80%
85%
93%
61
What is accounting?
all of the above
recording money coming in
include financial and managerial
recording money coming out
62
Which of the following is not a GAAP discussed in class.
Continuity Principle
Cost Principle
Time Period Concept
Business Entity Concept
63
What are two types of financial statements
Balance Statement and Income Sheet
Balance Report and Income Statement
Balance Sheet and Income Statement
Income Report and Balance Sheet
64
A successful business responds to ______, fills a ______, and understands ______
change, gap, business
demographics, niche, change
change, niche, demographics
sales, gap, data
65
Which of the following is NOT part of the business cycle?
Recovery
Prosperity
Equilibrium
Recession
66
Changes in the market conditions mean changes in the employment rates and employee wages.
TRUE
FALSE
