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