BAM 1 - Part 1 Questions

Question 1

This financial tool is useful when predicting and determining how much start up money you will need

Accepted Answer

Cash Flow Forecasting

Question 2

responsible for identifying & satisfying the needs and wants of customers thru; product, promotion, pricing, & place

Accepted Answer

marketing

Question 3

Manages the personnel of the organization, ex: recruitment, training, appraisal, workforce planning

Accepted Answer

Human Resources Department

Question 4

This social science is concerned with the efficient use of limited resources to satisfy human wants

Accepted Answer

economics

Question 5

Items owned by a business not intended for resale within the next 12 months

Accepted Answer

Fixed Assets

Question 6

Legal obligation of the business to pay lenders or suppliers due after 12 months

Accepted Answer

Long Term Liability

Question 7

amount realized by a business for sale of goods or services

Accepted Answer

revenue

Question 8

Resources that go into producing a good or service

Accepted Answer

Inputs

Question 9

Raw materials; cotton, wheat , oil, solar energy are examples of which factor of production

Accepted Answer

Land

Question 10

items owned by a business intended to be converted into cash within 12 months

Accepted Answer

current assets

Question 11

Land, Labor, Capital, & Entrepreneurship are the 4 factors of...

Accepted Answer

production

Question 12

The purpose of this financial analysis tool is to show profit or loss that a business has made during a period of

Accepted Answer

Income Statement

Question 13

Costs that directly go into producing goods or providing services.

Accepted Answer

Costs of Goods Sold

Question 14

refers to the value of a business belonging to owners.

Accepted Answer

Equity

Question 15

Describes the ability of a firm to convert assets into cash quickly

Accepted Answer

liquidity

Question 16

What is the basic economic problem in life?

Accepted Answer

Scarcity

Question 17

responsible for maintaining day to day production quality levels at a high level optimizing efficiency

Accepted Answer

operations

Question 18

This financial tool shows what is owned, what is owed, and what a business is worth at a given time

Accepted Answer

balance sheet

Question 19

Sales Revenue - Direct Costs (COGS) =

Accepted Answer

Gross Profit

Question 20

legal obligation of the business to pay lenders or suppliers within the next 12 months

Accepted Answer

current liability

Question 21

Gross Profit - indirect costs =

Accepted Answer

Net Profit

Questions 21