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Business Content Praxis 5101 Flashcards | StudBud
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Business Content Praxis 5101
Business Content Praxis 5101
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1
What is the normal balance of Salaries Payable?
Credit
Debit
2
What is a chart of accounts?
List of debits in a business
List of credits in a business
List of accounts used in everyday life
List of accounts used by a business
3
Which of the following are not protected by copyright law?
Advertising slogans
Architectural drawings
Books of poetry
Scripts for plays
4
Which of the following is true of a Wide Area Network (WAN)?
A WAN is equivalent to a LAN b
The Internet is an example of a WAN
Businesses usually have their own WAN
Businesses prefer WANs to LANs because their data transfer speed is higher
5
Better Business Bureau certification is useful for businesses that engage in e-commerce because it:
Proves that they are certified by the government
Reassures customers that the company is reliable
Exempts them from paying state taxes
Protects them from legal action by defrauded consumers
6
Which of the following countries is not part of NAFTA
Canada
United States
Mexico
China
7
Which of the following constitutes a binding contract?
An agreement signed and dated by both parties and a witness
An agreement signed by both parties and witnessed by a third party
An agreement signed and dated by one party and one witness
An agreement signed and dated by both parties
8
The par value of a bond is the:
Amount of interest that the bond pays
Average interest rate paid by a given type of bond over subsequent issues
Amount of time until the bond matures
Amount paid when the bond matures
9
Microsoft Excel would most likely be used for which of the following tasks?
Filing invoices
Creating a sales presentation
Developing a strategic plan
Analyzing numerical sales data
10
When researching a presentation about a national shipping business, the most detailed and comprehensive source of infor
The catalogue at your local library
Hoovers.com
Microfilm records from local newspapers
LexisNexis.com
11
When manually proofreading a business document for a colleague, which describes the correct way text should be remove
An X should be drawn through the text
A diagonal line should be drawn through the text from bottom left to top r
A caret should be drawn at the beginning and end of the text
A horizontal line should be drawn through the text with a loop at the righ
12
Choose the list below that best describes the most important contents of a resume:
References, objective, educational attainment, salary requirements
Contact information, objective, educational attainment, relevant work exper
Salary requirements, relevant work experience, educational attainment, obje
Contact information, grade point average, relevant work experience, object
13
Nations whose economies rely primarily of the export of non-oil commodities like rubber or copper are:
Usually among the wealthiest countries in the world
Often referred to as “developing countries” or “emerging markets”
Known for their world class education systems
Typically located in Northern and Western Europe
14
Fayol’s Administrative Theory of Management, which correct list of the five essential functions of management.
Composing, coordinating, controlling, planning, organizing
Controlling, composing, planning, organizing, implementing
Containing, controlling, implementing, planning, organizing
Controlling, commanding, coordinating, planning, organizing
15
According to standard economic theories, countries that have a comparative advantage in the production of cotton should
Export another product, and import cotton
Work hard to reduce their comparative advantage and diversify their economy
Export cotton, and import other products
Implement tariffs to protect their domestic cotton industry
16
If a government implements an import tariff on consumer electronics, what is it most likely trying to accomplish?
It is trying to protect its domestic consumer electronics industry from co
It is trying to decrease the cost of imported consumer electronics
It is trying to discourage domestic companies from producing consumer elec
It is trying to increase competition and lower prices in the consumer elec
17
What is the normal balance of Notes Payable?
Credit
Debit
18
Individual enters in an agreement with a company to use company’s business model within a territory in exchange for fee
Incorporation
Franchise
Limited liability Corporation
Sole proprietorship
19
Which of the following is not a part of Maslow’s hierarchy of needs?
Esteem
Supply and Demand
Self-actualization
Safety
20
What is a trade surplus?
when several countries agree to trade with no restrictions
when a country cannot afford to import anything
too many pigs on Earth
country’s export value is higher than its import value
21
WHAT IS AN ACCOUNTS PAYABLE ACCOUNT?
OWNER'S EQUITY
ASSET
LIABILITY
PROFIT
22
A business education teacher has allotted one class period to help students identify potential career options.
Asking students to write an essay describing their “dream job”
Administering a test that advises students about what careers might fit the
Having each student deliver a five-minute presentation describing their pa
Having students complete an internship
23
Accounts Payable is classified as this type of account.
Liability
Asset
Owner's Equity
24
Technological aids can be used to directly fulfill all but which of the following human resources functions:
Communicating information about employee benefits
Resolving disputes between employees and management
Soliciting resumes for open positions
Assessing a new employee’s job readiness
25
A consumer’s credit score may be factor in all but which of the following transactions?
Buying a Home
Getting a Personal Loan
Opening a bank account
Buying a car
26
A consumer’s credit score is directly influenced by which of the following factors?
Income level
Debt repayment history
Marital status
Employment history over the last five years
27
International community primarily rely to deal with claims of unfair protectionism by one country against another.
North Atlantic Treaty Organization (NATO)
World Trade Organization (WTO)
International Red Cross (IRC)
Organization of Petroleum Exporting Countries (OPEC)
28
What are Accounts Payable?
Payments owed to a business
•Outstanding bills that need to be paid
Phone Bills
29
Which of the following would violate federal child labor regulations?
Employing anyone under 18 as a babysitter
Hiring your own child to work in your small business if the child is under
Employing someone under 18 in a job deemed hazardous
Employing someone under 14 as a newspaper carrier
30
A homeowner is attempting to choose between several mortgage loans for a $200,000 home. Lowest monthly payment.
A 15-year fixed rate mortgage at 12%
A 15-year fixed rate mortgage at 7%
A 30-year fixed rate mortgage at 6%
A 30-year fixed rate mortgage at 12%
31
GDP measures a country’s:
Total economic output
Education level
Wage levels
Employment level
32
Which of the following countries would be considered an emerging market?
India
Britian
Canada
Japan
33
According to the National Environmental Policy Act of 1967, a business must prepare an environmental impact statement
Builds a New Factory
Makes a charitable contribution
Develops a new marketing initiative
Hires a new worker
34
Can be used to show data in a way that is clear and easy to understand. The first step is the title.
Circle Graph
Bar Graph
Scatter plots
Line Graph
35
What are Accounts Payable?
the assets of the business
the owner's investment
debts of the business
money owed to the business
36
A human resources manager is likely to be responsible for all but which of the following:
Hiring
Training
Sales
Payroll
37
If a country is a net exporter, this means that:
It has high tariffs
The value of the goods that it imports exceeds the value of the goods that
It exports consumer products
. The value of the goods that it exports exceeds the value of the goods tha
38
The following are each sentences from a job description. Select the sentence that clearly and correctly communicates its
The employee will have excellent writing skills.
The employees oral communication skills will be excellent
The employee will communicate orally and in writing well
The employee, will have excellent oral communication skills.
39
When itemizing deductions on a federal tax return, an individual taxpayer may be able to deduct all but which of the fol
Charitable Donation
Interest paid on a mortgage
Groceries
Losses from theft
40
What is a stockholder?
Owns one or more shares of a corporation
<div>Decides what price to set dividends at</div>
Works in management at a corporation
Works on the Board of Directors
41
A market in which product availability exceeds demand is called a:
Seller’s market
Free market
Buyer's Market
Black Market
42
What is Joint Venture
Businesses works together and sets up another business.
One business sets up another business to make more profit.
Too busiiness joen todeter inn an vantur
Businesses works together to make fishes great again.
43
What is Revenue?
Money the business owes to its creditors
Income earned from the sale of goods and services
Money spent on goods and services
Money owed to the business
44
Which of the following is not a responsibility of the Securities and Exchange Commission (SEC)?
Investigating insider trading
Processing applications for initial public offerings (IPOs)
Regulating securities
Setting interest rates
45
What is International Trade
The exchange of goods and services among nations
Trade in which is International
Giving out products to other nations
Purchasing a nation's trade supply
46
Which of the following best describes Congress’ purpose in setting up Freddie Mac in 1970?
Expanding opportunities for home ownership
Creating a place for small businesses to get loans
. Deregulating the credit market
Improving regulation of the Internet
47
In order to start an online business, and individual would need all but which of the following
A fax Machine
A Website
An Email Address
A business model
48
Useful visual aids that show a variety of data. a circle is formed. Then the circle is divided into different sectors.
Splatter Graph
Circle Graph
Line Graph
Bar Graph
49
At a meeting with shareholders, an executive visual aids to present a report on monthly stock gains and losses over per
Pie Chart
Scatterplot
Line Graph
Bar chart
50
Which of the following lists contains only types of computer software?
. Motherboard, Quicken, Excel
Internet, Microsoft Office, Quicken
Quicken, Peoplesoft, Microsoft Office
Monitor, Mouse, Keyboard
51
Owners’ equity is comprised of:
The owners’ unclaimed profits from the business’ operation
The personal net worth of the owners plus the amount of their initial inves
Both B and C
The amount of the owners’ initial investment in the business
52
Shows how two variables are related to each other. A company can plot the different values of the variables.
Line Graph
Bar Graph
Numeric Graph
Scatter Plots
53
The Sarbanes-Oxley Act of 2002:
Reduced tariffs on trade among North American countries
Deregulated public utilities
Was intended to fight corporate and accounting fraud
Vastly reduced the financial reporting obligations that corporations face
54
An individual who is about to retire and wants to earn interest without risking his or her principal would most likely
An Index Fund
A Mutual Fund
U.S. Treasury Bonds
Value Stocks
55
A phrase that is associated with a particular product would be protected by which of the following?
Patent law
Copyright law
Both A and C
Trademark law
56
Businesses can increase the security of confidential customer information by:
Conducting employee background checks
All of the above
Installing a firewall and virus protection software for computer systems
Destroying paper records of credit card information
57
Search engine optimization (SEO) is the process of:
Designing a website to maximize its placement in search engine results for
Improving the visual aesthetic of a search engine
Improving the visual aesthetic of a search engine
Designing a search engine to operate as efficiently as possible
58
When designing a website for an online business, the web developer would include a site map in order to:
Provide website users with a list of links to all of the pages on the websi
Convince website users that it is safe to purchase products from the websi
Give website users directions to the business
Help website users decide which products to buy from the website
59
What are accounts receivable
Money owed to you
Money you owe
60
Which of the following is not typically cited as a potential cause of oil price increases?
Price increases for consumer goods and services in the U.S.
Speculation in the oil market
Increased global demand for oil
Insufficient refinery capacity This
61
The main function of a human resources department is to:
Facilitate communication between the employer and the employees
Meet the company’s recruiting goals
Prevent lawsuits
Maximize employee productivity while minimizing pay
62
An advantage of protectionism for countries that implement it is that it:
Improves the country’s global competitiveness
Prevents corruption
Ensures that domestic jobs will be retained in the short term
Encourages economic growth
63
Which of the following types of assets would not be subject to depreciation?
Company Vehicles
Heavy Equipment
Computers
Real Estate
64
Which of the following questions would it be illegal to ask a job candidate at a pre-employment interview?
Do you have any disabilities that would interfere with your ability to per
. Both A and B
Niether A or B
Have you ever requested workers’ compensation benefits?
65
What is cash?
Liability
Asset
Owners Equity
66
What is the definition of surplus?
Extra supply from farming
To copy from others
People who buy and sell things
Division of Labor
67
The following steps might a company take in order to prevent unauthorized individuals from accessing confident data.
Constructing a firewall to protect its computer system
Requiring a username and password to access its computer system
Both A and B
Neither A nor B
68
A command economy (Planned Economy) is characterized by:
Businesses commanding all aspects of the economy
A moderate amount of government intervention in the economy
A laissez-faire approach by the government
The government controlling prices and production
69
what is a trade surplus?
reduces a companies GDP
imports and exports are equal
a country imports more than it exports
country exports more than it imports
70
Which of the following is true of a corporation?
It cannot sue another entity or be sued
It is always owned by shareholders
Its shareholders are personally liable if it fails
Its board of directors is personally liable if it fails
71
Business careers a teacher safely recommend for a student who would not enjoy working with public on a regular basis.
Insurance salesperson
Real estate agent
None of the above
Financial advisor
72
If the U.S. Federal Reserve concludes that there is a significant risk of inflation, it will most likely:
Raise Interest Rate
Keep Interest Rate the Same
Lower Interest Rate
Decrease Bond Yields
73
On the Internet, links are used in all but which of the following ways?
They direct Internet users to other websites that have additional relevant
They allow computer users to open software programs on their PC
They are used for marketing purposes, to entice Internet users to navigate
They allow Internet users to open additional windows that explain a webpag
74
Which of the following correctly summarizes the accounting equation for a sole proprietorship?
Revenue = Assets – Liabilities
Assets = Liabilities + Owners’ equity
Owner’s equity = Assets + Liabilities
Liabilities = Assets + Owners’ equity
75
Which of the following would be a violation of the Occupational Safety and Health Act (OSHA)?
An employee becoming injured because an employer did not provide equipment
An employer requiring employees to work with toxic chemicals
An employee becoming injured while commuting to work
An employer failing to accompany an OSHA compliance officer on an inspect
76
Which of the following is not true of stock dividends?
They may be discontinued or reduced at any time
They are offered voluntarily by companies in order to make their stock more
They are usually taxable
Their amount and frequency are determined directly by shareholders at large
77
The Accounts Payable account is classified as a _______ account.
Liability
Owner's Equity
Asset
Revenue
78
Adam Smith is best known for:
Arguing for free market economics
Founding the doctrine of mercantilism
Supporting the spread of communism
Arguing that the government should redistribute income
79
What are accounts receivable?
money owed to the business
money the business owes
80
The normal balance side of Accounts Payable is?
Credit
Debit
81
The Equal Employment Opportunity Commission (EEOC) is responsible for enforcing all but which of the following laws?
Equal Pay Act
Civil Rights Act of 1964
Americans with Disabilities Act
Environmental Protection Act
82
Accounts receivable are:
Current assets
Fixed liabilities
Current liabilities
Fixed assets
83
In order to present a business plan to a group of potential investors, a businessperson would likely use which software.
Powerpoint
Excel
Peoplesoft
Quickbooks
84
Shows the connection between information
Excel
Scatter Plots
Bar Graph
Line Graph
85
Comprehensive car insurance typically covers:
Damage done to the insured’s vehicle by a vandal
Medical expenses others incur as a result of a collision with the insured
All of the above
Damage the insured does to the property of others while driving the insure
86
If one is planning to start a small business, which should one do first?
Choose a location for one’s business
Assess one’s personal financial situation
Fine a Partner
Obtain a business loan
87
A combination of slow economic growth and high inflation is called:
Deflation
Disinflation
Stagflation
Inflationary pressure
88
In marketing, the demand for a product is directly influenced by:
Both A and B
Customers’ ability to obtain a product
Customers’ desire for a product
Availability of a product
89
A successful manager will be able to effectively delegate:
Responsibility
Accountability
Authority
Ability
90
If a stock has a high P/E ratio, this means that:
The stock’s price is low considering the value of the company’s earnings
The stock pays a high dividend based on its earnings per share
The stock’s price is high considering the value of its earnings per share
The company’s earnings per share are high
91
The biggest factor that leads American companys to manufacture their products overseas developing country China & India
Lower labor costs
Decreased transportation costs
Effective legal systems
Higher quality of craftsmanship
