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Bus. Final
What is a target market?
What is the purpose of accounting?
Bus. Final
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1
What is the purpose of accounting?
To design products
To manage finances and keep track of financial transactions
To hire employees
To create advertising campaigns
2
What is a target market?
A product or service that a company is trying to sell
The price a company charges for a product or service
A marketing strategy
A specific group of customers that a company aims to reach
3
Which organizations offer bonds?
Only the government
Only corporations
Both the government and corporations
None of the above
4
Which of the following is not a retirement savings account?
403(b)
401(k)
HSA
IRA
5
__________ is an increase in the general price level of goods and services in an economy
Deflation
Stagnation
Inflation
Recession
6
If supply decreases, what happens to demand?
Demand decreases
Demand increases
Demand stays the same
Demand becomes unpredictable
7
What is the Federal Reserve System?
non-profit org. that provides financial services to low-income people
A private corporation that issues currency and sets monetary policy
A trade union that represents workers in the financial sector
A government agency that regulates the stock market
8
What is the time value of money?
The idea that money has different values depending on the currency used
The idea that money is worth more now than in the future
The idea that money is worth more in the future than now
The idea that money is always worth the same amount regardless of time
9
What is a brand?
The reputation and image of a company or product
A type of product
The legal ownership of a company or product
A company logo
10
What does APR stand for?
Annual Price Ratio
Annual Percentage Rate
Average Percentage Received
Average Payment Required
11
Which is not an important characteristic of an entrepreneur?
Risk Taking
Perseverance
Creativity
Dependency
12
Which of the following is true?
Revenue is income without expenses
Revenue is the amount of money a company earns from advertising
Revenue is the amount of money a company spends
Revenue is the total amount of money a company makes
13
What is the role of a human resources department?
To oversee the production and delivery of products or services
To oversee the marketing and advertising of the company
To manage the financial resources of the company
To manage the hiring, training, and development of employees
14
What is direct deposit?
A payment made directly to a vendor for goods or services
A payment made directly to a charity
A payment made directly to a government agency for taxes owed
A payment made directly to an employee's bank account
15
What is a balance sheet?
A document that outlines a company's long-term business goals
A document that describes a company's organizational structure
a financial statement that shows a company's revenues and expenses
financial statement that shows a company's assets, liabilities, and equity
16
What is a dividend?
A type of insurance policy
A type of loan
A payment made to shareholders from a company's profits
A tax on imports
17
What is an income statement?
A document that outlines a company's long-term business goals
financial statement that shows a company's assets, liabilities, and equity
A financial statement that shows a company's revenues and expenses
A document that describes a company's organizational structure
18
What is a W-4 form?
A form used to report income earned from investments
form to determine how much fed. income tax should be withheld from a check
A form used to apply for a job
A form used to report income earned from self-employment
19
How does competition benefit consumers?
It ensures a wide variety of products and services to choose from
It keeps prices low
All of the above
It encourages innovation and improvement in products and services
20
Which of the following is not a possible benefit in your job agreement?
Health insurance
Flexible work hours
Paid vacation time
Guaranteed promotion within a certain timeframe
21
Which of the following is TRUE?
Needs and wants are the same thing
Needs are things you must have to survive
Needs are things you would like to have,
Needs and wants are completely unrelated concepts
22
What is Liquidity? (In Business)
The ability of a business to attract investors
The ability of a business to turn assets into cash to pay debts
The ability of a business to generate profit
The ability of a business to innovate and adapt to change
23
What is linked in?
A mobile game
A video conferencing software
A social media platform for sharing photos
A professional networking platform
24
What is a shareholder?
Someone who works at a company
Someone who owns a part of a company
Someone who buys products from a company
Someone who invests in a company's advertising
25
What is the cloud?
A network of remote servers used for storing and processing data
A type of software program
A meteorological phenomenon
A type of computer virus
26
How might two companies who both offer similar products both be successful?
By merging into one larger company
By engaging in illegal price fixing
By lowering prices until one company goes out of business
By differentiating their products and targeting different customer segments
27
Which of the following best describes a sole proprietorship?
A business owned and operated by a corporation
A business owned and operated by one person
A business owned and operated by two or more people
A business owned and operated by a non-profit organization
28
What is the accounting equation?
Revenue - Expenses = Net Income
Total Sales - Cost of Goods Sold = Gross Profit
Assets = Liabilities + Equity
Cash Inflow - Cash Outflow = Net Cash Flow
29
What is the difference between a savings and checking account?
Savings are for daily use while checking accounts are used for long-term
There is no difference between a savings and checking account
Checking account typically earn higher interest rates than savings accounts
Savings accounts typically earn higher interest rates than checking account
30
What is a job description?
A document that outlines a person's personal goals and aspiration
A document that outlines a person's education and experience
A document that outlines a person's job responsibilities and requirements
A document that outlines a person's salary and benefits
31
How does competition benefit consumers?
It encourages innovation and improvement in products and services
It keeps prices low
All of the above
It ensures a wide variety of products and services to choose from
32
What is a mutual fund?
A type of insurance policy for businesses
money is pooled together from multiple investors and managed by a pro
A type of retirement savings account
A type of bank account with high-interest rates
33
__________ is an increase in the general price level of goods and services in an economy.
Recession
Inflation
Deflation
Stagnation
34
What is an HSA?
A health savings account used for medical expenses
A type of investment account
A form of government assistance for low-income individuals
A type of retirement account
35
What are the benefits of using credit?
All of the above
What are the benefits of using credit?
It allows for convenient purchases
It can provide rewards and incentives
36
Which is not important to do when interviewing for a job?
Show up late
Bring a copy of your resume
Dress professionally
Research the company beforehand
37
What is a liability?
Money owed by a business or individual to someone else
An investment in a company or property
A type of insurance policy
An asset that can be easily converted into cash
38
What is entrepreneurship?
The process of marketing a business's products
The process of managing a business's finances
The process of starting and running a business
The process of hiring employees for a business
39
Which of the following is not a type of business ownership?
Sole proprietorship
Corporation
Government
Partnership
40
A business environment without competition is referred to as a ______?
Monopolistic competition
Oligopoly
Monopoly
Perfect competition
41
What are the benefits of using credit?
It allows for convenient purchases
It can provide rewards and incentives
It can help build credit history
All of the above
42
What are some common paycheck deductions?
Fed. and state income tax, Social Security & Medicare, and health insurance
Student loan repayments, alimony, and child support
Retirement contributions, union dues, and charitable donations
All of the above
43
What is overtime pay?
Pay given to employees for taking time off from work
Pay given to employees who consistently exceed their performance targets
Additional pay given to employees for working more than their normal hours
Pay given to employees who work during a company's peak season
44
What is a salary?
A type of insurance coverage
Pay given to employees based on the number of hours they work
Pay given to employees based on their performance
A payment structure where employees are paid regardless of hours worked
45
What is a credit score?
A measure of a person's ability to save money
A measure of a person's debt load
A measure of a person's income level
A measure of a person's ability to pay back money
46
What can you do to prepare for an interview?
Practice answering common interview questions
Research the company and position
All of the above
Dress appropriately
47
What is the purpose of a business plan?
To secure funding from investors
To identify potential competitors in the market
To outline the goals and strategies of a business
To provide a detailed financial analysis of a business
48
What is a supply chain?
The process of manufacturing a product
The process of selling a product
The process of marketing a product
The process of distributing a product
49
Which of the following is not considered an investment?
Real estate
Credit cards
Gold
Stocks
50
Why is utilizing a retirement savings account offered by your employer a good idea?
It provides a consistent method of saving for retirement
All of the above
It allows for tax-deferred growth
Some employers offer matching contributions
51
What is the difference between a product and a service?
A product is a concept, while a service is a physical item
A product is tangible, while a service is intangible
A product is intangible, while a service is tangible
A product is a physical item, while a service is a concept
52
What are the four elements of the marketing mix?
Promotion, price, packaging, people
Promotion, people, packaging, product
Price, promotion, placement, product
Place, people, price, product
53
What are the benefits of franchising for the franchise owner?
Reduced risk of failure
Lower start-up costs and access to a proven business model
Increased control over the business operations
All of the above
54
What is the Federal Reserve?
The executive branch of the U.S. government
The legislative branch of the U.S. government
The central bank of the United States
A federal agency responsible for overseeing national parks
55
Why might someone invest in an index or mutual fund over an individual stock?
To have the potential for higher returns
To have the potential for higher returns
To have more control over their investments
To reduce their risk through diversification
56
What are the four elements of the marketing mix?
Promotion, price, packaging, people
Place, people, price, product
Promotion, people, packaging, product
Price, promotion, placement, product
57
What is compound interest?
Interest paid by a borrower to a lender
Interest earned on both the principal amnt and the interest earned earlier
Interest earned by a lender from a borrower
Interest earned only on the principal amount
58
Which of the following is true?
A credit card charges you interest
A debit card allows you to borrow money
A credit card allows you to borrow money
A debit card charges you interest
59
The central banks control over the money supply is referred to as
Monetary Policy
Fiscal Policy
60
What is a shareholder?
Someone who buys products from a company
Someone who invests in a company's advertising
Someone who works at a company
Someone who owns a part of a company
61
What is outsourcing?
The process of buying a business from another company
The process of hiring employees from other countries
The process of merging two companies together
process of contracting out a business function to a third party provider
62
What is a loan?
financial transaction where money is gifted and does not need to be repaid
A type of savings account
A type of investment
financial transaction where money is borrowed& must be repaid with interest
