BBI201 - Final Exam Review

Question 1

Businesses use a variety of methods to market their products/services to an audience such as

Accepted Answer

All Of the Above

Question 2

The way to calculate a person’s net worth is to

Accepted Answer

subtract all assets from liabilities

Question 3

If you buy an item in Canada but that item was manufactured in another country, transaction is

Accepted Answer

International

Question 4

Process called forecasting to determine resources & financing needed to run & maintain a busine

Accepted Answer

True

Question 5

transaction occurs when something that has value is exchanged for something else that has value

Accepted Answer

True

Question 6

Which of the following assets links most closely with the customers of the business?

Accepted Answer

accounts receivable

Question 7

Best time for a manager to practice the democratic leadership style is when the manager wants

Accepted Answer

employee input

Question 8

budget is a plan for wise spending and saving based on income and expenses

Accepted Answer

True

Question 9

Accountants get involved with financial actions that include one or more from the following

Accepted Answer

all of the above

Question 10

test marketing, internal information sources, surveys, and focus groups is secondary data.

Accepted Answer

False

Question 11

Logo is a special symbol that helps promote that product for consumer awareness is known as a

Accepted Answer

Trademark

Question 12

The equation to determine a person’s personal equity would be: Assets - Liabilities = Net Worth

Accepted Answer

True

Question 13

The four Ps of marketing include product, price, preference, and promotion.

Accepted Answer

False

Question 14

Human rights abuses are considered to be a social cost when dealing with international trade

Accepted Answer

True

Question 15

If raw materials are not available when they are needed, the process that is halted is called

Accepted Answer

Production

Question 16

The leader who is laid back and who leaves the employees alone to do their jobs is known as a

Accepted Answer

laissez-faire leader

Question 17

Major functions performed by management include:

Accepted Answer

All of the Above

Question 18

Persistence is an entrepreneurial trait that describes a person who will not give up easily

Accepted Answer

True

Question 19

Ways to improve or increase productivity are employee training programs and investment in tech.

Accepted Answer

True

Question 20

global product is a standard item that is sold in the same form in all the countries

Accepted Answer

True

Question 21

Difference between right and wrong and encourage us to do the right thing are known as

Accepted Answer

Ethics

Question 22

When individuals try to calculate their net worth, they define their assets as

Accepted Answer

what they own

Question 23

When businesses try to save money on labour costs by hiring another company in another country

Accepted Answer

Outsourcing

Question 24

The study of the way people live, which includes values, beliefs, and motivations is called

Accepted Answer

psychographics

Question 25

process in which managers help to motivate employees to achieve objectives is known as leading

Accepted Answer

True

Question 26

By participating in an international transaction, you are contributing to the global economy.

Accepted Answer

True

Question 27

“Saving for a rainy day” is a method that people use when trying to anticipate a(n)

Accepted Answer

Emergency

Question 28

Liquid capital, which is easy to spend, could include one or more of the following items

Accepted Answer

All of the above

Question 29

The marketing department is responsible for creating the promotional plan.

Accepted Answer

True

Question 30

CSR is a business practice that is mandated by law for all businesses operating in Canada.

Accepted Answer

False

Question 31

Non-liquid capital are things as cash, bonds, accounts receivable, and intellectual property

Accepted Answer

False

Question 32

Marketing includes research, development, sales, advertising, production, and promotion.

Accepted Answer

False

Question 33

Examples of liquid capital used in a business are buildings, land, machinery, and equipment

Accepted Answer

False

Question 34

Name for the tax-sheltered plan that is designed to help finance post-secondary education is

Accepted Answer

RESP

Question 35

Process of setting realistic goals for a business and deciding how best to achieve them is

Accepted Answer

Planning

Question 36

Long-term savings goal requires a person to save for a year or more to purchase expensive goods

Accepted Answer

False

Question 37

The competitive market and the consumer market are considered to be the two Cs of Marketing.

Accepted Answer

True

Question 38

In accounting, an asset is something that has value and is owned by a person.

Accepted Answer

True

Question 39

Fair trade is the practice of helping producers in developing countries bypass middlemen

Accepted Answer

True

Question 40

Short-term savings goal is one that can be dealt with in more than a year

Accepted Answer

False

BBI201 - Final Exam Review

Questions 40

BBI201 - Final Exam Review

Questions 40