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BBI2O EXAM REVIEW by you! Flashcards | StudBud
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BBI2O EXAM REVIEW by you!
BBI2O EXAM REVIEW by you!
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BBI 2O Exam Review Based off of McGraw-Hill Ryerson Exploring Business textbook.
Flashcards
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Questions
66
Answers
1
The order of the business cycle is...
recession, prosperity, depression, inflation, recovery
inflation, prosperity, recession, depression, recovery
prosperity, inflation, recession, depression, recovery
recession, recovery, inflation, prosperity, depression
2
What does a balance sheet show?
Income and Expenses
Owner's Equity
Both blue and yellow
Assets and Liabilities
3
What is the equation for a balance sheet?
Assets = Revenue + Liabilities
Net Worth = Liabilities + Assets
Liabilities = Net Worth + Assets
Assets = Liabilities + Net Worth
4
Which is a quality of life indicator?
infant mortality rate
literacy rate
All of the below
population density
5
Equilibrium happens when the force of demand is not balanced with the force of supply.
FALSE
TRUE
6
In all sectors, a small business is classified as
less then 100 employees
less then 70 employees
less then 25 employees
less then 50 employees
7
The two market groups are
none of the above
producer and consumer
manufacturer and supplier
consumer and business to business
8
What is the Intranet?
a form of business through the internet
allows business to connect to the internet
a network of computers within a company
allows businesses to share information with other businesses
9
What is collateral?
no maximum to how much the investors can take
a form of business that is owned by one person
the total amount of money made after all expesnes
property or other assets to secure a loan
10
Accounts receivable is considered an:
Expense
Asset
Liability
Revenue
11
What does GDP stand for?
Gross domestic product
Gross Developing Power
Generally Decided Principles
Gross demographic product
12
What is inflation?
when prices fall
money becoming more valuable
money becoming less valuable
when an economy grows
13
What is job description?
the job pay
the name of a job
what is involved in a job
jobs that are similar
14
What are the qualities of a successful business person?
vision and passion, perseverance, teamwork
Risk taking, vision and passion, perseverance and teamwork
vision and passion
Risk taking, capital, vision, perseverance
15
What need is on the top of Maslow's Hierarchy triangle?
Self-Actualizing Needs
Social Needs
Physiological Needs
Esteem Needs
16
A balance sheet is exactly the same as an income statement
TRUE
FALSE
17
Corportations have limited liability
FALSE
TRUE
18
The three ways an employee can be compensated are salary, hourly, and commission.
TRUE
FALSE
19
Internet advertising targets teens because
teenagers are rich
teenagers use the internet the most
teens are gullible
teenagers like to shop
20
What is prosperity?
poor economic times
the action of selling a good
another word for net worth
good economic times
21
How often could you get paid when you get paid a salary?
all of the above
monthly
weekly
biweekly
22
What legal act was NOT put in place by the government?
Competition Act
Food Safety Act
Textile Labeling Act
hazardous Products Act
23
A plan on how to spend money is called:
budget
goals
balance sheet
brand
24
In the business cycle, after recession comes properity
FALSE
TRUE
25
In today's business world, what percentage of jobs require at least a high school diploma?
65%
85%
93%
80%
26
What is on Maslow's Hierarchy of needs
Esteem needs
All of the above
Social needs
Security needs
27
Businesses prefer to invest in _________ rather than _________
Trends, Fads
Producers, Consumers
Good, Services
28
Changes in the market conditions mean changes in the employment rates and employee wages.
FALSE
TRUE
29
The economy is doing well, employment is high and employees are well paid, is...
prosperity
recovery
inflation
depression
30
What are the 4Ps of marketing?
place, price, product, people
person, place, people, promotion
People, product, pay, place
Product, place, promotion, price
31
The 4 main types of users who want to see your income statement are:
business owners, investors, neighbours, government
business owners, investors, lenders, government
investors, lenders, competitors, government
business owners, investors, lenders
32
An equilibrium is the point where the force of supply and the force of demand
are close to each other
are different
are not balaced
are balanced
33
A balance sheet is the financial statement that reports income and expenses for a business
FALSE
TRUE
34
Which option is NOT a quality of a successful business person that we talked about in class
vision and passion
risk taking
individual work
teamwork
35
What is accounting?
all of the above
include financial and managerial
recording money coming out
recording money coming in
36
How many months in a fiscal year?
12
10
8
13
37
What are some non-traditional life cycles of products?
niche, fad, seasonal
Fads, trends, niche
Fads, trends, seasonal
niche, trends, seasonal
38
The role of human resources does NOT include:
training employees
setting prices
recruiting employees
assessing employees
39
Sole proprietors have limited liability
FALSE
TRUE
40
What does GAAP stand for?
Generally Accepted Accounting Principles
Generally Acknowledged Accounting Principles
General Accounting Asset Principles
German Auto Association of Pineapples
41
A successful business responds to ______, fills a ______, and understands ______
demographics, niche, change
change, gap, business
sales, gap, data
change, niche, demographics
42
Which one is an asset?
mortgage
loan
capital
equipment
43
What is a private corporation?
both red and blue
up to 50 shareholders; single person may hold all the shares
shares are sold & traded on the stock exchange
unlimited number of shareholders
44
An e-business is an electronic business.
TRUE
FALSE
45
Which of the following is NOT part of the business cycle?
Equilibrium
Prosperity
Recovery
Recession
46
How do companies NOT compete?
economic incentives
company uniforms
advertising
high quality/low prices
47
Name the leadership style: Works well when mature and have lots of experience
Laissez-Faire Leadership
Democratic Leadership
Autocratic Leadership
48
Factor(s) that affect income is/are
all of the above
education
skills
condition of the job market
49
Which type of corporation is owned by the government?
Public
Non-Profit
Private
Crown
50
Which of the follow is NOT a Factor of Production
Capital
Land
Workers
Production
51
A corporation can get in trouble with the law
TRUE
FALSE
52
What is a good?
something a consumer doesn't need
something a consumer purchases
something a consumer needs
something consumers want
53
What are two types of financial statements
Balance Statement and Income Sheet
Income Report and Balance Sheet
Balance Report and Income Statement
Balance Sheet and Income Statement
54
Which option is NOT a quality of life indicator of a country
Population Density
Illiteracy rate
Needs and wants rate
Infant mortality rate
55
Law of supplies - prices rise: producers supply less; prices fall: producers supply more
TRUE
FALSE
56
Depression is a part of the business cycle.
TRUE
FALSE
57
The law of supply deals with...
prices/quantity of items supplied to the market
food products only
how the product is made
the product quality
58
The fundamental accounting equation is
net worth = assets + liabilities
assets = net worth - liabilities
assets = liabilities + net worth
net worth = assets - liabilities
59
The fundamental accounting equation is LIABILITIES = ASSETS + NET WORTH
FALSE
TRUE
60
Which is NOT a type of corporation
Private
Public
Non-Profit
For-Profit
61
Which is NOT one of the 5 factors of production?
land
work/labour
marketing
entrepreneurship
62
A corporation is/must
create an annual report
share annual report with the public
all of the above
taxed twice when money leaves the business
63
Which of the following is not a GAAP discussed in class.
Cost Principle
Continuity Principle
Business Entity Concept
Time Period Concept
64
What is NOT a marketing activity
distribution
accounting
sales
research
65
How many people run a sole proprietorship business style?
4
2
1
6
66
Which Federal Act states that manufacturers must label dangerous products with MSDS?
Hazardous Products
Textile Labeling
Consumer Protection
Food and Drugs
