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