B & M for Midterm Test

Which of the following represents the first three steps in the accounting cyle in the correct order:

Which of the following is the main purpose of management:

Operations managers have two main goals in mind--efficiency (keeping costs low) and

Economic votes are cast by consumers each time they

Who gets the goods and services produced in our economy?

A characteristic of human wants is that they are:

When one local union walks off the job in support of another striking local union, it is known as a __________ strike.

Which of the following is an example of businesss-related financial information:

The flow of authority within an organization is formally known as the

Useful financial information is understandable to

A business that exists to fulfill a specific mission or undertaking is called a

Which of the following activities demonstrates information management?

Policies and procedures are important because they help companies

The quantity of a good or service that producers are able to offer for sale at a specified price is a

Which of the following economic systems adopts the fewest new ideas or improvements?

When supply is greater than demand, a ____________ often developes.

An economic good or service that is scarce is one that is:

In general, authority flows from _________ to _______________ in a chain of command.

A creditor is most likely to examine a business's financial accounting records if the business is

A business that produces a product should be socially responsible to the _______________.

The gov. controls the econ. system and does not allow private ownership of the means of production and distribution in a

What usually happens to the demand for a good or service when the price increases?

What do service businesses sell?

Organizations with effective chains of command tend to have less

It's important for companies to provide products when

Which of the following is an important function of mid-level management:

Kara orders a dress to wear Saturday. The dress doesn't arrive until the next Monday, it has no ___________ utility.

Why are unions powerful in business?

In possession utility, a consumer finds a product helpful after doing what?

What is the primary responsibility of a union?

Sservice providers produce ___________ outputs.

The three types of rules that companies implement fall into which of the following categories:

How do producers answer the question of what to produce in a market economy?

The way in which an economic system answers the basic economic questions depends on the country's

Your bus. is selling more of a product each month. What do you expect to happen to the price and supply in the future?

What determines whether an economic product is an industrial product or a consumer product?

Where a product is available for purchase, is referred to as

Why do top level managers usually receive high salaries?

When you follow your company's policies and procedures, you

Running out of inventory can result in

It's important for companies to provide products when

Which of the following issue is most affected by technology?

What type of accounting method would most likely be used by a small business owner who does not offer credit?

Demand for a product is more likely to be elastic when the good is

Which of the following is a reason that managers might look at financial information from another company:

Which of the following describes inelastic demand:

What action do consumers take that determines what will be produced in a market economy?