pobf 6.00-7.00 Review

Question 1

What is one of the main reasons why businesses need to keep accurate accounting records?

Accepted Answer

to control expenses

Question 2

business ownership in which one or more of the owners does not have full liability is called a:

Accepted Answer

limited partnership.

Question 3

human resources management is responsible for:

Accepted Answer

staffing the business.

Question 4

A characteristic of a sole proprietorship is that the owner:

Accepted Answer

receives all the profit

Question 5

business need the following to determine if goals are met

Accepted Answer

accounting systems

Question 6

Assets a company already owns and can use to finance a new venture are called:

Accepted Answer

equity.

Question 7

Operation functions should be performed how often?

Accepted Answer

daily

Question 8

Which would probably result if a business reduced its marketing costs?

Accepted Answer

decreased variety of consumer goods

Question 9

Which do managers often set in order to control the work effort?

Accepted Answer

job standards

Question 10

The role of finance in business often involves:

Accepted Answer

obtaining funds.

Question 11

Which is a characteristic of human resources management?

Accepted Answer

working with people

Question 12

According to the marketing concept, which option demonstrates customer orientation?

Accepted Answer

finding out what a buyer wants

Question 13

A form of business where stock is sold to raise capital

Accepted Answer

corporation

Question 14

planning what will be done, organizing and directing workers, and solving problems

Accepted Answer

manager

Question 15

Businesses use the information collected through the accounting process to prepare accurate:

Accepted Answer

balance sheets.

Question 16

counting the money in a cash drawer and prepare a bank deposit is demonstrating:

Accepted Answer

technical skills.

Question 17

When businesses invest funds to expand, they are involved in the process of:

Accepted Answer

finance

Questions 17