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2023 Spring - Final Exam Flashcards | StudBud
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2023 Spring - Final Exam
2023 Spring - Final Exam
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1
Nonprofit organizations…
are businesses that do not earn a profit.
have volunteers instead of employees.
are not corporations.
have limited liability.
2
Ch6: Which type of planning involves supervisory management setting work standards.
Tactical
Strategic
Operational
Contingency
3
Using the library's database to research a paper is an example of...
Primary Research
Secondary Research
4
Who is responsible for managing inflation?
Federal Reserve
Federal Government
Treasury
Federal Express
5
When CMU students access their cmich accounts, they are accessing...
Skynet
an Intranet
the Internet
an Extranet
6
______ are the sources of funds?
Credits
Debits
7
When expanding into a foreign market, which strategy offers the most control?
Direct Investment
License
Joint Venture
Franchise
8
Which is
not
required for a contract to be legally binding?
Must be in writing.
Must be of a legal matter.
Must be consideration from both parties.
Must be an agreement.
9
Interdependent firms who participate in the flow of goods & services
from producer to consumer
are called the...
supply chain channel.
distribution channel.
B2B channel.
transaction channel.
10
Debits are always recorded on which side of a t-account?
Left
Right
11
If you visited Mexico for dental surgery, the U.S. would consider it...
Importing
Exporting
12
Dividends, Expenses, and Assets are all _____ accounts?
debit
credit
13
Debit accounts _____ when debited.
increase
decrease
14
Your business takes out a bank loan to buy a piece of equipment, in which 2 places would you record this transaction?
A
C
B
D
15
Ch1: When it comes to the economy, the Federal Government is responsible for controlling...
Unemployment
Stock Market
GDP
Inflation
16
Ch1: The following is an example of the...
Supply Curve
Demand Curve
17
Ch1: The following is an example of the...
Supply Curve
Demand Curve
18
The labor force includes...
Only people 18 years and older.
People who are retired.
People working part-time that want to be working full time.
People looking for jobs.
19
In terms of liability, which type of business investment involves the
least
amount of risk?
Being a general partner in a partnership.
Owning stock in a Fortune 500 corporation.
Owning a sole proprietorship.
Owning penny stocks.
20
Buildings, property, and equipment are considered...
Expenses
Assets
Equity
Revenue
21
If your business pays you a dividend where would you record it?
B
A
22
An advertisement is an offer to enter into a contract to purchase a product.
True
False
23
When expanding into a foreign market, which strategy involve the least amount of risk?
Contract Manufacturing
Franchise
Export
License
24
Which of the following is
not
a goal of information systems?
Maximizing the value of the firm
Improving decision quality
Increasing productivity
Lowering costs
25
Ch7: What is a benefit to a Centralized organizational structure?
More efficient (fewer redundancies)
Lower morale
Less responsive to customers
More collaboration
26
Who is responsible for managing unemployment?
Federal Reserve
The President
The "invisible hand" of the market
Congress
27
When you retire and draw money from your 401k, you need to pay...
Inheritance Taxes
Property Taxes
Income Taxes
Capital Gains Taxes
28
Jessi (net worth $300,000) invests $10,000 in a general partnership. How much is Jessi liable for?
$300,000
$310,000
$290,000
$10,000
29
To understand what customers value, businesses need to research...
the marketing environment.
the time value of money.
the marketing mix.
the marketing intermediaries.
30
The unemployment rate is a percentage of the _____ that is jobless.
labor force
population
economy
non-retired adults
31
Ch1: The following is an example of the...
Demand Curve
Supply Curve
32
When a bank issues a loan, more money is created.
True
False
33
If your company issues stock, it is an example of _____ financing.
Equity
Debt
34
You practice as hard as your teammates, but coach gives them awards for dedication. You will be less motivated based on
Equity Theory
Expectancy Theory
Maslow's Hierarchy of Needs
Keynesian Theory
35
Which investment involves the most risk?
$10,000 in bonds for the city of Grand Rapids
$40,000 in savings account at your local bank
$2,000 in bonds for Amazon
$500 in stock for Twitter
36
Ch4: Alice made $8,340 at her summer job. What percentage will she pay in federal income taxes?
Lice is plural. It should be "a louse."
Exactly 10%
More than 10%
Less than 10%
37
______ are the destinations of funds?
Debits
Credits
38
Which is a retirement account?
IRA
Stock
IPO
Bond
39
There is a contract to mow Bob's lawn for $20
True
False
40
Inflation is slowed by _____ interest rates.
raising
lowering
41
What is information?
Discovering hidden patterns within large amounts of data.
Processed data to make it useful.
An organized collection of data that is easily accessible.
Large amounts of data gathered on customers.
42
Ch1: The following is an example of the...
Supply Curve
Demand Curve
43
MED - According to the balance sheet below, what is the value of the company's assets?
$40,000
$140,000
$100,000
$60,000
44
Double taxation only occurs when…
corporations pay taxes.
LLCs choose to be taxed as corporations.
stockholders earn dividends.
both partners are general partners.
45
Debits are the ________ funds.
destination for
sources of
46
When a contract has been breached, the dispute is settled within the boundaries of...
Criminal Law
Tort Law
Maritime Law
Bird Law
47
According to Maslow's Hierarchy, employees are
not
concerned about job security and retirement if they are...
unsatisfied with the office comradery and sense of belonging.
unsatisfied with their status in the organization.
unsatisfied with their pay and working conditions.
unsatisfied with the amount of respect received from supervisors.
48
Businesses will issue shares of stock in order to…
Spread out risk
Raise money
Increase market capitalization
Limit liabilities
49
Debits are always recorded on which side of a t-account?
Left
Right
50
You study twice as hard for your final exam, but get the same score as the midterm. You won't do this again based on...
Expectancy Theory
Maslow's Hierarchy of Needs
Keynesian Theory
Equity Theory
51
Which of the following is an example of an operational system?
YouTube recommending videos
Gaming companies creating reward schedules to keep people playing
Identifying fashion trends
Using an artificial intelligence system to screen out job applicants
52
Which of the following best defines Evaluation?
Applying ideas to solve new problems.
Making judgments about ideas.
Breaking ideas apart and determining how the parts are related.
Building ideas together to form a whole.
53
Credits are always recorded on which side of a t-account?
Left
Right
54
Ch6: Management consists of all of the following
except
...
Producing
Organizing
Controlling
Planning
55
If your business pays you a dividend where would you record it?
B
A
56
When the government raises or lowers taxes, it is referred to as...
monetary policy
fiscal policy.
57
When creating a code of ethics, an organization will begin with...
enforcement.
an ethics office.
executive buy in.
what is legal.
58
Nike uses a contract manufacuturer in another country to make it's shoes. This is an example of…
outsourcing.
a joint venture.
exporting.
offshoring.
59
A bank is more willing to issue a loan to a _____ than a _____.
Sole Proprietor, General Partnership
LLC, General Partnership
Sole Proprietor, LLC
LLC, Sole Proprietor
60
Which retirement option allows you to pay taxes later?
Roth IRA
Mutual Funds
401k
Bonds
61
There is a contract to sell the mower for $60
True
False
62
If a minor enters into a contract, he or she can end the contract at any time just by saying so.
False
True
63
If your business pays its electric bill, in which 2 places would you record the transaction?
C
B
A
D
