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Business Finance Series DECA
Terms in this set (99)
A business might conduct a compliance audit to
Ensure that it is following government regulations
The nature of an agents work and the level of an agents control are factors that determine if a(n) ____________ relationship exists.
What type of law is intended to enforce the rules and regulations of government agencies?
Type of business ownership where the owner bears the entire risk of loss
Financial managers who are legally responsible for their clients' investments must demonstrate fiduciary responsibility, which involves,
Acting in the best interest of their clients
What is a tax-deductible gift
What does a virtual auditor use to identify financial system transactions that are very similar to each other but are not exactly alike
What do environmental distractions to active listening include?
Poor lighting and noise
Chris asks his coworker, Ali, for help on his project. She agrees to help him, but she is frowning, crossing
her arms, and avoiding eye contact. Ali most likely
Feels uncomfortable or unhappy with the idea of helping Chris
When giving verbal directions to employees about how to complete a task, it is often helpful to
Samantha has been chosen by her boss to participate in a group discussion on a topic she knows very little about. Her lack of knowledge in the subject makes her feel like she has little to contribute to the group. What should she do to become a valuable participant?
Ask questions to clarify other participants' comments
Why is it important for speakers to rehearse an oral presentation?
Rehearsing helps the speaker improve the delivery of the message
You have a big paper due for your marketing class, and you're almost finished! All you have left to do is
check your grammar, punctuation, and spelling. Which step of the writing process do you have left to
What are the characteristics of a well-written executive summary?
Clear, concise, and error free
Who would most benefit from a customer-service mindset that helps complaints and increase profits?
In most cases, the person who initially listens to customer complaints is the
One way a company can reinforce its image is by
Training its employees
An important aspect of ethical behavior by financial services providers in ensuring that their clients
Understand the potential risks and rewards of different financial products
What is the primary purpose of data-cleansing processes?
To maintain a useful customer database
George has decided to purchase a dishwasher. He is checking the newspaper ads for the best place to
get quality goods and services at a reasonable price. What type of product is the dishwasher?
Usually during an economic recession, the prices of goods and services will rise very high while the value
of money decreases. At the same time, many workers receive an increase in their nominal wages. These
workers will be willing to pay the rising prices because their wages are rising by the same amount. This is
a good example of the effects of _________ prices.
A business' philanthropic responsibility involves its contributions to
The two basic types of business risk are
Pure and speculative
According to the classical theory of unemployment, the best solution for unemployment is to
When a nation can produce a product for less than other nations, it is said to have a(n)
A country is experiencing civil unrest. What is likely to happen to the value of its currency?
It will decrease
To expand into foreign markets, an American business owner acquires a small manufacturing plant in Thailand. Which of the following entry modes is the business owner using to expand the company internationally?
Wholly owned subsidiary.
What characteristic tends to have a close relationship with initiative
What should you do when you become annoyed with coworkers or custumers?
Treat them the way you want them to treat you
Qualified employees who behave unethically on the job may harm themselves by being
Passed over for promotions
Sara doesn't take responsibility for her decisions and actions, and she often feels bitter because she
thinks others have treated her unfairly. She is experiencing
Writing a letter to your grandmother is an example of
What is an example of unethical behavior in the workplace that involves confidential information?
An employee tells a coworker how much the sales manager has earned in bonuses last year
Randall is working extra hours this week at his after-school job, and now he's not sure if he'll have
enough time to study for his finals. He's starting to feel a lot of pressure and tension, also known as
Employees from different departments participate in a group to solve problems related to the company's production process. This is an example of a
When sharing ideas, consensus-building group members should
Listen actively to other group members
What statement regarding international trade is true
Internet-based companies can easily become involved in international trade
A credit plan that allows customers to make purchases that are within their credit limit and pay all or part of the balance due each month is referred to as a(n) ____________ credit plan
If Fiona has a fatal accident or gets a terminal disease, she wants to make sure that her children's financial needs are met until they finish college. What type of insurance should Fiona purchase?
To make sure he develops a realistic personal budget, Marcel should always
Trach and record his expenses
What is not a key factor involved with compounding growth?
The risk of the stock market
When Armand is comparing his checkbook balance with his bank statement, he must make sure that he
has subtracted the ____________ from his checkbook.
What is a primary responsibility of an investment bank?
Help firms raise funds by issuing securities
What are examples of agricultural products that are traded on commodity market exchanges
Wheat, livestock, and corn
What is a common course of action for small banking institutions interested in competing globally and improving their efficiencies, viability, and profitability?
Consolidating with larger banks
What do bond yields typically do during an economic expansion?
An increase in free-flowing capital is a benefit of
The section of the SEC website that houses companies' filings is called
A potential investor can assess a stock's volatility by comparing the highest paid price in the past 52 weeks with the
Lowest paid price in 52 weeks
Accountants are legally required to follow established guidelines when preparing financial documents to ensure that the information presented is
Clear and consistent
Stockholders monitor a business's income statement because they are the business's
When preparing a statement of changes in an owner's equity document, what is specifically represented on the statement
New investments by the owner
A new employee left JRB Manufacturing two weeks after s/he completed the company's training program. The expense of training the new employee is a(n) __________ for the company
Axis Manufacturing produces high-quality locomotive engines. Traditionally, the company has produced
its own parts for its engines, but now it is considering purchasing parts from a specialized dealer. To
determine how this change will influence company costs and revenues, Axis Manufacturing should
conduct a(n) __________ analysis.
What is a responsibility of a managerial accountant
Conducting a cost analysis and explaining the findings to management
What type of variance analysis involves determining the difference between the standard costs and the actual costs of raw materials used for production?
How does analysis of standard costs differ from analysis of a budget?
A budget analysis provides an overview, while standard cost analysis shows the details of variances.
Gathering and communicating financial information that businesses can use to plan the business's
operations is the focus of __________ accounting.
Amelia places $250 in a savings account that pays 6.25% interest compounded annually. Calculate the
value of her savings account in two years.
Financial information management is responsible for collecting, maintaining, and reporting data about financial transactions. Business managers often use these data to
Forecast financial inflows and outflows
For privacy and security purposes, businesses should use encryption techniques and firewalls to protect
customers when they
Conduct online financial transactions
What is a benefit of managing budgeting data efficiently through budgeting applications?
Increases management's confidence in budgets
Businesses often use computer spreadsheet software for "what if" financial planning by plugging different numerical data into formulas, which provide possible
Lean operations focus on increasing efficiency by reducing _______, while Six Sigma focuses on continuously improving ______ throughout the business
What are factors that affect a business's decision to offer credit to a customer
Income, debt ratio, and credit rating
Norenn, a human resources manager, wants to find applicants for several job openings at her company. She attends job fairs, places ads online, and partners with an outside employment agency. This aspect of staffing is known as
What is an example of a long-term goal?
Getting a job at a publishing company
ChemTech International plans to build a new research facility, which is to be completed in two years. As
an employee with ChemTech, your supervisor has requested that you produce a detailed document to
send to potential vendors and contractors that outlines how they should submit bids to perform work for
the new facility. The document is to contain instructions about the type of information the potential
vendors should provide in their bids and the format in which the information should be presented. What
type of document are you preparing?
Request for proposal
If a company is managing its information effectively, the data should be accurate and
Mr. Edwards saved some confidential customer information from his employer's computer network onto a flash drive so that he could work on a project from a different location. Without realizing it, Mr. Edwards dropped the flash drive in a parking lot on his way to a meeting. This situation is an example of a risk
What is available to all people around the world who have access to a computer that has connectivity
With the use of a presentation software program, Martin selects a standardized group of slides and enters the appropriate text and graphics in each slide. What is he using to design his presentation?
When developing a web page, it is best to
Use short blocks of text
Jonas is a data scientist at a research firm. Part of his responsibilities include looking through his firm's
databases and eliminating redundant data. Jonas is performing
Businesses often maintain records about vendors' pricing, delivery terms, and credit policies and the use of information in the records to
Award purchasing contracts
The reason why an employee should report an employer's noncompliance with safety regulations is to
Protect the well-being of the business's employees and customers
What demonstrates a good security practice
Tom checks the amount and data on all personal checks
The first step in maintaining an inventory of supplies for the business is to
Develop a list of supplies that the business needs
When developing a request for quotation (RFQ) for prospective vendors, a business should always include
Specifications and deadlines
Employees who are involved in production scheduling are responsible for
Estimating how long each step in production will take.
What is true of quality control?
It must be measured in some way to be effective.
In order to manage your time effectively, all of the things that you want to accomplish should first be
Austin has discovered that he has the ability and aptitude for communications and public relations. Since he enjoys talking in front of people and is very at ease when doing so, he has decided that he wants to go into public speaking. Austin has demonstrated
Choosing an appropriate career
Connor thinks that he may be interested in pursuing a career as an insurance underwriter. He accessed a government website, which provided him with information about an insurance underwriter's educational requirements, typical job responsibilities, salary ranges, and
What would be out of place in a follow-up letter after a job review
A question about salary or benefits
Jan is sending her resume to QRS Industries because her friend told her that the company plans to hire several new salespeople during the next few months. This is an example of
What job duties belong to a person who works in corporate finance
Budgeting, financial planning, and implementing capital structure.
Who typically reviews and approves the guidelines for running a corporation, which are also known as corporate governance policies?
The board of directors
What way can employees contribute to the achievement of governance objectives
Provide feedback to improve objectives
What is the relationship between shareholders and the board of directors?
The board of directors represents the shareholders.
Good governance is most likely to make a company's investment decisions
An example of a trade organization is the
Retail Merchants Association
What professional relationship is most likely to be successful
A real estate agent and an insurance broker refer clients to each other
What is an example of an unethical activity that relates to risk management
Withholding information from insurance underwriters
Using appropriate software to protect confidential data that are stores on a company's computer systems is an important part of managing
CopyIt Printing Company employs several delivery drivers. Last year, the local police cited two of the company's new drivers for causing accidents that resulted in passenger injuries and vehicular damage. The printing company later discovered that the drivers were cited for numerous traffic violations while employed for other companies. To avoid hiring unsafe drivers in the future, the company should
Conduct background checks on job applicants
What statement regarding internal control systems is true
Internal controls are a component of enterprise risk management.
The Davis Company requires customers to provide their banking information each time they pay by the phone to eliminate the financial and legal risks associated with storing banking information. However, customers strongly desire the ability to quickly pay by the phone and often do not have their banking information available. The current situation is causing late and missed payments, resulting in lost revenue for the company. Dissatisfied customers experiencing late fees, who often rant about the company's poor service online, are creating a poor brand image for the company. What action should the company take to best manage its legal, financial, IT, and brand risks
Develop a way to encrypt and store customers' bank information in the company database for future use.
Colleen, a mid-level manager, has the kind of personality and communication skills that can motivate
others to work toward the company's goals. Colleen can make the best use of these skills in which
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