Finance District Practice Exam 1

3. What is a business's plan for making a profit?

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3. What is a business's plan for making a profit?

5. When implementing a change, who must be knowledgeable about how the change will affect the organization, its employees, and its customers?

7. How can the use of technology in operations produce a more economical product?

Technology reduces the amount of time needed to produce a product, because production is done by machine rather than hand.

9. This is an accounting method which identifies the activities a firm performs and then assigns indirect costs to individual products.

Activity-Based Costing

11. A(n) ________ is an estimate of costs, revenues, and needed resources over a specified period for the operation of a business.

15. Which would help the operations of a large company as well as it's human resources department?

E-learning for training

20. What is a tariff?

A tax on imports

21. A well-governed company starts with a:

25. The main purpose of cost accounting budgets is to:

To control cost the business incurs in order to maximize profit

26. Compliance rules and regulations are ever changing. What technology development(s) can a financial institution expect?

Advanced automatic detection of risk types