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Business 101 Study Guide

Final study guide for Business 101 at UNR
STUDY
PLAY
A local bookstore uses an organizational structure in which authority and responsibility are jointly held by the entire group rather than by a single manager. This company is using a ________ organizational structure.
Committee
Raw facts and figures are...
Data
The person who directs a firm's management information systems and related computer operations is often called the ________.
Chief Financial Officer
A database can be best described as....
A centralized integrated collection of the organization's data resources
An information system that provides relevant data to help businesspeople choose the appropriate course of action is called a(n) ________
Decision support System
Which of the following is a storage device?
Flash memory card
Which of the following is the most recent development in notebook computers?
Netbook
Electronic spreadsheets are?
Used for numeric and statistical data
Mari is on a business trip. From her hotel, she uses her computer to access her company's network, checking her e-mail and calendar. Mari's company has a(n) ________.
Intranet
Deciding how to prevent system failures along with the ability to continue operating if computer systems fail is called ________.
Disaster Recovery Planning
An outside supplier used to provide computer and application support for managing an information system is known as ________.
An application service provider
Professionals who are responsible for gathering, recording, reporting, and interpreting the financial information of an organization are ________.
Accountants
Morgan works for a travel agency. Her job involves preparing financial reports and interpreting those reports to provide information for decision making. Which title is appropriate for Morgan's job?
Accountant
Ricardo is a loan officer for a bank and is reviewing the financial statements of a prospective borrower. As a user of accounting information, Ricardo is most interested in using this information ________.
Evaluate credit risk
Accountant typically perform all of the following tasks for a business EXCEPT:
Develop the firms marketing strategy
The procedure used by accountants to convert transactions into financial statements is called ________.
The accounting cycle
The rules followed by accountants when preparing financial statements are referred to as...
Generally Accepted Accounting Practices (GAAP)
All of the Following are assets EXCEPT:
Bank loans
Which of the following financial statements shows a firms's financial position at a particular date?
Balance Sheet
A ____ is financial statement that is directly based on the accounting equation.
Balance Sheet
Kwane wants to assess his firm's ability to meet its short-term obligations. Which of the following ratios are the most relevant?
Liquidity Ratios
All of the following re profitability ratios EXCEPT _____.
Inventory Turnover
_____ ratios are designed to indicate how successful a firm is in terms of its earnings as compared with its assets or owners equity.
Profitability
Daniel wishes to create a financial blueprint for a future period that reflects such items as expected sales revenues, operating expenses, and cash receipts and disbursements. Daniel wants to create a(n) ________.
Budget
True or False? Budgets serve as a planning and control tool?
True
Cash budgets are usually prepared ____?
Monthly
A _____ is a structured grouping of people working together to achieve common goals.
Organization
An organization's system of principles, beliefs, and values is called ____?
Corporate Culture
________ is the ability of directing or inspiring others to perform activities designed to achieve organizational objectives.
Leadership
Decisions involving simple, common, frequently occurring problems for which solutions have already been determined are ________ decisions.
Programmed
A written explanation of an organization's business intentions and aims is called a(n) ___
Mission Statement
________ planning involves implementing activities specified by strategic plans.
Tactical
Which type of planning determines the primary objectives of an organization, and then acts and allocates resources to achieve those objectives?
Strategic Planning
________ planning guides the current and near-term activities required to implement overall strategies.
Tactical
Generally, which type of manager establishes the company's vision?
Top Management
________ is a perception of marketplace needs and the methods an organization can use to satisfy them.
Vision
Management is the process of achieving ________ through people and other resources.
Organizational Objectives
Which of the following does not make up part of the national debt?
Taxes
The part of the federal government responsible for monetary policy is ________.
The Federal Reserve System
During an economic recession, consumer spending ________ and unemployment ________.
Decreases, Increases
Under communism, ______
profits are not acceptable and the right to choose one's occupation is widely restricted
________ is an economic system in which private property is eliminated.
Communism
Control over price by individual firms is highest in a(n) ________.
Pure Monopoly
Incentives to motivate employees to perform at their highest level are strongest in ________ systems.
Capitalist
Entrepreneurs have the most economic freedom in which type of economy?
Capitalism
What are the three main types of economic systems?
capitalism, planned economies, and mixed economies
A supply curve is an _____ ?
Upward Slope
The curve that shows the relationship between different prices and the quantity requested at each price is the ________ curve.
Demand
________ refers to the willingness and ability of buyers to purchase goods and services.
Demand
The study of Macroeconomics is?
Concerned with studying the overall economy
________ is the study of the economic choices of individual consumers, families, or businesses.
Microeconomics
Which of the following fields is concerned with understanding the choices people make in using scarce resources?
Economies
At the federal level, the _________________ investigates suspicions of unethical or illegal behavior by publicly traded firms.
SEC
Which federal agency is responsible for setting workplace health and safety standards?
OSHA
Which federal agency is responsible for ensuring the safety of prescription drugs?
FDA
The public demand that businesses give proper consideration to consumer wants and needs in making its decisions is known as ________.
Consumerism
A strategy that promotes environmentally friendly products and production methods is called ________.
Green Marketing
A formal procedure that identifies and evaluates all company activities relating to social issues is known as a(n) ________.
Social Audit
Which of the following would be LEAST likely to be a factor in evaluating a firm's social performance?
Holding company-sponsored social events
Which of the following can improve ethical reasoning in a company?
Practical Training Sessions
Bob takes responsibility for an error made by his assistant on a project. Bob has shown ________.
Integrity
How should a businessperson deal with a conflict of interest?
Disclose it or Avoid it
Individuals who focus only on their own interests when making decisions are at the ________ stage of ethical development.
Preconventional
Despite the recession, the ethical climate seems to be ___________.
Improving
True or False: Doing what is right can sometimes be difficult
True
Businesses have responsibilities to who?
Investors, customers, employees, and society
When management considers social and economic issues in decision making, the company is practicing ________.
Social Responsibility
When management adheres to a set of standards involving the right and wrong actions arising in the work environment, management is practicing ________.
Business Ethics
________ is the ability to perceive marketplace needs and what an organization must do to satisfy these needs.
Vision
For today's managers, which of the following is LEAST important?
The ability to work by strict rules
Outsourcing ____?
Can make a firm more competitive
True or False: Workers change jobs less frequently today
False
Nurturing customer loyalty by gathering knowledge of customer needs and preferences is an approach known as ________.
Relationship Management
Concentrating on building and promoting products in hopes that enough customers will buy them in order to cover costs and earn acceptable profits is called ________.
Transaction Management
True or False: Technology has resulted in less business efficiency
False
Which of the following is a benefit of entrepreneurship?
Flexibility
Citizens in a private enterprise system have the right to choose their employment, purchases, and investments, illustrating their right to ________.
Freedom of Choice
By offering a lifetime warranty on its products, Warner Electronics has set itself apart from its competition. This difference is known as Warner Electronics' ___________.
Competitive Differentiation
In his book The Wealth of Nations, the Scottish economist Adam Smith was the first person to describe ________.
Capitalism
Technology, tools, information, and physical facilities for the operation of a business are examples of ________.
Capital
In accounting terms, profits are _____?
the difference between revenues and expenses
Which of the following are organized for profit and provide goods and services?
Businesses