Question 1

Operations management is the management of systems or processes that convert or transforms ___________ into goods and services.

Accepted Answer

Resources

Question 2

____________ are a distribution of earnings to shareholders.

Accepted Answer

Dividends

Question 3

What is a hybrid entity that has the legal protections of a corporation and the ability to be taxed (one time) as a partnership?

Accepted Answer

A)  Limited partnership 
B)  Limited liability corporation 
C)  Limited proprietorship 
D)  Limited shareholder
This is the definition of LLC. 
A)  Limited partnership 
B)  Limited liability corporation 
C)  Limited proprietorship 
D)  Limited shareholder
This is the definition of LLC. B

Question 4

What tracks and communicates changes in the shareholder's earnings?

Accepted Answer

A)  Balance sheet 
B)  Statement of owner's equity 
C)  Statement of cash flows 
D)  Income statement 
A)  Balance sheet 
B)  Statement of owner's equity 
C)  Statement of cash flows 
D)  Income statement

Question 5

What involves analyzing business operations for internal decision making and does not have to follow any rules issued by standard-setting bodies such as GAAP?

Accepted Answer

A)  Accounting 
B)  Bookkeeping 
C)  Financial accounting 
D)  Managerial accounting 
A)  Accounting 
B)  Bookkeeping 
C)  Financial accounting 
D)  Managerial accounting

Question 6

Identify the four primary financial statements used by most organizations.

Accepted Answer

Balance sheet.-The balance sheet gives a

Question 7

Break-even analysis is the point at which revenues equal costs.

Accepted Answer

A) True 
 B)False

Question 8

What is calculated by dividing the firm's sales by the total market sales for the entire industry?

Accepted Answer

A)  Break-even point 
B)  IRR 
C)  Market share 
D)  Income statement 
A)  Break-even point 
B)  IRR 
C)  Market share 
D)  Income statement

Question 9

What reports operating results (revenues minus expenses) for a given time period ending at a specified date?

Accepted Answer

A)  Balance sheet 
B)  Statement of owner's equity 
C)  Statement of cash flows 
D)  Income statement 
A)  Balance sheet 
B)  Statement of owner's equity 
C)  Statement of cash flows 
D)  Income statement

Question 10

Which of the following represents psychographic segmentation?

Accepted Answer

A)  Based on regional variables such as region, climate, population density, and population growth rate 
B)  Based on variables such as age, gender, ethnicity, education, occupation, income, and family status 
C)  Based on variables such as values, attitudes, and lifestyles 
D)  Based on variables such as usage rate, usage patterns, price sensitivity, and brand loyalty 
A)  Based on regional variables such as region, climate, population density, and population growth rate 
B)  Based on variables such as age, gender, ethnicity, education, occupation, income, and family status 
C)  Based on variables such as values, attitudes, and lifestyles 
D)  Based on variables such as usage rate, usage patterns, price sensitivity, and brand loyalty

Question 11

Which of the following is not a part of the marketing mix?

Accepted Answer

A)  Product 
B)  Price 
C)  Point 
D)  Promotion 
A)  Product 
B)  Price 
C)  Point 
D)  Promotion

Question 12

What is the analysis and redesign of workflow within and between enterprises?

Accepted Answer

A)  Business process 
B)  Management information system 
C)  Transaction 
D)  Business process reengineering 
A)  Business process 
B)  Management information system 
C)  Transaction 
D)  Business process reengineering

Question 13

What is the function of the marketing department?

Accepted Answer

A)  Deals with the strategic financial issues associated with increasing the value of the business while observing applicable laws and social responsibilities 
B)  Includes the policies, plans, and procedures for the effective management of employees 
C)  The function of selling a good or service and focuses on increasing customer sales, which increases company revenues 
D)  The process associated with promoting the sale of goods or services. The marketing department supports the sales department by creating promotions that help sell the company's products 
A)  Deals with the strategic financial issues associated with increasing the value of the business while observing applicable laws and social responsibilities 
B)  Includes the policies, plans, and procedures for the effective management of employees 
C)  The function of selling a good or service and focuses on increasing customer sales, which increases company revenues 
D)  The process associated with promoting the sale of goods or services. The marketing department supports the sales department by creating promotions that help sell the company's products

Question 14

What is the rate at which the net present value of an investment equals zero?

Accepted Answer

A)  Internal rate of return (IRR) 
B)  Return on investment (ROI) 
C)  Cash flow analysis 
D)  Break-even analysis 
A)  Internal rate of return (IRR) 
B)  Return on investment (ROI) 
C)  Cash flow analysis 
D)  Break-even analysis

Question 15

What describes the basic transaction data such as its date, purpose, and amount and includes cash receipts, canceled checks, invoices, customer refunds, employee time sheet, etc?

Accepted Answer

A)  Balance sheet 
B)  Source document 
C)  Transaction 
D)  Financial statement 
A)  Balance sheet 
B)  Source document 
C)  Transaction 
D)  Financial statement

Question 16

What is operations management?

Accepted Answer

A)  A field concerned with the use of technology in managing and processing information 
B)  The function of selling a good or service and focuses on increasing customer sales, which increases company revenues 
C)  The function that plans for, develops, implements, and maintains IT hardware, software, and the portfolio of applications that people use to support the goals of an organization 
D)  The management of systems or processes that convert or transforms resources into goods and services 
A)  A field concerned with the use of technology in managing and processing information 
B)  The function of selling a good or service and focuses on increasing customer sales, which increases company revenues 
C)  The function that plans for, develops, implements, and maintains IT hardware, software, and the portfolio of applications that people use to support the goals of an organization 
D)  The management of systems or processes that convert or transforms resources into goods and services

Question 17

____________ are similar to sole proprietorships, except that this legal structure allows for more than one owner.

Accepted Answer

The answer of ____________ are similar to sole proprietorships, except...

Question 18

What is a means to conduct a periodic check on the company's financial health?

Accepted Answer

A)  Internal rate of return (IRR) 
B)  Return on investment (ROI) 
C)  Cash flow analysis 
D)  Break-even analysis 
A)  Internal rate of return (IRR) 
B)  Return on investment (ROI) 
C)  Cash flow analysis 
D)  Break-even analysis

Question 19

____________ is the actual recording of the business's transactions, without any analysis of the information.

Accepted Answer

The answer of ____________ is the actual recording of the...

Question 20

Define business process reengineering and explain how an organization can use IT to transform its business.

Accepted Answer

A business process is a standardized set

Operations management is the management of systems or processes that convert or transforms ___________ into goods and services.

____________ are a distribution of earnings to shareholders.

What is a hybrid entity that has the legal protections of a corporation and the ability to be taxed (one time) as a partnership?

What tracks and communicates changes in the shareholder's earnings?

What involves analyzing business operations for internal decision making and does not have to follow any rules issued by standard-setting bodies such as GAAP?

Identify the four primary financial statements used by most organizations.

Break-even analysis is the point at which revenues equal costs.

What is calculated by dividing the firm's sales by the total market sales for the entire industry?

What reports operating results (revenues minus expenses) for a given time period ending at a specified date?

Which of the following represents psychographic segmentation?

Which of the following is not a part of the marketing mix?

What is the analysis and redesign of workflow within and between enterprises?

What is the function of the marketing department?

What is the rate at which the net present value of an investment equals zero?

What describes the basic transaction data such as its date, purpose, and amount and includes cash receipts, canceled checks, invoices, customer refunds, employee time sheet, etc?

What is operations management?

____________ are similar to sole proprietorships, except that this legal structure allows for more than one owner.

What is a means to conduct a periodic check on the company's financial health?

____________ is the actual recording of the business's transactions, without any analysis of the information.

Define business process reengineering and explain how an organization can use IT to transform its business.

Business Process

Hardware and Software

Enterprise Architectures

Networks and Telecommunications

Information Security

Ethics

Supply Chain Management

Customer Relationship Management

Enterprise Resource Planning

Ebusiness

Global Trends on OLC

Strategic Outsourcing on OLC

Systems Development

Project Management

Operations Management

Organizational Architecture Trends

Business Intelligence

Global Information Systems

Mobile Technology

Filters

Exam 1: Business Basics

Operations management is the management of systems or processes that convert or transforms ___________ into goods and services.

____________ are a distribution of earnings to shareholders.

What is a hybrid entity that has the legal protections of a corporation and the ability to be taxed (one time) as a partnership?

What tracks and communicates changes in the shareholder's earnings?

What involves analyzing business operations for internal decision making and does not have to follow any rules issued by standard-setting bodies such as GAAP?

Identify the four primary financial statements used by most organizations.

Break-even analysis is the point at which revenues equal costs.

What is calculated by dividing the firm's sales by the total market sales for the entire industry?

What reports operating results (revenues minus expenses) for a given time period ending at a specified date?

Which of the following represents psychographic segmentation?

Which of the following is not a part of the marketing mix?

What is the analysis and redesign of workflow within and between enterprises?

What is the function of the marketing department?

What is the rate at which the net present value of an investment equals zero?

What describes the basic transaction data such as its date, purpose, and amount and includes cash receipts, canceled checks, invoices, customer refunds, employee time sheet, etc?

What is operations management?

____________ are similar to sole proprietorships, except that this legal structure allows for more than one owner.

What is a means to conduct a periodic check on the company's financial health?

____________ is the actual recording of the business's transactions, without any analysis of the information.

Define business process reengineering and explain how an organization can use IT to transform its business.

Business Process

Hardware and Software

Enterprise Architectures

Networks and Telecommunications

Information Security

Ethics

Supply Chain Management

Customer Relationship Management

Enterprise Resource Planning

Ebusiness

Global Trends on OLC

Strategic Outsourcing on OLC

Systems Development

Project Management

Operations Management

Organizational Architecture Trends

Business Intelligence

Global Information Systems

Mobile Technology

Filters