Question 1

What is information technology?

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)  Includes the methods, tasks, and techniques organizations use to produce 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)  Includes the methods, tasks, and techniques organizations use to produce goods and services

Question 2

Which of the following financial statements gives an accounting picture of property owned by a company and of claims against the property on a specific 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 3

What is the function of the sales 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 4

What analyzes the transactional information of the business so the owners and investors can make sound economic decisions?

Accepted Answer

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

Question 5

Which of the following is not a type of business?

Accepted Answer

A)  Sole partnership 
B)  Partnership 
C)  Limited partnership 
D)  Corporation 
A)  Sole partnership 
B)  Partnership 
C)  Limited partnership 
D)  Corporation

Question 6

What is revenue?

Accepted Answer

A)  A distribution of earnings to shareholders 
B)  Refers to the amount earned resulting from the delivery or manufacture of a product or from the rendering of a service 
C)  Refer to the costs incurred in operating and maintaining a business 
D)  Anything owned that has value or earning power 
A)  A distribution of earnings to shareholders 
B)  Refers to the amount earned resulting from the delivery or manufacture of a product or from the rendering of a service 
C)  Refer to the costs incurred in operating and maintaining a business 
D)  Anything owned that has value or earning power

Question 7

Human resources management includes the policies, plans, and procedures for the effective management of employees ('human resources').

Accepted Answer

A) True 
 B)False

Question 8

Define the relationship between sales and marketing, along with a brief discussion of the marketing mix.

Accepted Answer

Sales is the function of selling a good

Question 9

What is the fundamental difference found in a limited partnership?

Accepted Answer

A)  Only one partner is responsible for all of the partnership's losses 
B)  Both partners are responsible for all of the partnership's losses 
C)  Both partners are protected from being responsible for all of the partnership's losses 
D)  None of the above 
A)  Only one partner is responsible for all of the partnership's losses 
B)  Both partners are responsible for all of the partnership's losses 
C)  Both partners are protected from being responsible for all of the partnership's losses 
D)  None of the above

Question 10

What is the point at which revenues equal costs?

Accepted Answer

A)  Break-even point 
B)  Cash flow analysis 
C)  ROI 
D)  IRR 
A)  Break-even point 
B)  Cash flow analysis 
C)  ROI 
D)  IRR

Question 11

The income statement reports a company's ____________ income, or the amount of money remaining after paying taxes

Accepted Answer

The answer of The income statement reports a company's ____________...

Question 12

____________ deals with the strategic financial issues associated with increasing the value of the business while observing applicable laws and social responsibilities.

Accepted Answer

The answer of ____________ deals with the strategic financial issues...

Question 13

Which of the following is not one of the four phases in the product life cycle?

Accepted Answer

A)  Growth 
B)  Decline 
C)  Place 
D)  Introduction 
A)  Growth 
B)  Decline 
C)  Place 
D)  Introduction

Question 14

____________ accounting involves preparing financial reports that provide information about the business's performance to external parties such as investors, creditors, and tax authorities.

Accepted Answer

The answer of ____________ accounting involves preparing financial reports that...

Question 15

A loss occurs when businesses sell products or services for less then they cost to produce.

Accepted Answer

A) True 
 B)False

Question 16

What is management information systems?

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)  a general name for the business function and academic discipline covering the application of people technologies, and procedures-collectively called information systems-to solve business problems 
D)  Includes the methods, tasks, and techniques organizations use to produce 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)  a general name for the business function and academic discipline covering the application of people technologies, and procedures-collectively called information systems-to solve business problems 
D)  Includes the methods, tasks, and techniques organizations use to produce goods and services

What is information technology?

Which of the following financial statements gives an accounting picture of property owned by a company and of claims against the property on a specific date?

What is the function of the sales department?

What analyzes the transactional information of the business so the owners and investors can make sound economic decisions?

Which of the following is not a type of business?

What is revenue?

Human resources management includes the policies, plans, and procedures for the effective management of employees ('human resources').

Define the relationship between sales and marketing, along with a brief discussion of the marketing mix.

What is the fundamental difference found in a limited partnership?

What is the point at which revenues equal costs?

The income statement reports a company's ____________ income, or the amount of money remaining after paying taxes

____________ deals with the strategic financial issues associated with increasing the value of the business while observing applicable laws and social responsibilities.

Which of the following is not one of the four phases in the product life cycle?

____________ accounting involves preparing financial reports that provide information about the business's performance to external parties such as investors, creditors, and tax authorities.

A loss occurs when businesses sell products or services for less then they cost to produce.

What is management information systems?

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

What is information technology?

Which of the following financial statements gives an accounting picture of property owned by a company and of claims against the property on a specific date?

What is the function of the sales department?

What analyzes the transactional information of the business so the owners and investors can make sound economic decisions?

Which of the following is not a type of business?

What is revenue?

Human resources management includes the policies, plans, and procedures for the effective management of employees ('human resources').

Define the relationship between sales and marketing, along with a brief discussion of the marketing mix.

What is the fundamental difference found in a limited partnership?

What is the point at which revenues equal costs?

The income statement reports a company's ____________ income, or the amount of money remaining after paying taxes

____________ deals with the strategic financial issues associated with increasing the value of the business while observing applicable laws and social responsibilities.

Which of the following is not one of the four phases in the product life cycle?

____________ accounting involves preparing financial reports that provide information about the business's performance to external parties such as investors, creditors, and tax authorities.

A loss occurs when businesses sell products or services for less then they cost to produce.

What is management information systems?

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