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, Plug-In B1

Business Basics

True / False Questions

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

True False

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

True False

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

True False

4. For-profit corporations primarily focus on making money and all profits and losses are
shared by the business owners.

True False

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

True False

Multiple Choice Questions

6. What occurs when businesses sell products or services for more than they cost to
produce?

A. Expens
e
B. Profi
t
C. Los
s
D. Revenu
e

1-1
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

,7. Which of the following is not a type of business?

A. Sole
partnership
B. Partnershi
p
C. Limited
partnership
D. Corporati
on

8. Which form of business recommends a legal agreement between two or more
business partners that outlines core business issues?

A. Sole
proprietorship
B. Partnershi
p
C. Corporati
on
D. LLC

9. What is the fundamental difference found in a limited partnership?

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
these.

10. Partnership agreements typically include all of the following, except:

A. Expectations for sharing profits and
losses.
B. Partner's salary
requirements.
C. Methods for conflict
resolution.
D. Shareholder's expectations for a successful
business.

1-2
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

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

A. Limited
partnership
B. Limited liability
corporation
C. Limited
proprietorship
D. Limited
shareholder

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

A. Accounti
ng
B. Bookkeepi
ng
C. Financial
Accounting
D. Managerial
Accounting

13. What refers to the amount earned resulting from the delivery or manufacture of a
product or from the rendering of a service?

A. Expens
e
B. Profi
t
C. Los
s
D. Revenu
e

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

A. Accounti
ng
B. Bookkeepi
ng
C. Financial
accounting
D. Managerial
accounting

1-3
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

,15. 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?

A. Accounti
ng
B. Bookkeepi
ng
C. Financial
accounting
D. Managerial
accounting

16. What is the function of the marketing department?

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.

17. What is the function of the sales department?

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.

18. 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.?

A. Balance
sheet
B. Source
document
C. Transacti
on
D. Financial
statement

1-4
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

,19. 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?

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

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

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

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

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

22. What is an asset?

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.

1-5
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

,23. What is a dividend?

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.

24. What is revenue?

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.

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

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

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

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

1-6
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

,27. What is the point at which revenues equal costs?

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

28. Which of the following is not accomplished by human resources management?

A. Employee
recruitment
B. Employee
training
C. Employee vacation
scheduling
D. Employee
appraisals

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

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

30. Which of the following is not a reason to increase market share?

A. Economies of
scale
B. Reputati
on
C. Increased bargaining
power
D. Nearing production
capacity

1-7
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

,31. Which of the following is not a part of the marketing mix?

A. Produc
t
B. Pric
e
C. Poin
t
D. Promotio
n

32. What is the division of a market into similar groups of customers?

A. Market
management
B. Market
mix
C. Market
communications
D. Market
segmentation

33. Which of the following represents geographic segmentation?

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.

34. Which of the following represents psychographic segmentation?

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.

1-8
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

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

A. Growt
h
B. Declin
e
C. Plac
e
D. Introducti
on

36. What is a standardized set of activities that accomplishes a specific task, such as
processing a customer's order?

A. Transacti
on
B. Business
process
C. Expens
e
D. Marketin
g

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

A. Business
process
B. Management information
system
C. Transacti
on
D. Business process
reengineering

38. What is operations management?

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.

1-9
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

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