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BUSN 201 Exam 1 Questions and Answers All Correct $12.39
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BUSN 201 Exam 1 Questions and Answers All Correct

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BUSN 201 Exam 1 Questions and Answers All Correct What is a 360 degree feedback? - Answer-purpose is to ensure that employees (mostly managers) get feedback from all directions—from supervisors, reporting subordinates, coworkers, and even customers. What is upward feedback? - Answer-requires...

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  • September 3, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • BUSN 201

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BUSN 201 Exam 1 Questions and
Answers All Correct
What is a 360 degree feedback? - Answer-purpose is to ensure that employees (mostly
managers) get feedback from all directions—from supervisors, reporting subordinates,
coworkers, and even customers.

What is upward feedback? - Answer-requires only the manager's subordinates to
provide feedback.

What is a labor union? - Answer-an organized group of workers that bargains with
employers to improve its members' pay, job security, and working conditions.

Define accounting - Answer-system for measure and summarizing business activities,
interpreting financial information, and communicating the results to management and
other decision makers

That are the basic roles of accountants? - Answer-management and financially
accountants

Managerial accounting - Answer-reports are tailored to the needs of individual
managers, and the purpose of such reports is to supply relevant, accurate, and timely
information

Financial accounting - Answer-prepares the organization's financial statements,
summarizes a company's past performance and evaluate its current financial condition

Who are the users of accounting information? - Answer-managers, investors, and
creditors

What are different types of financial statements? - Answer-income statement, statement
of owner's equity, balance sheet, and statement of cash flows

Define assets - Answer-inventory owned by a business

Define liabilities - Answer-amounts owed to a local bank, typically a loan

Define equity - Answer-personal contributions to a business

What is an accounting equation? - Answer-assets = liabilities + owners' equity

, What is a team? - Answer-a group of people with complementary skills who work
together to achieve a specific goal

how does a team differ from a working group? - Answer-a group go about their jobs
independently and meet primarily to share information while teams are responsible for
achieving specific common goals

what are key characteristics of a work team? - Answer-accountable for achieving
specific common goals, function independently, stable, authority, operate in a social
context

why do organizations use teams? - Answer-team based operations are more productive

what types of teams are there? - Answer-manager led teams, self managing teams,
cross functional teams, and virtual teams

what is a virtual team? - Answer-teams whose geographically dispersed members
interact electronically in the process of pursuing a common goal


as factors of production--equipment, buildings, vehicles, and cash are considered -
Answer-capital

a is any activity that provides goods or services to consumers for the purpose of making
a profit - Answer-business

as a producer and seller of athletic shoes, apparel, and equipment, Nike sells - Answer-
goods

An unwritten rule and school/workplace ethics is - Answer-texting on cellphones during
class and during meetings

the primary value of a professionalism recognition program is expected to be - Answer-
increased employable by participating graduates

as part of their business plan, Martin Guitars identify their customers' needs, design
products to meet those needs, and manage customer relationships. in this respect,
they're engaged in - Answer-marketing

distinct privilege, consumer education, and scientific process are a part of Alchemy
Coffee's - Answer-mission statement

two qualities that Alchemy Coffee look for in their employees are - Answer-service
experience and passion

example of an intro statement is - Answer-hope you are having a great week so far!

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