Exam (elaborations)
FBLA INTRO TO BUSINESS PROCEDURES EXAM QUESTIONS AND ANSWERS 2024
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FBLA INTRO TO BUSINESS PROCEDURES EXAM QUESTIONS AND ANSWERS 2024
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FBLA INTRO TO BUSINESS PROCEDURES EXAMWhere does federal tax legislation originate - ANSWERS-House ways and means
committee
Administrative source of tax law - ANSWERS-Revenue Procedure 2000-13
Laws designed to promote competition and fairness to prevent monopolies -
ANSWERS-Anti-trust laws
Most common type of small business - ANSWERS-Services
What is bankruptcy? - ANSWERS-A business does not have enough money to pay
its creditors after selling its equipment and other capital resources
When is an attachment notation needed in a formal business letter? - ANSWERS-
When enclosing something in the letter
Format accepted for a personal business letter - ANSWERS-Block, open
punctuation format
What information is found in the return address? - ANSWERS-Only the persons
address who is mailing the letter
,The purpose of the first paragraph of the body of a letter: - ANSWERS-To
introduce the main point of the letter
Internet site maintained on two servers at once - ANSWERS-Mirrored site
Benefits of doing business over the internet - ANSWERS--business can be
conducted 24 hours a day
-quick response to consumers
-can sell to anyone in the world
Service business - ANSWERS-A business that performs some action for free
Span of control - ANSWERS-The number of subordinates reporting to one superior
Example of an uninsurable risk - ANSWERS-Product obsolesces
Intangible Assets: - ANSWERS-•trademarks
•patents
•trade dress
A contract - ANSWERS-Must be a voluntary agreement
, What is a trademark? - ANSWERS-A distinguishing symbol, name, or word
Social responsibility - ANSWERS-The duty of a business to contribute the well
being of society
Money market rate - ANSWERS-The interest rate large users of money, such as
governments and large corporations when they borrow money
Purposes of endorsements of checks - ANSWERS-•They allow the recipient to
cash, deposit, or transfer to someone else
•serve as legal evidence that the receiver cashed or transferred the check
•guarantee the endorser will pay the check in case the next owner of the check
cannot collect the money
Memorabdums - ANSWERS-Brief written documents that can explain or clarify
policies, give instruction, and make announcements within the organization
Principal - ANSWERS-The amount of debt to which the capital interest rate is
applied
What to consider before investing money in stocks, bonds, or mutual funds -
ANSWERS-•acceptance
•liquidity
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