Mg 100 Exam Questions and Answers All Correct
What is Production Management - Answer- Planning, Leading, Organizing, Controlling (POLC)
What is Consumer Economics - Answer- Value to consumer = Utility minus price
What is Push Marketing - Answer- Make the product first, then persuade costu...
Mg 100 Exam Questions and Answers
All Correct
What is Production Management - Answer- Planning, Leading, Organizing, Controlling
(POLC)
What is Consumer Economics - Answer- Value to consumer = Utility minus price
What is Push Marketing - Answer- Make the product first, then persuade costumers to
buy
What is Pull Marketing - Answer- Find out what customers want first, then Make and
deliver
What is the marketing mix? - Answer- Product, Price, Place, Promotion
What is a Marketing Intermediary - Answer- Organization that assist in moving goods
and services from businesses to businesses and from businesses to consumers
What is Channel of Distribution - Answer- A group of marking intermediaries that join
together to transport and store goods from producers to consumers
Who to Wholesalers sell to? - Answer- Retailers, Manufacturers, and hospitals
Who do retailers sell to? - Answer- Consumers
What are the 6 different types of utility? - Answer- Form, time, place, possession,
information, Service
What is Accounting? - Answer- The system of Recording, Classifying, Summarizing,
and Analyzing business transactions and data in order to generate financial information
for decision makers
Who reports financial information - Answer- Public firms and non profits
Are private firms required to report financial information - Answer- No but often do
What are the 3 main financial statements - Answer- Balance sheet, income statement,
and statement of cash flows
What does the Balance Sheet contain? - Answer- assets, liabilities, owner's equity
(A=L+E)
, What does the Income statement Contain? - Answer- revenues, expenses, net income
(Revenues - expenses = Net income)
What does the Statement of Cash flow contain? - Answer- Change in cash position, and
causes of change
What is a Financial Ratio Analysis Ratio? - Answer- Used to compare performance
between firms
What is Finance Management - Answer- managing a firms financial resources to meet
its goal and objectives
What is a pro forma? - Answer- a projection of revenues, expenses, and profits
What is Short Term Financing - Answer- Funds for a year or less
What is long term financing - Answer- Funds for more then a year
What is Capital Structure - Answer- The Proportion of Debt vs. Equity financing at any
given time
A person who risks their own time and money to start and manage a business is known
as a - Answer- Entrepeneur
4 letter word that all managers need to be focused on - Answer- cost
The study of how society employs resources to produce goods and services for
consumption among various groups and individuals is known as - Answer- Economics
Whats the difference between Macro and Mico Economics - Answer- Macro focuses on
the nations economy, micro focuses on each person
What is Laissez-faire - Answer- Hands off, no goverenment intervention
What is the name of Adam Smiths book - Answer- The wealth of nations
Explain Smiths theory - Answer- Key to a business flowing is allowing businesses to
keep their profits and make profits
What is the name of Smiths theory - Answer- Invisible Hand
People and groups that affect-and are affected by- a firm's activities are known as -
Answer- Stakeholders
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