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BUSN 101 Tamu - Final Exam Review
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BUSN 101 Tamu - Final Exam Review
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BUSN 101 Tamu - Final Exam Review5 P's of Marketing - ANS-Product, Price, Promotion, Place, and People
Accounting - ANS-The process of collecting, recording, classifying, summarizing,
reporting, and analyzing financial activities.
Accounting Equation - ANS-Assets = Liabilities + Owners' Equity
Assets - ANS-Things of value owned by a firm.
Auditing - ANS-The process of reviewing the records used to prepare financial
statements and issuing a formal auditor's opinion indicating whether the statements
have been prepared in accordance with accepted accounting rules
B2B - ANS-Wholesale; Business to Business
B2C - ANS-Retail; Business to Consumer
Balance Sheet - ANS-A financial statement that summarizes a firm's financial position at
a specific point in time.
Bonds - ANS-Long-term debt obligations (liabilities) issued by corporations and
governments.
Coercive Power - ANS-Power that is derived from an individual's ability to threaten
negative outcomes.
Commercial Banks - ANS-Profit-oriented financial institutions that accept deposits,
make business and consumer loans, invest in government and corporate securities, and
provide other financial services.
Common Stock - ANS-A security that represents an ownership interest in a corporation.
Contingency Plans - ANS-Plans that identify alternative courses of action for very
unusual or crisis situations.
, Controlling - ANS-The process of assessing the organization's progress toward
accomplishing its goals; includes monitoring the implementation of a plan and correcting
deviations from the plan.
Corporate Culture - ANS-The set of attitudes, values, and standards that distinguishes
one organization from another.
Cost of Goods Sold (COGS) - ANS-The total expense of buying or producing a firm's
goods or services.
Critical Thinking Framework - ANS-
Debt - ANS-A form of business financing consisting of borrowed funds that must be
repaid with interest over a stated time period.
Dividends - ANS-Payments to stockholders from a corporation's profits.
Earnings Per Share (EPS) - ANS-The ratio of net profit to the number of shares of
common stock outstanding.
Measure the number of dollars earned by each share of stock.
Investors use EPS to see how well a company uses its equity to generate a profit.
Equity - ANS-A form of business financing consisting of funds raised through the sale of
stock (ownership) in a business.
Expenses - ANS-The costs of generating revenues.
Expert Power - ANS-Power that is derived from an individual's extensive knowledge in
one or more areas.
Finance - ANS-
Financial Accounting - ANS-Accounting that focuses on preparing external financial
reports that are used by outsiders such as lenders, suppliers, investors, and
government agencies to assess the financial strength of a business.
Financial Management - ANS-The art and science of managing a firm's money so that it
can meet its goals.
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