BUS 6600 Final Exal 1 Exam Questions With Revised Answers
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Course
BUS 6600
Institution
BUS 6600
BUS 6600 Final Exal 1 Exam Questions With
Revised Answers
Accounting versus other business functions - answerRecording, classifying, summarizing
and interpreting of financial events and transactions in an organization to provide interested
parties needed financial information
Adam Smith and th...
BUS 6600 Final Exal 1 Exam Questions With
Revised Answers
Accounting versus other business functions - answer✔✔Recording, classifying, summarizing
and interpreting of financial events and transactions in an organization to provide interested
parties needed financial information
Adam Smith and the Invisible Hand Theory - answer✔✔The unobservable market force that
helps the demand and supply of goods in a free market to reach equilibrium automatically.
Benefits and rights in different economic systems - answer✔✔Free-Market Economics - the
market largely determines what goods and services are produced, who gets them, and how the
economy grows
Command Economics - the government largely determines what goods and services are
produced, who gets them and how the economy will grow
Mixed Economy - some allocation of resources is made by the target and some by the
government
Bond financing - answer✔✔is a type of long-term borrowing that state and local governments
frequently use to raise money, primarily for long-lived infrastructure assets. They obtain this
money by selling bonds to investors. In exchange, they promise to repay this money, with
interest, according to specified schedules.
Branding & brand names - answer✔✔brand - name, symbol or design that identified the goods
or services and distinguishes them from competitors' offerings
trademark - a brand that has exclusive legal protections for both its brand name and design
Manufacturers' brands - brand names of manufacturers that distribute products nationally
Dealer (private-label) Brands - products that carry a retailer's or distributor's brand name instead
of a manufacturer's
Generic Goods - non-branded products that sell at a discount compared to manufacturers' or
dealers' brands
Knockoff Brands - illegal copies or national brands
Budget - answer✔✔sets forth management's expectations for revenues and allocates the use of
specific resources through the firm... depend heavily on the balance sheet, income statement,
statement of cash flows and financial forecasts.
Business era - answer✔✔production era, selling era, marketing concept era, customer
relationship era
Buying stock on margin - answer✔✔borrowing some of the stock's purchase cost from the
brokerage firm.
Margin is the portion of the stock's purchase price that the investor must pay with their own
money. If a broker issues a margin call, the investor has to come up with money to cover losses
Capitalism, Socialism, Communism, Nationalism - answer✔✔Capitalism - all or most of the
land, factories and stores are owned by individuals, not the government, and operated for profit
Socialism - an economic system based on the premise that some basic businesses, like utilites,
should be owned by the government in order to more evenly distribute profits among the people
Communism - an economic and political system in which the government makes almost all
economic decisions and owns almost all the major factors on production
Cash flow statement - answer✔✔reports cash receipts and cash disbursements related to the
three major activists of a firm: operations, investments, and financing
Commercial finance companies - answer✔✔is apart of the banking system, but is a nonbank
which is a financial institution that accepts no deposits, but offer many of the services provided
by regular banks.
Commercial paper - answer✔✔unsecured promissory notes in amounts of $100k+ that come due
in 270 days or less.
Common stock - answer✔✔the most basic form; holders have the right to vote for the board of
directors and share in the profits if dividends are approved
Company vision - answer✔✔more than a goal, its a broad explanation of why the organization
exits and where it's trying to go
Composition of the retail price of goods - answer✔✔target costing - designing a product that
satisfies customers and meets the firm's targeted profit margins
competition-based pricing - a strategy based on what the competition is charging for its products
break-even analysis - the process used to determine profitability at various levels of sales
total fixed costs - all costs that remain the same no matter how much is produced or sold
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