WGU C201 Business Acumen

WGU C201 Business Acumen Chapters 3 & 7: Economics and Organizational Structure. Exam Review. Graded A+ Factors Influencing Demand - -Demand is driven by price, consumer preferences, the economy, the number of buyers in a market, customer incomes, price of substitutes and complimentary items. Factors of Production - -Natural resources, capital, human resources and entrepreneurship. What is the key factor influencing demand? - -Price Demand Curve - -A graph of the amount of a product bu...

WGU C201 Business Acumen Chapter 17: Financial Management, Exam Review. Rated A+ Financial Structure - -Chief Financial Officer, Vice President of Finance, Treasurer, and Controller Chief Financial Officer - -Leader of the financial team. Reports to Chief Executive Officer. May be on board of directors. This person and CEO must certify accuracy of financial statements. Vice President of Finance - -Makes recommendations to CFO for where to invest capital. Prepares financial forecasts...

WGU C201 Business Acumen Chapter 15 & 16: Accounting and Financial Statements – Ratios. Exam Review, Rated A+ Current assets / current liabilities - -Current Ratio Current assets - minus inventory / current liabilities - -Acid Test (Quick) Ratio Current assets $250 Inventory $20 Current Liabilities $100 250-20=230 230/100=2.2 $2.20 assets for every $1 in liabilities Acid Test (Quick) Ratio and Current Ratio - -Liquidity Ratios Inventory Turnover, Receivables Turnover, and Tota...

WGU C201 Business Acumen Chapter 15 & 16: Accounting and Financial Statements, questions and answers, rated A+ Balance Sheet - -Snapshot - permanent statement, amounts are carried over from year to year, shows the firm's financial position on a particular date. Close out at end of year. Income Statement - -Video - indicates the flow of resources that reveals performance over a specific period. Also called a profit and loss statement. Statement of Owners Equity - -Shows changes ...

WGU C201 Business Acumen Chapter 11, 12, 13: Marketing. Complete Review. Rated A+. VERIFIED. Marketing - -The process for discovering unmet customer needs, researching potential markets, producing goods or services to satisfy targeted customers, promoting, pricing, and distributing. The organizational function and set of processes for creating, communicating and delivering value to customers, managing customer relations, advocates ideas or viewpoints and educating others. How does mar...

WGU C201 Business Acumen Chapter 10: Operations and Quality Management, Questions and answers, rated A+ Production - -Begins with inputs + add value = produce a good or service. Operations Management - relates to this process. Why is production such an important business activity? - -Without products to sell, companies cannot generate money. Goal: lower the cost of production, boost the quality of goods and services, respond dependably to customers, and continuously improve. In wh...

WGU C201 Business Acumen - Chapter 10. Full exam Review, Easy to master/ assembly line - -a series of workers and machines in a factory by which a succession of identical items is progressively assembled. benchmarking - -assessing how well other companies perform business functions or tasks. In other words, benchmarking is the process of determining other firms' standards and best practices. computer-aided design (CAD) - -allows engineers to design products and test prototypes on com...

WGU C201 Business Acumen, Top Exam Questions and answers, 100% Accurate. VERIFIED. Which part of the organizing process aids in effective and efficient progress toward planned goals and often results in changes within the organization? - -Evaluating results What is the result of a company increasing the delegation of authority and the span of control? - - Increased number of direct reports per manager Which two key elements does an effective organization include? - -Human interaction, s...

WGU C201 Business Acumen, Exam Questions answers, 100% accurate. VERIFIED. Which part of the organizing process aids in effective and efficient progress toward planned goals and often results in changes within the organization? A. Promoting vision B. Evaluating results C. Turning strategy into action D. Determining the specific activities - -B. Evaluating results What is the result of a company increasing the delegation of authority and the span of control? A. Centralized decision m...

WGU C201 Business Acumen, Questions and answers, 100% Accurate. VERIFIED. balanced budget situation in which total revenues raised by taxes equal the total proposed spending for the year. budget organization's plan for how it will raise and spend money during a given period of time. taxes, fees, and borrowing. The primary sources of government funds to cover the costs of the annual budget are budget deficit situation in which the government spends more than the amount of money it rais...