NAF EOC EXAM QUESTIONS AND
ANSWERS. VERIFIED 2026.
4 Ps of marketing - ANS four major aspects of marketing price, promotion, product, and place
(DISTRIBUTION)
Accounting - ANS Theory and system of setting up,maintaining, and auditing the books of a
firm, art of analyzing the financial position and operating results of a business house from a
study of its sales, purchases, overhead, and so forth.
Added Value - ANS Increase in worth of a product or service as a result of a particular activity
Advertising - ANS Purchase of space in a publication or public place for a company to present
promotional materials in order to reach its customers
angel investor - ANS individual who invests in a business venture, providing capital for start-
up or expansion, in exchange for a higher rate of return than would be given by more traditional
investments
associate's degree (AA) - ANS degree given for successful completion of some courses of
study as a two-year college
bachelor of business administration (BBA) - ANS bachelor of business adminstration
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
,bachelor's degree - ANS academic degree typically requiring four years of study, someone
who has successfully completed undergraduate studies; a bachelor of arts is a (BA) and a
bachelor of science is a (BS)
bias - ANS a preference of subjective background that prevents someone from considering an
issue objectively
board of advisors - ANS an informal group of advisors with no legal sanctions that guides and
provides direction to the enterpreneurs
board of directors - ANS formal group of elected advisors that set policy, help shape a
business's daily operations and growth strategy, and provide direction to the entrepreneurs
bonding insurance - ANS type of insurance that protects against actions of the company's
employees, such as employee theft or work that is not finished on time
business life cycle - ANS relative growth and decline of profit over the course of a business's
existence
business plan - ANS written document detailing a business's plan of operations and goals,
and describing its activities, management team, costs, and financial projections and plans
casualty insurance - ANS type of insurance that protects a business from lawsuits by
providing payment for damages and court defense
code of ethics - ANS document that includes a set of rules or behaviors governing an
organization's business practices based on its values and standards
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, college - ANS institution of higher learning that offers undergraduate programs, usually of a
four-year duration, that lead to a bachelor's degree in the arts of sciences (BA or BS)
common sense - ANS good judgement based on the perception of a situation or the facts
presented
competitive advantage - ANS advantageous position that a company occupies in relation to
its competition. The two most common types of competitive advantage are cost advantage and
differential advantage
compliance - ANS act of adhering to regulations, laws, and standards established by
government and private organizations
consumer product safety act - ANS regulation of 1972 establishing a US consumer product
safety commission charged with establishing standards and laws to test and ensure the safety of
products offered for sale in the U.S.
consumer product safety improvement act - ANS law enacted in 2008 requiring safety testing
for children's toys and products, controversial for its impact on small businesses and
secondhand stores
copyright - ANS legal protection for creative works such as writing, art, music, software,
images and video. Copyright can be filed with the library of congress and lasts for the life of an
individual author plus 70 years
corporate governance - ANS system of rules, regulations, and standards that direct and
control the ethical actions
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
ANSWERS. VERIFIED 2026.
4 Ps of marketing - ANS four major aspects of marketing price, promotion, product, and place
(DISTRIBUTION)
Accounting - ANS Theory and system of setting up,maintaining, and auditing the books of a
firm, art of analyzing the financial position and operating results of a business house from a
study of its sales, purchases, overhead, and so forth.
Added Value - ANS Increase in worth of a product or service as a result of a particular activity
Advertising - ANS Purchase of space in a publication or public place for a company to present
promotional materials in order to reach its customers
angel investor - ANS individual who invests in a business venture, providing capital for start-
up or expansion, in exchange for a higher rate of return than would be given by more traditional
investments
associate's degree (AA) - ANS degree given for successful completion of some courses of
study as a two-year college
bachelor of business administration (BBA) - ANS bachelor of business adminstration
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
,bachelor's degree - ANS academic degree typically requiring four years of study, someone
who has successfully completed undergraduate studies; a bachelor of arts is a (BA) and a
bachelor of science is a (BS)
bias - ANS a preference of subjective background that prevents someone from considering an
issue objectively
board of advisors - ANS an informal group of advisors with no legal sanctions that guides and
provides direction to the enterpreneurs
board of directors - ANS formal group of elected advisors that set policy, help shape a
business's daily operations and growth strategy, and provide direction to the entrepreneurs
bonding insurance - ANS type of insurance that protects against actions of the company's
employees, such as employee theft or work that is not finished on time
business life cycle - ANS relative growth and decline of profit over the course of a business's
existence
business plan - ANS written document detailing a business's plan of operations and goals,
and describing its activities, management team, costs, and financial projections and plans
casualty insurance - ANS type of insurance that protects a business from lawsuits by
providing payment for damages and court defense
code of ethics - ANS document that includes a set of rules or behaviors governing an
organization's business practices based on its values and standards
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, college - ANS institution of higher learning that offers undergraduate programs, usually of a
four-year duration, that lead to a bachelor's degree in the arts of sciences (BA or BS)
common sense - ANS good judgement based on the perception of a situation or the facts
presented
competitive advantage - ANS advantageous position that a company occupies in relation to
its competition. The two most common types of competitive advantage are cost advantage and
differential advantage
compliance - ANS act of adhering to regulations, laws, and standards established by
government and private organizations
consumer product safety act - ANS regulation of 1972 establishing a US consumer product
safety commission charged with establishing standards and laws to test and ensure the safety of
products offered for sale in the U.S.
consumer product safety improvement act - ANS law enacted in 2008 requiring safety testing
for children's toys and products, controversial for its impact on small businesses and
secondhand stores
copyright - ANS legal protection for creative works such as writing, art, music, software,
images and video. Copyright can be filed with the library of congress and lasts for the life of an
individual author plus 70 years
corporate governance - ANS system of rules, regulations, and standards that direct and
control the ethical actions
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
