NAF EOC EXAM REVISED QUESTIONS
WITH VERIFIED
ANSWERS[GUARANTEED A+ GRADE]
4 Ps of marketing - Correct Answers -four major aspects of marketing price, promotion, product,
and place (DISTRIBUTION)
Accounting - Correct Answers -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 - Correct Answers -Increase in worth of a product or service as a result of a
particular activity
Advertising - Correct Answers -Purchase of space in a publication or public place for a company
to present promotional materials in order to reach its customers
angel investor - Correct Answers -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) - Correct Answers -degree given for successful completion of some
courses of study as a two-year college
bachelor of business administration (BBA) - Correct Answers -bachelor of business
adminstration
bachelor's degree - Correct Answers -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 - Correct Answers -a preference of subjective background that prevents someone from
considering an issue objectively
board of advisors - Correct Answers -an informal group of advisors with no legal sanctions that
guides and provides direction to the enterpreneurs
board of directors - Correct Answers -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 - Correct Answers -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 - Correct Answers -relative growth and decline of profit over the course of a
business's existence
business plan - Correct Answers -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 - Correct Answers -type of insurance that protects a business from lawsuits
by providing payment for damages and court defense
code of ethics - Correct Answers -document that includes a set of rules or behaviors governing
an organization's business practices based on its values and standards
college - Correct Answers -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 - Correct Answers -good judgement based on the perception of a situation or
the facts presented
competitive advantage - Correct Answers -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 - Correct Answers -act of adhering to regulations, laws, and standards established
by government and private organizations
consumer product safety act - Correct Answers -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 - Correct Answers -law enacted in 2008 requiring
safety testing for children's toys and products, controversial for its impact on small businesses
and secondhand stores
copyright - Correct Answers -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 - Correct Answers -system of rules, regulations, and standards that direct
and control the ethical actions
corporate resposibility - Correct Answers -voluntary choice of major stakeholders, such as
officers and directors of a corporation, to behave ethically and make socially responsible choices
cost advantage - Correct Answers -type of competitive advantage that relates to a company's
ability to sell a product or service at a lower cost than its competitor
WITH VERIFIED
ANSWERS[GUARANTEED A+ GRADE]
4 Ps of marketing - Correct Answers -four major aspects of marketing price, promotion, product,
and place (DISTRIBUTION)
Accounting - Correct Answers -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 - Correct Answers -Increase in worth of a product or service as a result of a
particular activity
Advertising - Correct Answers -Purchase of space in a publication or public place for a company
to present promotional materials in order to reach its customers
angel investor - Correct Answers -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) - Correct Answers -degree given for successful completion of some
courses of study as a two-year college
bachelor of business administration (BBA) - Correct Answers -bachelor of business
adminstration
bachelor's degree - Correct Answers -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 - Correct Answers -a preference of subjective background that prevents someone from
considering an issue objectively
board of advisors - Correct Answers -an informal group of advisors with no legal sanctions that
guides and provides direction to the enterpreneurs
board of directors - Correct Answers -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 - Correct Answers -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 - Correct Answers -relative growth and decline of profit over the course of a
business's existence
business plan - Correct Answers -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 - Correct Answers -type of insurance that protects a business from lawsuits
by providing payment for damages and court defense
code of ethics - Correct Answers -document that includes a set of rules or behaviors governing
an organization's business practices based on its values and standards
college - Correct Answers -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 - Correct Answers -good judgement based on the perception of a situation or
the facts presented
competitive advantage - Correct Answers -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 - Correct Answers -act of adhering to regulations, laws, and standards established
by government and private organizations
consumer product safety act - Correct Answers -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 - Correct Answers -law enacted in 2008 requiring
safety testing for children's toys and products, controversial for its impact on small businesses
and secondhand stores
copyright - Correct Answers -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 - Correct Answers -system of rules, regulations, and standards that direct
and control the ethical actions
corporate resposibility - Correct Answers -voluntary choice of major stakeholders, such as
officers and directors of a corporation, to behave ethically and make socially responsible choices
cost advantage - Correct Answers -type of competitive advantage that relates to a company's
ability to sell a product or service at a lower cost than its competitor
