TMU BSM 100 Final Exam Questions and Answers

TMU BSM 100 Final Exam Questions and Answers Marketing -Answer-determining the needs and wants of others and providing a good or service to satisfy those wants or needs Three part Business/Marketing Philosophy -Answer-A customer Orientation Find out what consumers want and provide it for them A service orientation Everyone from the president of the firm to the delivery people should be customer- oriented A profit orientation Focus on those goods and services that will earn the most profit and enable the organization to survive and expand what do financial transactions include -Answer-buying selling/ goods and services, acquiring insurance, paying employees, using supplies what does accounting entail -Answer-recording, classifying, summarizing, interpreting financial transactions Accounting system -Answer-method used to record and summarize accounting data into reports what do inputs/ accounting documents include? -Answer-sales documents, purchasing documents, shopping documents, payroll records, bank records, travel records, entertainmnent records. what are the three main financial statements? -Answer-balance sheet, income statement, statement of cash flows income statement -Answer-shows the revenue of a firm earned selling its products compared to its selling costs (profit or loss) over a specific period of time a balance sheet can also be known as? -Answer-statement of financial position Fundamental accounting equation? -Answer-Assets = liabilities + owner's equity assets -Answer-economic resources that are owned by the firm liabilities -Answer-what the company owes equity -Answer-all that the owners have invested liquidity -Answer-refers to how fast an asset is expected to be converted into cash what are the three divisions of assets -Answer-Capital assets current assets intangible assets what is the financial operations equation -Answer-Sales (revenue) - expenses = profits (income) what does a cash flow statement do? -Answer-Reports cash receipts and cash disbursements related to three major activities; operations, investments, and financing. what are the two reasons most new ventures need financing or funding? -Answer- Capital flow challenges Capital investments retained earning -Answer-earning profit what are the 6 sources of equity funding -Answer-Venture capital Business angels prototypical business angel intitial public offerings commercial banks short term financing Ethics -Answer-standards of moral behavior; the society accepts as right versus wrong 4 P's of Marketing -Answer-Product Price Place Promotional Market Research Process -Answer-1. Defining the question, problem, or opportunity and determining the present situation 2. Collecting research data Primary source Secondary sources 3. Analyzing the research data 4. Choosing the best solution and implementing it Name the two different markets -Answer-1. Business to Consumer (B2C) 2. Business to Business (B2B) Describe Business to Consumer (B2C) Market -Answer-- The consumer market consists of all individuals or households that want good and services for personal consumption or use and have the resources to buy them - Because consumer groups differ greatly in age, education l