BUSINESS ENVIRONMENT EXAM 2024
ACTUAL EXAM COMPLETE 400
QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
A large, publicly traded telecommunications
company falsified its earnings report and hid debt.
Which unethical practice did the company engage in?
Bribery
Insider trading
Kickback
Fraudulent accounting - ....ANSWER...Fraudulent
accounting
What is the purpose of internal controls?
To ensure irregularities of a system's performance
To establish procedures for manufacturing
operations
,To create processes for credentialing accounting
staff
To create redundancies in a system to ensure it
functions properly - ....ANSWER...To create
redundancies in a system to ensure it functions
properly
How should a company ensure that internal controls
are effectively implemented?
By performing due diligence with procedures
By providing financial data to shareholders
By creating systems that are new to the company
By simplifying procedures in accounting -
....ANSWER...By performing due diligence with
procedures
Which outcome is a result of a company ensuring
that shrinkage is reported in accounting?
Mismanagement of inventory
Customer trust decreased
Perishable goods going unrecorded
Petty theft being reduced - ....ANSWER...Petty theft
being reduced
,A company requires one employee to be responsible
for maintaining a machine. Another employee is
responsible for maintaining accounting records for
that machine.
Which internal control has the company
implemented?
Managing inventory
Reviewing cash flows
Accounting for shrinkage
Segregating duties - ....ANSWER...Segregating duties
A cruise ship employs over 200 workers over the
course of 18 years. One worker describes terrible
living conditions and the limited amount of food that
employees are given to eat. Which labor convention
is being violated by the employer?
Domestic Workers
Geneva
The Maritime Labour
, Worst Forms of Child Labour - ....ANSWER...The
Maritime Labour
What does Article 2 of the Uniform Commercial Code
(UCC) govern?
The required conduct of the initiator of a contract
The standards for the performance of business
activities
The required conduct of both parties in accordance
with the contract
The standards for the countries from which the two
businesses originate - ....ANSWER...The required
conduct of both parties in accordance with the
contract
A company is concerned about source code theft of
digital property. The company is reviewing a law that
governs this behavior. Which law is being reviewed
by this company? - ....ANSWER...Intellectual property
An employee at the U.S. Patent and Trademark Office
was casually talking to a friend who worked at
Company XYZ. The patent office employee mentioned