Understanding Business - Final Exam Set Questions And Answers

Understanding Business - Final Exam
Set Questions And Answers
AbsolutebAdvantageb-bCORRECTbbANSWER-
Absolutebadvantagebthatbexistsbwhenbabcountrybhasbabmonopolybonbproducingbabspecificbp
roductborbisbablebtobproducebitbmorebefficientlybthatballbotherbcountries.

Accountingb-bCORRECTbbANSWER-
ThebRecording,bclassifyingbsummarizingbandbinterpretingbofbfinancialbeventsbandbtransacti
onsbtobprovidebmanagementbandbotherbinterestedbpartiesbwithbthebinformationbtheybneedbto
bmakebgoodbdecisions.




AccountingbCycleb-bCORRECTbbANSWER-Absix-
stepbprocedurebthatbresultsbinbthebpreparationbandbanalysisbofbthebmajorbfinancialbstateme
nts.

acquisitionb-bCORRECTbbANSWER-
Onebcompany'sbpurchasebofbthebpropertybandbobligationsbofbanotherbcompany.

AdministrativebAgenciesb-bCORRECTbbANSWER-
FederalborbstatebinstitutionsbandbotherbgovernmentborganizationsbcreatedbbybCongressborb
stateblegislaturesbwithbdelegatedbpowerbtobpassbrulesbandbregulationsbwithinbtheirbmandate
dbareabofbauthority.

AnnualbReportb-bCORRECTbbANSWER-
Abyearlybstatementbofbthebfinancialbcondition,bprogressbandbexpectationsbofbanborganizatio
n.

Assetsb-bCORRECTbbANSWER-Economicbresourcesb(thingsbofbvalue)bownedbbybthebfirm.

Auditingb-bCORRECTbbANSWER-
Thebjobbofbreviewingbandbevaluatingbthebrecordsbusedbtobpreparebabcompany'sbfinancialbst
atements.

,AutocraticbLeadershipb-bCORRECTbbANSWER-
Leadershipbstylebthatbinvolvesbmakingbmanagerialbdecisionsbwithoutbconsultingbothers.

BalancebOfbPaymentsb-bCORRECTbbANSWER-
Thebdifferencebbetweenbmoneybcomingbintobabcountryb(frombimports)bplusbmoneybflowsbfro
mbotherbfactorsbsuchbasbtourism,bforeignbaid,bmilitarybexpenditures,bandbforeignbinvestmen
t.

BalancebOfbTradeb-bCORRECTbbANSWER-Abnation'sbrationbofbexportsbtobimports.

BalancebSheetb-bCORRECTbbANSWER-
Thebfinancialbstatementbthatbreportsbabfirm'sbfinancialbconditionbatbabspecificbtime.

bankruptcyb-bCORRECTbbANSWER-
Theblegalbprocessbbybwhichbabperson,bbusiness,borbgovernmentbentitybunablebtobmeetbfina
ncialbobligationsbbybabcourtbthatbdividesbanybassetsbamongbcreditors,ballowingbcreditorsbtob
getbatbleastbpartbofbtheirbmoneybandbfreeingbthebdebtorbtobbeginbanew.

benchmarkingb-bCORRECTbbANSWER-
Comparingbanborganization'sbpractices,bprocesses,bandbproductsbagainstbthebworld'sbbest.

BenefitbSegmentationb-bCORRECTbbANSWER-
Dividingbthebmarketbbybdeterminingbwhichbbenefitsbofbthebproductbtobtalkbabout.

Bookkeepingb-bCORRECTbbANSWER-Thebrecordingbofbbusinessbtransactions

brainstormingb-bCORRECTbbANSWER-
Comingbupbwithbasbmanybsolutionsbtobabproblembasbpossiblebinbabshortbperiodbofbtimebwithb
nobcensoringbofbideas.

brandb-bCORRECTbbANSWER-
Abname,bsymbol,borbdesignb(orbcombinationbthereof)bthatbidentifiesbthebgoodsborbservicesbo
fbonebsellerborbgroupbofbsellersbandbdistinguishesbthembfrombthebgoodsbandbservicesbofbco
mpetitors.

BrandbAssociationb-bCORRECTbbANSWER-
Theblinkingbofbabbrandbtobotherbfavorablebimages.

BrandbAwarenessb-bCORRECTbbANSWER-
Howbquicklyborbeasilybabgivenbbrandbnamebcomesbtobmindbwhenbabproductbcategorybisbmen
tioned.

BrandbEquityb-bCORRECTbbANSWER-Thebcombinationbofbfactors-
suchbasbawareness,bloyalty,bperceivedbquality,bimages,bandbemotions-
thatbpeoplebassociatebwithbabgivenbbrandbname.

, BrandbLoyaltyb-bCORRECTbbANSWER-
Thebdegreebtobwhichbcustomersbarebsatisfied,blikebthebbrandb,andbarebcommittedbtobfurtherb
purchase.

BrandbManagerb-bCORRECTbbANSWER-
Abmanagerbwhobhasbdirectbresponsibilitybforbonebbrandborbonebproductbline;bcalledbabprodu
ctbmanagerbinbsomebfirms.

BrandbNameb-bCORRECTbbANSWER-
Abword,bletter,borbgroupbofbwordsborblettersbthatbdifferentiatesbonebseller'sbgoodsbandbservic
es.

BrandbNameb-bCORRECTbbANSWER-
Thatbpartbofbthebbrandbconsistingbofbabword,bletter,borbgroupbofbwordsborblettersbcomprisingb
abnamebthatbdifferentiatesbabseller'sbgoodsborbservicesbfrombthosebofbcompetitors.

BreachbOfbContractb-bCORRECTbbANSWER-
Whenbonebpartybfailsbtobfollowbthebtermsbofbabcontract.

Break-evenbAnalysisb-bCORRECTbbANSWER-
Thebprocessbusedbtobdeterminebprofitabilitybatbvariousblevelsbofbsales.

bundlingb-bCORRECTbbANSWER-
Groupingbtwoborbmorebproductsbtogetherbandbpricingbthembasbabunit.

bureaucracyb-bCORRECTbbANSWER-
Anborganizationbwithbmanyblayersbofbmanagersbwhobsetbrulesbandbregulationsbandboversee
ballbdecisions.




businessb-bCORRECTbbANSWER-
Anybactivitybthatbseeksbtobprovidebgoodsbandbservicesbtobothersbwhileboperatingbatbabprofit.

BusinessbEnvironmentb-bCORRECTbbANSWER-
Thebsurroundingbfactorsbthatbeitherbhelpborbhinderbthebdevelopmentbofbbusiness.

BusinessbLawb-bCORRECTbbANSWER-
Rules,bstatutes,bcodes,bandbregulationsbthatbarebestablishedbtobprovidebablegalbframeworkb
withinbwhichbbusinessbmaybbebconductedbandbthatbarebenforceablebbybcourtbaction.

Business-to-Businessb(B2B)bMarketb-bCORRECTbbANSWER-
Allbthebindividualbandborganizationsbthatbwantbgoodsbandbservicesbtobusebinbproducingbothe
rbgoodsbandbservicesborbtobsell,brent,borbsupplybgoodsbtobothers.

CashbFlowb-bCORRECTbbANSWER-
Thebdifferencebbetweenbcashbcomingbinbandbcashbgoingboutbofbthebbusiness.