WGU C201 UPDATED ACTUAL Exam
Questions and CORRECT Answers
Accounting - CORRECT ANSWER - Process of measuring, interpreting, and
communicating financial information to enable people inside and outside the firm to make
informed decisions.
Accounting Cycle - CORRECT ANSWER - Set of activities involved in converting
information and individual transactions into financial statements.
Accounting Equation/Accounting Identity - CORRECT ANSWER - Formula that states
Assets must equal Liabilities plus Owners' Equity.
Assets - CORRECT ANSWER - Liabilities + Owners' Equity
Accrual Accounting - CORRECT ANSWER - Accounting method that records revenues
and expenses when they occur, not necessarily when cash actually changes hands.
Advertising - CORRECT ANSWER - Paid non-personal communication, usually targeted
at large numbers of potential buyers
Affinity Program - CORRECT ANSWER - Marketing effort sponsored by an
organization that solicits involvement by individuals who share common interests and activities
Application Service Provider - CORRECT ANSWER - outside supplier that provides both
the computers and the application support for managing an information system
Asset - CORRECT ANSWER - anything of value owned or leased by a company
,Balance Sheet - CORRECT ANSWER - statement of a firm's financial position on a
particular date
Balanced Budget - CORRECT ANSWER - situation in which total revenues raised by
taxes and fees equal total proposed government spending for the year
Business (B2B) Product - CORRECT ANSWER - good or service purchased to be used,
either directly or indirectly, in the production of other goods for resale
Business Intelligence - CORRECT ANSWER - activities and technologies for gathering,
storing, and analyzing data to make better competitive decisions
Capital Structure - CORRECT ANSWER - mix of a firm's debt and equity capital
Capitalism - CORRECT ANSWER - economic system that rewards firms for their ability
to perceive and serve the needs and demands of consumers; also called Private Enterprise System
Private Enterprise System - CORRECT ANSWER - economic system that rewards firms
for their ability to perceive and serve the needs and demands of consumers; also called
Capitalism
Category Advisor - CORRECT ANSWER - vendor that is designated by the business
customer as the major supplier to assume responsibility for dealing with all the other vendors for
a project and presenting the entire package to the business buyer
Cause Advertising - CORRECT ANSWER - form of institutional advertising that
promotes a specific viewpoint on a public issue as a way to influence public opinion and the
legislative process
Cause Marketing - CORRECT ANSWER - marketing that promotes a cause or social
issue, such as preventing child abuse, anti-littering efforts, and stop smoking campaigns
, Centralization - CORRECT ANSWER - decision making based at the top of the
management hierarchy
Chain of Command - CORRECT ANSWER - set of relationships that indicates who
directs which activities and who reports to whom
Chief Information Officer (CIO) - CORRECT ANSWER - executive responsible for
managing a firm's information system and related computer technologies
Cloud Computing - CORRECT ANSWER - powerful servers store applications software
and databases for users to access the software and databases via the Web using anything from a
PC to a smart phone
Cobranding - CORRECT ANSWER - cooperative arrangement in which two or more
businesses team up to closely link their names on a single product
Comarketing - CORRECT ANSWER - cooperative arrangement in which two businesses
jointly market each other's products
Committee Organization - CORRECT ANSWER - organizational structure that places
authority and responsibility jointly in the hands of a group of individuals rather than a single
manager
Common Stock - CORRECT ANSWER - basic form of corporate ownership
Communism - CORRECT ANSWER - economic system in which all property would be
shared equally by the people of a community under the direction of a strong central government
Questions and CORRECT Answers
Accounting - CORRECT ANSWER - Process of measuring, interpreting, and
communicating financial information to enable people inside and outside the firm to make
informed decisions.
Accounting Cycle - CORRECT ANSWER - Set of activities involved in converting
information and individual transactions into financial statements.
Accounting Equation/Accounting Identity - CORRECT ANSWER - Formula that states
Assets must equal Liabilities plus Owners' Equity.
Assets - CORRECT ANSWER - Liabilities + Owners' Equity
Accrual Accounting - CORRECT ANSWER - Accounting method that records revenues
and expenses when they occur, not necessarily when cash actually changes hands.
Advertising - CORRECT ANSWER - Paid non-personal communication, usually targeted
at large numbers of potential buyers
Affinity Program - CORRECT ANSWER - Marketing effort sponsored by an
organization that solicits involvement by individuals who share common interests and activities
Application Service Provider - CORRECT ANSWER - outside supplier that provides both
the computers and the application support for managing an information system
Asset - CORRECT ANSWER - anything of value owned or leased by a company
,Balance Sheet - CORRECT ANSWER - statement of a firm's financial position on a
particular date
Balanced Budget - CORRECT ANSWER - situation in which total revenues raised by
taxes and fees equal total proposed government spending for the year
Business (B2B) Product - CORRECT ANSWER - good or service purchased to be used,
either directly or indirectly, in the production of other goods for resale
Business Intelligence - CORRECT ANSWER - activities and technologies for gathering,
storing, and analyzing data to make better competitive decisions
Capital Structure - CORRECT ANSWER - mix of a firm's debt and equity capital
Capitalism - CORRECT ANSWER - economic system that rewards firms for their ability
to perceive and serve the needs and demands of consumers; also called Private Enterprise System
Private Enterprise System - CORRECT ANSWER - economic system that rewards firms
for their ability to perceive and serve the needs and demands of consumers; also called
Capitalism
Category Advisor - CORRECT ANSWER - vendor that is designated by the business
customer as the major supplier to assume responsibility for dealing with all the other vendors for
a project and presenting the entire package to the business buyer
Cause Advertising - CORRECT ANSWER - form of institutional advertising that
promotes a specific viewpoint on a public issue as a way to influence public opinion and the
legislative process
Cause Marketing - CORRECT ANSWER - marketing that promotes a cause or social
issue, such as preventing child abuse, anti-littering efforts, and stop smoking campaigns
, Centralization - CORRECT ANSWER - decision making based at the top of the
management hierarchy
Chain of Command - CORRECT ANSWER - set of relationships that indicates who
directs which activities and who reports to whom
Chief Information Officer (CIO) - CORRECT ANSWER - executive responsible for
managing a firm's information system and related computer technologies
Cloud Computing - CORRECT ANSWER - powerful servers store applications software
and databases for users to access the software and databases via the Web using anything from a
PC to a smart phone
Cobranding - CORRECT ANSWER - cooperative arrangement in which two or more
businesses team up to closely link their names on a single product
Comarketing - CORRECT ANSWER - cooperative arrangement in which two businesses
jointly market each other's products
Committee Organization - CORRECT ANSWER - organizational structure that places
authority and responsibility jointly in the hands of a group of individuals rather than a single
manager
Common Stock - CORRECT ANSWER - basic form of corporate ownership
Communism - CORRECT ANSWER - economic system in which all property would be
shared equally by the people of a community under the direction of a strong central government
