NAF EOC EXAM Q AND A

NAF EOC EXAM Q AND A

4fyPsfyoffymarketingfy-fyanswer--
fourfymajorfyaspectsfyoffymarketingfyprice,fypromotion,fyproduct,fyandfyplacefy(DISTRIBUTION)

Accountingfy-fyanswer--
Theoryfyandfysystemfyoffysettingfyup,maintaining,fyandfyauditingfythefybooksfyoffyafyfirm,fyartfyoffyanalyzingfythefyfinancialfypos
itionfyandfyoperatingfyresultsfyoffyafybusinessfyhousefyfromfyafystudyfyoffyitsfysales,fypurchases,fyoverhead,fyandfysofyforth.

AddedfyValuefy-fyanswer--Increasefyinfyworthfyoffyafyproductfyorfyservicefyasfyafyresultfyoffyafyparticularfyactivity

Advertisingfy-fyanswer--
Purchasefyoffyspacefyinfyafypublicationfyorfypublicfyplacefyforfyafycompanyfytofypresentfypromotionalfymaterialsfyinfyorderfytofyr
eachfyitsfycustomers

angelfyinvestorfy-fyanswer--individualfywhofyinvestsfyinfyafybusinessfyventure,fyprovidingfycapitalfyforfystart-
upfyorfyexpansion,fyinfyexchangefyforfyafyhigherfyratefyoffyreturnfythanfywouldfybefygivenfybyfymorefytraditionalfyinvestments

associate'sfydegreefy(AA)fy-fyanswer--degreefygivenfyforfysuccessfulfycompletionfyoffysomefycoursesfyoffystudyfyasfyafytwo-
yearfycollege

bachelorfyoffybusinessfyadministrationfy(BBA)fy-fyanswer--bachelorfyoffybusinessfyadminstration

bachelor'sfydegreefy-fyanswer--
academicfydegreefytypicallyfyrequiringfyfourfyyearsfyoffystudy,fysomeonefywhofyhasfysuccessfullyfycompletedfyundergradua
tefystudies;fyafybachelorfyoffyartsfyisfyafy(BA)fyandfyafybachelorfyoffysciencefyisfyafy(BS)

biasfy-fyanswer--
afypreferencefyoffysubjectivefybackgroundfythatfypreventsfysomeonefyfromfyconsideringfyanfyissuefyobjectively

boardfyoffyadvisorsfy-fyanswer--
anfyinformalfygroupfyoffyadvisorsfywithfynofylegalfysanctionsfythatfyguidesfyandfyprovidesfydirectionfytofythefyenterpreneurs

boardfyoffydirectorsfy-fyanswer--
formalfygroupfyoffyelectedfyadvisorsfythatfysetfypolicy,fyhelpfyshapefyafybusiness'sfydailyfyoperationsfyandfygrowthfystrategy,fy
andfyprovidefydirectionfytofythefyentrepreneurs

bondingfyinsurancefy-fyanswer--
typefyoffyinsurancefythatfyprotectsfyagainstfyactionsfyoffythefycompany'sfyemployees,fysuchfyasfyemployeefytheftfyorfyworkfyth
atfyisfynotfyfinishedfyonfytime

businessfylifefycyclefy-fyanswer--relativefygrowthfyandfydeclinefyoffyprofitfyoverfythefycoursefyoffyafybusiness'sfyexistence

businessfyplanfy-fyanswer--
writtenfydocumentfydetailingfyafybusiness'sfyplanfyoffyoperationsfyandfygoals,fyandfydescribingfyitsfyactivities,fymanagementfy
team,fycosts,fyandfyfinancialfyprojectionsfyandfyplans

casualtyfyinsurancefy-fyanswer--
typefyoffyinsurancefythatfyprotectsfyafybusinessfyfromfylawsuitsfybyfyprovidingfypaymentfyforfydamagesfyandfycourtfydefense


1fy/
fy1

,codefyoffyethicsfy-fyanswer--
documentfythatfyincludesfyafysetfyoffyrulesfyorfybehaviorsfygoverningfyanfyorganization'sfybusinessfypracticesfybasedfyonfyitsfy
valuesfyandfystandards

collegefy-fyanswer--institutionfyoffyhigherfylearningfythatfyoffersfyundergraduatefyprograms,fyusuallyfyoffyafyfour-
yearfyduration,fythatfyleadfytofyafybachelor'sfydegreefyinfythefyartsfyoffysciencesfy(BAfyorfyBS)

commonfysensefy-fyanswer--goodfyjudgementfybasedfyonfythefyperceptionfyoffyafysituationfyorfythefyfactsfypresented

competitivefyadvantagefy-fyanswer--
advantageousfypositionfythatfyafycompanyfyoccupiesfyinfyrelationfytofyitsfycompetition.fyThefytwofymostfycommonfytypesfyoffyc
ompetitivefyadvantagefyarefycostfyadvantagefyandfydifferentialfyadvantage

compliancefy-fyanswer--
actfyoffyadheringfytofyregulations,fylaws,fyandfystandardsfyestablishedfybyfygovernmentfyandfyprivatefyorganizations

consumerfyproductfysafetyfyactfy-fyanswer--
regulationfyoffy1972fyestablishingfyafyUSfyconsumerfyproductfysafetyfycommissionfychargedfywithfyestablishingfystandardsfy
andfylawsfytofytestfyandfyensurefythefysafetyfyoffyproductsfyofferedfyforfysalefyinfythefyU.S.

consumerfyproductfysafetyfyimprovementfyactfy-fyanswer--
lawfyenactedfyinfy2008fyrequiringfysafetyfytestingfyforfychildren'sfytoysfyandfyproducts,fycontroversialfyforfyitsfyimpactfyonfysma
llfybusinessesfyandfysecondhandfystores

copyrightfy-fyanswer--
legalfyprotectionfyforfycreativefyworksfysuchfyasfywriting,fyart,fymusic,fysoftware,fyimagesfyandfyvideo.fyCopyrightfycanfybefyfile
dfywithfythefylibraryfyoffycongressfyandfylastsfyforfythefylifefyoffyanfyindividualfyauthorfyplusfy70fyyears

corporatefygovernancefy-fyanswer--
systemfyoffyrules,fyregulations,fyandfystandardsfythatfydirectfyandfycontrolfythefyethicalfyactions

corporatefyresposibilityfy-fyanswer--
voluntaryfychoicefyoffymajorfystakeholders,fysuchfyasfyofficersfyandfydirectorsfyoffyafycorporation,fytofybehavefyethicallyfyandfy
makefysociallyfyresponsiblefychoices

costfyadvantagefy-fyanswer--
typefyoffycompetitivefyadvantagefythatfyrelatesfytofyafycompany'sfyabilityfytofysellfyafyproductfyorfyservicefyatfyafylowerfycostfytha
nfyitsfycompetitor

cost-benefitfyanalysisfy-fyanswer--
techniquefythatfyweighfythefybenefitsfyoffyafyprojectfyagainstfyitsfycostsfytofydeterminefyiffythefyprojectfyorfynewfybusinessfyisfyw
orthwile

costsfy-fyanswer--money,fytime,fyorfyresourcesfyassociatedfywithfyafypurchasefyorfyactivity

creativefycommonsfylicensesfy-fyanswer--
agreementfythefyauthorfyappliesfytofyworkfyinfyorderfytofyallowfyothersfytofyusefyitfymorefyfreelyfythanfyafytraditionalfycopyright,fy
trademark,fyorfypatentfywouldfyallow

creativityfy-fyanswer--abilityfytofygeneratefyinnovativefyideasfyandfymanifestfythemfyfromfythoughtfyintofyreality

cross-tabulationfy-fyanswer--
tablefyorfychartfythatfycomparesfytwofydifferentfysetsfyoffydatafybyfyincludingfyonefyvariablefyinfyafycolumnfyagainstfyafydifferentf
yvariablefyinfyrows
1fy/
fy1