FINOPS CERTIFIED PRACTITIONER FOCP
STUDY GUIDE PRACTICE QUESTIONS AND
COMPLETE SOLUTIONS GRADED A+
⩥ A(n) is a written statement of goals and objectives for a business with
a strategy to achieve them.
Answer: Business Plan
⩥ The movement of money into and out of a business is called .
Answer: Cash Flow
⩥ is an asset pledged that will be claimed by a lender if the loan is not
repaid.
Answer: Collateral
⩥ A person who starts a new business or purchases an existing business
is a(n)
Answer: Entrepreneur
⩥ Capital brought into a business in exchange for a percent of ownership
in the business is called
Answer: Equity Financing
,⩥ are critical skills necessary to perform the required work-related tasks
of a position
Answer: Job-Specific Skills
⩥ is someone with experience who can provide advice, suggestions, and
ideas
Answer: Mentor
⩥ the process of gathering and analyzing of information about a
business
Answer: Market Research
⩥ is a sentence in a business plan that describes the purpose of the
business
Answer: Mission Statement
⩥ outlines how company decisions are made
Answer: Policy
⩥ How a business identifies the hierarchy of the employees within a
business
Answer: Organizational structure
, ⩥ The authority structure of a company from the highest to the lowest
levels is called the
Answer: Chain of Command
⩥ the process of controlling and making decisions about a business
Answer: Management
⩥ plans are created for the long-term goals of an organization
Answer: Strategic Plans
⩥ The process of recruiting, hiring, training, evaluating, and
compensating employees is called
Answer: Staffing
⩥ Theory__managers believe that employees need close supervision at
all times.
Answer: Theory X
⩥ The practice of organizing time and work tasks to increase personal
efficiency is called
Answer: Time Management
STUDY GUIDE PRACTICE QUESTIONS AND
COMPLETE SOLUTIONS GRADED A+
⩥ A(n) is a written statement of goals and objectives for a business with
a strategy to achieve them.
Answer: Business Plan
⩥ The movement of money into and out of a business is called .
Answer: Cash Flow
⩥ is an asset pledged that will be claimed by a lender if the loan is not
repaid.
Answer: Collateral
⩥ A person who starts a new business or purchases an existing business
is a(n)
Answer: Entrepreneur
⩥ Capital brought into a business in exchange for a percent of ownership
in the business is called
Answer: Equity Financing
,⩥ are critical skills necessary to perform the required work-related tasks
of a position
Answer: Job-Specific Skills
⩥ is someone with experience who can provide advice, suggestions, and
ideas
Answer: Mentor
⩥ the process of gathering and analyzing of information about a
business
Answer: Market Research
⩥ is a sentence in a business plan that describes the purpose of the
business
Answer: Mission Statement
⩥ outlines how company decisions are made
Answer: Policy
⩥ How a business identifies the hierarchy of the employees within a
business
Answer: Organizational structure
, ⩥ The authority structure of a company from the highest to the lowest
levels is called the
Answer: Chain of Command
⩥ the process of controlling and making decisions about a business
Answer: Management
⩥ plans are created for the long-term goals of an organization
Answer: Strategic Plans
⩥ The process of recruiting, hiring, training, evaluating, and
compensating employees is called
Answer: Staffing
⩥ Theory__managers believe that employees need close supervision at
all times.
Answer: Theory X
⩥ The practice of organizing time and work tasks to increase personal
efficiency is called
Answer: Time Management
