Bom Final Exam Review Questions With Complete
Solutions
Absolute Advantage Correct Answers When a country can
produce a good more efficiently than another country.
Accounting Correct Answers Accounting is the process of
recording, summarizing, and reporting financial information.
Accounting Equation Correct Answers Assets = Liabilities +
Owner's Equity
Acquisition Correct Answers One company buys another
company.
Advantages of Corporation Correct Answers Limited liability.
Can raise large amounts of money. Continues to exist if owners
change. Easier transfer of ownership.
Aesthetic Modification Correct Answers Changes appearance
or style.
Affirmative Action Correct Answers Programs designed to
improve opportunities for groups that have faced discrimination.
Alien Corporation Correct Answers A corporation operating in
a country different from where it was incorporated.
Analytical Skills Correct Answers Ability to solve problems
using information.
,Asset Correct Answers Something owned.
Assets Correct Answers Items of value owned by a business.
Audit Correct Answers An audit is an official examination of
financial records.
Autocratic/Authoritarian Leadership Correct Answers Manager
makes decisions alone.
Balance of Payments Correct Answers A record of all money
flowing into and out of a country from trade, investments, and
other transactions.
Balance of Trade Correct Answers The difference between a
country's exports and imports.
Behavioral Segmentation Correct Answers Segmentation based
on buying habits, brand loyalty, product usage.
Benefits of Franchising Correct Answers Recognized brand
name. Training and support. Proven business model. Easier
start-up than creating a new business alone.
Biggest disadvantage of a sole proprietorship Correct Answers
Unlimited liability.
Bond Correct Answers Loan to a company or government.
Brand Correct Answers A name, symbol, design, or
combination that identifies a product.
, Brand mark Correct Answers Symbol or design.
Brand name Correct Answers Spoken part of a brand.
Business Correct Answers An organization or activity that
provides goods or services to customers, usually in order to earn
a profit.
Business Cycle Correct Answers Includes prosperity,
recession, depression, and recovery.
Business Ethics Correct Answers Moral rules and principles
that guide business behavior.
Business Products Correct Answers Products bought by
businesses to use in operations or production.
Buying long Correct Answers Profit if stock price rises.
Capitalism/Free Enterprise Correct Answers Private ownership
and competition.
Cash flow Correct Answers Money moving into and out of a
business.
Caveat Emptor Correct Answers Means 'let the buyer beware.'
The buyer is responsible for checking the quality of a product
before buying.
Solutions
Absolute Advantage Correct Answers When a country can
produce a good more efficiently than another country.
Accounting Correct Answers Accounting is the process of
recording, summarizing, and reporting financial information.
Accounting Equation Correct Answers Assets = Liabilities +
Owner's Equity
Acquisition Correct Answers One company buys another
company.
Advantages of Corporation Correct Answers Limited liability.
Can raise large amounts of money. Continues to exist if owners
change. Easier transfer of ownership.
Aesthetic Modification Correct Answers Changes appearance
or style.
Affirmative Action Correct Answers Programs designed to
improve opportunities for groups that have faced discrimination.
Alien Corporation Correct Answers A corporation operating in
a country different from where it was incorporated.
Analytical Skills Correct Answers Ability to solve problems
using information.
,Asset Correct Answers Something owned.
Assets Correct Answers Items of value owned by a business.
Audit Correct Answers An audit is an official examination of
financial records.
Autocratic/Authoritarian Leadership Correct Answers Manager
makes decisions alone.
Balance of Payments Correct Answers A record of all money
flowing into and out of a country from trade, investments, and
other transactions.
Balance of Trade Correct Answers The difference between a
country's exports and imports.
Behavioral Segmentation Correct Answers Segmentation based
on buying habits, brand loyalty, product usage.
Benefits of Franchising Correct Answers Recognized brand
name. Training and support. Proven business model. Easier
start-up than creating a new business alone.
Biggest disadvantage of a sole proprietorship Correct Answers
Unlimited liability.
Bond Correct Answers Loan to a company or government.
Brand Correct Answers A name, symbol, design, or
combination that identifies a product.
, Brand mark Correct Answers Symbol or design.
Brand name Correct Answers Spoken part of a brand.
Business Correct Answers An organization or activity that
provides goods or services to customers, usually in order to earn
a profit.
Business Cycle Correct Answers Includes prosperity,
recession, depression, and recovery.
Business Ethics Correct Answers Moral rules and principles
that guide business behavior.
Business Products Correct Answers Products bought by
businesses to use in operations or production.
Buying long Correct Answers Profit if stock price rises.
Capitalism/Free Enterprise Correct Answers Private ownership
and competition.
Cash flow Correct Answers Money moving into and out of a
business.
Caveat Emptor Correct Answers Means 'let the buyer beware.'
The buyer is responsible for checking the quality of a product
before buying.
