WGU C201 BUSINESS ACUMEN EXAMPREP
TESTED QUESTIONS AND DETAILED
SOLUTIONS
◉ Accounting Cycle.
Answer: Set of activities involved in converting information and
individual transactions into financial statements.
◉ Accounting Equation/Accounting Identity.
Answer: Formula that states Assets must equal Liabilities plus
Owners' Equity.
◉ Assets.
Answer: Liabilities + Owners' Equity
◉ Accrual Accounting.
Answer: Accounting method that records revenues and expenses
when they occur, not necessarily when cash actually changes hands.
◉ Advertising.
Answer: Paid non-personal communication, usually targeted at large
numbers of potential buyers
,◉ Affinity Program.
Answer: Marketing effort sponsored by an organization that solicits
involvement by individuals who share common interests and
activities
◉ Application Service Provider.
Answer: outside supplier that provides both the computers and the
application support for managing an information system
◉ Asset.
Answer: anything of value owned or leased by a company
◉ Balance Sheet.
Answer: statement of a firm's financial position on a particular date
◉ Balanced Budget.
Answer: situation in which total revenues raised by taxes and fees
equal total proposed government spending for the year
◉ Business (B2B) Product.
Answer: good or service purchased to be used, either directly or
indirectly, in the production of other goods for resale
,◉ Business Intelligence.
Answer: activities and technologies for gathering, storing, and
analyzing data to make better competitive decisions
◉ Capital Structure.
Answer: mix of a firm's debt and equity capital
◉ Capitalism.
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.
Answer: economic system that rewards firms for their ability to
perceive and serve the needs and demands of consumers; also called
Capitalism
◉ Category Advisor.
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.
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.
Answer: marketing that promotes a cause or social issue, such as
preventing child abuse, anti-littering efforts, and stop smoking
campaigns
◉ Centralization.
Answer: decision making based at the top of the management
hierarchy
◉ Chain of Command.
Answer: set of relationships that indicates who directs which
activities and who reports to whom
◉ Chief Information Officer (CIO).
Answer: executive responsible for managing a firm's information
system and related computer technologies
◉ Cloud Computing.
TESTED QUESTIONS AND DETAILED
SOLUTIONS
◉ Accounting Cycle.
Answer: Set of activities involved in converting information and
individual transactions into financial statements.
◉ Accounting Equation/Accounting Identity.
Answer: Formula that states Assets must equal Liabilities plus
Owners' Equity.
◉ Assets.
Answer: Liabilities + Owners' Equity
◉ Accrual Accounting.
Answer: Accounting method that records revenues and expenses
when they occur, not necessarily when cash actually changes hands.
◉ Advertising.
Answer: Paid non-personal communication, usually targeted at large
numbers of potential buyers
,◉ Affinity Program.
Answer: Marketing effort sponsored by an organization that solicits
involvement by individuals who share common interests and
activities
◉ Application Service Provider.
Answer: outside supplier that provides both the computers and the
application support for managing an information system
◉ Asset.
Answer: anything of value owned or leased by a company
◉ Balance Sheet.
Answer: statement of a firm's financial position on a particular date
◉ Balanced Budget.
Answer: situation in which total revenues raised by taxes and fees
equal total proposed government spending for the year
◉ Business (B2B) Product.
Answer: good or service purchased to be used, either directly or
indirectly, in the production of other goods for resale
,◉ Business Intelligence.
Answer: activities and technologies for gathering, storing, and
analyzing data to make better competitive decisions
◉ Capital Structure.
Answer: mix of a firm's debt and equity capital
◉ Capitalism.
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.
Answer: economic system that rewards firms for their ability to
perceive and serve the needs and demands of consumers; also called
Capitalism
◉ Category Advisor.
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.
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.
Answer: marketing that promotes a cause or social issue, such as
preventing child abuse, anti-littering efforts, and stop smoking
campaigns
◉ Centralization.
Answer: decision making based at the top of the management
hierarchy
◉ Chain of Command.
Answer: set of relationships that indicates who directs which
activities and who reports to whom
◉ Chief Information Officer (CIO).
Answer: executive responsible for managing a firm's information
system and related computer technologies
◉ Cloud Computing.
