BUSI 1301 INTRODUCTION TO BUSINESS FINAL
EXAM REVIEW QUESTIONS CORRECTLY
ANSWERED TEXAS A&M UNIVERSITY
A marketing term that describes new ways of gaining attention and ultimately
customers by creating content on a website that pulls customers in.
2.
Outsourcing tasks to a group of people in order to tap into the ideas of the crowd.
3.
The utilization of social media technologies, channels, and software to create,
communicate, deliver, and exchange offerings that have value for an organization.
4.
The process of finding outside vendors and suppliers that provide professional
help, parts, or materials at a lower cost.
Match the terms with their definitions:
__2__
information
__5__
data
__1__
database
__4__
knowledge management (KM)
__3__
,management information system (MIS)
Correct Answer -1.
A single collection of data and information stored in one place that can be used
by people throughout an organization to make decisions.
2.
Data presented in a form that is useful for a specific purpose.
3.
A system that provides managers and employees with the information they need
to perform their jobs as effectively as possible.
4.
A firm's procedures for generating, using, and sharing the data and information.
5.
Numerical or verbal descriptions that usually result form some sort of
measurement.
Match the terms with their definitions:
__5__
Government Accounting
__3__
Not-for-profit Accounting
__1__
Financial Accounting
__2__
Managerial Accounting
__4__
Cost Accounting
,__6__
Tax Accounting
Correct Answer -1.
Generates financial statements and reports for interested people outside an
organization.
2.
Provides managers and employees with the information needed to make
decisions about a firm's financing, investing, marketing, and operating activities.
3.
Helping not-for-profit organizations to account for all donations and
expenditures.
4.
Determining the cost of producing specific products or services.
5.
Providing basic accounting services to ensure that tax revenues are collected and
used to meet the goals of state, local, and federal agencies.
6.
Planning tax strategy and preparing tax returns for firms or individuals.
Match the terms with the definitions:
__3__
Liquidity
__2__
Current Assets
__4__
Fixed Assets
, __1__
Intangible Assets
Correct Answer -1.
Assets that do not exist physically but that have a value based on the rights or
priviledges they confer on a firm.
2.
Assets that can be converted quickly into cash or that will be used in one year or
less.
3.
The ease with which an asset can be converted into cash.
4.
Assets that will be held or used for a period longer than one year.
___________ is the difference between a firm's assets and its liabilities.
Correct Answer -owner's equity
A statement that illustrates how the company's operating, investing, and
financing activities affect cash during an accounting period is called a(an)
___________.
Correct Answer -Statement of Cash Flows
___________ are the resources that a business owns.
Correct Answer -assets
The actual dollar amounts received by a firm for the goods and services it has sold
after adjustment for returns, allowances, and discounts is known as __________.
Correct Answer -net sales
EXAM REVIEW QUESTIONS CORRECTLY
ANSWERED TEXAS A&M UNIVERSITY
A marketing term that describes new ways of gaining attention and ultimately
customers by creating content on a website that pulls customers in.
2.
Outsourcing tasks to a group of people in order to tap into the ideas of the crowd.
3.
The utilization of social media technologies, channels, and software to create,
communicate, deliver, and exchange offerings that have value for an organization.
4.
The process of finding outside vendors and suppliers that provide professional
help, parts, or materials at a lower cost.
Match the terms with their definitions:
__2__
information
__5__
data
__1__
database
__4__
knowledge management (KM)
__3__
,management information system (MIS)
Correct Answer -1.
A single collection of data and information stored in one place that can be used
by people throughout an organization to make decisions.
2.
Data presented in a form that is useful for a specific purpose.
3.
A system that provides managers and employees with the information they need
to perform their jobs as effectively as possible.
4.
A firm's procedures for generating, using, and sharing the data and information.
5.
Numerical or verbal descriptions that usually result form some sort of
measurement.
Match the terms with their definitions:
__5__
Government Accounting
__3__
Not-for-profit Accounting
__1__
Financial Accounting
__2__
Managerial Accounting
__4__
Cost Accounting
,__6__
Tax Accounting
Correct Answer -1.
Generates financial statements and reports for interested people outside an
organization.
2.
Provides managers and employees with the information needed to make
decisions about a firm's financing, investing, marketing, and operating activities.
3.
Helping not-for-profit organizations to account for all donations and
expenditures.
4.
Determining the cost of producing specific products or services.
5.
Providing basic accounting services to ensure that tax revenues are collected and
used to meet the goals of state, local, and federal agencies.
6.
Planning tax strategy and preparing tax returns for firms or individuals.
Match the terms with the definitions:
__3__
Liquidity
__2__
Current Assets
__4__
Fixed Assets
, __1__
Intangible Assets
Correct Answer -1.
Assets that do not exist physically but that have a value based on the rights or
priviledges they confer on a firm.
2.
Assets that can be converted quickly into cash or that will be used in one year or
less.
3.
The ease with which an asset can be converted into cash.
4.
Assets that will be held or used for a period longer than one year.
___________ is the difference between a firm's assets and its liabilities.
Correct Answer -owner's equity
A statement that illustrates how the company's operating, investing, and
financing activities affect cash during an accounting period is called a(an)
___________.
Correct Answer -Statement of Cash Flows
___________ are the resources that a business owns.
Correct Answer -assets
The actual dollar amounts received by a firm for the goods and services it has sold
after adjustment for returns, allowances, and discounts is known as __________.
Correct Answer -net sales
