NAF EOC EXAM WITH 100% CORRECT
ANSWERS
4 Ps of marketing - correct answer-four major aspects of marketing price, promotion,
product, and place (DISTRIBUTION)
Accounting - correct answer-Theory and system of setting up,maintaining, and auditing
the books of a firm, art of analyzing the financial position and operating results of a
business house from a study of its sales, purchases, overhead, and so forth.
Added Value - correct answer-Increase in worth of a product or service as a result of a
particular activity
Advertising - correct answer-Purchase of space in a publication or public place for a
company to present promotional materials in order to reach its customers
angel investor - correct answer-individual who invests in a business venture, providing
capital for start-up or expansion, in exchange for a higher rate of return than would be
given by more traditional investments
associate's degree (AA) - correct answer-degree given for successful completion of
some courses of study as a two-year college
bachelor of business administration (BBA) - correct answer-bachelor of business
adminstration
bachelor's degree - correct answer-academic degree typically requiring four years of
study, someone who has successfully completed undergraduate studies; a bachelor of
arts is a (BA) and a bachelor of science is a (BS)
bias - correct answer-a preference of subjective background that prevents someone
from considering an issue objectively
board of advisors - correct answer-an informal group of advisors with no legal sanctions
that guides and provides direction to the enterpreneurs
board of directors - correct answer-formal group of elected advisors that set policy, help
shape a business's daily operations and growth strategy, and provide direction to the
entrepreneurs
, bonding insurance - correct answer-type of insurance that protects against actions of
the company's employees, such as employee theft or work that is not finished on time
business life cycle - correct answer-relative growth and decline of profit over the course
of a business's existence
business plan - correct answer-written document detailing a business's plan of
operations and goals, and describing its activities, management team, costs, and
financial projections and plans
casualty insurance - correct answer-type of insurance that protects a business from
lawsuits by providing payment for damages and court defense
code of ethics - correct answer-document that includes a set of rules or behaviors
governing an organization's business practices based on its values and standards
college - correct answer-institution of higher learning that offers undergraduate
programs, usually of a four-year duration, that lead to a bachelor's degree in the arts of
sciences (BA or BS)
common sense - correct answer-good judgement based on the perception of a situation
or the facts presented
competitive advantage - correct answer-advantageous position that a company
occupies in relation to its competition. The two most common types of competitive
advantage are cost advantage and differential advantage
compliance - correct answer-act of adhering to regulations, laws, and standards
established by government and private organizations
consumer product safety act - correct answer-regulation of 1972 establishing a US
consumer product safety commission charged with establishing standards and laws to
test and ensure the safety of products offered for sale in the U.S.
consumer product safety improvement act - correct answer-law enacted in 2008
requiring safety testing for children's toys and products, controversial for its impact on
small businesses and secondhand stores
copyright - correct answer-legal protection for creative works such as writing, art, music,
software, images and video. Copyright can be filed with the library of congress and lasts
for the life of an individual author plus 70 years
corporate governance - correct answer-system of rules, regulations, and standards that
direct and control the ethical actions
ANSWERS
4 Ps of marketing - correct answer-four major aspects of marketing price, promotion,
product, and place (DISTRIBUTION)
Accounting - correct answer-Theory and system of setting up,maintaining, and auditing
the books of a firm, art of analyzing the financial position and operating results of a
business house from a study of its sales, purchases, overhead, and so forth.
Added Value - correct answer-Increase in worth of a product or service as a result of a
particular activity
Advertising - correct answer-Purchase of space in a publication or public place for a
company to present promotional materials in order to reach its customers
angel investor - correct answer-individual who invests in a business venture, providing
capital for start-up or expansion, in exchange for a higher rate of return than would be
given by more traditional investments
associate's degree (AA) - correct answer-degree given for successful completion of
some courses of study as a two-year college
bachelor of business administration (BBA) - correct answer-bachelor of business
adminstration
bachelor's degree - correct answer-academic degree typically requiring four years of
study, someone who has successfully completed undergraduate studies; a bachelor of
arts is a (BA) and a bachelor of science is a (BS)
bias - correct answer-a preference of subjective background that prevents someone
from considering an issue objectively
board of advisors - correct answer-an informal group of advisors with no legal sanctions
that guides and provides direction to the enterpreneurs
board of directors - correct answer-formal group of elected advisors that set policy, help
shape a business's daily operations and growth strategy, and provide direction to the
entrepreneurs
, bonding insurance - correct answer-type of insurance that protects against actions of
the company's employees, such as employee theft or work that is not finished on time
business life cycle - correct answer-relative growth and decline of profit over the course
of a business's existence
business plan - correct answer-written document detailing a business's plan of
operations and goals, and describing its activities, management team, costs, and
financial projections and plans
casualty insurance - correct answer-type of insurance that protects a business from
lawsuits by providing payment for damages and court defense
code of ethics - correct answer-document that includes a set of rules or behaviors
governing an organization's business practices based on its values and standards
college - correct answer-institution of higher learning that offers undergraduate
programs, usually of a four-year duration, that lead to a bachelor's degree in the arts of
sciences (BA or BS)
common sense - correct answer-good judgement based on the perception of a situation
or the facts presented
competitive advantage - correct answer-advantageous position that a company
occupies in relation to its competition. The two most common types of competitive
advantage are cost advantage and differential advantage
compliance - correct answer-act of adhering to regulations, laws, and standards
established by government and private organizations
consumer product safety act - correct answer-regulation of 1972 establishing a US
consumer product safety commission charged with establishing standards and laws to
test and ensure the safety of products offered for sale in the U.S.
consumer product safety improvement act - correct answer-law enacted in 2008
requiring safety testing for children's toys and products, controversial for its impact on
small businesses and secondhand stores
copyright - correct answer-legal protection for creative works such as writing, art, music,
software, images and video. Copyright can be filed with the library of congress and lasts
for the life of an individual author plus 70 years
corporate governance - correct answer-system of rules, regulations, and standards that
direct and control the ethical actions
