FINOPS FINAL EXAM QUESTIONS AND
ANSWERS 100% CORRECT
Private investors who fund start-up businesses are called - ANSWER-Angel Investors
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
The ability to analyze a situation, interpret information, and make reasonable decisions
involves - ANSWER-Critical-Thinking Skills
The interacting forces within a group are - ANSWER-Group Dynamics
The area of management responsible for the activities necessary to produce goods and
services is - ANSWER-Operations Management
includes any activity related to making a product - ANSWER-Production
The process of changing and improving resources to create goods or services is called -
ANSWER-Conversion
is changing the form of raw materials for another use - ANSWER-Material Processing
The manufacturing of goods in large quantities using standard techniques is called -
ANSWER-Mass Production
Business______ is the activity of acquiring materials, supplies, or services necessary to
create a product - ANSWER-Business Purchasing
A _________inventory-control system should the quantity of inventory on hand at all
times - ANSWER-Perpetual inventory-control system
The process of deciding which products will be most strategic for an organization to
produce is ______________ planning - ANSWER-Product Planning
A prototype is used to test a new product and a(n) ________ -is used to test a new
service - ANSWER-Trial Run
A(n)________________ is a name, term, or design that sets a product or business
apart from its competition - ANSWER-Brand
The employees who work for a business are called - ANSWER-Human Resources
ANSWERS 100% CORRECT
Private investors who fund start-up businesses are called - ANSWER-Angel Investors
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
The ability to analyze a situation, interpret information, and make reasonable decisions
involves - ANSWER-Critical-Thinking Skills
The interacting forces within a group are - ANSWER-Group Dynamics
The area of management responsible for the activities necessary to produce goods and
services is - ANSWER-Operations Management
includes any activity related to making a product - ANSWER-Production
The process of changing and improving resources to create goods or services is called -
ANSWER-Conversion
is changing the form of raw materials for another use - ANSWER-Material Processing
The manufacturing of goods in large quantities using standard techniques is called -
ANSWER-Mass Production
Business______ is the activity of acquiring materials, supplies, or services necessary to
create a product - ANSWER-Business Purchasing
A _________inventory-control system should the quantity of inventory on hand at all
times - ANSWER-Perpetual inventory-control system
The process of deciding which products will be most strategic for an organization to
produce is ______________ planning - ANSWER-Product Planning
A prototype is used to test a new product and a(n) ________ -is used to test a new
service - ANSWER-Trial Run
A(n)________________ is a name, term, or design that sets a product or business
apart from its competition - ANSWER-Brand
The employees who work for a business are called - ANSWER-Human Resources
