WGU C201 STUDY GUIDE 2026
COMPLETE SOLUTIONS VERIFIED
PASS
◉ 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.
Answer: powerful servers store applications software and databases for
users to access the software and databases via the Web using anything
from a PC to a smart phone
◉ Cobranding.
Answer: cooperative arrangement in which two or more businesses team
up to closely link their names on a single product
◉ Comarketing.
COMPLETE SOLUTIONS VERIFIED
PASS
◉ 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.
Answer: powerful servers store applications software and databases for
users to access the software and databases via the Web using anything
from a PC to a smart phone
◉ Cobranding.
Answer: cooperative arrangement in which two or more businesses team
up to closely link their names on a single product
◉ Comarketing.
