NAF EOC EXAM questions with 100%
correct answers graded A+
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
correct answers graded A+
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
