NAF EOC EXAM QUESTIONS AND ANSWERS SOLVED 100%
4 Ps of marketing - Answers four major aspects of marketing price, promotion, product, and place
(DISTRIBUTION)
Accounting - Answers 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 - Answers Increase in worth of a product or service as a result of a particular activity
Advertising - Answers Purchase of space in a publication or public place for a company to present
promotional materials in order to reach its customers
angel investor - Answers 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) - Answers degree given for successful completion of some courses of study as a
two-year college
bachelor of business administration (BBA) - Answers bachelor of business adminstration
bachelor's degree - Answers 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 - Answers a preference of subjective background that prevents someone from considering an issue
objectively
board of advisors - Answers an informal group of advisors with no legal sanctions that guides and
provides direction to the enterpreneurs
board of directors - Answers 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 - Answers 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 - Answers relative growth and decline of profit over the course of a business's
existence
business plan - Answers 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 - Answers type of insurance that protects a business from lawsuits by providing
payment for damages and court defense
, code of ethics - Answers document that includes a set of rules or behaviors governing an organization's
business practices based on its values and standards
college - Answers 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 - Answers good judgement based on the perception of a situation or the facts presented
competitive advantage - Answers 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 - Answers act of adhering to regulations, laws, and standards established by government
and private organizations
consumer product safety act - Answers 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 - Answers law enacted in 2008 requiring safety testing for
children's toys and products, controversial for its impact on small businesses and secondhand stores
copyright - Answers 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 - Answers system of rules, regulations, and standards that direct and control the
ethical actions
corporate resposibility - Answers voluntary choice of major stakeholders, such as officers and directors
of a corporation, to behave ethically and make socially responsible choices
cost advantage - Answers type of competitive advantage that relates to a company's ability to sell a
product or service at a lower cost than its competitor
cost-benefit analysis - Answers technique that weigh the benefits of a project against its costs to
determine if the project or new business is worthwile
costs - Answers money, time, or resources associated with a purchase or activity
creative commons licenses - Answers agreement the author applies to work in order to allow others to
use it more freely than a traditional copyright, trademark, or patent would allow
creativity - Answers ability to generate innovative ideas and manifest them from thought into reality
cross-tabulation - Answers table or chart that compares two different sets of data by including one
variable in a column against a different variable in rows
4 Ps of marketing - Answers four major aspects of marketing price, promotion, product, and place
(DISTRIBUTION)
Accounting - Answers 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 - Answers Increase in worth of a product or service as a result of a particular activity
Advertising - Answers Purchase of space in a publication or public place for a company to present
promotional materials in order to reach its customers
angel investor - Answers 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) - Answers degree given for successful completion of some courses of study as a
two-year college
bachelor of business administration (BBA) - Answers bachelor of business adminstration
bachelor's degree - Answers 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 - Answers a preference of subjective background that prevents someone from considering an issue
objectively
board of advisors - Answers an informal group of advisors with no legal sanctions that guides and
provides direction to the enterpreneurs
board of directors - Answers 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 - Answers 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 - Answers relative growth and decline of profit over the course of a business's
existence
business plan - Answers 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 - Answers type of insurance that protects a business from lawsuits by providing
payment for damages and court defense
, code of ethics - Answers document that includes a set of rules or behaviors governing an organization's
business practices based on its values and standards
college - Answers 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 - Answers good judgement based on the perception of a situation or the facts presented
competitive advantage - Answers 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 - Answers act of adhering to regulations, laws, and standards established by government
and private organizations
consumer product safety act - Answers 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 - Answers law enacted in 2008 requiring safety testing for
children's toys and products, controversial for its impact on small businesses and secondhand stores
copyright - Answers 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 - Answers system of rules, regulations, and standards that direct and control the
ethical actions
corporate resposibility - Answers voluntary choice of major stakeholders, such as officers and directors
of a corporation, to behave ethically and make socially responsible choices
cost advantage - Answers type of competitive advantage that relates to a company's ability to sell a
product or service at a lower cost than its competitor
cost-benefit analysis - Answers technique that weigh the benefits of a project against its costs to
determine if the project or new business is worthwile
costs - Answers money, time, or resources associated with a purchase or activity
creative commons licenses - Answers agreement the author applies to work in order to allow others to
use it more freely than a traditional copyright, trademark, or patent would allow
creativity - Answers ability to generate innovative ideas and manifest them from thought into reality
cross-tabulation - Answers table or chart that compares two different sets of data by including one
variable in a column against a different variable in rows
