Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Management > Compend Test > Flashcards

Compend Test Flashcards

1
Q

A business that makes finished goods from raw materials by hand or machinery is referred to as a

A

Manufacturing business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A business that purchases finished goods for resale is referred to as a

A

Merchandising Business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A particular business that provides a service as opposed to a product is referred to as a

A

Service Business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

An individual that assumes the risks associated with a new venture start up can be referred to as an

A

Entrepreneur

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A group of potential customers that are recognized as possessing purchasing power and unsatisfied needs defines

A

Market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

The main objective in a market survey is

A

To determine where the potential customers are

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Any capital that is invested in a business by the owner can be called

A

Equity capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Any credit that is extended from one business to another in order to help finance the distribution of goods from the producer is called

A

Trade Credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Long-term capital that is invested in a business is referred to as

A

Fixed Capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

In a business, the number of times the average inventory is sold or used up can be referred to as

A

Inventory turnover

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

A point in business operations whereby total sales revenue equals total costs

A

Break-Even Point

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

If a prospective business owner attempts to statistically study such factors as human population size, density, and wealth, we would refer to this as

A

Demographics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The art of making the public aware of one’s products and/or services that are for sale can be referred to as

A

Advertising

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Any effort undertaken to retain and preserve the assets and earning power of a business is called

A

Risk Management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Factors associated with evaluating a credit risk would involve all of the following except

A

Inventory control considerations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

In business, a reduction of selling price below original selling price is referred to as

A

Markdown

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

In a business, the name, goodwill, copyrights, and patents are referred to as

A

Intangible Assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

In organizing a business, a legal form of organization that is authorized by a state to operate a business under a stat charter is referred to as a

A

Corporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

A written description of a new idea that projects marketing, operational, and financial aspects of a proposed business is known as a

A

New Venture Plan and Business Plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

A management function which compares organization and individual performance with predetermined standards or expected results is known as

A

Evaluating and Controlling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

A line of credit that may be used over and over again up to a certain borrowing limit is called

A

Revolving or Open end Credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Capital that is invested in the business by the owner is known as

A

Equity Capital or Personal Capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

The difference between current assets and current liabilities is

A

Working or Circulating Capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Which of the following are functions of management

A

Controlling and Actuating

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Which of the following is an external problem and risk of business ownership
Tax Burdens and Human Resource Planning
26
Which of the following is an intangible asset?
Name of the business and Goodwill
27
Which of the following are advantages of a sole proprietorship?
Efficiency of labor and Ease of starting
28
Which of the following are disadvantages of a sole proprietorship?
Unlimited Liability and Limited Management Ability
29
Which of the following are advantages of a partnership?
Combined management, talent, and capital, and Continuity in existence
30
Which of the following are disadvantages of a partnership
Death or incapacity of one of the partners may end the partnership and Double Taxation
31
Which of the following are advantages of a corporation
Large financial capability and limited liability of each owner
32
Which of the following are disadvantages of a corporation
Legal restrictions on activities and Lack or personal interest
33
Which of the following are examples of debt capital
Commercial loans and Venture Capitalists
34
Which of the following are advantages of extending credit
Sales are increase and Goodwill is built-up and easily maintained
35
Legislation guarantees disabled people equal access to employment, as well as access to public places, is known as
ADA
36
A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most US employees is known as
OSHA
37
A type of credit granted by retailers that is used by individuals or families for the satisfaction of their own wants is known as
Consumer Credit
38
A form of legal organization in which a business association made up of two or more persons is formed for the purpose of carrying on as co-owners is known as a
Partnership
39
One who organizes, manages, and assumes the risk of a business firm or venture is known as
An Entreprenuer
40
The current asset items consisting of cash, inventories, and accounts receivables is known as
Circulating Capital
41
The number of times the average inventory has been sold or used up during a period is known as
Inventory Turnover
42
Which of the following is NOT a consumer buying motive
Indemnity
43
A document that lists the major responsibilities and tasks of the job is known as a job
Description
44
The form of legal organization that is owned and operated by one person is the
Proprietorship
45
A legal form of organization whereby a legal entity is authorized by a state to operate a business under the entity's charter or articles of incorporation is known as a
Corporation
46
The combination of two or more individual's talents and capital serves as an advantage of the legal form of ownership known as a
Partnership
47
A common business credit/sales term is
2/10, n30
48
Rent is an example of a
Fixed expense
49
Which of the following is NOT a characteristic of a small business
Actively managed by stockholders
50
The simplest and most common legal form of business ownership is
Sole Proprietorship
51
The statistical study of human populations with respect to their size, density, distribution composition, and income is known as
Demographics
52
Capital that is invested in the business by the owner is known as
Equity Capital
53
A source of debt capital would include
Commercial loans
54
A plan which provides inducements to potential purchasers of products and/or services is called
Sales Promotions
55
A cost which is uniform per unit, but fluctuates in total, in direct proportion to change in the related total activity or volume is known as
Variable Expense
56
An interview whereby the applicant is asked a predetermined set of questions is known as
A structured interview
57
Which of the following is an internal problem that can lead to business failure
Lack of Expertise
58
An external problem that can lead to small business failure is
Consumerism
59
A factor to be considered with the evaluation of a credit risk would be the
Credit Application
60
Which of the following would not be an insurance risk to consider
Terms of the sale
61
Which of the following is not a way to reduce the risks
Take on more risks
62
Which of the following is a requirement for a building layout
Accessibility
63
A BFQQ is
A qualification that is absolutely necessary
64
Which of the following is not a type of consumer credit
Personal Checks
65
The type of consumer credit where the balance is paid in small monthly (fractional) payments over a period of time is
Installment Credit
66
When selecting employees, the applicant's appearance, poise, speech, and other characteristics may best be determined by
The employment interview
67
The difference between merchandise cost and the selling price is known as the
Mark-up
68
Which of the following is not included in the employment application
Applicant's sex
69
Which of the following is an example of a variable expense
Repairs
70
The difference between current assets and current liabilities is
Working capital
71
Long term capital invested in the business is
Fixed Capital
72
Which of the following is not an advantage of a corporation
Legal restrictions of activities
73
Which of the following is recognized as a disadvantage of extending credit
Some losses from bad debts and customers with fraudulent intentions are bound to occur
74
Which of the following has the disadvantage of no limit being placed on the owner's personal liability
Proprietorship
75
Which of the following is not used to measure the success of advertising
Income trends in the community
76
Which of the following statements is true concerning consumer credit
Credit customers are more interested in quality and service than price
77
A strategy available to absorb risks would be
To remove the cause
78
A strategy to minimize risk would be to
Purchase outside insurance
79
Whenever a business must pay for the merchandise before its delivery, which of the sales terms apply
CBD
80
Which of the following federal laws affecting employment concerns prohibits wage discrimination based on the sex of the worker
Equal Pay Act of 1963
81
The wealth produced in or near a community that provides employment and income to the local population is known as the
Economic Base
82
The practice of trying to get something that is being sought by others under similar circumstances at the same time is known as
Competition
83
Which of the following is an internal problem that can contribute to the failure of a business
Financial Shortages
84
On a chart which plots sales, fixed and variable costs for a given period of time, the point where the sales and the total cost lines intersect is called the
Break Even Point
85
2/10, n30 means
A 2% discount if invoice is paid within 10 days, net due in 30 days
86
Which of the following is not a consideration concerning the selection of suppliers
Whether or not they have an acceptable accounts receivable ratio
87
All of the following are factors which can affect the recruitment and selection of employees except
The religion of the applicant
88
The principal government agency concerned with the financing, operation, and management of small businesses is the
Small Business Administration
89
A written description of a new idea that projects marketing, operational, and financial aspects of a proposed business is known as
A business plan
90
Which of the following is normally not a source of published market data
Census of banking
91
Which of the following laws prohibits discrimination against any qualified individual with a disibility
Americans with Disability ACt
92
Which of the following acts outlaws discrimination in employment based on race, color, religion, sex, pregnancy, or natural origin?
Civil Rights Act
93
The quantity to be purchased which minimized total cost is referred to as the
Economic Order Quantity
94
Business interruption insurance covers
Lost income
95
Life insurance that protects a firm against losses due to the death of a key employee is known as
Key Person insurance
96
The association of business firms that promotes ethical conduct by all business firms in a community is known as the
Better Business Bureau
97
An association of business people who attempt to protect and promote the commercial interests in a community is known as the
Chamber of Commerce
98
A management function which compares organizational and individual performance with predetermined standards or expected results is
Controlling
99
Which of the following refers to those activities which encourage subordinates to work toward the achievement of the company's goals
Directing
100
Selling a business's accounts receivable for cash to a third party is referred to as
Factoring

Management (20 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions