Finance
A resource with economic value that an individual, corporation, or country owns with the expectation that it will provide a future benefit.
a) capital
b) asset
c) liability
d) credit
b) asset
How do agents, such as those involved in real estate transactions, usually make their money?
a) by taking a commission from the sales they generate
b) by buying products and selling them for a profit
c) by charging government agencies for all work performed
d) by charging fixed fees for every hour worked
a) by taking a commission from the sales they generate
If your liabilities exceed your assets, you will
a) owe more money than you have
b) earn more money than you owe
c) have more money than you owe
a) owe more money than you have
Tabular or graphical presentation of data is called:
a) business statistics
b) descriptive statistics
c) statistical inference
d) qualitative analysis
b) descriptive statistics
One major function of banks is to create money
a) by transferring money from one person or business to another.
b) by accepting deposits.
c) by making loans.
c) by making loans.
___ is the amount earned before taxes are withheld.
a) deductions
b) gross pay
c) salary
d) sick leave
b) gross pay
The product mix is:
a) product, place, price, promotion
b) a group of similar products with slight variations in the marketing mix to satisfy different needs in a market
c) advertising, public relations, sales promotion, personal selling
d) an accumulation of all products offered by a business.
a) product, place, price, promotion
The Federal Reserve System is responsible for
a) printing new currency and supervising the US Treasury
b) keeping gold reserves to back up Federal Reserve notes
c) setting monetary policy, supervising banks, and clearing checks
c) setting monetary policy, supervising banks, and clearing checks
A business's obligations to pay debts owed to lenders, suppliers, and creditors is known as:
a) accounts receivable
b) accounts payable
c) principal
d) interest
b) accounts payable
A shareholder's "piece" of the corporations profits is called a ___.
a) dividend
b) return on investment
c) salary
d) franchise
a) dividend
A long-term goal would be ___.
a) retirement savings
b) paying off a credit card that has a low credit limit
c) purchasing a car
d) annual vacations
a) retirement savings
The United States' latest trading partner is:
a) China
b) Mexico
c) Canada
d) the EU
c) Canada
Antitrust laws are designed to protect
a) competition
b) trusts
c) the environment
a) competition
A checking account is:
a) a bank account into which someone can deposit checks to earn large amounts of interest
b) a bank account against which the depositor can draw checks payable on demand
c) a system where individuals can ask for loans
d) a system where individuals can claim loans
b) a bank account against which the depositor can draw checks payable on demand
For a given accounting period, an income statement reports
a) total assets, liabilities, and owner's equity
b) changes in risk and return
c) net income or net loss
c) net income or net loss
A tax credit reduces the tax ___.
a) net value
b) income
c) liability
d) refund
c) liability
Which of the following would have the most inelastic demand?
a) insulin
b) chairs
c) pizza
d) bicycles
a) insulin
The basic factors of the marketing mix are
a) product, price, promotion, and place
b) pricing, packaging, and promotion
c) communication, motivation, and creativity
a) product, price, promotion, and place
The formula Revenue - Expenses calculates which of the following?
a) COGS
b) Net income
c) Break-even point
d) Return on Investment
b) Net income
The federal government uses what two main ways to influence the economy?
a) fiscal policy and monetary policy
b) expansion and contraction
c) inflation rate and unemployment rate
a) fiscal policy and monetary policy
The rate of return refers to ___.
a) how quickly funds grow in an investment
b) the certificate of deposit face value
c) the length of time before an investment can be cashed out
d) the maturity rate of an investment
The increasing move towards selling directly to customers rather than through intermediaries is known as:
a) disintermediation
b) channel convergence
c) channel proliferation
d) disaggregation
a) disintermediation
Credit contributes to the growth of our economy because
a) it allows consumers to spread out their payments
b) credit card companies earn profits
c) consumers can buy more when they have credit
c) consumers can buy more when they have credit
A retailer purchased dress shirts from a supplier at $18 each. The shirts are marked up to retail for $32.99. What is the percent markup based on retail?
a) 33%
b) 45%
c) 50%
d) 83%
b) 45%
In most states, a consumer can bring a case to small claims court without a lawyer.
a) True
b) False
a) True