Finance
Set financial goals.
SMART!
S- Specific: you clearly state exactly what your goal is, and how exactly you plan on achieving this goal.
M- Measurable: can, and how are you going to keep track of progress or see the results of your goal.
A- Attainable: Is this goal possible? Is it reasonable looking at current and future situations? Do you have the means to accomplish this goal?
R-Relevant: Does this goal fit in with your or the business’ broader goals, needs or wants? Does this goal make sense to your greater plans, ideas?
T-Timely: Set a specific time frame, and ensure it is reasonable and relevant considering your goal.
A recommended way to find out why the caller has phoned your business is to:
A. wait for the caller to ask questions.
B. ask the caller, “How may I help you?”
C. ask the caller, “What did you want”
D. answer promptly with a friendly greeting.
B. ask the caller, “How may I help you?”
A business letter that presents its message in as few words as possible would be described as having:
A. Completeness
B. Clarity
C. Courteousness
D. Conciseness
D. Conciseness
Which of the following is the most appropriate method for supervisors to use when
communicating about personal or confidential issues with individual employees:
A. Staff memo
B. Company newsletter
C. Telephone conference call
D. Face-to-face meeting
D. Face-to-face meeting
One way that an applicant can indicate a sincere interest in the job during an employment interview is to
A. talk constantly.
B. listen attentively.
C. speak loudly.
D. answer quickly.
B. listen attentively
Ali is borrowing $275,000 from a bank. So Ali understands the terms of the loan, the bank outlines the terms in a formal agreement and requires Ali to sign it. This is an example of a financial:
A. proposal.
B. warranty.
C. contract.
D. referral.
C. contract.
Which of the following is a guideline for employees to follow in handling customer inquiries:
A. Try to make a sale while you’re answering each inquiry
B. Make sure you clearly understand customer’s inquiries
C. Don’t try to handle inquiries when you are busy with a sale
D. Spend as little time as possible answering customer inquiries
B. Make sure you clearly understand customer’s inquiries
What should you do to be prepared to answer customer questions?
A. Make eye contact when talking with customers.
B. Find out what you need to know to do your job well.
C. Give customers a chance to express themselves fully.
D. Use facial expressions to indicate interest in customers.
B. Find out what you need to know to do your job well.
When assisting domineering/superior customers, which of the following is not an action to take:
A. Be as brief as possible
B. Provide accurate product information
C. Do most of the talking yourself
D. Ask for their advice
C. Do most of the talking yourself
Appropriate information management saves businesses time and money by
A. maintaining yearly raises for employees.
B. increasing information overload.
C. increasing “paper trails.”
D. maintaining higher levels of productivity.
D. maintaining higher levels of productivity.
Protect against identity theft.
Keep personal information secure.
Have strong passwords.
Shred sensitive documents after the fact.
Check balance, credit history, etc. frequently to ensure there is no abnormal activity.
Don’t give out things like social security numbers unless absolutely required.
After the fact: pay attention to notifications from credit companies.
Report to the police so they can investigate what is going on, and that the person is caught so no further damage can occur.
Freeze accounts if you notice abnormal activity.
Keep track of credit card numbers aside from your card.
Qualities of effective verbal communication.
5 C's! Clear, Concise, Complete, Correct, Courteous!
Gabriella is writing a professional report about the trends occurring in a specific industry. What source would provide Gabriella with the most relevant, up-to-date information?
A. Trade publications
B. Online message board
C. Mailing lists
D. Archived government periodicals
A. Trade publications
Which type of communication is being used when a salesperson sends a message to the store manager?
A. Downward
B. Upward
C. Lateral
D. Diagonal
B. Upward
Explain information privacy, security, and confidentiality considerations in business.
Basically make sure that all of the company’s data is protected, particularly from the competitors of the business. It cannot be stolen or tampered.
Includes private info and employee information.
Includes IP or intellectual property.
Sometimes businesses sign a contract to make sure that their IP and information to restrict anyone sharing data owned by the business.
What is the difference between finance and accounting?
Finance in business is about obtaining funds, and having to do with long term planning of a business's money in the future. Accounting is the management of records of how much money/expenses a business currently has.
By accurately explaining the company’s policies to customers, salespeople often are able to avoid misunderstandings with customers and improve the company’s:
A. image.
B. routine.
C. goals.
D. rules.
A. image.
When the price of a product is high, consumer demand will usually be
A. low.
B. high.
C. unchanged.
D. about average.
A. low.
Sara told her mother that she’d like a new bicycle for her birthday to ride to the park. What type of want or need is this?
A. Noneconomic need
B. Economic need
C. Economic want
D. Noneconomic want
C. Economic want
Explain the principles of supply and demand.
Supply: Product available
Demand: Consumer’s willingness and ability to purchase
High supply, low demand- Surplus
Low supply, high demand- Scarcity
Equal supply and demand- equilibrium- no shortages
A company’s current balance of assets and liabilities falls under the focus of:
A. working capital management.
B. return on capital.
C. capital investment decisions.
D. the cash conversion cycle.
A. working capital management.
Demonstrate a customer service mindset.
There are two rules of positive customer service mindset:
The customer is always right.
Refer back to the first rule.
Which of the following lists the components of the production process:
A. Inputs, a conversion process, and outputs
B. Product design, purchasing, and planning
C. Mass, unit, and batch production
D. Purchasing, inputs, and factors of production
A. Inputs, a conversion process, and outputs
Which of the following is an example of creating form utility:
A. Buying a dress
B. Renting a dress
C. Sewing a dress
D. Borrowing a dress
C. Sewing a dress
Which of the following is an example of a business placing a blanket order with a vendor:
A. Ordering goods that are out of stock
B. Ordering goods without specifying style
C. Ordering items in advance of the season
D. Ordering items that usually are not carried
C. Ordering items in advance of the season.