MC
When Casey looks at her small business's income statement, she's excited to see that her profit is much more than she expected. However, she soon realizes that she's looking at the total profit before all other expenses have been deducted. Casey is looking at her
A. operating expenses
B. net income
C. revenue
D. gross profit
D. Gross profit.
A business's total profit before all other expenses have been deducted is known as the gross profit. The gross profit helps businesses see how much money they've invested in making or obtaining their products versus how much it costs to run the business. The net income is the business's final profit, or the money the company actually makes after all expenses have been deducted and taxes have been paid. The revenue is the total amount of money earned by a business—all money coming into the business, no matter what the source, is revenue. Operating expenses are all of the expenses associated with running the business.
Having a positive attitude helps people to cope with everyday life because positive people
A. expect life to be full of problems.
B. believe that problems can be overcome.
C. are less likely to be tolerant.
D. believe they have set reasonable goals.
B. Believe that problems can be overcome.
People who take a positive attitude handle life's problems better than others because they believe problems are temporary aggravations that can be endured or overcome. Setting reasonable goals is not part of handling problems. Positive people are more likely to be tolerant than others, and they expect life to be good rather than full of problems.
Businesses assess their information needs to determine the type of information that will help them deal with
A. ethical issues.
B. job applicants.
C. personal relationships.
D. specific problems.
D Specific problems.
Businesses need a variety of information to be able to make decisions and solve problems. The type of information they need depends on the business and the specific problem. For example, a retail business might need information about different suppliers because the current supplier is not performing adequately and the business wants to find a replacement. Businesses do not assess their information needs to deal with job applicants, personal relationships, or ethical issues.
Explain communication techniques that support and encourage a speaker
Active listening, taking notes, and nonverbal cues such as eye contact.
Explain the concept of supply chain
A supply chain is the network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product. A supply chain encompasses everything from the delivery of source materials from the supplier to the manufacturer through to its eventual delivery to the end user. The supply chain segment involved with getting the finished product from the manufacturer to the consumer is known as the distribution channel.
Which of the following situations is an example of an employee's exhibiting unethical behavior:
A. Working four 10-hour days to shorten the week
B. Clocking out at the end of the day
C. Scheduling a two-week vacation
D. Taking a day of sick leave to play golf
D. Taking a day of sick leave to play golf.
Employees usually are allowed a certain number of sick days to be used in the event of health or medical problems. Employers expect employees to use sick days for legitimate reasons. It is considered unethical for an employee to use a sick day for recreational activities or vacation. Clocking out at the end of the day is standard practice in many businesses. Employees may schedule vacation for the length of time they are entitled, which may be two weeks. Many businesses allow employees to work four 10-hour days, which amounts to a 40-hour week.
What is true about personal vision?
A. Realistic visions are based on mission statements.
B. Good visions have permanent results.
C. Specific goals are necessary to determine your vision.
D. Achievable visions are time bound.
B. Good visions have permanent results.
A vision is a desire for the future that is achieved over time with determination and hard work. Good visions create positive results and may involve the input of many people over a long period of time. Visions are not based on mission statements, nor do they start out with specific goals. Visions are timeless rather than time bound.
When Matthew receives a check four times a year for income he has earned on his stock investments, he is receiving
A. cash.
B. credit.
C. deposits.
D. dividends.
D. Dividends.
A dividend is a sum of money that a corporation pays to a stockholder as earnings on an investment. The corporation usually pays dividends by check to stockholders on a quarterly basis. The stockholder can deposit the dividend check into a savings or checking account or convert it to cash. Credit, deposits, and cash are not forms of income that are earned by owning stock.
Explain employment opportunities in business
Employment Opportunities means hire, transfer, promotion, training, and non-disciplinary retention, including in any reorganization or layoff. Employment Opportunities does not mean the creation of a position or the creation of specialized training that is not otherwise provided to other employees.
Explain what it means to reinforce service orientation through communication.
Service orientation is listening to and understanding the customers, satisfaction is of utmost importance which is demonstrated through: prompt greetings, full attention, relevant question, empathy with concerns, knowledge, verbal and non verbal encouragement, thanking individual, courteous, try to go above and beyond, follow through
How does empathy help coworkers to be fair to each other?
A. Empathy helps coworkers to understand legal guidelines.
B. Empathy gives coworkers the ability to learn a job quickly.
C. Coworkers with empathy are not likely to have disagreements.
D. Coworkers with empathy are better able to understand others.
D. Coworkers with empathy are better able to understand others.
Empathy is the ability to put yourself in another person's place. When you can "walk in someone else's shoes," even though you have not had the same experiences, you are better able to understand and to get along with that person. Empathy cannot prevent disagreements, help workers to understand legal guidelines, or enable them to learn a job
Which of the following is NOT an advantage of debit card payments:
A. Businesses face no risk of customers having insufficient funds when debit cards are used.
B. Businesses pay 0.75% of each debit card sale to the bank that handles the billing.
C. Customers can often get a debit card even if they can't get approved for a credit card.
D. Businesses gain access to money quicker via debit card payments instead of checks.
Businesses pay 0.75% of each debit card sale to the bank that handles the billing.
Although businesses pay a percentage of their credit sales to the bank that handles the credit card transactions, they pay a flat fee for each debit card transaction, regardless of the amount of the sale. Therefore, debit card transactions usually cost business less than credit card charges do. Because a business is informed during the debit card transaction if the customer has insufficient funds, there is no risk of the business not getting paid. It is easier for customers to get debit cards than credit cards, and businesses get their money sooner when customers use debit cards instead of checks.
Which of the following is a true statement about bookkeeping:
A. It is carried out on a monthly basis.
B. It includes balancing the books and posting to ledgers.
C. Most of it is done by hand.
D. Certified accountants are responsible for carrying out each step.
B It includes balancing the books and posting to ledgers.
Bookkeeping includes four steps of the accounting cycle—analyzing financial transactions, journalizing transactions, posting to ledgers, and balancing the books. Bookkeeping must be done on a daily basis, not a monthly basis. Although it is possible to do bookkeeping by hand, most of it is now done on computers. While certified accountants are capable of carrying out each step, bookkeepers, who are not certified, are often responsible for keeping an accurate record of each business transaction.
Distinguish between using social media for business and personal purposes
Social media can be used personally to communicate with friends and family, while professionally to promote products and events.
Identify ways that technology impacts business
Technology allows the speed of business transactions to occur globally; financial transactions are becoming instantaneous.
Customers have come to expect more choices and higher levels of customer service due to advances in technology. Furthermore, they are able to access more information on which to compare prices, research choices and features, and base their buying decisions.
An important aspect of operations is making sure that the business is able to
A. inventory products.
B. motivate employees.
C. sell quickly.
D. function effectively.
D Function effectively.
Operations are the day-to-day activities required for continued business functioning. Operations make sure that there are materials and supplies available so employees can do their jobs. Operations make sure the physical facility is in good condition so work can be performed efficiently. Effective operations are important because the activities help to increase productivity and make the business successful. Operations are not involved in making sure that the business is able to motivate employees, sell quickly, or inventory products.
Why should you spell out the check amount when completing checks?
A. The spelled out check amount is used if the numbers are unclear.
B. The spelled out check amount verifies who can cash the check.
C. The spelled out check amount specifies the bank's routing number.
D. The spelled out check amount gives the purpose for the check.
A. The spelled out check amount is used if the numbers are unclear.
The spelled out check amount is relied on when the bank or check recipient cannot easily decipher the numbers recorded on the check. The “Pay to the order of” line identifies who can cash the check. The bank's routing number appears in the MICR line at the bottom of your check. The memo line is used to designate the check's purpose.
Determine the nature of organizational goals.
Organizational goals are created in an attempt to achieve a desired state of profit, success, and sustainability. A company's organizational goals are provided in its mission or vision statement while details of those goals are defined in its business plans.
Explain how to use networking techniques to identify employment opportunities.
Networking is the art of building alliances with contacts as sources for finding a job. Your network should consist of family, friends, former employers, professionals, teachers, coaches, etc...
Make a list of your contacts' names, phone numbers, and e-mail addresses and keep your list on hand. Let your contacts know you are seeking a job, the type of work you are looking for, what your skills are, and what types of businesses interest you. Bear in mind that networking is a mutual exchange and let your contacts know when you have responded to one of their leads. Always thank them for helping you.
Discuss the nature of information management
Information management focuses on the level of control an organization has over the information it produces. It requires building dedicated information management systems designed to help the company use its resources to support business processes.
A company's current balance of assets and liabilities falls under the focus of
A. return on capital.
B. working capital management.
C. capital investment decisions.
D. the cash conversion cycle.
B. Working capital management.
A company's current balance of assets and liabilities falls under the focus of working capital management. Working capital management involves short-term decisions about cash flow. Return on capital is a component of working capital management that refers to how well a business is generating cash flow in relation to its invested capital. Capital investment decisions are made for the long-term and do not relate to current assets and liabilities. The cash conversion cycle is a component of working capital management that refers to how long a business's money is "tied up" between purchasing raw materials and receiving cash from sales.
Jane works in a factory. She has noticed that sections of the factory floor are consistently slippery because oil drips on them. She has reported this to her manager twice, but the problem hasn't been corrected. Jane is so worried that an employee could slip and fall that she contacts the government agency that handles workplace safety. This is an example of
A. establishing security procedures.
B. being a tattle tale.
C. handling an accident appropriately.
D. whistleblowing.
D. Whistleblowing
Whistleblowing. A whistleblower is a person who reveals any wrongdoings or malpractices that are taking place within an organization. Jane attempted to resolve a potential problem internally with her manager, but needed to go outside her organization to get the problem resolved. Countries, such as the U.S. and Canada, have whistleblower laws that protect whistleblowers from retaliation. Attempting to ensure the safety of others is not being a tattle tale—it is being a responsible adult. Because it can be interpreted by some people as tattling, whistleblower laws may be used to protect the person who reports noncompliance. Jane is attempting to prevent an accident; one has not occurred, yet. Security procedures are set in place by a company's management. Jane is reporting noncompliance that may result in a company's deciding to establish new security procedures.
A bank carefully analyzes a customer's current level of debt before it approves a(n)
A. operating proposal.
B. service request.
C. loan application.
D. insurance claim.
C. Loan application.
Financial institutions consider many factors before granting a loan to a prospective customer. Primary factors include the customer's credit history, credit score, assets, current income, employment status, and debt ratio. If the customer carries a high level of debt in relation to his/her assets, it would be too risky for the bank to grant a loan because the customer is more likely to become delinquent or default on the loan. Banks do not analyze a customer's current level of debt before it approves a s
Explain the nature of staff communication.
Staff communication comes in many forms. Upward communication is from an employee to a boss. Downward is from higher ups to employees. Horizontal is between two people in the same hierarchical level of a company. The grapevine is the circulation of rumors. Diagonal is between different departments of a company.
Demonstrate personal information management/productivity applications
Productivity applications such as presentation and spreadsheet software allows employees to store, organize, and present information.