Business Communication
What is the transmission of information between a sender and a recipient called?
Communication
What form of business ownership has one owner who manages the company?
Sole proprietorship
What is accounting?
The system of recognizing, organizing, analyzing, and reporting financial information.
A business owner runs a small bakery alone and keeps all profits but is responsible for all debts. What type of business ownership is this?
Sole proprietorship
Which animal is known as the “king of the jungle”?
Lion
What term describes anything that interferes with a message being understood correctly?
Noise (a communication barrier)
What type of partnership allows one partner to manage the business while others have limited liability?
Limited partnership
What equation forms the basis of the balance sheet?
Assets = Liabilities + Owner’s Equity
A manager gives a presentation but spends the entire time reading slides without eye contact or gestures. What communication skill is missing?
Effective nonverbal communication or dynamic delivery
What food is commonly associated with Italy and usually comes in round slices?
Pizza
Name two examples of nonverbal communication.
estures, facial expressions, posture, tone of voice, eye contact
What document must be filed to legally create a corporation?
Articles of incorporation
Which financial statement reports revenues, expenses, and net income?
Income statement
A company reports its assets, liabilities, and owner equity in a document for investors. What financial statement is this?
Balance sheet
What movie features a theme park where dinosaurs come back to life?
Jurassic Park
Why is active listening important in business communication?
It ensures the listener focuses fully on the speaker and understands the message before responding
What group is elected by stockholders to oversee a corporation and protect their interests?
Board of directors
What financial statement shows how cash flows into and out of a company?
Statement of cash flows
Two companies at the same stage of production merge to become one larger firm. What type of merger is this?
Horizontal merger
If a zombie apocalypse started, what would probably be the most important survival skill?
Any reasonable answer (running, teamwork, planning, etc.)
A manager must deliver sensitive feedback to an employee. Which communication channel would likely be most effective and why?
Face-to-face communication because it allows immediate feedback and nonverbal cues.
Why have corporations become one of the dominant forms of business ownership?
Because they provide limited liability, permanence, and the ability to raise large amounts of capital.
What is the difference between financial accounting and managerial accounting?
Financial accounting provides standardized reports for external stakeholders, while managerial accounting provides internal reports for managers to help with decision making.
CH8 Accounting
A growing company wants limited liability, the ability to raise capital from investors, and long-term continuity. What ownership structure would best fit this goal?
Corporation
If your teacher says “this will definitely NOT be on the test,” what should you secretly assume?
It will probably be on the test.