4.01 Accounting and Finance
How does the finance function relate to company spending?
A. It plans and controls spending.
Which of the following makes comparisons of the financial conditions at multiple organizations possible?
C. Accounting standards
Which operations activity is also referred to as procurement?
D. Purchasing
Because operations managers control so much of a business’s money, they must focus on?
A. keeping costs low.
B. hiring the best employees.
C. creating effective advertising campaigns.
D. generating publicity.
A. keeping costs low.
Which of the following is a marketing activity:
A. Balancing customer needs with wants
B. Leading a project team
C. Communicating with customers
D. Lowering operational expenses
C. Communicating with customers
Which represents the inflow of funds into a business?
A. cash
B. debt
C. expenses
D. liabilities
A. cash
The finance activity regarding how to source income is called:
A. accounting.
B. acquiring funds.
C. administering assets.
D. making capital investment decisions.
B. acquiring funds.
Cliff wants to know how much money his business made this year. He wants to know his business’s:
A. margin.
B. cash flow.
C. end result.
D. bottom line.
D. bottom line.
Isaac buys wood from a lumber mill to make some park benches. The wood is part of his:
A. inputs.
B. outcomes.
C. outputs.
D. services.
A. inputs.
Overall, what does marketing allow us to do?
B. Live our daily lives
The purpose of having accounting standards is to:
A. create jobs for people.
B. avoid experiencing employee conflicts.
C. create uniformity between financial statements.
D. produce documents that look professional.
C. create uniformity between financial statements.
The Happy Toys Company Board of Directors has decided to give some of its profits from the year to its shareholders. It has decided to pay a:
A. bribe.
B. dividend.
C. liability.
D. tax.
B. dividend.
A change in products will have the most direct impact on a business’s:
A. distribution.
B. finances.
C. marketing.
D. operations.
D. operations.
Beverly has noticed that during the holiday season, her business needs more inventory, which also increases her:
A. debits.
B. holding cost.
C. profit and revenue.
D. opportunity for shortages.
C. profit and revenue.
In the marketing concept, whose point of view matters most?
B. Buyer’s
The accounting document that shows a business’s revenue and expenses is a/an:
A. balance sheet.
B. income statement.
C. cash flow statement.
D. statement of owner’s equity.
B. income statement.
Cash is an example of:
A. assets.
B. expenses.
C. equity.
D. liabilities.
A. assets.
Molly plans out each part of the operations process to ensure the right item is in the right place at the right time. What part of the operations function is this?
A. marketing
B. logistics
C. purchasing
D. quality control
B. logistics
Dalton diagrams out where each machine in the production process needs to go to maximize the efficiency of the space. What part of the operations function is this?
A. routing
B. logistics
C. purchasing
D. quality control
A. routing
Connor is working on a billboard to showcase his new service. What part of the marketing mix is he working on?
A. place
B. price
C. product
D. promotion
D. promotion
Isabelle owns a home cleaning business. She invoices her customer and
records the transaction as soon as she finishes each home cleaning.
Which type of accounting method is Isabelle using?
A. accrual
B. cash
C. cost
D. managerial
A. accrual
Kathy wants to know whether her boutique made or lost money this month. The financial document she should view is her:
A. balance sheet.
B. income statement.
C. cash flow statement.
D. statement of owner’s equity.
B. income statement.
Jordan owns a successful landscaping business. Landscaping is an example of a/an:
A. input.
B. inventory.
C. output.
D. service.
D. service.
Jerome makes laptop computers. The laptops are part of his:
A. input.
B. output.
C. parts.
D. resources.
B. output.
Beth wants to hire a disc jockey for her son’s graduation party. Deanna offers her a promotional package that includes three hours of music, special effect lighting, and a video. Deanna is marketing:
A. goods.
B. ideas.
C. places.
D. services.
D. services.