4.01
What is a characteristic of accrual method accounting?
The method most frequently used by small businesses or records credit purchases when purchases are made
Records credit purchases when purchases are made
A business can determine its net income by subtracting total:
Liabilities from Assets or Expenses from Gross Margin
Expenses from Gross Margin
Operation managers have 2 main goals in mind:
Efficiency and Effectiveness or Efficiency and Productivity
Efficiency and Effectiveness
Without Marketing, producers and customers would be:
in close communication with each other or disconnected from each other
disconnected from each other
Where does Marketing occur?
Wherever advertisements are or wherever customers are
Wherever customers are
When customers buy on credit, the money owed to the business is part of:
Accounts payable or Accounts receivable
Accounts receivable
What do managers use for financial planning purposes:
Business policies or Accounting information
Accounting information
Which of the following is not a main factor in a business' site selection?
Media or Community
Media
Marketing encourages people from different countries to:
Travel or Trade
Trade
What is an example of communicating with customers?
Sponsoring a charity event or developing a Marketing plan
Sponsoring a charity event
Which of the following would be included on a business' income statement:
Liabilities or Operating expenses
Operating expenses
Accounting provides important accurate financial information important to:
Suppliers or Management
Management
Because operation managers control so much of a business' money, they must focus on:
Keeping costs low or hiring the best employees
Keeping costs low
What is the most common reason for businesses to search for ways to make their products better and cheaper?
Competition or Publicity
Competition
What influences the process of determining price?
Purchase location or Customer's perception of value
Customer's perception of value
The profit a business has earned can be determined on what?
Balance sheet or Income statement
Income statement
Which of the following is an example of a business' inputs:
Employees or Products
Employees
Service providers produce _________ outputs.
Tangible or Intangible
Intangible
Which option shows company commitment according to the Marketing concept?
Pricing a product to maximize profitability or Setting aside funds to research what customers want
Setting aside funds to research what customers want
Marketing creates:
Exchanges or Needs
Exchanges
A financial statement that displays assets and liabilities is:
Balance sheet or Income statement
Balance sheet
The operation function consists mainly of activities that are performed on a _____ basis.
Monthly or Daily
Daily
Which form of technology creates tangible products and prototypes?
3D printing or Computer aided design
3D Printing
Which activity is an aspect of marketing a service?
Finding out customer's favorite coffee flavors or determining how much to charge for a haircut
Determining how much to charge for a haircut
Marketing links producers to:
Customers or Retailers
Customers