Chapter 13
____ selling is direct contact with a prospective customer with the objective of selling a good or service.
A. Individual
B. Personal
C. Product
D. Customer
B. Personal
A(n) ____ is the possibility of loss, damage, or injury.
A. situation
B. risk
C. happenstance
D. accident
B. risk
Anything of value that is accepted in return for good or services is ____.
A. products
B. credit
C. money
D. cash
C. money
The party extending credit is known as the ____.
A. trust
B. debtor
C. borrower
D. creditor
D. creditor
____ is the process of setting financial goals and developing plans to reach them.
A. Management
B. Accounting
C. Marketing
D. Financial planning
D. Financial planning
The process of making contact with people who are not expecting a sales contact are called a(n) ____.
A. approach
B. unexpected call
C. cold call
D. substitution
C. cold call
A negative situation caused by the actions of people is ____ risk.
A. natural
B. economic
C. human
D. market
C. human
As a function of money, ____ means that money is a common measure of the worth or price of a good or service.
A. banknote
B. store of value
C. monetary system
D. unit of value
D. unit of value
Credit granted to a business by a financial institution or another company is ____ credit.
A. consumer
B. business
C. professional
D. bank
B. business
A(n) ____ is a review of the financial statements of a business and the accounting practices that were used to produce them.
A. accounting cycle
B. audit
C. statement
D. chart of accounts
B. audit
Employees who assist customers, take orders, and answer questions that come into the company via phone or website are called the ____.
A. phone group
B. sales team
C. customer support team
D. order department
C. customer support team
The process of evaluating risk and finding ways to minimize or manage loss is ____ management.
A. accident
B. loss
C. risk
D. liability
C. risk
The process of transferring money from one individual or organization to another is ____.
A. monetary policy
B. medium of exchange
C. financial exchange
D. financial services
C. financial exchange
A(n) ____ loan is a loan for a specific amount of money that is repaid with interest in regular payments.
A. trade
B. commercial
C. installment
D. unsecured
C. installment
A(n) ____ is an individual record that summarizes information for a single category, such as cash or sales.
A. statement
B. customer
C. account
D. budget
C. account
____ is personal selling done over the telephone.
A. Online support
B. Telemarketing
C. Phone selling
D. Customer support
B. Telemarketing
Lost incomes and related business expenses caused by a property damage loss are covered by ____ insurance.
A. commercial
B. business interruption
C. directors and officers
D. disability
B. business interruption
A nonprofit financial institution that is privately owned and provides banking services for its members is called a ____.
A. trust department
B. credit union
C. insurance agency
D. bank
B. credit union
A ____ credit card is one that can only be used only in the stores of the company that issued it.
A. business
B. proprietary
C. store
D. bank
B. proprietary
A(n) ____ budget is used to estimate the amount of money coming into and going out of the business.
A. operating
B. cash
C. sales forecast
D. start-up
B. cash
A ____ is the exchange of payment and product.
A. selling process
B. transaction
C. charged expense
D. barter exchange
B. transaction
Insurance that covers financial and property losses caused by employee actions is ____.
A. workers’ compensation
B. directors and officers insurance
C. business interruption insurance
D. fidelity bonds
D. fidelity bonds
The mechanism a nation uses to provide and manage money for itself is called a(n) ____.
A. banking system
B. monetary system
C. financial system
D. inventory system
B. monetary system
A ____ is a record of credit history and financial behavior for a business or individual.
A. financial analysis
B. credit report
C. list of debts
D. debit report
B. credit report
A report of the revenue and expenses of a business for a specific time period and shows a net income or net loss is a(n) ____.
A. expense statement
B. income statement
C. balance sheet
D. cash flow statement
B. income statement