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Study Resources (Business Management)

  21.Accounting information is not relevant for nonprofit organizations. 22.Churches, schools, and charitable organizations all hire accountants. 23.The accounting profession is divided into two main fields: bookkeeping and auditing. 24.Budget preparation is one aspect of managerial accounting. 25.The work of a certified management accountant is intended to enable people outside of the organization to make.
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  231.Compared to other promotional tools, publicity: A. costs more.B. offers the firm little control over the message.C. prevents a response from competitive firms.D. is the easiest to manage. 232.One way to see that publicity is handled well by the media is to: A. pay for it.B. establish a friendly relationship with media representatives.C. write good press releases that attract attention.D. ask.
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  61.A major part of a bookkeeper's job is to interpret financial data and suggest strategies for improving the firm. 62.After recording a business's transactions, bookkeepers usually classify the recorded transactions into groups with common characteristics. 63.A bookkeeper's first task is to record the firm's transactions in a journal. 64.The books where accounting data.
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  171.A firm that takes on too much debt could experience problems repaying its lenders or meeting promises made to stockholders. 172.Leverage ratios are concerned with the extent to which a firm relies on borrowed funds in its operations. 173.The debt to owners' equity ratio is a common type of liquidity ratio. 174.Profitability ratios.
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  51.In large companies, certified internal auditors are usually responsible for preparing tax returns and developing tax strategies for businesses. 52.As the burden of taxes grows, the role of the auditor becomes increasingly important to the organization. 53.The Sarbanes-Oxley Act strengthens the protection for whistleblowers who report wrongful actions of company officers. 54.The Sarbanes-Oxley.
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  71.Posting is a step in the accounting cycle that involves transferring information from the journal into the appropriate accounts in a ledger. 72.There are two major financial statements prepared at the completion of the accounting cycle: the journal and the ledger. 73.The accounting cycle usually involves the work of both the bookkeeper.
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  251.___________ encourages people to tell other people about goods or services they have enjoyed. A. Personal sellingB. PublicityC. A trade showD. Word-of-mouth promotion 252.The free tickets, backstage passes and merchandise firms give to people who agree to hype products through Internet chat rooms are called: A. virtual sweeteners.B. swag.C. chat cache.D. cookies. 253.__________ refers to such tactics as paying people to say.
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  221.Bethany just finished making a sales presentation to a major prospect. In the next step of the selling process, Bethany will likely be: A. processing the customer's order.B. closing the sale, by asking the customer to make a commitment.C. answering customer questions and dealing with objections.D. setting an appointment for the customer to meet with.
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  111.Internal sales promotion programs are targeted to reach the firm's internal auditors as well as external customers. 112.Internal sales promotion efforts include training for salespeople and participation at trade shows where salespeople can meet potential customers. 113.Internal sales promotion efforts target salespeople and employees that handle customer complaints. 114.The use of coupons and.
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  141.Personal selling provides the most efficient element of the promotion mix for a firm attempting to reach a large, homogeneous group of consumers. 142.In evaluating the promotion mix, it's fair to say that large organizations are best reached through personal selling. 143.A pull strategy utilizes consumer demand for a product to motivate.
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  231.In spite of his assertions that he carried-out fraud alone, convicted investment advisor Bernard Madoff's independent auditor is now under investigation. The auditor is accused of not doing his job. Rather than verify Madoff's company records, the F.B.I claims that he "rubber-stamped" the records. Knowing what you have learned about.
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  181.Prattville Manufacturing has applied for a short-term loan with the First National Bank. The loan officers of the bank are likely to look carefully at Prattville's liquidity ratios before they decide to grant the loan. 182.The acid-test ratio emphasizes the ability to convert inventory quickly into cash. 183.The inventory turnover ratio for.
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  101.Compared to advertising, publicity offers a firm greater control over when and how often the message is communicated. 102.Publicity works and is often used only if the media finds the information interesting or newsworthy. 103.The first step in the public relations process is to ensure that everyone in the organization understands the.
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  81.Bark Three Times Pet Store recently hired an accountant to make sense of each day's transactions, and keep better financial records for the business. The accountant showed the owner that the ledger in a computerized accounting system would automatically take entries and post them to the correct accounts in the.
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  151.Payola Promotions has offered to give Lisa free tickets to a concert it is promoting in return for Lisa's agreement to share her positive experience with others on Internet chat rooms. The concert tickets Lisa receives represent swag. 152.A recent study reveals that regardless of the product or target market, mobile.
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  161.A promotional campaign begins by: A. identifying a target market.B. defining the objectives for each element of the promotion mix.C. determining a promotional budget.D. developing a unifying message. 162.The traditional promotion mix for a firm consists of the: A. strategic mix of price, product, place and advertising.B. various types of advertising media the firm selects to reach each specific.
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  161.Financial ratios are used to analyze a firm's financial condition and financial performance. 162.Liquidity ratios are of particular importance to stockholders, but have little relevance for creditors. 163.The purpose of liquidity ratios is to indicate the degree to which a firm relies on borrowed funds in its operations. 164.Liquidity refers to how fast.
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  101.Rent, salaries, insurance and depreciation are examples of the cost of goods sold. 102.Gross profit represents profit after the deduction of cost of goods sold, and before the deduction of all other selling expenses, general expenses, and tax expense. 103.Rents, salaries, utilities and insurance are examples of operating expenses. 104.The two major classes.
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  278.Explain the steps in the personal selling process. How does B2B personal selling differ from B2C personal selling? 279.Your company has developed a new kind of nutritious snack food and you are part of a team created to develop the promotion mix for the new product. Your specific task on this.
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  261.Accountant Alan Wingspan has just finished working on the balance sheet, income statement, and statement of cash flows for his company. The next step in the accounting cycle involves: A. Posting the results of these statements to the appropriate journal.B. Analyzing the firm's financial statements to evaluate the financial condition of the firm.C. Conducting.
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  261.Independent producers can create self-published syndicated "radio shows" using: A. webcasting.B. email.C. podcasting.D. electronic production. 262.Companies that adopt a pull strategy target their promotional efforts toward: A. consumers.B. retailers.C. wholesalers.D. manufacturers. 263.The primary purpose of a pull strategy is to: A. offer rebates and discounts to retailers and wholesalers.B. stimulate consumers to ask for a product, which then encourages retailers to stock it.C. pull the distribution.
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  221.As U.S. firms focus on cost cutting in order to stay competitive with producers in low-wage countries, they will rely on __________ to create strategies to help reduce costs. A. managerial accountantsB. financial accountantsC. government accountantsD. auditors 222.Taylor Casual, a chain of retail clothing stores, wants to assure investors and other outsiders that its financial statements.
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  31.A firm's annual report is a yearly statement of the financial condition, progress, and expectations of the organization during one year. 32.An individual who provides accounting services to individuals and businesses on a fee basis is referred to as a private accountant. 33.All firms with more than four employees should have a.
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True / False Questions  1.Accounting is an easy subject for people to understand because almost everyone is exposed to basic accounting concepts in their everyday life. 2.Although managers who work for large firms must know something about accounting, people who run small businesses only need to know the basics of bookkeeping. 3.It is.
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  251.Which of the following is a key step in the accounting cycle? A. Recording information into journalsB. Collecting data from customersC. Forecasting expenses and revenuesD. Preparing the advertising message 252.The main reason an accountant would conduct a trial balance is to: A. Determine whether account figures in the ledger are correct and balanced.B. Obtain an estimate of the amount.
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  181.TV programs devoted exclusively to promoting goods and services are called: A. testimonials.B. infomercials.C. interactive TV.D. online computer advertising. 182.__________ changes the relationship between buyers and sellers from a monologue to a dialogue in which information is shared to create mutually beneficial exchanges. A. AdvertisingB. A push strategyC. Interactive promotionD. Public relations 183.Gardening.com is an online retailer of garden products. By allowing.
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  241.Once a trial balance has been prepared, the next step of the accounting cycle involves: A. Posting the information to the correct ledger accounts.B. Completing a balance sheet and ratio analysis.C. Preparing financial statements such as the balance sheet, income statement, and statement of cash flows.D. Classifying the transactions into logical categories. 242.One of the key.
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  121.The Barkley Company's balance sheet shows: what the business owns, minus what the business owes, equals the book value (or, net worth) of the business. 122.One important source of financing for most small businesses is the owners savings. If the owner contributes money to the business from his/her personal savings, it.
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  151.If the economy began experiencing a prolonged period of deflation in which the prices of most goods are falling, many firms would find that the LIFO method of inventory valuation would result in higher reported profits. 152.During periods of rising prices, firms that want to report more attractive profits would tend.
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  Multiple Choice Questions191.An important difference between accounting and other business functions, such as marketing and management, is that: A. Accounting functions must be performed by an "outsider" (rather than by an employee of the business) in order to avoid conflicts of interest.B. Accounting offers us insight into whether the business is financially sound.C. Accounting.
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  171.________ advertising encourages wholesalers and retailers to carry the products of a specific manufacturer. A. AdvocacyB. B2B comparisonC. TradeD. Institutional 172.________ advertising supports a particular view or position on an issue. A. AdvocacyB. InstitutionalC. ComparisonD. Trade 173.In terms of total dollars spent, the number one and two advertising media are: A. broadcast and cable television along with direct mail.B. the Internet and television.C. television and newspapers.D. newspapers.
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  Essay Questions  276.Identify the advantages and disadvantages of newspapers and cable and broadcast TV as media to carry your firm's promotional message. Which of the two receives the most advertising revenues and what are key advantages and disadvantages of both? 277.Explain how publicity differs from advertising. What are the advantages and disadvantages.
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  11.Accounting involves both the recording and the interpreting of financial events. 12.In an effort to maintain a competitive advantage, firms do not share accounting information with people outside of the firm. 13.The U.S. government is a user of a firm's accounting information. 14.A business manager who keeps his/her customers satisfied can be successful.
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  71.The first step in the selling process involves prospecting for potential customers and choosing those most likely to buy. 72.The purpose of a trial close in the selling process is to learn as much as possible about customers and their wants and needs. 73.The B2B selling process may take a long time.
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  211.The average cost of a single sales call to a potential B2B buyer in the U.S. is expensive and could cost about: A. $40.B. $100.C. $400.D. $1,400. 212.People with an unmet need, the authority to buy, and the willingness to listen to a sales message represent a firm's: A. prospects.B. intermediaries.C. buyers.D. cohorts. 213.In the seven step B2B selling process, the selection.
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  280.You are assigned the responsibility to prepare a promotional campaign for a new allergy relief drug produced by the New England Pharmaceutical Corporation. Outline the highlights of applying both (a) a pull strategy and (b) a push strategy. 281.Explain the difference between viral marketing, blogging and podcasting. Multiple Choice Questions  Mini-CaseThe Xer-Wise Corporation.
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  191.Which of the following is an advantage of magazine advertising? A. Short exposure timeB. Ability to quickly change messageC. Superior colorD. Relatively short life 192.Which of the following media enables firms to quickly change their advertising message? A. Yellow PagesB. MagazinesC. NewspapersD. Television 193.Which of the following represents the primary purpose of a firm using institutional advertising? A. The desire to create a positive.
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  91.To be effective and maintain its independence, the public relations department should avoid establishing close relationships with the media, community leaders, and other corporate stakeholders. 92.Using effective public relations involves establishing a dialogue with customers so that information can be exchanged and trust can be developed. 93.Successful PR departments find that listening.
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  201.Which of the following statements is the most accurate? A. Advertising helps pay for production costs of newspapers and magazines.B. Word of mouth is the most effective form of advertising.C. Advertising does not really provide information to consumers; it merely persuades consumers to buy advertised products.D. Consumers don't remember good advertisements. 202.Jake and Janelle loved to.
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  211.A(n) _________ is a yearly published statement of the financial condition, progress and expectations of an organization. A. balance sheetB. independent auditC. mission statementD. annual report 212.A(n) ___________ is an evaluation and unbiased opinion of the accuracy of a firm's financial statements. A. internal auditB. annual reportC. independent auditD. certified audit 213.Skilled professionals who are responsible for the development of strategies to.
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  91.A firm's balance sheet reports its financial condition on a specific date. 92.The balance sheet reports revenues and selling costs for a period of time. 93.An income statement reports what a company owns and owes on a certain day. 94.Assets are reported on the firm's balance sheet. 95.Liabilities are reported on the income statement. 96.Assets.
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  81.To be successful, salespeople find that their job responsibilities extend far beyond just closing the sale. 82.Effective salespeople push hard to finalize a sale as soon as they finish their presentation. Otherwise, the customer has time to come up with objections that will make the sale more difficult to close. 83.Bob is.
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  121.Because customers eventually lose interest, businesses achieve the best results when they use sales promotion activities on a limited and irregular basis. 122.Effective sales promotion efforts focus exclusively on external audiences such as dealers and consumers, since they ultimately decide the fate of a product. 123.Sales promotion efforts such as trade shows.
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  111.The statement of cash flows shows a firm's revenues, costs of goods sold, expenses, and net income. 112.The equipment a firm owns and the money it has in its bank account are considered assets. 113.Brand names such as Coca-Cola and McDonald's are examples of intangible assets. 114.Assets are listed on the balance sheet.
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  41.GAAP refers to a set of standards concerning accounting principles that were established by the Financial Accounting Standards Board. 42.Information contained in a firm's annual report largely represents work done by managerial accountants. 43.A series of high-profile scandals in the early 2000s put the accounting profession under intense scrutiny. 44.Accounting is not important.
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  241.Effective sales promotion activities target: A. employees only.B. customers only.C. employees, dealers and customers.D. dealers only. 242.A __________ allows B2B buyers to see products on the Internet 24 hours a day, 365 days a year without having to leave their office. A. virtual trade showB. direct marketing showC. shopping networkD. cyber market 243.Which of the following is a consumer sales promotion activity? A. ContestsB. AdvertisingC. Vending.
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  131.When an accountant "writes off" the cost of a tangible asset over its estimated lifetime, it is called depreciation. 132.Although a firm may use different inventory valuation methods, generally accepted accounting principles (GAAP) states that these methods must produce the same dollar value for the cost of goods sold. 133.FIFO and LIFO.
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  131.Online chat rooms and bulletin boards offer opportunities for positive and negative word-of-mouth promotion. 132.Any word-of-mouth promotion that puts a company's product in the public's attention is good promotion. 133.A blog is an online diary that looks like a Web page but is easier to create and update by posting text, photos,.
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