question

When Betty Tran prepared a personal income statement, the reminder or residual value is called

answer

cash surplus

question

A system of exchange in which goods and services are traded directly for other goods and services is called a(n) ____ system.

answer

barter

question

___ Is the largest video site on the internet.

answer

Youtube

question

What do users say is their primary reason for using social media?

answer

Staying in touch with family and friends

question

___ is a piece of software send by a website that tracks and individuals Internet use.

answer

A cookie

question

An internet consulting company uses its Web site to allow its corporate clients to obtain information, analyze data and ask questions. This consulting company is using a _____ model.

answer

B2B

question

APSCO Lighting, Inc. had a gross profit of $234,000 for the last twelve -month period. Operating expenses were $185,000. What was APSCO's net income before taxes?

answer

49,000

question

The statement of cash flows for a business offers information on all of the following except

answer

expenses during a particular accounting period.

question

All of the following are classified as fixed assets except

answer

computers held for resale

question

The U.S. government bank is

answer

The federal reserve

question

Which of the following statements is False?

answer

The federal funds rate is established on a semiannual basis by the board of governors of the Federal Reserve.

question

Which of the following can accurately be described as an interactive community bulletin board?

answer

Forums

question

Which of the following is most like a radio show that could be described through the web?

answer

Podcast

question

When were Facebook and Twitter were created?

answer

In the past decade

question

Refer to Pure Training, Inc. Pure Training was founded 10 years abo and it's now ready to venture into offering workshops for businesses selling to other businesses primarily through the Internet. Which of the following is most likely to be a new addition to their agenda?

answer

Webinars

question

Yasmin stops offering free shipping to her online customers. Yasmin is trying to increase her profits by

answer

decreasing her expenses

question

Lutex Corporation began its accounting period with merchandise inventory (beginning inventory) that cost $10,000. During the period, it purchased for resale merchandise with a retail value of $100,000. With purchase discounts, it paid only $80,000 for this merchandise. Thus, during this period. Lutex had ____ in goods available for sale.

answer

90,000

question

A price reduction to customers who pay their bills promptly is called

answer

a sales discount

question

Which of the following is true about CPAs?

answer

CPAs must participate in continuing education programs

question

A written order for a bank or other financial institution to pay stated dollar amount to a specific business or person is called a

answer

check

question

York Department Store does 50 percent of its business on credit and frequently has to tolerate slow-paying customers and those who simply do not pay. Now it would like to facilitate immediate cash purchases for customers who don't like to write checks or to carry cash with them. What would you recommend?

answer

Buy a point-of-sale terminal for the store

question

Number of fans and number of likes are typical measurements of

answer

Facebook

question

____ read online forums, read blogs, and listen to podcasts.

answer

Spectators

question

A business model represents a _____ in a business situation.

answer

group of common characteristics and behaviors

question

Marta invests a substantial amount of money to take her business online. She is extremely discouraged when three months pass and she has not produced enough new revenues to offset the high start-up costs. What sound advise is good for marta?

answer

Because the initial start-up costs were high, it may take longer to recover, but it is too soon to determine the long-term success.

question

Which of the following type of individual who uses social media maintains a profile and visits social networking sites?

answer

Joiners

question

Which of the following are not considered a social media tool?

answer

DVDs

question

Which of the following is true about the definition of social media?

answer

There are many definitions of "social media."

question

Operations managers need management information in all of the following areas except

answer

future capitalization needs

question

The ration that averages about 2.0 for all industries is the

answer

current ration

question

Which type of manager would be most concerned with information about the products offered by competitors?

answer

Marketing

question

All American National Company earned $240,000 last year. The board of directors decided to pay out one-half of the firm's earnings to stockholders. Before the board's decision, the firm's retained earnings were $740,000. Which of the following statements is true?

answer

The value of the firm's retained earnings is now $860,000.

question

Walmart takes it nets sales and subtracts the cost of goods sold during the previous period. The result of Walmart's

answer

gross profit

question

A public corporation must change its lead auditing firm

answer

every five years

question

During the year Comer, Inc., had $200,000 in goods available for sale. At the end of the accounting period it had an ending inventory of $40,000. This reveals that is had sold all but ____ worth of the available goods.

answer

$40,000

question

Since business has been rapidly expanding. A Shot Of Sugar Bakery decides to purchase a second industrial oven. The cash paid for the oven would be listed in the ____ section of the statement of cash flows.

answer

Investing

question

Ruin Company's net sales for the period were $175,000. Its cost of goods sold was &85,0000. What is the firm's gross profit on sales?

answer

$90,000

question

Refer to community bank. One employee asked Jeffrey how much money could be found in the whole country. Jeffrey indicated that the government tracks this type of information via supply of money. What are the main measures of the supply on money?

answer

Two: m1, m2

question

The federal reserve system was organized in

answer

1913

question

Commercial banks have experienced competition from all of the following except

answer

federal reserve banks

question

When the federal reserve system sets a new margin requirement, it is regulating the

answer

buying of securities.

question

_____ banks are charted by the U.S. Comptroller of the Currency.

answer

National

question

Refer to Pure Training inc. When Pure Training is discussing typical measurements for various types of social media and it starts discussing "number of fans", "number of likes", and "growth of" measurements for

answer

Facebook

question

Bit Torrent is an example of ____ model.

answer

consumer to consumer

question

___ is considered a social marketing site for professionals.

answer

question

Tech Savvy, digital natives born after 1980 are known as

answer

Millenials

question

Which of the following most accurately describes a podcast?

answer

A digital audio or video file

question

Claire browses for clothing at Banana Republic's website, but goes to Banana Republic store to try on and purchase the clothing. This demonstrates what aspect of e-business?

answer

A firm's Web site may lead to increased sales in its physical stores.

question

Peer-to-peer software that allows users to share information over the Internet is known as a _____ model.

answer

consumer to consumer

question

Each objective of a social media plan should be all of the following except

answer

Vague

question

Wallace Plumbing Company had income from operations of $110,000. It paid federal income taxes of $26,000. What was the firm's net income after taxes?

answer

$84,000

question

All of the following would be examples of internal information sources except company

answer

competitors

question

Debts owed by a business are called

answer

liabilities

question

Mike Acorn applied for a $7,500 loan to start a small retail business. When the loan officer interviewed him for the loan, she asked him to list the assets he owned. The loan officer is concerned about Mike's

answer

capital

question

Which of the following statements is true?

answer

The Federal Reserve uses deposit expansion to counteract the effects of inflation

question

A friends overhears your conversation with another friend, who is discussing his new job with "the fed." What does the term Fed stand for?

answer

Federal Reserve Board

question

Deposits in a single account at a credit union are insured for

answer

$250,000

question

Maya Michey graduated from college and is seeking employment in the banking industry. She believes she has what it takes to be successful because she

answer

is honest and likes to interact with people.

question

Refer to pure training, inc. If clients (the business owners) were asking for workshops to allow their customers to listen to audio files about their product or service, Pure Training would be organizing ____ workshops.

answer

podcast

question

A _____ is a source of revenue flowing into the firm.

answer

revenue stream

question

Approximately what percentage of Americans use the internet?

answer

77

question

Social media can most accurately be described as being about

answer

people.

question

McDonald's and Burger King share a similar _____ because they offer about the same products and need about the same type of employees.

answer

business model

question

Chase invests $5,000 of his own money in his new auto detailing business. He then obtains a loan and builds a small workshop in his backyard for $10,000. At this point assets are _____ liabilities are _____ , and owners' equity is ____.

answer

$15,000; $10,000; $5,000

question

In order for the Gift Market, a local specialty store, to purchase Christmas merchandise for selling in its store, it had to borrow money from a local bank. This debt owed to the bank is a (n)

answer

liability

question

According to the accountant for Michael's Floral Supply, the firm's assets are $124,000 and its liabilities are $31,000. Which of the following statements is true?

answer

The owners' equity is $93,000.

question

Judy Martinez, owner of Judy's fashions, received a $12,000 tax refund. She deposited the money in Chase Bank. The terms of the agreement are that she must leave the money on deposit for three years and the bank will pay her 2.0 percent interest. Her account is a

answer

certificate of deposit

question

Which of the following is not considered a goal of new government banking and financial organization by the Obama administrations?

answer

Provide economic growth in coordination with full employment.

question

Money that is held and spent later represents a ______, or means for retaining and accumulating wealth.

answer

store of value

question

A short-term loan is usually repaid within ____ year(s) or less.

answer

one

question

The transformation of data into a form useful for a specific purpose is called

answer

data processing

question

Shanda Lucas obtained a bank loan to buy a $70,000 Porsche. As the borrower, Shanda obtained immediate purchasing power. This can be described as

answer

credit

question

Refer to Community Bank, In his training, when Jeffrey suggests that money should retain its value over time, which of the following characteristics is he referring to?

answer

Stability

question

EFT stands for

answer

electronic funds transfer

question

Refer to Community Bank. One of Laila's responsibilities is keeping track of the interest rate that the Federal Reserve System charges for loan to member banks. Which of the following should Laila be tracking?

answer

Discount Rate

question

____ refers to a firm's activities to support a healthy environment and sustain the planet.

answer

Green IT

question

Which of the following can be most closely associated with "outsourcing tasks"?

answer

Crowdsourcing

question

What is usually the primary revenue stream for online auction sites such as eBay?

answer

Fees charged for selling products on the site

question

Information rules

answer

emerge when research confirms the same results each time a problem is studied.

question

The most liquid asset is

answer

cash

question

Each month, Bath and Body Works pays employees wages, telephone bills, and salaries to accountants. These are all considered

answer

Operating expenses

question

Which of the following is true about marketing messages and social media?

answer

Social media marketing messages are not like traditional marketing messages.

question

Emiliano Garza spent five years in accounting educational program and successfully completed a rigorous accounting examination five years ago. Since then, he has worked for several accounting firms. Currently he is senior partner in a international accounting firm. By profession, Emiliano is probably a

answer

certified public accountant

question

KYZ Radio pays salaries, rent, insurance, and utilities each month. These are all

answer

operating expense

question

Which of the following is not one of the sections included in a typical business report?

answer

Analysis

question

Marilyn provides piano lessons to students in her home four days a week. The money she earns from providing these services would be called ____ on an income statement.

answer

Revenues

question

The financial statement that provides information about a firm's operating, investing, and financial activities during an accounting period is the

answer

cash flow statement

question

The term ____ describes assets that can be quickly converted into cash or consumed in one year or less.

answer

current assets

question

On its company computer system, Gymboree has numerical and verbal descriptions about its suppliers and their prices, which as a whole is called _____ . Managers can access and use this to make decisions about suppliers.

answer

a database

question

Like other businesses, a bank's primary mission is to

answer

meet the need of its customers while earning a profit

question

Refer to M&B bank, While offering the credit-counseling workshops, the facilitator lists the five C's of credit. Which of the following refers to the borrower's attitude toward credit obligations?

answer

Character

question

Vince is saving to buy his first car. The Mini Cooper he wants is $28,000 right now., but it will take at least a year to accumulate the down payment . He also knows that although money is a store of value, he will probably need more then $28,000 to buy the car next year because of

answer

inflation

question

During periods of high inflation, money loses which essential characteristic?

answer

Stability

question

When Clarissa Nettles went to the grocery store, she wrote out a check to pay for her purchases. The clerk processed the check electronically and gave her the voided check back. the store is using a(n) ______ to process Clarissa's payment.

answer

electronic check conversion

question

In the Federal Reserve System, there are ____ district banks.

answer

twelve

question

Payless Shoes finds that it does not have enough cash to purchase new sandals for the upcoming summer season. What type of arrangement would you recommend for purchasing the shoes?

answer

Short-term business loan

question

In explaining money to his twelve-year-old, Mike, the president of a small business , said that money is "symbolic". This should be correctly interpreted to mean that money is

answer

an artificial device that aids in the exchange of resources for products, services, and resources.

question

The ___ requires lenders to clearly state the annual percentage rate and total finance charge for a consumer loan.

answer

Truth in lending act

question

Usually money is used as a

answer

All are acceptable uses of money.

question

The percentage of deposits that a bank must retain for depositors is called

answer

a reserve requirement

question

Which of the following companies was one of the early adopters of consumer ratings?

answer

Amazon

question

Mystarbucksidea.com is an example of a _____ site.

answer

crowdsourcing

question

Which of the following is true about social media measurement tools?

answer

Most companies use quantitative measurements.

question

What does "stickiest" refer to in regard to social media?

answer

Users spending a great deal of time at a particular site.

question

Which of the following is not one of the top four social networking sites used by business?

answer

question

The use of webinars and online informational promotional materials is most often related to businesses selling to

answer

other businesses

question

Which of the following is most likely to be the manner in which a business connects and communicates with other businesses rather than the customers?

answer

Webinars

question

Social media is used by approximately ______ of online adults.

answer

two-thirds

question

Which of the following may leave users completely unaware that their movements and clicks on the internet are being monitored?

answer

Cookies

question

Creating a web site so that customers can search for information instead of calling the company's offices and speaking to a customer-service representative is an e-business strategy designed to increase profit by

answer

reducing expenses

question

One type of B2B model focuses on

answer

facilitating sales transactions between businesses.

question

After a company listens and pays attention to what is being said about a company through social media, what is the following step?

answer

Establish social media objectives

question

Which of the following is true about the definition of social media?

answer

There are many definitions of "social media"

question

Computers and software belong to which of the following specialized e-business resources?

answer

Material

question

The Wall Street Journal's online edition is not provided free to Interne users. Therefore, the primary revenue stream for this online version is probably

answer

subscription fees

question

Online firms like Amazon.com that take a B2C approach

answer

incorporate all of the above

question

With _____ community members are the editors and gatekeepers of the content of a site.

answer

wikis

question

Gap.com, the clothier's online site, focuses on conducting business with individual customers. This represents a _____ model

answer

B2C

question

Which of the following most accurately describes a podcast?

answer

A digital audio or video file

question

Schluster Hardware Inc. had a gross profit of $380,000, operating expenses of $210,000, and income taxes of $48,000. What is Shluster's net income after taxes?

answer

$122,000

question

The purpose of an audit is to ensure that financial statements have been prepared according to

answer

generally accepted accounting principles

question

The ratio obtained by dividing net income after taxes by net sales is the

answer

return on sales ratio

question

Refer to Christine's First Job. If the owners did not recognize the term "statement of financial position," Christine could use which of the following more common terms?

answer

Balance Sheet

question

Television sets that Best Buy owns for selling to its customers are classified as

answer

merchandise inventory

question

Tavia Jacobson is the owner of Jacobson's Home Interiors. She would like to begin accepting Visa, MasterCard, or Discover credit cards, but shit is concerned about the cost. As a merchant she could expect to pay between ____ percent to the credit card company for processing credit card transactions.

answer

1.5 and 4

question

The Seven members of the Federal Reserve System are

answer

appointed by the president

question

A financial institution that is owned by its depositors is called a(n)

answer

mutual savings bank

question

The FDIC provides basic deposit insurance of ____ per depositor.

answer

$250,000

question

Immediate purchasing power that is exchanged for a promise to pay at a later date is called

answer

credit

question

If a subcultural group in Africa started its own country, it should not use tissue paper to print currency because money should have

answer

durability

question

GE Capital is an example of a(n)

answer

finance company

question

The average repayment term for long-term business loans is generally

answer

between three and seven years

question

Refer to Academic Standard Inc. All except ____ forces are primary external environmental forces that ASI needs to be mindful of in regard to the company's use of technology

answer

customer service

question

"Digital Natives" are considered to be anyone

answer

under the age of 32.

question

According to a survey by eMarketer, ____ of U.S. companies with more that 100 employees are using social media tools for marketing.

answer

80

question

_____ post ratings of products and services and contribute to and edit articles in wikis.

answer

Critics

question

As the accountant for Marston Retail Stores, you must calculate the current ratio for the firm's last accounting period. The firm's current assets were $120,000, its fixed assets were $240,000, its current liabilities were $80,000, and its long-term liabilities were $60,000. Given these facts, what is the firm's current ratio?

answer

1.5

question

What is the correct order for the balance sheet?

answer

assets, liabilities, owners' equity

question

A firm has $260,000 in assets and $158,000 in stockholders equity. It owes $55,000 from a long-term loan, and this is its only long-term liability. This firm has _____ in total current liabilities.

answer

$47,000

question

Another name for the statement of financial position is the

answer

balance sheet

question

The cost of goods sold for McPherson Fashions is $360,000. The beginning inventory for the firm was $20,000. Twelve months later the ending inventory was $40,000. What is the firm's inventory turnover?

answer

12 Times a year

question

Which of the following statements is true?

answer

The more information a manager has, the less risk there is when making a decision.

question

Selling expenses are considered to be a type of

answer

operating expense

question

Regina owns and operates her own bakery and coffee shop. Regina has no accounting training and has only three employees . How does she most likely handle the necessary accounting for her business?

answer

She pays a public accountant to do the accounting for her business

question

As the accountant for Ideal Manufacturing Company, you determine the following totals in your balance sheet: total assets -$124,000; current liabilities - $41,000; long-term liabilities -$13,000. What is the total owners' equity for this

answer

$70,000

question

Winshare Art Company has issued only common stock. Currently it has 10,000 shares outstanding . The value of the stock is shown as $20 per share. In addition, $100,000 of Winshare's earnings have been reinvested in the business since it was founded. What is Winshare's total owners' equity?

answer

300,000

question

Refer to Christine's First Job. To help the owners understand how effectively the firm is transforming sales into profits, Christine should address which of the following rations?

answer

Return on sales

question

Refer to Ridgley, Cooper, and Ross. One of RCR's clients is ABC Electronics. RCR develops ABC Electronics' statements and reports for ABC's stockholders, financial analysts, and bankers. These services can be classified as which of the following

answer

Financial accounting

question

Which of the following would not be included in the M1 definition of money?

answer

Travelers checks

question

Which of the following is most commonly used to obtain cash from an ATM?

answer

Debit Cards

question

Credit union members usually are

answer

All of these answer are correct

question

If Jamie wanted to purchase Disney stock using borrowed money and had $4,000 of her own money to use, what is the maximum amount of stock she can purchase with a margin requirement of 50 percent?

answer

$8,000

question

Which of the following statements is false?

answer

The consumer price index is base on two factors: the cost of housing and the cost of transportation.

question

Along with stability, all of the following are characteristics of money except

answer

profitability

question

In lending money, lenders consider a prospective borrower's

answer

collateral, capacity, and character

question

What is commercial paper?

answer

Short-term promissory notes issued by large corporations

question

Your friend Elizabeth says that all the Fed does is lower or raise interest rates. You explain that Fed's actual mission is to

answer

maintain an economically healthy and financially sound business environment.

question

A guaranteed line of credit is called a

answer

revolving credit agreement

question

Of the following, which is false about the "stress" tests that were instituted and conducted by the Federal Reserve and other federal agencies?

answer

The banks that failed were provided non-recourse loans to help secure the banks' survival.

question

Real or personal property that a firm or individual owns that is pledged as security for a loan is called

answer

collateral

question

When you make a purchase with a _____ , funds are electronically subtracted from your bank account that the moment the purchase is made.

answer

debit card

question

Marty obtained a three year loan at 7.5 percent interest to buy a new BMW and used the car as collateral for the loan. After two years, the Stocker Finance Company repossessed Marty's car because

answer

he failed to repay the loan according to the loan terms.

question

The amount a credit card company charges a merchant for accepting credit cards depends on all of the following factors except the

answer

type of product the merchant sells.

question

Refer to Community BANK. In giving examples to new employees, Jeffrey has indicated that when customers put their money in the bank, some are looking to retain and accumulate wealth. This refers to which of the following functions of money?

answer

Money as a store of value

question

Which of the following is the last step in building a social media plan?

answer

Implement and integrate the plan

question

Ashley wants to increase the profits of her e-business. What two ways can she accomplish her goal of increasing profits?

answer

Cutting back on expenses and increasing sales

question

The basic resource from which plans are developed and decisions are made is called

answer

information

question

Cash, marketable securities, notes receivable, and merchandise inventory are examples of

answer

current assets

question

Resources that a firm owns are called

answer

assets

question

What are the three activities according to which a statement of cash flows is organized?

answer

Operating, investing, financing

question

Revenues - cost of goods sold - expenses = net income characterizes which financial statement?

answer

Income statement

question

All of the following are responsibilities of the Federal Reserve system except

answer

negotiating loans for the government.

question

A machine that provides almost any service a human teller can provide is called a

answer

ATM

question

In 2011 the seven banks in the United States were

answer

national banks

question

M1 and M2 are both measures of

answer

the supply of money

question

At the bank where Natasha works, loans are made on the money that customers deposit then in turn on what borrowers deposit, which allows the bank to make more loans. This is referred to as

answer

deposit expansion

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