Business 101 chapter 16,17,18

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cash surplus

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


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


___ Is the largest video site on the internet.

Staying in touch with family and friends

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

A cookie

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


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.


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?

expenses during a particular accounting period.

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

computers held for resale

All of the following are classified as fixed assets except

The federal reserve

The U.S. government bank is

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

Which of the following statements is False?


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


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

In the past decade

When were Facebook and Twitter were created?


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?

decreasing her expenses

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


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.

a sales discount

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

CPAs must participate in continuing education programs

Which of the following is true about CPAs?


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

Buy a point-of-sale terminal for the store

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?


Number of fans and number of likes are typical measurements of


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

group of common characteristics and behaviors

A business model represents a _____ in a business situation.

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.

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?


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


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

There are many definitions of "social media."

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

future capitalization needs

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

current ration

The ration that averages about 2.0 for all industries is the


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

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

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?

gross profit

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

every five years

A public corporation must change its lead auditing firm


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.


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.


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?

Two: m1, m2

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?


The federal reserve system was organized in

federal reserve banks

Commercial banks have experienced competition from all of the following except

buying of securities.

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


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


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

consumer to consumer

Bit Torrent is an example of ____ model.


___ is considered a social marketing site for professionals.


Tech Savvy, digital natives born after 1980 are known as

A digital audio or video file

Which of the following most accurately describes a podcast?

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

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?

consumer to consumer

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


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


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?


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


Debts owed by a business are called


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

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

Which of the following statements is true?

Federal Reserve Board

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


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

is honest and likes to interact with people.

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


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.

revenue stream

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


Approximately what percentage of Americans use the internet?


Social media can most accurately be described as being about

business model

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

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

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 ____.


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)

The owners’ equity is $93,000.

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?

certificate of deposit

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

Provide economic growth in coordination with full employment.

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

store of value

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


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

data processing

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


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


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?

electronic funds transfer

EFT stands for

Discount Rate

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?

Green IT

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


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

Fees charged for selling products on the site

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

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

Information rules


The most liquid asset is

Operating expenses

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

Social media marketing messages are not like traditional marketing messages.

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

certified public accountant

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

operating expense

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


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


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.

cash flow statement

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

current assets

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

a database

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.

meet the need of its customers while earning a profit

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


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?


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


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

electronic check conversion

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.


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

Short-term business loan

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?

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

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

Truth in lending act

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

All are acceptable uses of money.

Usually money is used as a

a reserve requirement

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


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

crowdsourcing is an example of a _____ site.

Most companies use quantitative measurements.

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

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

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


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

other businesses

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


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?


Social media is used by approximately ______ of online adults.


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

reducing expenses

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

facilitating sales transactions between businesses.

One type of B2B model focuses on

Establish social media objectives

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

There are many definitions of "social media"

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


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

subscription fees

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

incorporate all of the above

Online firms like that take a B2C approach


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

B2C, the clothier’s online site, focuses on conducting business with individual customers. This represents a _____ model

A digital audio or video file

Which of the following most accurately describes a podcast?


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?

generally accepted accounting principles

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

return on sales ratio

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

Balance Sheet

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?

merchandise inventory

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

1.5 and 4

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.

appointed by the president

The Seven members of the Federal Reserve System are

mutual savings bank

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


The FDIC provides basic deposit insurance of ____ per depositor.


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


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

finance company

GE Capital is an example of a(n)

between three and seven years

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

customer service

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

under the age of 32.

"Digital Natives" are considered to be anyone


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


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


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?

assets, liabilities, owners’ equity

What is the correct order for the balance sheet?


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.

balance sheet

Another name for the statement of financial position is the

12 Times a year

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?

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

Which of the following statements is true?

operating expense

Selling expenses are considered to be a type of

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

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?


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


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?

Return on sales

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?

Financial accounting

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

Travelers checks

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

Debit Cards

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

All of these answer are correct

Credit union members usually are


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?

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

Which of the following statements is false?


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

collateral, capacity, and character

In lending money, lenders consider a prospective borrower’s

Short-term promissory notes issued by large corporations

What is commercial paper?

maintain an economically healthy and financially sound business environment.

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

revolving credit agreement

A guaranteed line of credit is called a

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

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


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

debit card

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

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

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

type of product the merchant sells.

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

Money as a store of value

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?

Implement and integrate the plan

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

Cutting back on expenses and increasing sales

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


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

current assets

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


Resources that a firm owns are called

Operating, investing, financing

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

Income statement

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

negotiating loans for the government.

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


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

national banks

In 2011 the seven banks in the United States were

the supply of money

M1 and M2 are both measures of

deposit expansion

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

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