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What is a general ledger? A general ledger account is an account or record used to sort, store and summarize a company's transactions. asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment liability accounts including Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits stockholders' equity accounts such as Common Stock, Retained Earnings, Treasury Stock, and Accumulated Other Comprehensive Income What is the difference between accounts payable and accounts receivable? Accounts payable is a current liability account in which a company records the amounts it owes to suppliers or vendors for goods or services that it received on credit. Accounts receivable is a current asset account in which a company records the amounts it has a right to collect from customers who received goods or services on credit. What is the cost of goods sold? The cost of goods sold is the cost of the products that a retailer, distributor, or manufacturer has sold. What is owner's equity? Owner's equity is one of the three main sections of a sole proprietorship's balance sheet and one of the components of the accounting equation: Assets = Liabilities + Owner's Equity. What is principles of accounting? Principles of accounting can also refer to the basic or fundamental accounting principles: cost principles, matching principles, full disclosure principles, materiality

principles, going concern principles, economic entity principles, and so on. In this context, principles of accounting refers to the broad underlying concepts which guide accountants when preparing financial statements. What is equity? Equity can indicate an ownership interest in a business, such as stockholders' equity or owner's equity. Equity can mean an owner's interest in a personal asset. For example, the owner of a $200,000 house that has a mortgage loan of $75,000 is said to have $125,000 of equity in the house. What is meant by reconciling an account? Reconciling an account is likely to mean proving or documenting that an account balance is correct. What is included in cash and cash equivalents? In accounting, a company's cash includes the following: currency and coins checks received from customers but not yet deposited checking accounts petty cash Cash equivalents are short-term, highly liquid investments with a maturity date that was 3 months or less at the time of purchase. money market accounts U.S. Treasury Bills commercial paper What is the difference between an implicit cost and an explicit cost? An implicit cost is present but it is not initially shown or reported as a separate cost.

An explicit cost is a cost that is present and it is clearly shown or reported as a separate cost. What is the difference between stocks and bonds? Stocks, or shares of capital stock, represent an ownership interest in a corporation. Every corporation has common stock. Bonds are a form of long-term debt in which the issuing corporation promises to pay the principal amount at a specified maturity date. AN INCREASE TO WHICH OF THE FOLLOWING ACCOUNTS WILL INCREASE OWNERS' EQUITY? Client Fees IN TIMES OF RISING PRICES, THE INVENTORY COST METHOD THAT WILL YIELD THE LOWEST NET INCOME IS: LIFO (LIFO is the acronym for last-in, first-out, which is a cost flow assumption often used by U.S. corporations in moving costs from inventory to the cost of goods sold. Example: Assume that a corporation uses LIFO and has three units of a product in its inventory. Due to its supplier raising its prices, the corporation purchased the items at different costs and in the following sequence: $40, $44, and $46. The corporation ships the oldest item (the one purchased for $40) to a customer at a selling price of $60. However, under the LIFO cost flow assumption the company reports its cost of goods sold at $46 (the latest cost) and reports a gross profit of $14. (The costs of $ and $44 remain in inventory.) When a business erroneously records expenses as assets, it has violated the measurement issue of classification A dividend will reduce which of the following accounts? Retained Earnings

Lying by omission involves intentionally withholding material facts. Conflicts of interest exist when employees must choose whether to advance their own interests, those of the organization, or those of some other group. Which of the following statements is CORRECT? Free cash flow (FCF) is, essentially, the cash flow that is available for interest and dividends after the company has made the investments in current and fixed assets that are necessary to sustain ongoing operations. A corporate bond currently yields 8.3%. Municipal bonds with the same risk, maturity, and liquidity currently yield 5.5%. At what tax rate would investors be indifferent between the two bonds? 33.73% When the costs of supplies increase in an industry, the low-cost leader be the only firm able to pay the higher prices and continue to earn average or above- average returns. TQM is most helpful to firms following the business strategy. integrated cost-leadership differentiation

All of the following are considered extrinsic motivators in Herzberg's two-factor theory EXCEPT: Work itself Which of the following is NOT one of the process motivation theories? Acquired needs theory An individual who purchases a computer later decides to acquire a new motherboard. In terms of computing GDP, this new motherboard would be a(n) Final good The largest component of GDP is consumption In economics, firms are assumed to Maximize profits Holding everything else equal, total revenue increases when either price or quantity increase

Government tactics that include removing incentives, demanding a higher share of profits and taxes, and confiscating foreign assets are known as: Expropriation "People of the same trade seldom meet together, even for merriment and diversion, but their conversation often ends in conspiracy against the public." This quote from Adam Smith is referring to which of the following business relationship terms: Collusion is a collection of facts organized so that they have additional value beyond the value of the facts themselves. Information is the simulation of a real or imagined environment that can be experienced visually in three dimensions. Virtual reality The Federal Highway Administration uses notice-and-comment rulemaking. This process begins with the publication of a notice of proposed rulemaking. Kip opens an account at a Lotsa Goodies Store, and buys a digital music player and other items, but makes no payments on the account. To collect the debt, Mako, the manager, contacts Kip's parents. This violates No federal law

The process of setting major organization objectives and developing plans to achieve them is called: Strategic planning One way human resource planning links to strategic planning is by providing a set of inputs into the: strategy formulation process In the SERVQUAL instrument for measuring service quality, the concept of assurance is associated with The ability to convey trust and confidence Which of the following is not one of W. Edwards Deming's 14 points? The only performance standard is Zero Defects A leading force currently driving change at work is: Global competition A questioning, probing attitude is at the core of: critical thinking

Which of the following IS NOT a purpose of a marketing plan? It explains how marketing activities mesh with other functional areas In the context of marketing planning, why is it vital that the marketing plan be capable of selling itself to top management? Because top managers must decide whether the marketing plan is the best use for the organization's scarce resources Sensitivity analysis considers changes in the values of the payoffs. A population characteristic, such as a population mean, is called A parameter OPERATING STATEMENT IS ANOTHER NAME FOR WHICH OF THE FOLLOWING? Income Statement AN INCREASE TO WHICH OF THE FOLLOWING ACCOUNTS WILL INCREASE OWNERS' EQUITY? Client Fees PURCHASES RETURNS AND ALLOWANCES AND PURCHASE DISCOUNTS ARE CLASSIFIED AS WHICH OF THE FOLLOWING ON THE INCOME STATEMENT?

CONTRA-COST ACCOUNTS

THE LAST STEP IN PREPARING A WORKSHEET IS WHICH OF THE FOLLOWING?

TOTAL THE INCOME STATEMENT AND BALANCE SHEET ITEMS TO COMPUTE NET

INCOME (LOSS)

Mission Statement vs Vision A MISSION STATEMENT DEFINES THE COMPANY'S BUSINESS, ITS OBJECTIVES AND ITS APPROACH TO REACH THOSE OBJECTIVES. A VISION STATEMENT DESCRIBES THE DESIRED FUTURE POSITION OF THE COMPANY. ELEMENTS OF MISSION AND VISION STATEMENTS ARE OFTEN COMBINED TO PROVIDE A STATEMENT OF THE COMPANY'S PURPOSES, GOALS AND VALUES. HOWEVER, SOMETIMES THE TWO TERMS ARE USED INTERCHANGEABLY. Corporation Structure A BOARD OF DIRECTORS; OFFICERS; EMPLOYEES; SHAREHOLDERS/OWNERS AN INTERNAL CONFIGURATION OF THE FUNCTIONAL AREAS OF A BUSINESS CORPORATE GOVERNANCE IT ESSENTIALLY INVOLVES BALANCING THE INTERESTS OF A COMPANY'S MANY STAKEHOLDERS, SUCH AS SHAREHOLDERS, MANAGEMENT, CUSTOMERS, SUPPLIERS, FINANCIERS, GOVERNMENT AND THE COMMUNITY IT ENCOMPASSES PRACTICALLY EVERY SPHERE OF MANAGEMENT, FROM ACTION PLANS AND INTERNAL CONTROLS TO PERFORMANCE MEASUREMENT AND CORPORATE DISCLOSURE.

GDP Calculation THE FORMULA FOR GDP IS: GDP = C + I + G + (EX -IM), WHERE "C" EQUALS SPENDING BY CONSUMERS, "I" EQUALS INVESTMENT BY BUSINESSES, "G" EQUALS GOVERNMENT SPENDING AND "(EX -IM)" EQUALS NET EXPORTS, THAT IS, THE VALUE OF EXPORTSMINUSIMPORTS. GROSS DOMESTIC PRODUCT (GDP) IS ONE OF THE PRIMARY INDICATORS USED TO GAUGE THE HEALTH OF A COUNTRY'S ECONOMY. IT REPRESENTS THE TOTAL DOLLAR VALUE OF ALL GOODS AND SERVICES PRODUCED OVER A SPECIFIC TIME PERIOD, OFTEN REFERRED TO AS THE SIZE OF THE ECONOMY ANALYSIS: GDP GROWTH RATE IS THE GROWTH IN GDP FROM QUARTER TO QUARTER.GDP PER CAPITA MEASURES GDP PER PERSON AND IS A GREAT WAY TO COMPARE GDP DATA BETWEEN VARIOUS COUNTRIES. Inflation IS DEFINED AS A SUSTAINED INCREASE IN THE GENERAL LEVEL OF PRICES FOR GOODS AND SERVICES IN A COUNTY, AND IS MEASURED AS AN ANNUAL PERCENTAGE CHANGE. UNDER CONDITIONS OF INFLATION, THE PRICES OF THINGS RISE OVER TIME. Recession IS A SIGNIFICANT DECLINE IN ECONOMIC ACTIVITY THAT GOES ON FOR MORE THAN A FEW MONTHS. IT IS VISIBLE IN INDUSTRIAL PRODUCTION, EMPLOYMENT, REAL INCOME AND WHOLESALE-RETAIL TRADE.

International Trade IS THE EXCHANGE OF CAPITAL, GOODS, AND SERVICES ACROSS INTERNATIONAL BORDERS OR TERRITORIES. IN MOST COUNTRIES, SUCH TRADE REPRESENTS A SIGNIFICANT SHARE OF GROSS DOMESTIC PRODUCT (GDP). MICROECONOMIC TRENDS ARE PATTERNS OF MOVEMENTS OR CHANGES IN ECONOMIC FACTORS SUCH AS CONSUMER, HOUSEHOLD, OR FIRMS' INCOME, SAVINGS, DEBT, AND EXPENDITURE. MICROECONOMIC ANALYSIS ATTEMPTS TO EXPLAIN THE BEHAVIOR OF INDIVIDUALS AND ORGANIZATIONS IN A GIVEN ECONOMY. FUNCTIONS THROUGH MODELING AND BY EMPHASIZING INTERESTS. Accounting Profit IS THE MONETARY COSTS A FIRM PAYS OUT AND THE REVENUE A FIRM RECEIVES. TOTAL MONETARY - REVENUE TOTAL COSTS. Economic Profit IS THE MONETARY COSTS AND OPPORTUNITY COSTS A FIRM PAYS AND THE REVENUE A FIRM RECEIVES. TOTAL REVENUE-(EXPLICIT COSTS + IMPLICIT COSTS).

LAW OF SUPPLY

THAT THE QUANTITY OF A GOOD SUPPLIED (I.E., THE AMOUNT OWNERS OR

PRODUCERS OFFER FOR SALE) RISES AS THE MARKET PRICE RISES, AND FALLS AS THE

PRICE FALLS.

Law of Demand SAYS THAT THE QUANTITY OF A GOOD DEMANDED FALLS AS THE PRICE RISES, AND VICE VERSA. Government tactics that include removing incentives advance their own interests, those of the organization, or those of some other group. A suit for negligence must prove four elements: duty of care, breach of duty, proximate cause and Actual harm Financial Regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system. This may be handled by either a government or non-government organization. THE FTC'S BUREAU OF CONSUMER PROTECTION

STOPS UNFAIR, DECEPTIVE AND FRAUDULENT BUSINESS PRACTICES BY COLLECTING

COMPLAINTS AND CONDUCTING INVESTIGATIONS, SUING COMPANIES AND PEOPLE

THAT BREAK THE LAW, DEVELOPING RULES TO MAINTAIN A FAIR MARKETPLACE,

AND EDUCATING CONSUMERS AND BUSINESSES ABOUT THEIR RIGHTS AND

RESPONSIBILITIES.

6 BASIC RIGHTS OF CONSUMERS

right to safety, right to be informed, right to choose, right to be heard, right to consumer education, right to courteous service Corporate culture is shown (1) the ways the organization conducts its business, treats its employees, customers, and the wider community, (2) the extent to which freedom is allowed in decision making, developing new ideas, and personal expression, (3) how power and information flow through its hierarchy, and (4) how committed employees are towards collective objectives. It affects the organization's productivity and performance, and provides guidelines on customer care and service, product quality and safety, attendance and punctuality, and concern for the environment. Source 5 Functions of HRM

1. Recruitment and Selection 2. Orientation 3. Maintaining good working conditions
2. Managing employee relations 5. Training and Development Individual and Group Dynamics Interaction of complex intra- and inter-personal forces operating in a group which determine its character, development, and long-term survival.

Field of study concerned with determination of laws underlying group behavior. Population Sampling is the process of taking a subset of subjects that is representative of the entire population. The sample must have sufficient size to warrant statistical analysis. TYPE I ERROR IS THE REJECTION OF A TRUE NULL HYPOTHESIS (ALSO KNOWN AS A "FALSE POSITIVE" FINDING) TYPE II ERROR IS FAILING TO REJECT A FALSE NULL HYPOTHESIS (ALSO KNOWN AS A "FALSE NEGATIVE" FINDING) The percent of fixed assets to total assets is an example of? vertical anaylsis A corporation requesting a restraining order to bar the publication of damaging material would be seeking Equity law Which of the following is NOT a strategic alternative to laying off employees? Lowering Employment Standards

KJ built his taco truck out of $75,000,000 worth of titanium and duct tape. He uses $10.25 of organic bok choy, $6.75 of Wisconsin cheddar cheese, and $25.25 of foie gras in each taco. If he sells tacos at $475 each, what is his break-even quantity? $173, The Marketing Concept today is about what? Sales Which of these is not a cash flow activity category in the Statement of cash flows? A. Operating B. Investing C. Financing D. Depreciating Depreciating Which one of the following statements is false? (A) TC = TFC + TVC (B) ATC = AFC + AVC (C)AFC = TFC divided by Q (D) MC = TC divided by Q AFC = TFC divided by Q The ratio that explains how efficiently companies use their assets to generate revenue. Asset Turnover Ratio The sum of the squares total (SST)? Measures the variability in Y about the regression line.

This strategy sacrifices responsiveness to local markets in favor of efficiency. Microsoft, for example, offers the same software programs around the world but adjusts the programs to match local languages. Global Strategy Another Time Around helps young inner city kids develop products they can make and sell to earn money for college. What concept best describes this? Cause Marketing Lauren is an HR manager at a marketing firm. Which of the following functions is LEAST likely to be an aspect of Lauren's job? Product Testing Local area networks (LANs) are used to. Integrate services to a single building or campus In June 2015, American steel companies United States Steel Corp., Nucor Corp., Steel Dynamics Inc., ArcelorMittal USA, AK Steel Corp., and California Steel Industries filed a complaint with the Department of Commerce and the ITC alleging that China (and other countries) were selling steel in the U.S. market at prices lower than their own markets. This practice is known as Dumping

Dumping is considered: The sale of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter. Marginal revenue is equal to: Marginal cost The primary purpose of employer branding is to. Attract quality employees The days required for a business to receive inventory, sell the inventory, and collect cash from the sale of the inventory. Operating cycle Which of the following statements is CORRECT? Free cash flow (FCF) is, essentially, the cash flow that is available for interest and dividends after the company has made the investments in current and fixed assets that are necessary to sustain ongoing operations. The data component of an information system is: A series of integrated files containing relevant facts Another name for a decision table is a:

Payoff table In the automobile industry, workers have just negotiated a new contract giving workers a large raise. There has also been an increase in the number of licensed drivers who are in the market for a new car. In the market for new automobiles, the effects that these changes will have on the equilibrium price and quantity include: Price will increase, and quantity will decrease What is the advantage of foreign direct investment? All of the above The contention that tariffs should be imposed when a foreign government provides financial assistance to its producers is: The infant industry argument. A new young executive is perplexed at the number of interruptions that occur due to employee relations. She has decided to track the number of interruptions that occur during each hour of her day. Over the last month, she has determined that between 0 and 3 interruptions occur during any given hour of her day. The data is shown below. Number of interruptions - probability (1.) 0 interruptions - .4 (2.) 1 interruptions - .3 (3.) 2 interruptions - .2 (4.) 3 interruptions - .1 On average she should expect 1 interruption per hour. False is the amount of data that can be transferred from one point to another in one second.

Bandwidth The principle of rational choice specifically states that you choose how to spend additional income based on what gives you: The most marginal utility for that dollar Outdoor World has everything any hunter or fisherman could want, all under one roof including a display of hunting trophies and a swimming pool full of bass to test fishing gear. What kind of retailer is Outdoor World? Destination retailing Jack has the power to give a bonus the employees to achieve a certain level of performance. This is an example of: Reward Power