1. Accounting is the cornerstone of any business. The accounting system is designed to collect, document, and report on
financial information
business industry information
financial transactions affecting business
industry trends

2. All accountants use the same set of rules called ----------- to prepare the reports.
Generally Accepted Accounting Principles (GAAP)
General Principles of Accounting (GPA
Principles of General Accounting (PGA)
Acceptable Accounting Practices (AAP)

3. _______________ is something that the business owns that has value.
An expense
An income
A liability
An asset

4. What is Capital?
Accrued salaries payable, which is the amount of salaries you owe your employees that you have not paid them yet.">Accrued salaries payable, which is the amount of salaries you owe your employees that you have not paid them yet.
Accounts Payable, which is the amount you owe your creditors for purchases of merchandise or services on account that will be paid within the next twelve months..
The Net Worth of your business.
The Long-Term Debt which is the amount the company owes the bank on a loan that was granted to the company by the bank.

5. The _______________ reports the final, updated balances of all assets, liabilities, and stockholder's equity accounts as of a specific period.
Chart of Accounts
Income Statement
Balance Sheet
Journal

6. Magazine advertisements are the most expensive to produce.
True
False

7. _______________ are banners that are animated, contain audio or video, or just flash, blink, or make weird sounds.
Rich Media
Spam
Pop-Ups
Opt-Ins

8. What are three of the ten reasons to advertise in magazines?
Magazines target efficiently. Magazines supply credibility. Magazines are gender specific.
Magazines are cross-cultural. Magazines ads last. Magazines engage.
Magazines provide rich experiences. Magazines offer choice. Magazines are inexpensive to produce.
Magazines creative connects. Magazines sell. Magazines provide reach.

9. What is Bait Advertising?
Where a company brings consumers in by advertising a certain good or service and then tries to switch the customer to a different good or service, usually at a higher price
Where a company advertises on TV for one week then Radio for one week then Newspaper the next week
Where a company advertises a good or service at one price and then makes the customer pay a higher price for the good or service
Where a fishing company advertises specifically for fishing goods

10 Newly introduced products are typically advertised more heavily than established ones, as are products whose customers are constantly _______________.
buying
working
complaining
changing

11. The Business Plan is
a valuable management tool.
not used as a reference guide.
a powerful money-raising tool.
Both A and C

12. The Business Plan should convey ideas, research findings, and
proposed plans.
detailed information concerning competitors.
past failed business ventures.
suggestions concerning personal investment strategies.

13. An important element of the Business Plan is the _______________, which is a statement that specifies the company's time-based goals that can be monitored and measured.
Mission Statement
Executive Summary
Objective Statement
Company Description

14. The financial data section of the Business Plan contains the following elements:
Break-even Analysis, Cash Flow Statements, Start-Up Budget
Financial WriteUp
Balance Sheet and Income Statements (Profit/Loss)
All of the above

15. The Target Market consists of defined segments of people that possess common characteristics and have a greater tendency to purchase a particular product or service.
TRUE
FALSE

16. Geographics, Demographics, and Psychographics are all elements researched in the Industry Analysis.
TRUE
FALSE

17. A Facsimile is a paper image that is transmitted over the internet via printers.
TRUE
FALSE

18. When addressing an envelope, the return address is placed in the center, right of the envelope.
TRUE
FALSE

19. What are the three accepted requirements of writing business correspondence?
Brevity, Clarity, Grammar and Spelling
Boldness, Clarity, Punctuation
Brevity, Creativity, Grammar and Spelling
Brevity, Creativity, Punctuation

20. What is a memorandum?
A memorandum is a company policy that limits employee communications throughout the company. Not intended for management.
A memorandum is a template that all employees of a company use to track incoming communications. Intended for customer research.
A memorandum is an in-house written communication. It is only intended to be seen by company personnel.
A memorandum is a chain email sent to all potential customers. It is a form of advertising.

21. Handling an unpleasant phone call in a _____ and _____ manner will often relax the caller.
Stern, soft
Stern, calling
Rude, obnoxious
Calm, caring

22. Employee evaluations are not considered private documents; therefore, they can be kept in an unsecure place.
TRUE
FALSE

23. Grievance procedures should only be filed if you plan on quitting your job.
TRUE
FALSE

24. An employee must be given a copy of, or access to, the Employee Evaluation Criteria (rubric or other evaluation tools)...
prior to the evaluation period
during the evaluation period.
when the evaluation is over
whenever management gets around to it.

25. Jessica's employee evaluation includes a section concerning her ability to delegate tasks to subordinate employees. Most likely Jessica is ...
an overachiever.
an underachiever.
a department manager.
an entry-level filing clerk.

26. An employee may request an Arbitration Hearing if...
he or she did not attend the Informal Conference and is unhappy with the outcome.
he or she agreed to a resolution, but changed his or her mind.
he or she did not know what else to do,
no resolution was agreed upon at the Informal Conference,

27. Safety rules are not covered in an Employee Manual because this would be too much detail for this publication.
TRUE
FALSE

28. The employer can use the Employee Manual
to educate their employees on company policies
as a reference source when documenting an employee's violation of company policies.
Both response 1 and response 2
None of the above

29. The abridged version of the Employee Manual should be posted on the...
bulletin board.
company web site.
in the school office.
website of your business partner.

30. Workers Compensation, Unemployment Compensation, and Social Security are located in the Employee Manual under ...
government's required coverage.
standards of conduct.
profit sharing.
educational assistance.

31. The Employee Manual should address ...
a time period for employee evaluation.
a set amount for regular pay increases.
a set amount for education reimbursement.
product pricing policies.

32. Who said ''Leadership is about ethics, integrity and morality. Competence is important, but without charactrer competence is nothing''?
George W. Bush
General Norman Schwartzkopf
Plato
Shirley Chisolm

33. A small business' ethics reflect the character of....
the employees
the city
the politicians
the owner

34. What are Ethics?
The company structure.
The disicipline dealing with what is good and bad and with moral duty and obligation.
The rules of the employee manual.
Religious rules that are carried into the workplace.

35. Perhaps the most demanding form of ethical dilemna occurs when...
two or more of one's dearly held principles seem to collide.
everyone gets a raise but you.
your principles don't match with your peers.
a customer insults you and you can't retaliate.

36. Domestic trade is a business activity that ...
occurs outside a country's own borders.
occurs between countries with excessive trade tariffs.
occurs between counties with trade agreements.
occurs within a country's own borders.

37. A freight forwarder is ...
an agent for the importer that moves the cargo to an overseas destination.
an agent for the importer that moves cargo to a domestic destination.
an agent that is unfamiliar with export and customs regulations.
an agent for the exporter that moves the cargo to an overseas destination.

38. The computation of the actual cost of producing a product and bringing it to market is the core element of determining if exporting is ...
culturally acceptable.
a loss-leader.
a domestic failure.
financially viable.

39 Lack of familiarity with the business practices, social customs, and etiquette of a country can weaken a company's position in the market, prevent it from accomplishing its objectives, and ultimately lead to failure.
TRUE
FALSE

40. The relative value between the two currencies could change between the time the deal is concluded and the time payment is received. If the exporter is not properly protected, a devaluation or depreciation of the foreign currency could cause the exporter to lose money. One of the risks associated with foreign trade is the uncertainty of the future ...
freight forwarder costs.
cargo charges.
customs cost.
exchange rates.

41. An Internet search feature that allows you to narrow your search, through the use of words or symbols, by specifying required words, excluded words, and complex word combinations.
Bookmark
Boolean Operators
Cookies
Surfing

42. A message that is stored on the hard drive, which is sent by a Web server when a Web site has been accessed for the first time.
Bookmark
Boolean Operators
Cookies
Surfing

43. A browser feature that memorizes and stores a Web site address for quick return access. It is also referred to as 'Favorites'.
Bookmark
Boolean Operators
Cookies
Surfing

44. To locate documents containing all words or phrases joined by the operator, use the AND operator which is the symbol _______________.
+
*
-
~

45. The programming language used to create Web pages, which enables all computer operating systems to recognize and run.
WWW (World Wide Web)
HTML ( HyperText MarkUp Language)
URL (Uniform Resource Locator)
WA (Web Address)

46. The primary purpose of a Job Description is to
identify the essential functions of the position.
provide information for the State Board of Equalization.
provide clarity within the organizational structure.
Both A and C.

47. The Job Description may be used
to conduct a job analysis.
to be in compliance with the State Board of Equalization.
as a tool to evaluate the business' environmental impact.
to fire an employee.

48. What department is responsible for maintaining the job descriptions within the personnel files?
Accounting Department
Human Resources Department
Marketing Department
Advertising Department

49. An uneducated decision is an ignorant decision, and ignorant decisions tend to produce
satisfied employees.
less than desirable results.
an ignoramus.
qualified employees.

50. An excellent way to find out what exactly a specific job entails is to
research the job on Monster.com.
talk to a student who has previously held the position within the class.
read the job descriptions.
both b and c.

51. Managerial team building is important to the success of a Virtual Enterprise company, because
the employees will be less likely to have conflict.
the employees will make decisions quicker.
the employees can be skilled in areas to help make your team successful.
the employees will be more industrious.

52. Managers can expect industriousness among
business partners.
team members.
departments.
regions.

53. In both the ''real world'' and the ''virtual world'' managers and team members are periodically evaluated on their job performance. This is necessary to assure the company runs as smoothly and efficiently as possible. It is also important for the ______________ of all company employees to be evaluated on a regular basis. 5
control and correction
growth and development
learning process and departmentalization
function and evaluation

54. Through job performance evaluations, it may be necessary to reevaluate specific jobs or roles and/or
to rewrite the team member's job descriptions to one more suitable.
to reclassify the employee's position to one that is more suitable.
to change the team member's salary to one more suitable.
to change the team member's specific job to one that is more suitable.

55. Distribution involves the selling of items to a wholesaler that then sells the items to a retailer.
TRUE
FALSE

56. The definition of marketing is
the process of enticing customers to purchase products through the wide ranges of media.
the process of producing and transporting products to different kinds of industries.
the process of selling and distributing products to wholesalers and retailers.
the process of creating, promoting, and presenting a product to meet the wants and needs of consumers.

57. What are the four elements of the marketing mix?
Product, Price, Selling, Transporting
Product, Price, Place, Promotion
Price, Place, Production, People
Product, Sales, Promotion, People

58. What is a target market?
A clearly identified segment of the market that the company wants to appeal to.
A set number of sales that a corporation wants to achieve.
Specific companies that a certain company wants to take market share from.
A specific kind of grocery store that specializes in one area.

59. Name two benefits of international marketing.
Higher profits, enhanced infrastructure
Increased sales, better employee management
Reduction of dependence on traditional markets, diversified markets
Global competitiveness, increased employee morale

60. Marketing in English is widely accepted but if your intent is to make your offerings available to a specific international target market, you must pay careful attention to _____ issues.
cultural
export
language
transportation

61. Successful business people network at functions such as:
Rotary meetings
Trade Fairs
Business conferences
All of the above

62. Building resources, acquiring information, and offering assistance to others at the same time is a sign that you are _______________ networking.
inexperienced at
ineffectively
truly
a novice at

63. The best way to begin networking is to start with
the telephone book.
people you know.
people you don't know.
cold calling.

64. Professional resources that are being used by the 'movers and shakers' of the field can be learned through a networking contact.
TRUE
FALSE

65. Networking is a skill that everyone is born with.
TRUE
FALSE

66. A presentation that has not been rehearsed adequately …
gives the impression that the purpose and expected outcome is not very critical.
will most likely solicit the desired result.
will flow more naturally.
will force presenters to use note cards, which is a widely accepted practice.

67. When making an oral presentation, _______________ is essential.
a visual
aesthetics
PowerPoint
vocabulary

68. When creating a PowerPoint slide it is important to have everything you are going to say on the slide.
TRUE
FALSE

69. In the Virtual Business world, oral presentations …
are an effective way for a business to share information.
are a very large part of various trade fair competitions.
provide an opportunity to directly interact with an audience.
all of the above

70 _______________ indicates confidence, knowledge, and authority and will draw the audience in. .
A good vocabulary
Using technical terminology
Incorporating industry jargon and company slang into your presentation
Speaking in a monotone voice

71. When a person is hired as a new employee in a company, he or she must correctly fill out a _________ upon acceptance of the specific job.
W-2 form
1040 form
W-4 form
540 EZ form

72. Determining a monthly budget for expenditures is vital for both ''real'' and ''virtual'' world personal finances. This budget must be based on the employee's ________
yearly gross
monthly net
monthly gross
weekly gross

73. It is vital that a person records all of the checks that he or she writes in his or her check register and ______ the register balance with his or her monthly...
reconcile/credit card statement
add/bank statement
figure/credit credit card statement
reconcile/bank statement

74. In order to keep one's good credit with his or her bank(s) and ____________ companies, a person's bills should not exceed his or her monthly income.
insurance
credit card
coffee
car

75. A form that employees need to fill out yearly for filing their federal income tax information is the ______ form.
1040EZ
540
540EZ
1099

76. Virtual Enterprise employees are expected to pay for their orders from other Virtual Enterprise companies when a(n) _________ is received.
purchase order
email
invoice
credit

77. Rent, utilities, insurance, gasoline, and food costs are also generally known as ___________ expenses.
personal item
flexible personal
flexible
fixed living

78. All expenses, fixed and flexible, should always be recorded in a person's ...
computer
check register
checkbook
diary

79. It is extremely important that the Virtual Enterprise employee understand that his or her total monthly bills should not exceed his or her total monthly net income.
True
False

80. The federal 1040EZ income tax form and the California 540EZ state tax form should be filed by April 15th of each year.
True
False

81. When developing a recruitment strategy, you should consider the business' background, origins,______________________.
marketing strategy and target market.
market position and marketing plan.
philosophy and mission statement
corporate goals and objectives.

82. When creating a recruitment strategy you should: determine what motivates the current employees, decide what makes people want to work for the company and
capitalize on those strengths when attracting new employees.
set challenging goals for employees.
promote talent from within.
offer continuous education opportunities.

83. The most valuable asset of a business is its _______________.
computer equipment
office building
financial holdings
human capital

84. In order to deter the affects of a negative social dynamic within the virtual business classroom it is important for new employees to have a formal mentor, which
should be any returning virtual business student.
should be a returning virtual business student who is familiar with the class and is in good-standing.
can be any student within the class.
is the virtual business coordinator.

85. The main purpose of a recruitment strategy is to
attract capable employees.
prepare current employees to obtain a position within the business.
provide the Human Resources Dept. with a substantial project during the 2nd Semester.
outline the company's objectives.

86. During the objection phase of the sales process, if the customer gives an objection then the salesperson should go back to what step?
Presentation
Follow Up
Meet and Greet
Qualifying

87. What is the best way to close a sale through the Internet?
Email of acceptance.
An online order form.
Through the toll free number given on the site.
Customer service representatives online.

88. What are 4 of the 6 steps of the sales process?
Greeting, Sign Up, Presentation, Follow Up
Qualifying, Presentation, Closing, Follow Up
Sign Up, Overcome Objections, Closing, Follow Up
Greeting, Qualifying, Closing, Calculate

89. Name one step you can take to insure clients receive excellent customer service.
Have a full time customer service quality control manager.
Always have a manager present at every sale.
Hand out gifts with every purchase.
Put your customer service policy in writing.

90. When selling at a trade fair, additional preparation is needed. Name two things that need to be done for a trade fair.
Dress appropriately, Have lots of light displays.
Pick a trade fair leader, Have a contest for your sales staff..
Have trade fair specials, Develop a well organized system.
Make sure you have a banner, Make sure the company accountants are logging receipts.

91. Bondholders must be paid in full before stockholders receive any money.
TRUE
FALSE

92. The least expensive way for an individual to buy Trreasury bonds is.....
from a bank
from an insurance agent
from an investment firm
from the US Treasury's ''Treasury Direct'' program.

93. The ''Rule of 72'' can help you compute how long it will take for money to double. It is called the ''Rule of 72'' because, for example, given the interest rate of 10%, it will take 7.2 years for your money or principle to double. How many years will it take to double given and interest rate of 6 percent?
6 years
7.2 years
12 years
2 years

94. When you purchase a company's stock certificate, you become a ________ of that company.
creditor
debtor
owner
customer

95. The difference between total assets and total liabilities on the balance sheet is ...
Return on Equity (ROE)
Net Assets
Net Income
Shareholder Equity

96. An effective businessperson should carefully develop a _______________ to determine how to use his/her time.
business plan
strategy
time share plan
manual

97. Time management is used to
plan.
set goals.
attain goals.
plan and attain goals.

98. _______________ is vital to completing tasks.
Staying motivated and managing your time
Reactive management
Procrastinating
Managing your time"

99. _______________, which means to take a list of tasks and arrange or deal with the items in order of importance, is important to time management.
Making a list
Sub-Dividing
Prioritizing
Delegating

100. Email can have a negative impact on time management. What can you do to reduce the negative impact?
Answer email immediately
Don't allow read mail to pile up in your In Box
Avoid forwarding junk mail
All of the Above

101. Trade fairs can be extremely effective outlets to showcase a company's products and services to large numbers of customers and potential clients.
TRUE
FALSE

102. A trade fair booth should be _______________ and _______________.
outlandish, capture interest
attractive, passive
attractive, capture interest
subdued, passive

103. Products and Services, Product Demonstration, Exhibit Design, Booth Staff, Literature, and Brand Recognition are what draw visitors to a trade fair booth. Out of the six items listed, which two are least effective in drawing visitors?
Product and Services, and Product Demonstration
Exhibit Design and Booth Staff
Literature and Brand Recognition
Products and Services, and Booth Staff

104. An audiovisual display is a feature used to attract customers to a trade fair booth. When using this feature
the music should be loud so that it will draw attention.
the audiovisual need not relate to your product or service line.
it is important that the music is played at a level so as not to disturb the booths around your booth.
there is no need to prepare the audiovisual presentation in advance of the trade fair.

105. When working a trade fair booth, remember to
sit at your booth, especially when your feet are tired.
eat while manning the booth because if you get too hungry you won't be effective.
create barriers to traffic so that people will naturally be moved into your booth.
always smile!

106. Most businesses take business trips and/or attend trade fairs in order to promote and sell their product/service, increase customer base, assess the competition, and ___________.
network with other companies
enjoy a break from the office
create attractive trade fair booths
recruit from other companies

107. All travel documentation should be organized and contained in a Travel Binder, which should be left at the school site while traveling.
TRUE
FALSE

108. When booking traveling arrangements, be mindful that full payment is generally due within _________________ of the trip.
one week
two weeks
one month
two months

109. The document that is used to keep track of an individual's fundraising efforts is the _______________.
Fundraiser Budget Spreadsheet
Individual Employee Budget Worksheet
Travel Itinerary
Cost of Trip spreadsheet

110. The document that is used to budget for a fundraiser is the _______________.
Fundraiser Budget Spreadsheet
Individual Employee Budget Worksheet
Travel Itinerary
Cost of Trip spreadsheet

Final Exam Curriculum Test

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Last Name  

Score