Texas A&M University (TAMU) BUSN 101 Freshman Business Initiative Midterm Practice Test

These questions are part of the practice quiz. Start practicing

• Selling products and services between two businesses, rather than to a customer, is known as which business model?
• Which is a critical first step in planning and preparing for writing?
• What term describes a concise statement of the key issue and the gap between the current and desired states?
• Which discipline focuses on reducing tax obligations in compliance with IRS regulations and involves preparing required documentation?
• Which term is a short description of an organization's aspirations and the wider impact it aims to create, focusing on the 'why'?
• What term describes the entire sequence of securing inputs, producing goods, and delivering goods to customers?
• Which term describes the process of applying standards and procedures to ensure plans are implemented as intended and deviations are corrected?
• In Critical Thinking Step 5, what should you do after evaluating arguments?
• Which term refers to securities that represent ownership in a corporation and may pay dividends?
• Which software enables quick entry, storage, organization, selection, and retrieval of data in a database?
• Which term describes the hardware and software used to store and process information?
• Which term refers to the systems that enable an organization to leverage technology, information, and people to achieve goals?
• Which approach provides external expertise to help an organization improve effectiveness and performance?
• What term means the equipment and technique used to manage and process information?
• Which of the following is a step in the six steps of critical thinking?
• What architectural design of a network is used to manage security and access?
• Which term refers to the dollar amount of a firm's sales plus other income from sources such as interest, dividends, and rents?
• Intangible offerings of businesses that can't be held, touched, or stored are called what?
• Which formatting technique most improves readability?
• Other costs, such as salaries, utilities, and rent, are categorized as which type of expenses?
• Which term describes the process of guiding and motivating others toward the achievement of organizational goals?
• Which term describes selling to other businesses rather than to individual consumers?
• Which concept focuses on the time value of money, risk, and capital allocation?
• Which term describes the process of assessing the organization's progress toward its goals, including monitoring and correcting deviations from the plan?
• What is the ratio of net profit to the number of shares of common stock outstanding called?
• Which of the following phrases describes the fourth step in the six-step critical thinking process?
• An organization that strives for a profit by providing goods and services desired by its customers is best described as which term?
• Which term refers to the process of moving a product to the customer, including distribution channels and online presence?
• Which term best matches the description 'the set of beliefs and behaviors that guide how people show up and interact'?
• Which term describes the practice of protecting information technology assets from unauthorized access, use, disclosure, disruption, modification, or destruction?
• Which type of accounting provides financial information to managers inside the organization for decision making about current and future operations?
• Which term refers to the difference between the amount earned and the amount spent in buying, operating, and producing something?
• What term describes things of value owned by a firm?
• Which term is the process of coordinating and allocating resources to carry out an organization's plan?
• The term for the difference between revenue earned and expenses incurred is what?
• Which term refers to the set of attitudes, values, and standards that distinguishes one organization from another?
• Which process begins to implement a strategic plan by addressing issues of coordination and allocating resources to different parts of the organization?
• What term describes profit-oriented financial institutions that accept deposits, make loans, invest in government and corporate securities, and provide other financial services?
• Which financial statement summarizes revenues and expenses and shows profit or loss over a period?
• Selling products and services directly to a customer, the end user, is known as which model?
• Something given in exchange for a product, which can be monetary or non-monetary, is called?
• Which term denotes payments to stockholders from profits?
• Goods, services, or ideas are commonly referred to as what?
• Which of the following is a step in the six steps of critical thinking?
• What is essential to accurately critique an argument?
• Which management approach aims to minimize inventory costs by aligning materials with production schedules?
• Which expression represents the components of the accounting equation?
• What term describes the revenue earned from selling goods and services?
• Which term denotes the specific group of consumers toward which a firm directs its marketing efforts?
• Which term encompasses natural resources, raw materials, human resources, and capital used by a firm?
• Payments to stockholders from a corporation's profits are known as what?
• Which planning level focuses on the long-term goals and the resources needed to achieve them?
• Who owns a share of a company's stock?
• Which approach most directly supports conciseness in business writing?
• What is the process of guiding the development, maintenance, and allocation of resources to attain organizational goals?
• What term refers to raw, unorganized facts that can be moved and stored?
• Which term refers to the standards by which a judgment is made?
• Which phrase summarizes the core managerial functions: Planning, Organizing, Leading, Controlling?
• Which term includes activities like advertising, public relations, and personal selling to persuade customers?
• Which element is sometimes considered the fifth element of the marketing mix according to some sources?
• A form of business financing consisting of funds raised through the sale of stock in a business is called what?
• Which concept is defined as creating, communicating, and delivering value to customers?
• Obtaining funding for the firm's operations and investments, balancing debt and equity, is known as which term?
• Which of the following correctly defines 'Price' in the context of marketing?
• Which term refers to coordinating, managing, and allocating human capital to move an organization's goals forward?
• What term describes the delivery of computing services over the internet, providing on-demand access to software and storage?
• Which document is primarily used by internal managers for planning and evaluating performance?
• Which term refers to data that has been processed into meaningful form?
• Which of the following is the third step in the critical thinking process?
• Which type of accounting focuses on preparing external financial reports used by outsiders such as lenders, suppliers, investors, and government agencies to assess the financial strength of a business?
• Which term covers the process of smoothing transitions along the supply chains to satisfy customers with quality products and services, focusing on strong supplier relationships?
• What is the art and science of managing a firm's money so that it can meet its goals?
• What term is the cost to operate your business?
• What term describes a professional who is licensed after completing education, examination, and state requirements?
• Which term refers to the end result of business activities, namely goods and services delivered to customers?
• In communicating conclusions, which is most important?
• Which term refers to the coordination across the supply chain to move goods and services efficiently from supplier to customer?
• What term describes groups of people from different functional domains collaborating?
• Which term represents natural resources, raw materials, human resources, and capital?
• Which term denotes the unique benefit a company provides customers?
• Which term describes the method of getting the product from the creator to the customer, including transportation, location, supply chain management, and online presence?
• Which term best matches a group of people from different functional domains collaborating to solve a problem?
• Which process focuses on creating long-range goals for 1-5 years and determining what resources will be needed to accomplish those goals?
• The price of a single share of a company's stock is called what?
• An accountant who has completed an approved bachelor's degree program, passed the CPA exam, and met state requirements is known as what?
• A specialized branch of financing used by developers and owners to acquire, develop, and retain real estate properties is called what?
• Which measure equals the total investment in the firm minus liabilities, often referred to as net worth?
• Which field deals with the allocation of assets and liabilities over time under conditions of certainty and uncertainty?
• Which term describes the objective analysis and evaluation of an issue in order to form a judgement?
• Which framework consists of Product, Price, Promotion, Place, with People sometimes considered the fifth element?
• Which term describes the process that measures and reports financial information for external stakeholders?
• To maximize the value of the firm to its owners; maximize shareholder's wealth describes which purpose?
• Which item represents what a firm owes to creditors, i.e., debts?
• Providing outside perspective to help organizations improve performance through problem-solving and best practices is best described as?
• Which term denotes the owner's claim on the assets after liabilities are subtracted?
• Which term describes the coordination across the supply chain involving the flow of goods, services, people, facilities, or supplies?
• Which term describes the management function responsible for guiding and directing an organization toward its goals?
• Which of the following is NOT listed as one of the four critical thinking skills?
• What term refers to an organized collection of data stored and accessed electronically?
• Which term covers methods for informing and influencing customers to buy the product?
• Which term explains, in simple terms, its purpose for being, focusing on the what and how?
• Preparing the financial plan, which projects revenues, expenditures, and financing needs over a given period, is known as what?
• A unique abbreviated used to identify the shares of a publicly traded company is called what?
• Which term describes a computerized resource-planning system that integrates information about a firm's suppliers and customers with its internal data?
• Which term describes the process of coordinating and allocating resources to carry out an organization's plan?
• Which term describes earnings per share?
• What is the term for borrowed funds that must be repaid with interest over a set period?
• Which term describes the ability to produce the desired result or good?
• Anyone involved with or affected by an organization—shareholders, consumers, employees, and community members—fits which term?
• In business writing, which choice best makes writing clear?
• Which term describes the transformation of resources into finished goods through a linked series of operations?
• Which term captures the goal of maximizing value for owners by increasing stock value?
• When critiquing arguments, which approach is most effective?
• Which of the following is a step in the six steps of critical thinking?
• Which term best matches the description 'the set of attitudes, values, and standards that distinguishes one organization from another'?
• Which term describes the process of creating specific standards, methods, policies, and procedures that are used in specific functional areas of an organization?
• What is the fixed amount of money paid by the borrower to the lender on a regular schedule?
• Which term refers to the process of separating, identifying, and evaluating the layers of a market to identify a target market?
• Which term describes the function that focuses on acquiring, training, and managing the organization's human resources?
• Which process involves deciding what needs to be done to achieve objectives, when and how, and who should do it?
• Which term describes beliefs and behaviors that a company considers non-negotiable, guiding how people in the organization show up and how a company succeeds?
• Revenue minus Cost of Goods Sold equals which measure?
• Choose the correct planning step for successful business writing.
• Which of the following is a step in the six steps of critical thinking?
• Which factor most undermines an argument's validity if left unsaid?
• Which concept is the plan for starting a new business venture by pursuing opportunities in the market?
• Which set includes Traditional Advertising, Sales Promotion, Public Relations, Personal Selling, Social Media, and E-commerce?
• The process of reviewing records used to prepare financial statements and issuing an auditor's opinion is called what?
• Which financial statement shows a firm's financial position at a specific date?
• Which term refers to the processes and tools designed to protect sensitive business information from modification, disruptions, destruction, and inspection?
• Which term best describes tangible products produced by a company?
• Which of the following is a tip for better business writing?
• Before you share your writing, which step is essential?
• Which of the following is a step in the six steps of critical thinking?
• What architectural concept divides a network into segments to improve security and access control?
• Which term is the price of a single share of a company's stock?
• A company's first sale of stock to the public is known as what?
• Which term refers to spending funds to acquire productive resources or securities, considering risk and return?
• A company with shares of stock traded in the public, typically on a stock exchange, is a what?
• What term refers to the action of obtaining equipment or supplies for a business?
• Investing the firm's funds in projects and securities that provide high returns in relation to risk is called what?
• Which is a hallmark of good critical thinking when critiquing arguments?
• Which term describes a single statement and concise description of the key issue to be addressed; the gap between the current and desired states?
• Tangible items manufactured by businesses are called what?
• The money left after subtracting Cost of Goods Sold from Revenues is known as what?
• Which term represents the end results of a firm, i.e., products and services?
• Long-term debt obligations issued by corporations and governments are called?
• Which term refers to the design, execution, and control of operations that convert resources into desired goods and services and implement a company's business strategy?
• Which term describes the planning of future revenues, expenditures, and financing needs?
• Which definition describes the management of environmental, social, and economic impacts throughout the life cycles of goods and services?
• Which action is listed first among the six steps of critical thinking?
• Which of the following is the fourth step in the six-step critical thinking process?
• Which type of institution helps companies raise long-term financing by buying securities from corporations and governments and reselling them to the public?
• Dividing a market into subgroups with similar needs to tailor marketing efforts is known as what?
• Which term refers to the major functional areas of business such as Accounting, Finance, Marketing, etc?
• Which term describes the practice of protecting systems, networks, and programs from digital attacks?
• Which document lists a firm's assets, liabilities, and owner's equity?
• Which term is the broad discipline that coordinates the movement of goods and information from suppliers to customers?
• Which inventory system receives goods from suppliers at the exact time they are needed, reducing storage costs?
• Who owns a portion of a company's stock?
• Understanding when there is an opening in the marketplace that no other provider is meeting and pursuing the opportunity at the right time describes which concept?
• What term refers to the first sale of a company's stock to public investors?
• What term describes the process of collecting, recording, classifying, summarizing, reporting, and analyzing financial activities?
• Which term refers to the determination of how much of each type of inventory a firm will keep on hand and the ordering, receiving, storing, and tracking of inventory?
• Which term is a computer application used to store and manage tabular data in rows and columns?
• What financial statement summarizes a firm's financial position at a specific point in time?
• Which term describes expenses directly related to the buying or producing of a firm's goods or services?
• Which of the following best describes 'Product' as used in the marketing context?
• What term describes using the least amount of resources to accomplish the organization's goals?
• A security that represents an ownership interest in a corporation is called what?
• Which term is the creation of products and services by turning input, such as natural resources, raw materials, human resources, and capital, into outputs?
• Which term refers to systems that enable organizations to leverage technology, information, and people to achieve goals?
• What term is a computer application that enables a user to save, sort, and manage data in an arranged form of rows and columns?
• Which term describes the architectural design of a network to manage security and access?
• What does the income statement primarily show?
• Which practice helps ensure a logical flow in an argument?
• Which term refers to plans that identify alternative courses of action for very unusual or crisis situations?
• Formatting for easy reading typically includes which of the following?
• What term describes a concise statement of the key issue and the gap between current and desired states?
• What term describes data that has been processed, interpreted, organized, structured, or presented in a way that makes it meaningful or useful?