Question Question 1. Budgeting is a management tool that: 

Question 1. Budgeting is a management tool that:
Answer
sets up a specific plan to reach financial goals over a specific time period.
measures the incremental costs.
keeps the operational cost.
allows a manager to look for sales.
Question 2
Utility is the ability of goods and services to satisfy consumer needs. Which utility satisfies wants by converting inputs into a finished form?
Answer
Form utility
Place utility
Ownership utility
Time utility
Question 3
What is an advantage of sole proprietorships?
Answer
Limited liability
Limited financial resources
Ease of employment
Retention of profits
Question 4
The Sarbanes-Oxley Act:
regulates import-export companies.
regulates consumerism.
sets higher ethical standards for public corporations and accounting firms.
is responsible for the environment.
Question 5
What is the statement of cash flows?
Answer
Revenue minus expenses
Identifies the firm’s uses and sources of cash
Identifies cash reimbursement
The net income of the firm
Question 6
Characteristics of good, high-quality information include:
accurate, relevant, transparent, and timely.
transparent, timely, secure, and understandable.
accurate, timely, understandable, and secure.
easily accessible, transparent, secure, and timely.
Question 7
Which of the following deals with the relationship among individual effort, individual performance, and individual reward?
Answer
Expectancy Theory
Theory X and Theory Y
Mc Clelland’s Theory
Maslow’s Hierarchy of Needs Theory
Question 8
Why is a business ethical decision different from a personal ethical decision?
Answer
Personal ethical decisions do not affect a business.
Business ethics are consistent, while personal ethics can be adaptable.
In business, your values can come into conflict.
A business decision that is legal but unethical is acceptable.
Question 9
The NASDAQ and the New York Stock Exchange are:
Answer
underwriting exchanges.
secondary market exchanges.
investment banks.
primary securities markets.
Question 10
What is the overall sense of wellbeing experienced by either an individual or a group?

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