Bmt II Cpas Review 5

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| By Andrew Wood
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Andrew Wood
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Quizzes Created: 3 | Total Attempts: 1,724
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Business Quizzes & Trivia

Questions and Answers
  • 1. 

    What is contained in the opening paragraph of a follow up letter?

    • A.

      Reason you would be an excellent candidate for the job

    • B.

      Mention anything you forgot in the interview

    • C.

      Request an interview

    • D.

      Thank the interviewer for taking the time to talk with you

    Correct Answer
    D. Thank the interviewer for taking the time to talk with you
    Explanation
    The opening paragraph of a follow-up letter typically includes a thank you message to the interviewer for taking the time to talk with the candidate. This is a polite gesture that shows appreciation for the opportunity to interview and acknowledges the time and effort the interviewer has invested in the process. It helps to leave a positive impression and maintain a professional relationship with the interviewer.

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  • 2. 

    Which of the following would you file first by using the alphabetic filing system?

    • A.

      Henry Watson

    • B.

      William Henry

    • C.

      William’s Appliance Store

    • D.

      Jackson Applewhite Furniture

    Correct Answer
    B. William Henry
    Explanation
    In the alphabetic filing system, names are filed according to the last name first, followed by the first name. In this case, "William Henry" would be filed first because "Henry" comes before "Watson" alphabetically. Therefore, "William Henry" would be the correct answer to file first in the alphabetic filing system.

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  • 3. 

    What document includes the order of topics to be covered at a meeting and the individuals responsible for each topic?

    • A.

      schedule

    • B.

      minutes

    • C.

      Itinerary

    • D.

      agenda

    Correct Answer
    D. agenda
    Explanation
    An agenda is a document that includes the order of topics to be covered at a meeting and the individuals responsible for each topic. It outlines the schedule and purpose of the meeting, helping to keep the discussion focused and organized. The agenda ensures that all necessary topics are addressed and that each person knows their role and responsibilities during the meeting. It helps to set expectations and allows participants to come prepared with any necessary information or materials related to their assigned topics.

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  • 4. 

    A list including dates, times, schedules, lodging and method of travel is called a/an:

    • A.

      Report

    • B.

      Minutes

    • C.

      Itinerary

    • D.

      agenda

    Correct Answer
    C. Itinerary
    Explanation
    An itinerary is a list that includes dates, times, schedules, lodging, and the method of travel. It is used to plan and organize a trip or event, providing a detailed outline of the activities and arrangements. It helps individuals or groups keep track of their plans and ensures that everything is properly scheduled and coordinated.

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  • 5. 

    What is the summary of the events and business conducted during a meeting?

    • A.

      Minutes

    • B.

      Itinerary

    • C.

      Agenda

    • D.

      Reports

    Correct Answer
    A. Minutes
    Explanation
    Minutes are a written record of the events and business conducted during a meeting. They provide a summary of the discussions, decisions made, and actions to be taken. Minutes serve as a reference for attendees and non-attendees to review what transpired during the meeting. They are typically taken by a designated person and are important for maintaining transparency and accountability within an organization.

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  • 6. 

    Susan is the chairperson for the March of Dimes Committee, she will begin each meeting with a formal declaration that the meeting has officially begun. This declaration is known as the:

    • A.

      Call to Order

    • B.

      Salutation

    • C.

      New Business

    • D.

      Itinerary

    Correct Answer
    A. Call to Order
    Explanation
    The correct answer is "Call to Order". In a meeting, the chairperson typically starts by officially declaring that the meeting has begun. This declaration is known as the "Call to Order". It signals to the attendees that the meeting is now in session and sets the tone for the rest of the meeting.

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  • 7. 

    A list on the last page of a report of all reference materials used in a report

    • A.

      Outline

    • B.

      Bibliography

    • C.

      Endnotes

    • D.

      footnotes

    Correct Answer
    B. Bibliography
    Explanation
    A bibliography is a list of all the reference materials used in a report. It is typically found on the last page and provides detailed information about each source, such as the author's name, title of the work, publication date, and page numbers. Unlike footnotes or endnotes, which are used to cite specific information within the report, a bibliography provides a comprehensive list of all the sources consulted during the research process.

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  • 8. 

    How should each reference be formatted in a bibliography?

    • A.

      First line indent

    • B.

      Hanging indent

    • C.

      Centered

    • D.

      Left aligned

    Correct Answer
    B. Hanging indent
    Explanation
    Each reference in a bibliography should be formatted with a hanging indent. This means that the first line of each reference should start at the left margin, while the following lines are indented. This formatting style helps to clearly differentiate between different references and makes it easier for readers to scan and locate specific information within the bibliography.

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  • 9. 

    What is the purpose of a bibliography?

    • A.

      Provide additional readings on a report

    • B.

      Provide all publications related to a report topic

    • C.

      Provide a list of references cited in a report

    • D.

      Provide a list of all sources related to a report

    Correct Answer
    C. Provide a list of references cited in a report
    Explanation
    The purpose of a bibliography is to provide a list of references cited in a report. This allows readers to easily locate and verify the sources that were used in the report. It serves as a way to give credit to the original authors and to provide additional information for further reading or research. A bibliography is not meant to provide all publications related to a report topic or a list of all sources related to a report, but rather focuses specifically on the references that were directly cited in the report.

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  • 10. 

    Owner’s equity is known as

    • A.

      Equipment

    • B.

      Income

    • C.

      Liabilities

    • D.

      Net worth

    Correct Answer
    D. Net worth
    Explanation
    Owner's equity is known as net worth because it represents the residual interest in the assets of the entity after deducting liabilities. It is the owner's claim on the assets of the business and reflects the amount by which the owner's investments, retained earnings, and other capital contributions exceed the liabilities. Net worth is a measure of the financial health and value of the business, as it represents the amount that would be left if all the assets were sold and all the liabilities were paid off.

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  • 11. 

    In a business letter, which of the items should be at the very top of the page?

    • A.

      letterhead

    • B.

      return address

    • C.

      Complimentary close

    • D.

      Date

    Correct Answer
    A. letterhead
    Explanation
    The letterhead should be at the very top of the page in a business letter. The letterhead typically includes the company's logo, name, address, and contact information. It serves as a professional and formal introduction to the letter, representing the sender's identity and branding. Having the letterhead at the top helps establish credibility and provides a consistent and recognizable visual representation of the company.

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  • 12. 

    Block format means that

    • A.

      all paragraphs are indented

    • B.

      Every line begins at the left margin

    • C.

      Most lines begin at the left margin

    • D.

      each line is indented

    Correct Answer
    B. Every line begins at the left margin
    Explanation
    Block format means that every line begins at the left margin. In this format, there are no indents at the beginning of paragraphs or lines. Each line starts at the same position, creating a clean and organized appearance. This format is commonly used in formal writing, such as business letters or academic papers, to provide a professional and consistent look to the document.

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  • 13. 

    Which of the following letter part comes after the body in a personal business letter?

    • A.

      Complimentary close

    • B.

      Enclosure notation

    • C.

      reference initials

    • D.

      Writer’s name

    Correct Answer
    A. Complimentary close
    Explanation
    The complimentary close comes after the body in a personal business letter. It is a polite closing phrase or expression used to end the letter, such as "Sincerely" or "Best regards." This part signifies the writer's respect and goodwill towards the recipient.

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  • 14. 

    Which business operation focuses on managing the receiving, moving, and storing of supplies, materials, and finished products?

    • A.

      Management

    • B.

      Logistics

    • C.

      Retailing

    • D.

      Materials management

    Correct Answer
    B. Logistics
    Explanation
    Logistics is the correct answer because it refers to the business operation that focuses on managing the receiving, moving, and storing of supplies, materials, and finished products. It involves the coordination and organization of various activities such as transportation, warehousing, inventory management, and distribution to ensure the smooth flow of goods from the point of origin to the point of consumption.

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  • 15. 

    Which business operation focuses on managing work to be completed, the people who will complete the work, and the resources needed for completing the work?

    • A.

      Scheduling

    • B.

      Logistics

    • C.

      Facilities management

    • D.

      Safety and security

    Correct Answer
    A. Scheduling
    Explanation
    Scheduling is the business operation that focuses on managing work to be completed, the people who will complete the work, and the resources needed for completing the work. It involves creating a timeline or plan for when tasks will be done, assigning those tasks to individuals or teams, and ensuring that the necessary resources are available. Scheduling helps to optimize efficiency and productivity by ensuring that work is completed in a timely and organized manner.

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  • 16. 

    Using processed tomato juice to create canned spaghetti sauce is an example of which form of production?

    • A.

      Extraction and cultivation

    • B.

      Manufacturing

    • C.

      Processing

    • D.

      Recycling

    Correct Answer
    B. Manufacturing
    Explanation
    The use of processed tomato juice to create canned spaghetti sauce involves transforming raw materials (tomatoes) into a finished product (sauce) through various steps such as cooking, blending, and packaging. This process of converting inputs into a final product is known as manufacturing.

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  • 17. 

    Vera accepts input from her employees annually about the upcoming budget. This is an example of which style of leadership?

    • A.

      Objective

    • B.

      Autocratic

    • C.

      laissez-faire

    • D.

      Democratic

    Correct Answer
    D. Democratic
    Explanation
    This is an example of democratic leadership because Vera is involving her employees in the decision-making process by accepting their input on the upcoming budget. Democratic leaders value the opinions and contributions of their team members and encourage participation and collaboration in decision-making.

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  • 18. 

    Sony produces millions of electronics to serve international consumers. Which type of manufacturing procedure was performed? 

    • A.

      Materials processing

    • B.

      Custom manufacturing

    • C.

      extraction

    • D.

      Mass production

    Correct Answer
    D. Mass production
    Explanation
    Sony's production of millions of electronics to serve international consumers indicates that they are using a mass production manufacturing procedure. Mass production involves the production of large quantities of standardized products, typically using assembly lines and automation, to meet high consumer demand efficiently and at a lower cost per unit. This method allows Sony to produce their electronics on a large scale and cater to a global market.

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  • 19. 

    Jay sells basil plants grown in his garden to several local restaurants. What type of production is performed?

    • A.

      Extraction and cultivation

    • B.

      Processing

    • C.

      Manufacturing

    • D.

      Mass production

    Correct Answer
    A. Extraction and cultivation
    Explanation
    The correct answer is extraction and cultivation because Jay is growing basil plants in his garden and selling them to local restaurants. This involves extracting the plants from the ground and cultivating them to be suitable for sale. It does not involve any processing or manufacturing of the plants.

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  • 20. 

    John renovated his restaurant to reflect the retro style of 1950. This is an example of which type of business operation? 

    • A.

      Scheduling

    • B.

      Safety and security

    • C.

      Facilities management

    • D.

      Logistics

    Correct Answer
    C. Facilities management
    Explanation
    The correct answer is facilities management. This is because facilities management involves the coordination and maintenance of a physical space or property. In this case, John renovated his restaurant to reflect a specific style, which falls under the responsibility of facilities management.

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  • 21. 

    All of Josh's employees will be trained on operating the new machines. This is an example of which function of management? 

    • A.

      Controlling

    • B.

      Implementing

    • C.

      organizing

    • D.

      Staffing

    Correct Answer
    D. Staffing
    Explanation
    The correct answer is staffing. Staffing involves the process of recruiting, selecting, training, and placing employees in an organization. In this scenario, Josh is ensuring that all of his employees are trained on operating the new machines, which falls under the staffing function of management.

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  • 22. 

    Nabisco prepares tons of oats to be used for producing granola bars. Which type of manufacturing procedure is performed?

    • A.

      extraction

    • B.

      Processing

    • C.

      Mass production

    • D.

      Custom manufacturing

    Correct Answer
    B. Processing
    Explanation
    The correct answer is processing. Processing refers to the transformation of raw materials into finished goods or products. In this case, Nabisco is preparing oats to be used for producing granola bars, which involves various steps such as cleaning, sorting, grinding, and mixing the oats with other ingredients to create the final product. This process of converting the raw oats into granola bars is an example of processing in the manufacturing procedure.

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  • 23. 

    A perpetual inventory system

    • A.

      Controls all inventory systems

    • B.

      Tracks items once a month

    • C.

      tracks inventory on a continual basis

    • D.

      Periodically computes inventory levels

    Correct Answer
    C. tracks inventory on a continual basis
    Explanation
    A perpetual inventory system is a method of tracking inventory on a continual basis. Unlike periodic inventory systems that only compute inventory levels periodically, a perpetual inventory system constantly updates inventory records as goods are bought or sold. This provides real-time information on inventory levels and helps businesses maintain accurate stock records. Therefore, the given correct answer accurately describes the nature of a perpetual inventory system.

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  • 24. 

    Which of the following is NOT a factor of production?

    • A.

      Growth

    • B.

      Labor

    • C.

      Land

    • D.

      Entrepreneurship

    Correct Answer
    A. Growth
    Explanation
    Growth is not considered a factor of production. Factors of production refer to the resources that are used in the production of goods and services. These factors include labor (the human effort), land (natural resources), and entrepreneurship (the ability to organize and manage the other factors). Growth, on the other hand, is an outcome or result of the production process, rather than a resource or input itself.

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  • 25. 

    What is the first step in the decision-making process?

    • A.

      Identify the choices

    • B.

      Define the problem

    • C.

      Evaluate the choices

    • D.

      act on your choice

    Correct Answer
    B. Define the problem
    Explanation
    The first step in the decision-making process is to define the problem. This involves clearly understanding and articulating the issue or challenge that needs to be addressed. By defining the problem, individuals can gain clarity on what needs to be solved and can then proceed to identify potential choices and evaluate them. Without a clear definition of the problem, it would be difficult to make informed decisions and take appropriate actions.

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  • 26. 

    What is the final step of the decision-making process?

    • A.

      Act on your choice

    • B.

      Make a decision

    • C.

      Review your decision

    • D.

      Define the problem

    Correct Answer
    C. Review your decision
    Explanation
    The final step of the decision-making process is to review your decision. After making a decision, it is important to evaluate and assess its outcomes and consequences. This step allows for reflection on whether the decision was effective and if any adjustments or changes need to be made. Reviewing the decision helps in learning from the process and improving future decision-making.

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  • 27. 

    A(n) _______ plan determines how a business will keep track of its money

    • A.

      Financial

    • B.

      Promotional

    • C.

      Transaction

    • D.

      Inventory

    Correct Answer
    A. Financial
    Explanation
    A financial plan determines how a business will keep track of its money by outlining the strategies and processes for managing and monitoring financial resources. It includes budgeting, forecasting, cash flow management, financial reporting, and analysis. This plan helps the business to track income, expenses, assets, liabilities, and investments, ensuring proper financial management and decision-making.

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  • 28. 

    Total of all of the money taken in by the operations of the business

    • A.

      Assets

    • B.

      revenue

    • C.

      Owner’s equity

    • D.

      Profit

    Correct Answer
    B. revenue
    Explanation
    Revenue refers to the total amount of money generated by a business through its operations. It includes all the income earned from the sale of goods or services, as well as any other sources of income such as rent or interest. Revenue is an important financial metric as it indicates the business's ability to generate income and is a key component in determining profitability. It is different from profit, which is the amount left over after deducting expenses from revenue.

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  • 29. 

    Amount of money earned above the amount spent to keep the business operating

    • A.

      Asset

    • B.

      Profit

    • C.

      Inventory

    • D.

      Revenue

    Correct Answer
    B. Profit
    Explanation
    Profit refers to the amount of money earned above and beyond the amount spent to keep a business operating. It is the financial gain that a business makes after deducting all expenses, such as cost of goods sold, operating expenses, and taxes, from its total revenue. Profit is an important measure of a business's success and sustainability, as it indicates the ability to generate surplus funds that can be reinvested or distributed to owners and shareholders.

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  • 30. 

    A ____________ is a written proposal that describes a new business

    • A.

      Business plan

    • B.

      Financial plan

    • C.

      Mission plan

    • D.

      Marketing plan

    Correct Answer
    A. Business plan
    Explanation
    A business plan is a written proposal that describes a new business. It outlines the goals, objectives, strategies, and financial projections for the business. It provides a roadmap for how the business will be structured, operated, and marketed. A business plan is essential for securing funding, attracting investors, and guiding the growth and development of the business. It includes information on the target market, competition, pricing, marketing strategies, and financial forecasts. A business plan is a comprehensive document that serves as a blueprint for the success of a new business venture.

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  • 31. 

    Supplies, office equipment, and products to sell are all _____________________

    • A.

      merchandise

    • B.

      Owner’s equity

    • C.

      Assets

    • D.

      Liabilities

    Correct Answer
    C. Assets
    Explanation
    Supplies, office equipment, and products to sell are all assets. Assets are resources owned by a business that have economic value and can be used to generate future benefits. In this case, supplies, office equipment, and products to sell are all tangible assets that can be used or sold by the business to generate revenue.

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  • 32. 

    Which of the following activities of supervisors relates most directly to quality control?

    • A.

      Developing work schedules

    • B.

      Developing and checking standards

    • C.

      Using effective listening skills

    • D.

      Setting priorities so that the most important work gets done

    Correct Answer
    B. Developing and checking standards
    Explanation
    Developing and checking standards directly relates to quality control because it involves establishing specific criteria and benchmarks that need to be met in order to ensure the quality of a product or service. By developing standards, supervisors are able to set expectations and guidelines for employees to follow. Additionally, by checking these standards, supervisors can assess whether the work being done meets the desired level of quality and make any necessary adjustments or improvements. This activity is crucial in maintaining and improving the overall quality of the work being performed.

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  • 33. 

    When a business cuts back on production and lays off employees

    • A.

      Resizing

    • B.

      Downsizing

    • C.

      Reorganizing

    • D.

      Going out of business

    Correct Answer
    B. Downsizing
    Explanation
    Downsizing refers to the process of reducing the size of a company by cutting back on production and laying off employees. This is usually done in order to improve operational efficiency, reduce costs, or adapt to changes in the market. It is a strategic decision taken by the management to streamline the organization and ensure its long-term sustainability.

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  • 34. 

    Type of manager that works most directly with employees on a daily basis

    • A.

      Executive

    • B.

      Mid-manager

    • C.

      Supervisor

    • D.

      CEO

    Correct Answer
    C. Supervisor
    Explanation
    A supervisor is the type of manager that works most directly with employees on a daily basis. They are responsible for overseeing the day-to-day operations, providing guidance and support to employees, and ensuring that tasks are completed efficiently. Supervisors are typically responsible for a specific team or department and act as a bridge between upper management and employees. They play a crucial role in maintaining employee morale, addressing any issues or concerns, and ensuring that work is being done effectively.

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  • 35. 

    If the US sets a tariff of 15% on $150 cameras that are made in Germany, the cost of the camera in the US will rise to

    • A.

      $2250.00

    • B.

      $165.00

    • C.

      $22.50

    • D.

      $172.50

    Correct Answer
    D. $172.50
    Explanation
    150 x .15= 22.50 then add that back to the original $150 to get the price of the camera after adding the tariff.

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  • 36. 

    Deciding how plans can most effectively be accomplished and arranging resources to complete work

    • A.

      Planning

    • B.

      Implementing

    • C.

      Organizing

    • D.

      Controlling

    Correct Answer
    C. Organizing
    Explanation
    Organizing involves deciding how plans can be accomplished in the most effective way and arranging resources to complete the work. It focuses on coordinating and structuring tasks, roles, and responsibilities within an organization to achieve the desired goals. This includes establishing a clear hierarchy, defining job roles, and allocating resources efficiently. By organizing, a company ensures that all necessary resources are available and properly utilized, leading to improved productivity and successful completion of tasks.

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  • 37. 

    A short, specific written statement of the reason a business exists and what it wants to achieve

    • A.

      Procedure

    • B.

      Goal

    • C.

      Policy

    • D.

      Mission statement

    Correct Answer
    D. Mission statement
    Explanation
    A mission statement is a short, specific written statement that explains the reason for a business's existence and outlines its goals and objectives. It serves as a guiding principle for the business and helps to define its purpose and direction. A mission statement communicates the company's core values, its target audience, and the impact it aims to make in its industry or community. It provides clarity and focus for employees and stakeholders, and helps to differentiate the business from its competitors.

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  • 38. 

    Manny has a new idea for a new cleanser that would decrease the time in cleaning tiled floors and thinks this product would be better than any cleanser currently on the market; Which of the four Ps should these investors consider first?

    • A.

      Product

    • B.

      Price

    • C.

      Promotion

    • D.

      Place

    Correct Answer
    A. Product
    Explanation
    The investors should consider the product first because Manny believes that his new cleanser would be better than any cleanser currently on the market. This suggests that the success of the product is the primary focus and consideration for the investors.

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  • 39. 

    Product development and channels of distribution are included in which section of the business plan?

    • A.

      Management team plan

    • B.

      Marketing plan

    • C.

      Industry/market analysis

    • D.

      Operational plan

    Correct Answer
    D. Operational plan
    Explanation
    The correct answer is operational plan. The operational plan section of a business plan includes the strategies and tactics for product development and the channels of distribution. It outlines how the business will operate on a day-to-day basis, including the processes and resources needed to deliver the product to customers. This section focuses on the practical aspects of running the business and ensures that the product is developed and distributed efficiently and effectively.

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  • 40. 

    Which section of the business plan discusses the personal qualifications of the entrepreneur?              

    • A.

      Management team plan

    • B.

      Operational plan

    • C.

      Industry/market analysis

    • D.

      Marketing plan

    Correct Answer
    A. Management team plan
    Explanation
    The section of the business plan that discusses the personal qualifications of the entrepreneur is the management team plan. This section provides information about the background, skills, and experience of the entrepreneur and other key members of the management team. It highlights their qualifications and demonstrates their ability to successfully run and grow the business.

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  • 41. 

    Which section of the business plan contains information about the personal and non-personal promotion for the business?

    • A.

      Industry/market analysis

    • B.

      Operation plan

    • C.

      Marketing plan

    • D.

      organizational plan

    Correct Answer
    C. Marketing plan
    Explanation
    Marketing, Promotion, and Advertising are the same thing

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